Member Info for dunderhead

Alligator, I'm fed up of hearing about the Perenco relationship. Not directed specifically at you just the general comments from everyone.
It simply doesn't wash. It should be high up on the risk register with pro-active mitigations in place and isn't good enough.
When I worked I e&p (apart from the NOC'S!!) ExxonMobil were notoriously difficult to work with, either as operator or (worse!) "junior" partner!! We were aware of this and simply pro-actively worked with them as best as possible.
Are EOG the only company that has had "issues" with their operator?!
Delivery of project of this magnitude on time an on budget should be part (at keast 50%) of the kpis determining ltips.
All IMHO.

I wouldn't say they are pathetic at communications - they seem to simply put off and off the message because it further reinforces they are out of their depth and are naturally trying to avoid this "reality".
When have they updated us with something being on time or in line with original "management estimates". I don't pay that much attention to the RNS statements as they cannot be relied upon but simply put - I cant remember them actually ever achieving correctly what they have forecast.
Probably get an RNS tomorrow saying they are 99.99% nearly there - lol!!
All IMHO and best of luck all.
By the way quick straw poll - do people still think we were better not to accept an offer from RRE - I know one didn't formally crystallise but for sure one could have been done - and the time value of money invested elsewhere has to be taken into account - even for the investors who were lucky enough to average down on their holdings due to previous "mgt" f ups in the past?

Because they f up most things they touch?
Shareholders are understandably p***ed off with the abysmal "mgt." performance to date here and (understandably) nervous, there will be still more and more delays?
However, hey ho, so what, the "guys" (plus Fiona!) still get their tough well deserved LTIP awards, lol!!
All IMHO of course.

Much better (incomparable I'd say, fantastic deal making and G&G team) and well connected management team at KIST - better prospects for increasing reserves in the near to middle term?
All IMHO - now approximately 1MM holder of IOG before getting accused of being a de-ramper.
I was one of the purchasers recently highlighted as being "serious" money buying in but didnae have the heart to say just a simple PI looking for (slightly under valued) assets and diversification of portfolio!
Best of luck all.
Best of luck all.

I'm only 30 years but from a more rounded "projects" perspective, all offshore.
Drillspark - what are your opinions regarding the rig issues at Southwark - really interested - am I being too hard in my conclusions?

Just out of interest following Therigmans post - how much experience have you guys had of working on offshore oil and gas projects - Edgar are you "Under Water Eddy" of AEX fame (perennial under-performer for many many years - but admittedly may come good over next year) ?

Ok - well I still can'ae sell 100k shares - lol!
Either way not expecting to sell yet anyway but certainly don't want further f ups!

I can only sell 10,000 at moment - tried 100k as dummy sell - got nothing?

SailorNL I agree with your conclusion regarding platform not being problem.
If it were that is a totally different ballgame and would have to be RNS'd immediately such information came to light.
My gripe / observations / concerns are

1. Seabed survey standard business with of course historic currents analysis taken into account with final location.
2. This would then highlight say 1 in 100 (choose your numbers) year occurrences which would impact insurers assessments.
3. I assume operator / rig owner would have insurance necessary to cover such eventualities - as this is the reason for having it in first place! Not sure where liability would rest there - as maybe it would be operator who took out insurance?
4. In theory the insurer would review sea bed survey as well when agreeing to insurance.
5. Insurance likely to cover only rig damage though - not sure about this as not had enough experience - but don't expect them to accept services provision and de-mob costs as a result of this issue - but maybe they would accept fair efficient charges for this?
6. Normally there would be plan B's as part of the survey for insurance review as well - taking into account de-mob of services plus possible solutions? Normal risk assessment spread-sheeting?
7. This is all done "in-house" for larger companies but I seem to remember some service provider being announced with a lot of fanfare - regarding drilling services sometime ago in RNS - can't be bothered to look now but would certainly expect that to be the case for a company of IOG size!
8. Where does the final liability rest (for non insured elements of this CF) - service provider or operator - who make final spud decisions and review of service providers conclusions and guidances (I assume?).

