Member Info for DiveCentre

ALGU
What would be better is an RNS to advise of a deal.
This price movement is all very well but for long term holders it is not the prize.

flyingpie

The MK is £148m which at the current exchange rate $185m.
The bond redemption date is 24th July and the company is forecasting net free cash of at least $60 million following the repayment. Given that this forecast was based on $90 I anticipate at least $75 million due to the higher Brent price and taking into account the additional production due to the delayed offload.
So we will not quite be half MK as at bond redemption but remember the next offload will be due around the end of July at which point they should have something like $115 million free cash.
How are they going to spend it? They need a plan, They need a plan, They need a plan. HUR if you are reading this take note because the market is desperately waiting to hear.

Anything between 5 minutes and 5 years

eurofil

Relax, his motives are quite clear from his posts. Just lol. It’s those with a hidden agenda you need to be wary of.
Does anyone remember emptyvessel?

As you hold via Halifax your shares are not held in your name so you will not have an SRN or a PIN. To vote telephone HSD and tell them you want to vote. You could use the Chat service. Halifax will then post you a voting form.
I have to say I’m surprised there are still people who do not understand the difference between certificated holdings which are on record with the Registrars in your own name and shares held through providers were your “shares” are held by the provider in the name of their nominee company.

senceman
You do not have to attend to vote. Contact your provider, tell them you want to vote and they will send you a form. The postal voting arrangements last year for covid were not exceptional.

If you hold shares in your own name you will receive a letter from the registrars with instructions. If you hold through a provider, as most do, you need to contact your provider and ask for a letter of representation. On arriving at the AGM venue produce your letter of representation and your share holding will be recorded. You will then be able to vote and ask questions.
This link may help.
https://www.theaic.co.uk/how-to-attend-an-AGM

Offload complete and Petroatlantic is now en route to Wilhelmshaven. Draught is 12.6 from 9 which all confirms a larger than average load. I estimate at least 550m barrels.

Mirasol

You have questioned my post.

When you rent a house and the plumbing breaks you call the landlord and he pays for the repair.

This could only have been a problem with the offloading machinery which is part of the vessel infrastructure. What other problem might it have been for which HUR would be responsible, and therefore liable to pay for?

“It may mean the field has to be shut-in for a few days until it is fixed”

No.

Timing of offloads is arranged to avoid reaching the storage capacity limit, primarily because of adverse weather conditions so there is no reason for an immediate shut down. As we now know Petroatlantic is returning which indicates that whatever was wrong has now been fixed.

It is fatuous to suggest that this minor hiccup is evidence of imminent collapse and the immediate need for and alternative income stream.

joo1
This is Simply Wall Street clickbait. It is utter rubbish and anyone taken in by it is a bigger fool than the Motley Fool.

If this is an equipment fault on the AM it seems reasonable to assume the repair cost will be down to Bluewater. It will result in a larger than average offload which can only translate into more revenue and more net cash post bond repayment.

The licence was relinquished. It could have been in 2019. It was in an RNS so you need to trawl through them.

Be careful what you wish for.
https://www.bloomberg.com/news/features/2021-04-24/the-greens-once-took-on-germany-but-now-they-re-taking-it-over

https://www.malcysblog.com/2022/05/oil-price-chariot-pharos-hurricane-getech-and-finally/

Reminds me of the alleged comment by the previous chairman that buying the CB’s in the market was a no brainer. Some might hold the view that it is the CFO who has no brain.

The monthly update should be out within the next few days, if not tomorrow. In last months average production was reported as 9,085 bopd and current (17/04/22) as 9,150 bopd. My estimate of production based on the interval between offloads and the usual offload amount of 520k is 9,123 bopd which if correct indicates that the decline rate is minimal. It will be interesting to see the reported figures.

flyingpie

Teekay provide the shuttle tankers as they have a contract with BP. There are various tankers used:

Scott Spirit
Amundsen Spirit
Grena Knutsen
Navion Oceania
Nansen Spirit
Petroatlantic
Petronordic
I suggest you use the Marine Traffic website and search for these vessels. You can create a free account.

Mr Wilks

They already have enough cash to pay off the bondholders and I would suggest the only reason they have not done so is that the share price conditions for the clean up call have not been met.
It is annoying that we will have to wait two and a half months until redemption for the debt free announcement. Whilst shareholders are fully aware of the situation it will highlight the fact to the wider investment community.

The other more annoying thing is that after all this time management have yet to come up with a plan. The wishy washy statements from Maris “while we also focus on the Company's next steps” and “We are now able to look forward and are working hard to identify how best to allocate capital to create value for all our stakeholders” is quite pathetic and all it tells us is they still DO NOT have a plan. On top of that they could not save Lincoln.

We need a new CEO with some balls.

The North Sea Transition Authority {NSTA} formerly the OGA have put up a page on their new website titled “Buchan Field Production Dashboard” with the comment “The North Sea Transition Authority (NSTA) has initiated a new Area Plan to ensure economic recovery from the Greater Buchan area of the North Sea, and has identified a further 150-300 million barrels of oil equivalent estimated to be present in the area.”
https://www.nstauthority.co.uk/data-centre/nsta-open-data/production/buchan-field-production-dashboard/

Surely it must indicate they are keen to see a return to production.

Mariog
It's pointless now as the bond spread negates any benefit and would probably result in a loss.

cat5

Giving up the Lincoln licence is a great disappointment and in my opinion a significant blow for the Company. Following the drilling on GWA in 2019 the OGA decided to include the drilling of a commitment well as a condition of extension of the P1368(S) Lincoln licence. The Company had previously said it intended to tie back the Lincoln Crestal well to the Aoka Mizu and I believe that much if not all of the subsea structure for the tie back had been ordered and paid for and is now sitting in a warehouse somewhere gathering dust. We know what followed with the oil price collapse and quite obviously the Company was in no position to proceed. Although they were granted an extension on the Lincoln well that expired and the Company were then obliged to plug and abandon it. My distain for management is that in the current climate they have not been able to persuade the OGA to grant a further extension for the commitment well and allow retention of the licence.

To answer your question, they still have the Warwick/Lincoln licence P2294 but for how much longer I don’t know. Given the poor results of the two drills on Warwick I don’t see them drilling there again for some time if at all. As far as Spirit are concerned they signed into a joint venture on the whole of the GWA so they still have a 50% interest in the P2294 licence