Member Info for Espenviking

Callum, let’s hope it’s an indication of the direction the SP will take, their current office is on 1st floor - here’s hoping

This is what company said exactly two months ago:

These companies are finalising their due diligence and detailed technical and commercial discussions are ongoing. Synergia is optimistic that a farm out arrangement will be achieved, enabling the commencement of the full field development in 2023. To this end, preparations have been initiated to procure the required services and equipment to drill the initial two new horizontal wells in the Cambay Eocene gas reservoir, including a field inspection of a modern drilling rig suited to the Company's requirements.

Bar the pump this seems to be pretty much a “plug and play” offering to the new partner (proven resources). Seeing the comments about “to be defined number of wells”. This might mean they want to get moving sooner rather than later with several wells. I suppose, if they got the cash to throw at it, why wouldn’t you.

Perhaps a good time to remind ourselves who it is that is steering the ship:

https://www.privateequitywire.co.uk/2015/09/23/231893/kkr-backs-highly-experienced-ep-team-launch-trans-european-oil-gas

https://www.pressandjournal.co.uk/fp/business/3280663/former-aberdeen-oil-and-gas-executive-new-head-of-finance-for-australian-firm/

Until tomorrow..

Encouraging to see carbon capture mentioned in relation to Vedanta:
https://m.economictimes.com/industry/indl-goods/svs/steel/vedanta-to-move-towards-green-steel-working-on-solution-for-hydrogen-use/amp_articleshow/90759078.cms

Just looked up JOG, who recently announced a farm-out. It went 6 days between rns they were in advanced talks until they announced they had signed binding agreement… just a recent example..

A bid has come in, what’s there to say there won’t be further bids? Great news - it only takes one.
Don’t forget what the current mcap is. Even if someone wants operatorship, what’s wrong with that, as long as bid price is to match what they want? Surely some of the majors might want a certain level of control of their investment. Appreciate it was put forth as up to 50%.
Either way, development carry of multiple wells ($10m a pop) means upside potential is for sure there, vs where we’re at currently.

Well s, you now have it confirmed bid has been placed. I’d say there is a big difference between hoping for and having it in writing. Anyhow, you’re of course entitled to see it however you like.

Splendid news, and yes non-binding as expected at this stage. Turning it into binding offer could go swiftly. Positive that it mentions a number of drills to be defined. All looking healthy.

Indeed Gordon, I’m sure whoever decides to farm in are well aware of the process (not only in India this is a necessary step), but yes we want to get on with the drilling to eventually get revenue flowing - pun intended.

C2, I see the company’s lobbying and reaching out to key stakeholders/regulatory bodies as positive. I think we all appreciate that any jv will ultimately require their approval. I can only see their offer of supporting them getting this up and running as positive.

Aware not everyone is too interested in CCS, however for whoever does, quite an interesting research paper: https://www.sciencedirect.com/science/article/pii/S2352484722005686

Loop this back with the Synergia Cambay CCS presentation, seems the company’s proposal is supported by attached research paper. Onwards and upwards. Will be interesting to see how this would be factored into the jv agreement.

What a solid end to the week, well pleased. Long May it continue into next week!

Gordon, yes who knows as you say. It could equally be I guess that they’ve moved into exclusivity period, with one party only. Sure we will find out “soon” enough. Nice to see the upwards movement in so last couple of days.

I can understand it’s somewhat frustrating with the lack of visible progress. If the procurement process had fallen apart however they would have notified about this.

Hopefully soon we will have news that someone indeed has agreed to fund the initial two wells on a 100% dev carry basis. As to any cash on top, as Gordon mentioned, let’s hope. Hopefully also there will be some mention on funding split on wells #3 onwards as well. Let’s also not forget that whoever bush’s in will get access to all seismic data, and also an approved FDP, both which often has a monetary cost attached to them.

Anything that will allow is to get the two wells going will be welcomed news. Onwards and upwards.

Morning All,
agree, main focus should be to get the JV and subsequent steps (successfully) progressed and completed.

Re consolidation, as with other items I believe it comes down to rationale for wanting to do it.

Below, a recent article I came across where, a very different size of company, believes it is the right thing to do (also aim - for now).

https://www.business-live.co.uk/regional-development/aggregates-giant-breedon-planning-move-26416006?int_source=amp_continue_reading&int_medium=amp&int_campaign=continue_reading_button#amp-readmore-target

Also adding Website for Norwegian sovereign fund. Just for the info around how they operate, size of holdings etc. (for whoever thinks it worth a read)

https://www.nbim.no/en/the-fund/investments/#/2022/investments/equities

Jasper, fortunately I also have a good few years of large scale procurement experience behind me, various sectors. I know how time scales can be impacted etc.

Gordon (pension funds etc), are generally looking for “safe investment“. I’d say share consolidation therefore is essential for this to materialise. They’re generally not looking for a quick win (so not traders). They will generally invest by a good chunk, a good few percentages of outstanding shares (tr-1+) depending on the size of the company. Furthermore, it tends to bring an element of stability.

Just my thoughts, knowledge. Norway has the biggest sovereign fund in the world, why gives some interesting reading. Seeing its a public fund, it’s all in the open.

That’s correct eagle.

I assume you all read this, directly from the horse’s mouth?

https://twitter.com/nstauthority/status/1641374757626019840?s=46&t=8pbwGr1NsFG4m5492USudw

License awards due in near future.

Echo that gents, onwards and upwards.