Member Info for deeko

Thanks Slift, wasn't aware of this convo. A great read

Also, I'd suspect Tullow have hidden many more issues in that 11,000 bopd reduction, nontheless an additional producer whether 2 or 11 mbopd is still signficant for us at this stage.

Does anyone have any news or thoughs on the EN-14P well? (11,000 bopd from the change between the trading updates). Based on the trading updates this well had mechanical issues last year, I can't find any news on if or why this was never rectified (perhaps I've missed it). Could this the reason for the Maersk contract extension rather than the Ntomme 9?

From the trading updates;

June 2019

The completion of the Enyenra-14 production well is taking longer than anticipated and consequently will be onstream later than planned. This delay has been reflected in a small revision to full year guidance for TEN which has been adjusted to around 71,000 bopd gross, from 73,000 bopd. 

7th Nov

"Tullow continues to carry out its infill drilling programme across the Jubilee and TEN fields using the Maersk Venturer rig. As reported in Tullow's 2019 Half Year Results, the En14-P production well at TEN was suspended in July. Consequently, the completion of the paired water injector well, En16-WI, was also postponed. "

"At TEN, gross full year 2019 production is forecast to be around 62,000 bopd (c.29,000 bopd net). During 2019, production has been impacted by the suspension of the EN14-P well and therefore production has drawn on fewer wells than planned. TEN associated gas sales are forecast to average around 125 boepd for the full year."

December 2019

"At Enyenra (one of the TEN fields) mechanical issues on two new wells have limited the well stock available and there is faster than anticipated decline on this field. The non-operated portfolio is performing well, and production is expected to be sustained for the medium term."

No further updates on EN14-P/EN16-WI post December, but from the December updates, the Enyenra reserves reduction seems to be suffering from either a lack of injectivity leading to pressure loss or high permability networks between the Injector/producer pairs and high water cuts, either way it seems Tullow don't understand the connectivity between the Enyenra injector/producer pairs. It would be great if Tullow provide more details on the specific issues with Enyenra and EN-14-P on the next update.

I'm living in the past. No idea where 2017 came from, 2021

Current cuts are for 7.7 MMBpd until January 2017. Yeah 9.7 would be great but 7.7 would still get us to $60 by end of year IMO

Being held back in the range of 24-25 so they can hand in a low ball takeover offer of 40p and claim it's at a 60% premium to the 1 month average. Absolute disgrace how this has been held back, oil has gone up $11 pb since the 30th Aprii and Tullow has gone down 2p

Yesterday Laidback posted: Brent Collapsing! $29.38

Today Laidback posts: Brent falling $29.38, down 2%

Must be bloody boring watching this "collapse"

lol people will deramp anything, I remember being in Serica at 10p and listening to similar drivel right up until I sold at 130p. This board has become a yawnathon full of bottom feeders trying to influence weak holders into artificially dropping the price. Sit tight, switch off and come back in 6 months, with production cuts of 10 mmbod for 2 years and shale rapidly falling off a cliff (1mmbod drop in three weeks) oil will recover sharp and fast IMO... by the time Bloomberg and Reuters are reporting the recovery oil will already be past $40 and PI's will be left in the dust.

Clearly with lack of global movement (inc shipping) and tankers being used for storage. There is limited capacity for WTI to flow to Europe/Africa. I'd expect the margin to grow or atleast remain for some time

NI, give it up. These posts are very boring. Almost you entire post history is you skirting around different boards spouting nothing but doom and gloom. If you like to waste your time focusing on daily spot prices then great, but the rest of us aren't too bothered. Almost any company worth its salt has a contract for difference in place or hedges.

'Gas prices are XXX'... yes great, if they go up then brilliant, if they don't then they don't. It was 33p a therm when I first invested in Serica and its 44p now. Also from the acquisition RNS 'The BKR Assets are predominantly gas assets. Gas sales arrangements include price hedging to further mitigate risk'

As for the forties pipeline closure, I would imagine this would coincide with the Summer shutdown, at which time we won't be producing anything anyway because we'll be shut in for maintenance. I really can't imagine INEOS would just shut a major export line with a weeks notice and leave it closed for 6 months.

