Member Info for DiveCentre

Slift
You cannot include $230m Covertible Bond maturity in July 2022 as a difference. It was created by the fund raise in 2017 and has remained unchanged since.
As to needing a partner yes that is desirable and is part of the purpose of the EPS. It is no secret that the Company want a partner but they have to demonstrate that they can develop without a partner and this continues to be the case. It is no different to last year.

Slift

It all depends on the water cut, and whether it has stabilised, continues to rise, or starts to decrease. Apart from the less than wonderful drilling results last year it is the increasing water cut that has spooked investors, along with unfounded speculation that it is aquifer water.
If the water cut has stabilised there is no reason why they cannot continue to produce at 17k bopd or even a little bit more. Obviously if the water cut continues to increase the AM's maximum fluid handling capacity will ultimately limit oil production.

Your suggestion that 2021 production guidance will be 12-13k implies that HUR are expecting that the water cut will continue to increase. If they were to put that out as guidance the SP will be dead in the water.

slip
have you been on the pernod?

2018
old news

Slift

At the end of last year they did extended individual well tests. This is from the RNS 13/12/19:

"Since late October, Hurricane has been carrying out individual flow tests to establish the optimum combined flow rate from the two wells under these conditions, and to assess individual well fluid dynamics. These results will refine understanding of reservoir performance without the impact of interference from the other well.
The 6 Well is currently flowing individually at approximately 14,700 barrels of oil per day with minimal water cut. In a prior individual well test, the 7Z Well flowed at approximately 9,400 barrels of oil per day with a stable water cut within a range of between 25-30%. These rates were achieved on natural flow.........Production will continue from the 6 Well on a standalone basis until late January, at which point both wells will be flowed concurrently"

The OGA production data for the period to 15/01/20 advised oil production of 12,638 bopd and water 449 bpd. The minimal water cut of 3.44% tends to confirm that this is production from the 6 well alone. Assuming 92.5% facilities uptime the gross rate would have been 13,666 bopd. so they did not continue to flow 6 at 14,700 bopd for the full period.
There is obviously a limit at what 6 can produce on a sustained basis and the single well testing last year could suggest that 13.666k is what the Company are comfortable with. So for 20k you need 6.333k from 7z. Taking the current water cut figures the produced water for these oil production rates would be 1860 from 6 and 7140 from 7z making a nice round figure of 9k total water and 29k total fluid being 83% of capacity.
At the moment, given the rates reported in the last update they are at 69% capacity and whilst there is still a good amount of spare capacity I imagine that they may choose to take a conservative approach and stick with the current rates and wait to see what happens with the water cut.

And 17k was the original guidance before RT got excited.

Bartlebobton
You only need a modicum of common sense to realise that 10.6 is the total fluid production from 7z.

No, it just means served from a barrel rather than from a bottle

dflynch
The CB's are listed on the International stock exchange in Jersey. As far as I am aware they can only be traded through that exchange.
They are currently trading at a discount which give an approx 10% yield on purchase costs.

Investopedia CB arbitrage:

https://www.investopedia.com/terms/c/convertiblearbitrage.asp#:~:text=Example%20of%20Convertible%20Arbitrage,trade%20at%20par%20(%24100).

Interesting choice of photo by the Heraldscotland. For those who don't know that is the Jumbo Kinetic carrying the anchoring buoy.

Alexios

HUR said that 7z started to produce water almost immediately following startup in May last year. It defies logic that that could have been aquifer water given the height above the oil water contact. HUR say both wells are producing from the heels which are well over 250m above the OW contact. The inclination of 7z is irrelevant. If current water production includes aquifer water I would have expected HUR to detect this by testing for any change in water properties. Furthermore the w/c in 6 is minimal compared to 7z which does not seem compatible with coning where you would expect similar rates in both wells. IMO you are talking s**t.

New B
Petroatlantic is returning from Fionaven.
Petronordic is doing the AM offload.
TK do tankers KP do nuts.

Sammy 18
Now you've confused me because she is stern on to Foinavon and if the information on MT is to be trusted she is on her way to Macduff

Thanks missdosh, and if I may add ETA 5am on the 28th draught 8.6m

RainBowchaser
Note the words:
"at the appropriate time"
The sale of Direct Energy has given them an unexpected £2.85 billion.
It means they no longer need a quick sale.
Of course they are going to say they still intend to sell but the question is when.

Petroatlantic is not going to Lancaster.

In light of this:
"The owner of British Gas is to offload its North American business in a £2.85 billion deal to shore up the embattled energy group’s finances.
Centrica, which had a market capitalisation of only £2.4 billion last night, said it had agreed the deal to sell Direct Energy to the American NRG Energy after it made a “highly compelling unsolicited offer”. Shares in the group surged by more than 30 per cent in initial trading and were up by about a fifth at 49p shortly before 9am."
what is the possibility the Centrica might review the intended sale of Spirit energy?

bransonbull
loads published by Wilhelmshaven prior to arrival have on some occasions later been amended. If that load is correct it would mean they have been producing for the last month at an average of 17k -18k bopd. As much as I would like that to be correct I rather doubt it.

People like this don't bother me. Their motives are plain as day and you just ignore them, or filter them if you must.
It is the more subtle derampers you need to beware of.

Urraca
Lancaster is said to produce 38API
which means 72000 mt will be 542484 BO