The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Nice finish but whats the point with a 40% spread?
PMO were ready to press go on Sea Lion all bar the funding. How long would it realistically take a small team of SMEs to sit down and review PMOs project documentation? It's all there and most probably costed down to the last nut and bolt - they've had long enough to do this. If HBR really want SL in their paying inventory, they should act sooner rather than later, or sell up.
Wow, we are up 10% on no trades, must be a record!!
Like I said, no guarantees however it could well have been over for SL by now if the PMO merger hadn't happened. OM news is most likely next and hopefully not too far off. Again no guarantees on that either but hopefully something good will come out of it.
I thought it was a bit odd that Harbour Energy were being referred to as a 'joint venture partner' before the merger with PMO had gone ahead. Further surprised that FIG were engaging with them before merger completion. As pre2rcd says, there must have been a firm show of commitment shown to FIG to permit these discussions to go ahead. Otherwise, why were PMO not continuing as normal?
"Should the proposed merger with Chrysaor complete, it is anticipated that the enlarged group will have significant financial resources to support a future development decision. However, this will remain subject to the completion of technical and commercial evaluation activities by the board of the enlarged group. Because the proposed merger will represent a reverse takeover by Chrysaor, on completion Sea Lion will be measured at fair value, which could differ to
its current carrying value"
Doubt FID will be anytime soon. We need OM award asap.
Thanks Mogger.
"The Sea Lion development is nearing final investment decision. Prior to the Merger being announced, Premier were expecting to sanction the development in Q4 2021. The ability of Premier to recover the carrying value of Sea Lion capitalised E&E expenditure is primarily dependent on its ability to secure the required finance to progress
the development activities."
15th May 20 - Extract from:
https://penguin-news.com/headlines/oil/2020/premier-oil-suspends-sealion-phase-1/
“FIG recognises that, in the present macroeconomic environment that has been created by the Covid-19 pandemic, it is not possible for oil companies to take an investment decision in a project of this magnitude due to the exceptional decline in the global oil price.
“Prior to the recent global difficulties, the Sea Lion project had reached an advanced level of maturity in most areas, with several key project approvals in progress. FIG and Premier will continue to work together to progress various regulatory matters over the coming months, so that the Sea Lion project can resume promptly once the global oil price environment has recovered.”
I'd say that the global oil price environment has now recovered. Question is, has it recovered enough? If it has, things could ramp up quite quickly. Here's hoping.
"RKH should be considered by all investors as a high risk bet which is fine in a balanced portfolio."
Any financial adviser would have a heart attack if I showed them my seriously unbalanced portfolio!! I can't even pick winners out of the blue chips being down circa 40% on LLOY and 35% on VOD. As for RKH, add LLOY and VOD % losses and the figure won't be far off where I am. This time Rodney.