Member Info for dunderhead

Thanks Sailor, I'm hoping for rns Tuesday Wednesday hopefully coinciding with good "injection news" as well?!
Or is that toooo "optmistic"?

Thanks SailorNL always good to hear your updates, they are very much appreciated. Concur re costs.

You're quite right Mano.
Something along the lines of..."was there a plan b and if so why did it take so long to implement : re Southwark"...
Unfortunately unlikely I'll be able to attend but will try!!

I'd be surprised if there was much public recognition of lessons learnt, as they all seem to think they've done an excellent job and deserve to be incentived to stay there rather than realise after all these cluster fs they're actually quite lucky to still be employed, imho.
Let's just hope they can get drilling and other gas asset started next week and they don't f up on any other relatively simple process driven tasks again?

Those "questions" have been asked for a excruciatingly long time by some of us GGG?!

Interesting to see how many of their LTIPS will finally get awarded to incentivise the staff to stay at IOG - I'm assuming that is the staff who are mortally embarrassed by the continual cluster f's here - who don't want to be associated with IOG - said in jest of course - but just wondering like....

As ever all IMHO.

Alligator - completely concur - this is why I have constantly said it would have been far far better to have got taken over years ago - simply based upon my view of the "management" here - but that's just boring people now.
Someone was asking what the offshore experts have to say on this issue - I am absolutely NOT that - but I have a felling even "they" will struggle with the "messaging" that came in RNS again - they seem to be trying to provide more "information" to help share-holders - but it is so awfully written and useless - I can't help but think they are deliberately obfuscating (again?)?
As ever all IMHO of course!!

Yes, lol "unlucky" that's one way of saying it.
I expressed it "slightly differently", "elsewhere", lol.

Mole, IMHO, it is insurable and often offered as part of a package. Such similar / related issues happen more often than you'd imagine however, as I say, the risk is the same but the effect of the risk is significantly different, depending upon the company drilling - i.e. if it is a sole asset of company etc. WTGR if it was "likely" to happen - and "uninsurable" - they should just spud a few 100 m away surely?
I probably would have erred on insuring because of the "importance" of Southwark and yes you are right it is a disgrace and example of total mis-management that it has been sitting effectively idle for so long ,during the duration of this contract. But you know - what do you do - we "probably" have **** management ("bettered" only by PHAR / UJO management!!) throughout the organisation and we just have to wait for the "assets" to be taken over and they suitably (handsomely) paid off !! At the moment we are stuck with them and hopefully they will start to prove a significant number on here (myself included) wrong!
Whomever referred to this as the next SQZ - could not be more wrong IMHO - they are miles apart !!
Alligator totally agree with your earlier post by the way.
As ever DYOR all IMHO and best of luck all.
I think I'll not bother posting here for sometime, as hopefully there will be no need for me to do so anyway!

Mole in the hole of course it's an insurable risk but often overlooked or not taken due to diversity of assets and a 50:50 one depending upon your attitude to risk.
However I'd probably have opted for it, as the materiality of such assets but, kudos to them for admitting not covered and equally I may have said "what a waste of money, that doesn't happen that often"!!
What concerns me more is the "feeling" that there weren't plans or didn't appear to be immediate plans in place to mitigate these circumstances but again, not surprised as have conceded that they are definitely lower quartile management team but didn't feel that way initially when I first invested here (prior to Fiona etc arriving) as they had done some good deals with certain service suppliers before all the LOG crap surfaced then got pretty disappointed pretty quickly, as the mis management virtually from day one became pretty obvious, all IMHO of course.
Am pleased with initial production rates but as ever disappointed with the (maybe understandable) operational chemicals f up and further Southwark delays.

Good to see Edgar never really appreciating or understanding the important points (as normal) as well of course.
Best of luck all and as ever all IMHO and DYOR.

Don't agree about waiting for more information about the clusterfck that is Southwark. Get stabilised production rates out as soon as established - this is material information.

Absolutely and let's be clear it's not a rush either, comparing to our peer group.

So did I GGis - but nothing surprises me here.
They should be in a good position to update market maximum 10 days after initial second well inputs - however really should be after 7 surely?
IMHO.

