Member Info for gogadget

Https://www.rigzone.com/news/thousands_of_business_figures_call_for_immediate_end_to_uk_epl-22-may-2025-180605-article/

immigration is financially looked after better than the 10k workers jobs lost in North Sea industry…

I currently work in the electricity distribution industry and formerly the electricity and gas metering industry. Im surprised how many medium sized gas turbine electricity generation sites are being constructed and connected to the electricity networks by companies like Clarke energy. The government is trying to phase out gas boilers in new builds and force people onto electric heating systems, electricity is circa 4 x dearer than gas per kWh.. so the people that get pushed onto electric heating will have average bills 4 x dearer, which then brings in more vat revenue for the government but pushes home owners into debt and energy poverty. It’s a big tax grab.. band that same electricity is produced by the same gas they are phasing out in homes…

Increase in net debt of 150m is far greater than the value of 1 delayed oil lifting

Based on the latest 12 day jubilee lifting interval, and lifting volume being between 910k barrels and 960k barrels, production is looking to be between 75800-80000 barrels oil per day

Looking at the NPV value of 2P reserves, why is jubilee valued so much higher per million barrels

Jubilee 103 mmboe = $ 2.1B

Ten 25.2 mmboe = $ 65M

Gabon 36 mmboe = $ 300M

Current jubilee production will answer many questions……

Maybe they are thinking allong the lines of using up cash in the bank to pay down debt in order to save 10.25m coupon payment over the next 12 months, which then jeopardises liquidity head room near term with low oil prices and expiry of RCF approaching

Bulls eye…. My understanding is the June deadline is associated with liquidity headroom covenant. The RCF expires in June which is associated with the liquidity.. read the low base scenario on the going concern statement

Oil tanker new Melody due at jubilee on 16th May.. has anyone any info on any others since 21st April tanker.. would be a rough judge on production based on previous jubilee lifting dates/volumes published by Ghana…

Problem is we ain’t a clue what the current production numbers of jubilee are…

RG already queed up at deuetche bank with bonds in hand

Looks like payed down $100m of bonds with FCF

Https://dl.luxse.com/dl?v=dXj7XTDbstXj+UbCEgGM3PHCjrkNsK9IRv7YX/FScMLY2VZwxNLY/JM0WqK+S9Gxocb2GQMlvFAomBOAKX4KpPHaR0uODhWYX3ulPybleUT4GTHOc66CGC22Vj8i0srSQkxzMmEeyMucO975lArFcr5xHb78L+YQa4V+PXlOPOE=

“Tariff total reset” being floated in the media…. If true and goes ahead expect a very good week on oilers.

The recent presentation has created some mistrust with myself over the way some figures include Gabon and others exclude it in order to paint a better picture… look back at presentations from 2020 and you can see the scale the company has changed.

Going all in on jubilee has backfired and with lower than expected product the money would have been better spent buying out smaller oilers with stable producing assets… on top of that Ghana government is taking gas for free and not backing down on tax disputes.

In order to refinance they need to demonstrate that they can keep up with the interest payments and pay the bonds in full at the the end of term. Production will devalue the 2P reserves as its extracted which jeopardises the bond security against the assets, offloading assets will cause more issues down the line for asset value and inorganic growth.. I don’t think refinancing will be done H1 and may get messy before end of June as RCF expires and they need to keep liquidity headroom

Richard Miller thanked the shareholders for their patience… unfortunately peoples patience depletes.. they need to update shareholders with the current production numbers to avoid all this guessing.. they are banking on this 4D survey identifying additional reserves in order to lift the value to secure the bonds against… what if it comes in below current guidance… still no purchase and sale agreement on Gabon, with “HOT” agreed before trump destroyed oil prices.

Some major infill drilling is required to get them numbers up. The research I have done on water cut indicates you have to keep on upping the water injection as time goes on… the facility has a max injection rate so once that’s reached the Bpd will decline hence the need for more wells in untapped pockets not yet reached

My bad… that was Ghana combined