Member Info for Dr_Kaboom

However, as the resolution of these matters is not wholly within Petrofac’s control, there remains a level of uncertainty which is disclosed within note 2.5 to the consolidated financial statements.

"with minimum EBITDA and liquidity covenants, which are better suited to the Company’s near-term outlook"

Thr fact that they are opting for EBITDA indicates the time lag required to turnaround the business. A lot of patience required while some are expecting overnight success.

IOG PLC on Tuesday said it encountered a well control challenge after drilling at the Blythe H2 well, which could impact the well’s expected duration by up to four weeks.

This was after estimating in early March that the Blythe H2 well will take around three months to drill, complete and hook-up, subject to the usual operational risks.

IOG is a UK-focused developer and producer of indigenous offshore gas, with the Blythe H2 well located in the North Sea

It said the H2 well was successfully drilled to the Basal Zechstein sequence, but an ‘abnormally pressured gas and oil influx was encountered’ while drilling through the Hauptdolomit formation with the sequence.

This caused associated drilling fluid losses, it said, but that the risk of this was identified during planning and is being safely managed by Petrofac Ltd and Shelf Drilling (UK) Ltd.

Despite this, IOG said it believes this will now impact the expected well duration by potentially up to four weeks, while the associated cost impact will depend largely on the speed of resolution.

IOG said the H2 well is being drilled being drilled by the Shelf Perseverance jack-up drilling rig under IOG’s contract with Shelf signed in 2020.

Petrofac is the well operator, as with all previous Saturn Banks development wells, it added.

‘Encountering a gas and oil influx while drilling through the overburden above the reservoir is a known risk in the Southern North Sea,’ said IOG Chief Executive Officer Rupert Newall.

‘Associated drilling fluid losses present an additional challenge, however this is being actively and safely managed by Petrofac...and Shelf...working closely with the IOG team, to ensure that drilling ahead can be safely resumed.’

Expecting to hear more in the next two weeks

Much better deal for CEO than POS.

POS look desperate - cash running low again?

This is actually excellent news. I guess a few were getting nervous as the 31st deadline was approaching but glad to see that the debt facility was fully repaid.

It will take only one contract win and this could triple within a few hours. MCAP is less than £2million and shares are tightly held.

To be honest, it is only a matter of time before we see announcements of those contracts.

Numbers don't lie, this is a bit of a disaster. Rampers be ramping.

Rivaldo, thanks for this. One key ommision and which I think should have been mentioned is potential acquisition. It's been mentioned in the half year results - wonder whether anything will come out of that.

Watch out for new contracts with MILEX customers.

Vagaries of reporting standards :)

"Mark to market value of holding in Atome Energy PLC as at 20 September 2022 of £9.8m (2021: nil) all of which is not shown in the accounts due to the vagaries of accounting reporting standards"

As a result of the expected adjusted operating loss for the full year, the Group now anticipates that it will not be able to meet the requirements of the two existing financial covenants contained within the current facility. These covenants relate to leverage and interest cover and a first test is currently required at the end of October based on full-year performance to 30 September 2022. The Group is currently in constructive dialogue with Lloyds Bank regarding these covenants and ongoing facility requirements.

Karma waiting for the journalists aiming to manipulate news.

Very much looking like recycling material from 2 years ago to fabricate a drop in share, making premium offer look more attractive.

Shares in Italy's Saipem fell as much as 40% on Tuesday after investors subscribed for only 70% of its 2 billion euro cash call

Completely agree. Looking at the share price, how can they even justify their remunerations.

Ben £348k
Graham £185k
Craig £159k

The CFO post was conditional on the refinancing. Now that he has been made permanent, we should hear on the refinancing shortly. This is one of the main things holding this back, so let's see whether the brakes comes off, albeit at slightly higher financing rates.

Quiet, someone still loading. 25k buy.

Hardly any action today. Need Rivaldo to dig up some article to spice things up.

I very much doubt we will see 70p today.