Peakview by the way re your comments yesterday, I've never referred to the representation of the buys and sells here - that's trader stuff and I take a slightly longer term viewpoint than that??!!

Mole fully agree with your synopsis matey!
Bacton "relationship" could of course been managed better IMHO but I've worked in "difficult" locations where relationships very important, hence this is often relatively higher on my risk list probably.
Best of luck all.

I totally agree Citizen but it must be said I have worked very hard myself to get funds available to invest.
So to conclude then - you don't have experience in this business - but nothing is ever perfect and I should be happy with the money I have made made, regardless of the delivery of that, was anything very much less than perfect?
O&G is a well paid industry that is dictated by good planning and very intelligent well educated people who often get it right and rarely get it wrong for these kind of appraisal / "high chance" exploration projects (due to familiarity with the basin etc.) - for those very reasons.
What is important is that there are plan B's and C's (even D's!) in place - which are enacted quickly and in such a manner that it is easy to communicate to "interested" parties. I do not think that is the case with Southwark - but that is my opinion.
DaveG talked of the direction the company is headed - with reference to what looked like the "conveyor belt" of prospects. I am disappointed that, what I perceive a lot of previous prospects with seemingly high respective CoS's have either been downgraded or written off - either the original CoS's were incorrect or something isn't quite right there and needs acting upon - again my experience is - that if you keep on getting G&G wrong - then something needs changing maybe the CoS is too high etc and if it weren't so high it wouldn't have got through the "project threshold" in first place - not ignoring it publicly congratulating everyone and having to "incentivise" people with non taxing LTIPs - and hoping no-one notices?
Right I've got better things to do anyway - so best of luck all!

Citizen wtgr I think I'm at least 200k in profit here but it still doesn't stop me from commenting.
The mgt here has been nothing less than abysmal and you get johnny cum latelies on here, who it seems, respectfully don't have too much experience in o&g industry harping on about "achievements"?!
Dave G - Citizen - do you work in E&P genuinely out of interest?
Again wtgr - there has been no shortage of "reserves" upside listed before in RNS statements, which has either been seriously down graded or written off in their entirety (even though they had incredible COS's in the 80's percentages!!)- which is actually part of the business - but not really necessary to be RNS'd in this manner - as it will inevitably lead to disappointment when some of it is written down??
Today - no true explanation as to why there didn't appear to be a plan B in place for Southwark or, it has taken an eternity to enact it or, exact budget over-runs or liability?!
They are very good at estimating future reserves but don't want to even offer an estimate of future production profiles or make any comment at all about initial production rates - do you not find that "troubling"? So what about near term "direction" of where IOG is heading rather than G&G estimates of the "conveyor belt"?!
If, as you say, this company is genuinely "achieving" so much- why isn't it priced at a premium to it's peer group and why so much waffle today but no real true figures about budget over runs etc provided - but an awful lot of back-slapping?

As ever respectfully posted and all imHo, as ever DYOR - and really interested to hear citizen / DaveG views on my points - except of course to say "why don't you sell?".

Citizen - wtgr - have you worked in o&g industry as wherever I have worked first gas on a simple tie back like this, is not an achievement - it is what is expected?
What have IOG got right except for first gas - later than expected and significantly more expensive than expected - which is what generally you are actually measured on "in the industry" rather than achieving first gas??!!
Just my opinion of course.

No it will not UWE unless unless get production profiles.
Why don't they give an estimate?
Oh I know, because they get them all wrong.
IMHO.

Wtf?
I'm commenting on things within management control and expect better.
So because the gas price is up that releases management any responsibility from doing a mid quartile job?
Wow.

My post on adv. Interested in other viewpoints.
..."And there you have it write downs on 2p reserves for 2 of the 3 wells drilled but hey guys big slap on the back and further ltips ffs.
These guys are f'ing pigs at trough.
Couldn't read it all because full of blah blah but disappointed they don't have the balls to talk about (relatively large) 2p reductions. Still no indications about cost over runs and whose fault this is and why not fully insured?
Absolute twat's IMHO.
Interested in others views because as I say can't really read everything easily on phone however all back slapping but from my perspective and opinion a significant proportion are lucky to still be in jobs.
As ever ALL imHo (!) and dyor folks!"...