Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
I think this maybe Trellis, I had some contact with him and he was certainly tenacious individual. Not a bad character trait.
https://www.tennisandrackets.com/news/farewell-to-peter-ellis
So it appears that the funding flows down like this
HSA Yemen Fund Yung Holdings Ltd and consequently Octavia.
Calvalley is getting funding from Octavia.
Calvalley are not funding the investment via debt they are using the vast assets of HSA.
Hope the news or the leak of the news drops Monday.
GLA
Also Yung Holding limited acquired Calvalley in 2016.
HSA fully provides full financing for Yung holdings. Making Yung and Calvalley debt free.
Currently HSA has a multi billion dollar annual turnover.
So pretty serious players.
Not sure if this has already been discussed….been doing a little digging.
Our Calvalley partner company has a few connections that are interesting. One member of the CV team is an Ex SDX director…..so they will be very helpful with the Morocco authorities and operational.
Another member of the Calvalley team appears to be also a Managing Director at HSA Yemem……this maybe the large Company GL is stating as the backers behind Calvalley. They are pretty massive with 35000 employees.
Yes….i think you are correct Jobs. From what I remember we went for the big play rather than the safe option. I suppose that ties up with why they worked so hard to get it to flow after TD reached. And again the reason why they left the pressure gauge in situ. TE5 Horst proves that in the right conditions these formations in Tendrara will flow….just a case of finding more of these structures.
Yes I tie in for Sidi Moktar would be good. But seismic is not going to move the SP needle much…
Much more interesting his comments on Anoual and Calvalley. We know Calvalley is in the frame for the Grand Tendrara license, but if they also bought into the Anoual and paid for the M5 drill costs, that might move the SP. He said he is trying but no commoner from Calvalley.
KTF and PS
IMHO I think you both have very valid points. Firstly I agree that the presentation was very positive…..almost to the point that GL could be accused of giving too many promises of success with various deals. I can only assume that he is so sure of success that he might as well indicate that deals are guaranteed.
Secondly I have looked again through the SP angel note and now GL has confirmed SLB cut and some increase costs. There is little or no value for SH.
GL was very clear there are not going to be any dividend payments for many many years…..if at all. He states that SH are there for capital appreciation. I am afraid that there will be SP increase without the chance of a divi in the pipeline (pun intended). If phase 2 is not going to give the LTH a dividend then what is the point. This. lack of dividend is at odd with the SP angel note. Maybe this will also be a change to the any new research.
Bringing all this together one could argue that the SP has phase 1 first gas in late 2024 and the Calvalley deal sign off baked into the current SP. You could also argue that Phase 2 will take 4 years to complete. And that brings significant cash flow issues for sound. Don’t forget the TAX demand as well as the Bond.
So that 9% net of all profits on the concession….will now equate the over 25% of sounds net profits being taken by schlumberger. As it turns out schlumberger divestment was quite expensive. But I suppose it was a necessity.