Member Info for Diver169

Long way to go before I average this one down from 65p. Another non exec is just another mouth to feed out the trough!! GLA

Slowly creeping back up to 1.50... Long way to go for me to get any money out of this one!

Some strange rises here recently! GLA

We are getting hammered this week! Not the best of times for drillers with the oil price, but I don't see what's changed to drive it down this low?

1. West Nile Delta - Taurus/Libra West Nile Delta represents two projects expected to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates from two BP-operated offshore concession blocks. 2. Khazzan Phase 1 The first phase of the Khazzan development plan involves drilling approximately 200 wells and constructing a two-train central processing facility 3. Juniper Juniper involves the construction of a normally unmanned platform and subsea infrastructure that will produce gas from the Corallita and Lantaria fields located 50 miles (80 kilometres) off the coast of Trinidad 4. Quad 204 A new Floating Production, Storage and Offloading (FPSO) vessel will extend and expand recovery from the Schiehallion field through to 2035, including an extension of the existing subsea system. 5. Zohr The Zohr field is located in the Mediterranean Sea in the Shorouk concession, approximately 120 miles north of Port Said in waters approximately 4,900 feet deep. Eni has estimated total resources to be approximately 30 trillion cubic feet of gas. 6. Trinidad Onshore Compression The Trinidad onshore compression project will increase production from low-pressure wells in existing acreage in the Columbus Basin, using an additional inlet compressor at the Point Fortin Atlantic Liquefied Natural Gas (LNG) plant 7. Persephone Persephone is a two-well subsea tieback to the existing Rankin complex, located 85 miles (140 kilometres) northwest of Karratha, Western Australia 8. On fast track for 2020 is Senegal gas find with Kosmos DAKAR, May 8 (Reuters) - BP and joint venture partner Kosmos Energy revealed a major gas discovery off Senegal on Monday, adding to other recent finds off the West African coast. Oil majors including BP and Total are investing in the waters of Senegal and Mauritania in the hope of repeating the recent exploration success of smaller players.

Announced on 29th of June Explorer relinquishes its stake in Angola Block 24/11 Plans to start 7 projects this year, targets ‘maximum value’ BP Plc expects to write off about $750 million after deciding not to develop a natural gas discovery in Angola because it isn’t commercially viable. BP relinquished its 50 percent interest in Block 24/11 off southern Angola, where the Katambi discovery was made in 2014, the company said in a statement Thursday. The write-off in the second quarter, which also includes other exploration charges in Angola, will not affect BP’s cash flow, it said.

What has woken this dog of a share up??? Is it worth averaging down from my 12p :-)

BP raised the oil price at which it can balance its books this year to $60 a barrel on Tuesday due to higher spending following a string of investments as annual EARNINGS fell for a second consecutive year. After the average oil price fell to its lowest in 12 years at $44 a barrel last year, BP said it expected prices to have found a floor for this year at $50 a barrel following a decision by major OPEC and non-OPEC producers to limit output. The British oil and gas company, whose fourth quarter PROFITS fell short of street expectations, had previously targeted a breakeven oil price of $50-55 a barrel. The new target reflects an uptick in planned spending to $16-17 billion from $16-billion in 2016. BP’s annual underlying replacement cost, its definition of net PROFIT, slumped to its lowest level in at least a decade to $2.59-billion, while fourth-quarter profit of $400-million missed analysts’ forecasts by around 30 per cent primarily due to $328-million in one-off charges. It is the latest oil major to miss forecasts following worse-than-expected results from Royal Dutch Shell, Chevron and Statoil. BP shares were down 2.9 per cent at 0851 GMT at 462.5 pence, underperforming the sector index which was 0.6 per cent lower. “BP are not covering their dividend and they raised their CASH breakeven point quite considerably,” said Macquarie equities analyst Iain Reid. “They are having to pay for what they bought and they are the only company that actually raised their breakeven number,” he said. BP has been on a spending spree in recent months, concluding a string of deals, including in Eni’s giant Zohr offshore gas field in Egypt, contracts in Abu Dhabi and Azerbaijan and a stake in exploration areas off Mauritania and Senegal from Kosmos. The burst in activity marks a return to growth for the company whose deadly 2010 Deepwater Horizon rig explosion in the Gulf of Mexico forced it to sell assets worth billions of DOLLARS. But this growth also means higher costs.

Wow thanks for sharing that! Amazing that when you trade in dollars the share price goes down with the dollar!

Why the 12% rise and no comments, have we all given up on this one?

BP PLC said that it has started up the Thunder Horse South Expansion project in the deepwater Gulf of Mexico 11 months ahead of schedule and USD150 million under budget.

More than 100 people have been jailed for making fraudulent oil spill claims against BP, highlighting the scale of fraud the energy group faced as it tried to contain damage over the US's largest environmental ...

I can beat that! My average is now 65p, my £5060 investment is now 98.73% down at £64.38. Not a very good return I would say!

What's causing all the excitement here then? Had these dumped in the bottom drawer after my own stupidity got me spiked. Might have to keep a closer look before averaging this one down. GLA long term sufferers

Onwards and upwards! GLA

From first hand experience, not in Angola, Azerbaijan, or Egypt. All other regions reduced greatly in the last 2 years as part of cost cutting.

Thunderhorse extension in GOM, Abu Dhabi deal and now Africa. Spreading the dosh...

The politics of the deals forces BP to employ locals, meaning that they have to promote engineers way before they are ready! The cost cutting has removed a lot of very experienced contractors. Watching this one closely.

BP announced today that it has signed agreements with Kosmos Energy to acquire a 62% working interest, including operatorship, of Kosmos’ exploration blocks in Mauritania and a 32.49% effective working interest in Kosmos’ Senegal exploration blocks -- acreage which holds world-class deepwater gas discoveries and exploration prospectivity across both countries. The approximately 33,000 square kilometres of acreage covered by today’s agreements includes the Tortue field, estimated by Kosmos to contain more than 15 tcf of discovered gas resources. The total acreage, by Kosmos’ estimates, could contain roughly 50tcf of gas resource potential and in excess of 1 billion barrels of liquids resource potential.

million · Robust 3Q underlying operating cash flow of $4.8 billion, driven by reliable operations and lower costs · Further progress towards rebalancing organic cash flows in 2017: - Cash costs $6.1 billion lower than 2014 versus $7 billion target for 2017 - 2016 capex now expected to be around $16 billion versus original guidance of $17-19 billion · Dividend unchanged at 10c/share