The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
he spouts some amount of sh*te on LSE here on several boards, definitely one for the filter button!
Down 20%, maybe allowing his mates to buy in cheap before the presentation tonight!
How confident are we of a 7am RNS?
Canadian Overseas Petroleum Limited (LON:COPL) said the settlement date for the agreement between 50%-owned joint venture Shorecan and Essar Mauritius over the OPL 226 prospect has been extended until January 29, 2021. Completion of the agreement is subject to the Nigerian National Petroleum Corporation (NNPC) granting an extension of the exploration period for the OPL 226 licence beyond 30 September 2020. Application for an extension was submitted in early June but COVID-19 restrictions on travel and meetings have delayed the process, COPL said in a statement. Arthur Millholland, COPL’s chief executive, added that to reach completion face to face meetings are required, adding he is hopeful requirements for foreign nationals entering Nigeria might ease soon. “We understand the entry requirements for foreign nationals may ease in the near term. “When the green light is received, we and our partners will act as soon practical to arrange and continue these discussions. “Once the terms of the extension of the OPL 226 are in hand, the Company's Nigerian Affiliate will determine an operational schedule going forward and the timing for its execution." Terms of the settlement will see ShoreCan retain a 10% interest in OPL 226 that it can increase to 30% through payment for a pro-rata share of exploration already undertaken.
On August 4th, 2020, the Company announced that the shareholders of the Company's Nigerian Affiliate had executed definitive agreements to resolve their disputes. Completion of these agreements is subject to the Nigerian National Petroleum Corporation ("NNPC") granting an extension of the exploration period under the OPL 226 PSC beyond 30th September 2020. The Nigerian Affiliate applied for this extension in early June 2020. COPL understands that COVID 19 restrictions pertaining to travel and "in person" meetings have created delays regarding the application within the NNPC and the Department of Petroleum Resources ("DPR").
Arthur Millholland, President and CEO, commented:
"ShoreCan and Essar Mauritius, the shareholders of COPL's Nigerian Affiliate, are engaged in the process to reach completion to the agreements announced on August 4th. Face to face, or in person, meetings are required. We understand the entry requirements for foreign nationals may ease in the near term thus allowing for in-country face to face meetings which are a normal part of the process. As I have previously commented, the COVID 19 situation has caused governments globally to impose travel restrictions through their respective borders, as well as imposing restrictions on in person meetings to protect their organs of government and their citizens. When the green light is received, we and our partners will act as soon practical to arrange and continue these discussions. Once the terms of the extension of the OPL 226 are in hand, the Company's Nigerian Affiliate will determine an operational schedule going forward and the timing for its execution."
Bahamas Petroleum Corp (BPC) says its upcoming Perserverance-1 exploration well, the company's first offshore the Bahamas, is expected to spud before Christmas, and is targeting recoverable prospective resources of 0.7-1.4 billion barrels of oil. As reported by RigLogix, UDW drillship Stena IceMAX (10,000') will drill the well, and the rig recently moved to Las Palmas to prepare for the contract. It is expected to begin mobilization to the Bahamas in late November. In addition, BPC says it has signed a Master Service Agreement with Halliburton for provision of integrated well services for the drilling.
Taken from Westwood Energy Offshore Rig Review - Sep 30, 2020
The Government of Mozambique has approved new regulations pertaining to the licensing of petroleum facilities and operations. The entire process; construction, installation, modification, operation, dembolisation of any infrastructure used for the carrying out of petroleum operations (both on and offshore), as well as those related to development wells, drilling rigs, production, storage and transportation by vehicles (by road, sea river or railway), are subject to mandatory licensing with INP National Petroleum Institute (INP) and thereby authorisation by INP.
With the new Decree coming into force, INP will be responsible for recording and maintaining all data and licenses issued with respect to petroleum operations. The holders of existing petroleum infrastructures are required to apply for the relevant licenses by 17 September 2021. Fines or other penalties may be invoked for any infringement of the provisions of this new regulation.
Looks like Mozambique are taking more control over drilling facilities and operations, hopefully that will help COPL in any plans they have for the area.
Taken from Westwood Energy RigLogix Offshore Rig Review
Baserite thank you for the mention keep chatting about me your making me famous, my post wasn't made up, the information was from a company who provide information on oil rigs, contracts, oil companies all over the world, I shall continue to hold my shares here as I have for over four years now, and as stated continue to highlight news regarding the company whether with or against the grain.
You know you've upset someone when they make up childish names on a BB.
Canadian Overseas Petroleum Limited (COPL) says it believes it will receive confirmation of its exploration license extension for OPL 226 offshore Nigeria sometime in Q4 2020. The license is due to expire 30 September, but COPL says it has received no notice of termination, which under the terms of the PSC would need to be issued 60 days before that date. COPL says that the Covid-19 pandemic has created delays in within the Nigerian National Petroleum Corporation (NNPC), which approves extensions. Once COPL's Nigerian affiliate has received formal confirmation of the extension and its terms, the company will set out its forward operation schedule.
As reported on 28 May, COPL is hoping to put together a partnership for the development of the Noa field, which lies within OPL 226. The operator is still planning to drill an appraisal well in the field, although that is now scheduled for Q3 2021 and will likely require a 350ft jackup. If that is successful, it will be placed into production through an extended well test using an early production system, likely to be a MOPU. That would be followed by the drilling of two to three additional wells.
Taken from the Westwood Energy Offshore Rig Review Daily Report
Shaa the last few months have been very beneficial to PI's who have bought into the company, however you need to look at the whole picture and the previous three years where the price dropped from over 10p a share down to 0.03p per share, I agree the company could of went bust, this is last chance saloon for AM and the team
I get the information delivered to my work email on a daily basis, you have to sign up for the updates.
The information us very reliable and genuine, the company Westwood Energy provide several webinars, training and updates on rig availability and movement.
UDW drillship Stena IceMAX (7,500') has left the Gibraltar Anchorage area off Malta and is expected to arrive in Las Palmas on 18 September. The rig will get new life boats and undergo contract preparations for two upcoming contracts.
As recently reported by RigLogix, it is now understood that Bahamas Petroleum will take the rig for its Perseverance-1 exploration well in the Cooper block, with drilling we believe to start in February 2021. Then, Repsol will use the rig for its one-well plus three options contract offshore Mexico starting around April 2021.
Taken from the Riglogix Daily Update