Why not balance that doom and gloom attitude with the fact that Serica is chasing 30kboepd from BKR alone. Add in the 3-4k from Erskine. The Rowallan drill results and Columbus FD? Not to mention additional acquisitions that may pop up at any time.

Never mind maintenance costs, these vessels are in the hundreds of millions. MXO can barely scrape together a fiver never mind financing 5% of a FPSO on a field that doesn't even cover the operating cost of the company

I would honestly be surprised to see the lease extended unless production increases dramatically, FPSO's are expensive and generally you would expect each well to be producing 3000-5000 bopd. I have no idea how they are affording it with a field that produces 6000 bopd. They don't stand a chance of buying the vessel and going for something bigger would send MXO under since AJE has produced a negative cash generation since first oil

https://www.energyvoice.com/oilandgas/north-sea/190857/serica-in-different-league-as-it-opens-new-aberdeen-facility/

Mr Flegg said: “We’ve spent a lot of time looking at our objectives and plans for this year and really they are two-fold.

“It’s about running these assets properly and letting this team maximise the values and opportunities that will come out of them, but at the same time looking for the next opportunity.

“We now have this fantastic operating capability that we can use elsewhere, so we are looking for more opportunities to bring more assets into the portfolio.

“We do have the resources to do both of those things, so in no way are we stopping the asset search whilst we bring these assets on board.”

My thought are homing in on Shearwater, but I also feel like it may be to large for us, specifically the cash call from Shell which I feel will be in the hundreds of millions. But here is to hoping

According to Stephen Finn on LinkedIn Ensco 121 has been on the move for 5 hours

"On a rather grey day in Dundee, a few tugs brought a bit of colour as they towed ENSCO 121 along the River Tay, here passing Broughty Castle.
Ensco plc PORT OF DUNDEE LIMITED
hashtag#modu hashtag#jackuprig hashtag#oilandgas hashtag#drillrig"

Aberdeen Drilling School Ltd. recently facilitated 2 x DWOPs for Eni's Rowallan HPHT well. The DWOPs took place on board the Ensco 121 and involved delegates from Eni, Halliburton, Weatherford, and Ensco. Feedback from the two events has been excellent and we are proud to continue to support Eni and its partners on this project. hashtag#DWOP hashtag#HPHT hashtag#Eni hashtag#Aberdeen hashtag#training hashtag#AberdeenDrillingSchool hashtag#oilandgas hashtag#drilling hashtag#delegates hashtag#instructors

Of course, I was referencing 2018 production, not the 2019.

*knocking

Not according to their asset swap RNS, it states

'The Transaction is anticipated to add 7-8,000 boepd net to Faroe during 2019 with the potential for further upside through reservoir outperformance. On a preliminary basis, Faroe estimates its 2019 production will rise to between 18,000 - 22,000 boepd representing up to 83% year-on-year growth from the current 2018 forecast full year production of ~12,000 boepd.'

I believe Serica is 12,600 boepd. I'm not knowing FPM in any way, I really like the company. Just an observation

Fantastic stuff, can't wait for this to spud. I can only imagine the excitment when the drill bit reaches TD and ENI release results. Hopefully Rowallan comes in a monster and they pen up some plans to explore the other targets identified in the block.

I'm not sure why Barron was needed to tell you SQZ was a great company.

Anyway, RPT, I fail to see the investment case. Three assets in Ukraine, just over 3,000 bopd at present, $40 mill in the bank and Mcap £160 mill. Overvalued in my personal opinion.

Especially when you consider SQZ, 34,000 boepd (Net ~13,000), Erskine at ~3000, maybe 60 mill in the bank, additional 10% of BKR in four weeks, drill in the next week or two, R3 workover ASAP, Columbus and the company has already stated they are looking to continue the growth momentum inorganically. Plus the tax relief from profits.

SQZ is currently less than 2x RPT. Admittedly, I haven't researched them much. FPM is current around double SQZ yet we are producing more, although FPM are a very busy company with lots of drills and the recent asset swap puts them ahead in January (I think). Any point being, I see much more potential in almost every other oiler than RPT