All IMHO and wondering other opinions on here?
Am assuming first gas going well - was personally expecting back gassing announcement - just this has not yet been RNS'd whilst they scurry around working up a communication about Southwark but again all very lower quartile IMHO - and as I've said before - was why I preferred we got taken over long ago because of such concerns. I know RRE hadn't crystaliised an offer but I'm sure one could have been done - with share swaps as an example - which would have saved on time value of money - pre drill reserves f ups and now operational f ups?

As ever all IMHO and DYOR folks.
We all await news nervously - soon past mid-February and befor anyone accuses me of de-ramping am a holder of about 800k shares in significant profits - so do have some skin in the game but a lot lot less than a lot of others on here who I'm sure have strong pov's about what is "going-on"?

Interesting comments Alligator, you appear critical of the people tasked with messaging of the news and they should accordingly be sanctioned but not really interested in the people responsible for the sh*t fest that is happening with Southwark?!
Shaking my head in disbelief?
Surely the real issues are why has this occurred?
I fully appreciate the messaging is important but let's not forget that is the very end of what looks like a farcical mismanagement of the drill programme.
I just want to know how much this has and continues to cost IOG and if they have covered adequately with a plan B and are within terms of insurance policy?
All IMHO of course and best of luck to long long suffering holders.

Everyone knows I'm not exactly a fan of "management" here with their under taxing LTIPs issued from a very low point due to their respective under-performances however,....
I'd personally imagine they are "holding" back on news re Southwark as to be really honest it is such an amateur embarrassing incomprehensible cluster f, that they need to sweeten this up with "better news"?
**** happens but where the f is plan B and how much is this "down time" costing us? Is it insured? Is it even "our" fault - I can only assume so, as the operator normally arranges sea bed survey, but where does the liability rest?
The information above if material - needs to be RNS'd as and when they know where they are and, I would be really surprised to find that they suddenly came up with a forward plan solution for a cluster f, at the same time back-gassing occurred but there you go!
The "problem" with the PR here, is that it whilst it has been full of fluffy words / deadlines, even they have not been met - so is it the PR or the under-performance that is the real "problem"?
All IMHO but why doesn't someone (who cares more) write, asking about the timings of updates, to clarify that they will be issued as and when they occur, rather than in a "total event" RNS update, which then will potentially hide / reduce the good news about imminent first gas?
As ever all IMHO, DYOR and best of luck to all holders - it has been a far harder and arduous journey than it need to be but, hey ho, the "management" will all get their LTIPs so that makes it all the worth while!!

Peakview what is particularly complicated with this project?
Is conducting a sea bed survey correctly, "complicated"?

How can comparing to a one way incredibly risky bet and concluding we are not that bad, "satisfy" people?
Absolutely appalling budget control that they have only just become aware of, ffs??!!
As I've said many many times before, this team have under performed strategically and now it looks like (significantly) operationally but hey ho we ain't ADV.
Who on Earth is in charge of this cluster f?

Absolute total cluster f.
When will we be put out of our misery??

Normal crap here. What was the initial "COS" of Harvey, can someone remind me please?

Gamflin just sitting and waiting. I'm small fry compared to some ADV holders but have around 1.2 M of these so am reasonably happy at the moment.
Best of luck all.

Who'd have thunk it?
With all this next day gas price a coming we needed another placement?
Let's hope the "management" haven't f'ed up these reserves figures again, lol.
All IMHO of course.

Guys don't get too wrapped up on the farm out.
The messaging in last RNS was clear, if and when.
That doesn't mean mean during 3q now, imho.
With all this ridiculous shut down of HC investment governnent support it may become much more a political decision than technical now?
I'd be well chuffed if it does come off but I'm certainly not expecting that to be so for next few months. All IMHO.

Let's just start at the whole capital structure of the company peak??!!

It is the time value of money Stu.
I could have got substantially better returns than current share price as it stands had the 20p bid gone through, than currently, had it been invested in certain areas of my portfolio however I kept some of mine and that is price of maintaining spread of risk I suppose?
Either way am in some profit here but certainly think a different mgt team could have produced (far) more value for share holders as there have been some atrocious strategic decisions made here IMHO.