The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
John Argent doing the Sound presentation at 0950 on 7th Feb in Marrakesh. Hopefully some news before then . Lots of big players there including Enegas and ENI. Even big Malcy is doing a turn, probably near the buffet.
Looks grim. Cash getting tight. Producing less and less. Greater Capex needed to stabilise then increase production. Frustrated shareholders.
£9.08 million market cap. Euro 50 million spent worth Euro 9.5 million when set against tax at 19% so in effect we are valued at our tax credit net value. The existing gas related assets are valued at nothing.
All subsectors of the industry expressed confidence going forward during the industry's continued recovery, according to a Deloitte survey.
The industry has finally moved past years of “cautious optimism” to a less delicate approach.
Oil and gas executives are largely optimistic about the 2019 outlook for the industry, reveal findings from a new Deloitte survey.
According to Deloitte’s 2018 oil, gas and chemicals industry executive survey released Oct. 30 during the company’s oil and gas conference, industry executives have a growing optimism in the return of more favorable business environment.
Of the three sectors (upstream, midstream downstream), midstream executives hold the most positive outlook when it comes to capital spending and investment. Seventy-one percent of respondents expect flat to higher capital expenditures (CAPEX) growth, up from 34 percent in 2017.
Upstream growth seems to be the main driver for the change in midstream sentiment.
Rising production in the Permian has helped the U.S. Gulf Coast be identified as a key opportunity for 62 percent of respondents.
In regard to the downstream sector, those executives have a positive outlook with modest growth. Refiners anticipate a strong 2019 with average expected margins of $15.39, up from $13.20 in 2017.
There still lies a bit of uncertainty for some upstream companies, who seem to be more focused on the short-term and medium-term strategies, rather than long-term. However, 61 percent of respondents expect rig deployment to rise, followed by 56 percent each who think exploration spend and headcount will rise. Fifty-two percent anticipate an increase in CAPEX.
“The industry seems much better off than a year ago. Positive sentiments have emerged from all sectors, but the real bright spot is in the downstream and chemical sectors,” John England, partner, oil, gas for Deloitte and Touche LLP, said in a release. “Most upstream executives surveyed see better days ahead but are managing more with caution as they work through growing pipeline constraints, mounting geopolitical tensions and rising oil prices that could also push up costs.”
He added that with growth and technology top of mind, digital technologies could become vital for productivity and profitability.
Survey respondents expressed that the three technologies with the largest impact on the oil and gas and chemicals industry are:
AI/machine learning and advanced analytics
Energy storage and efficiency
High performance computing, cloud, Internet of Things, robotic process automation and digital design
I agree Exploration. The trouble is we are not going to be doing appraisal wells, so can never find the true quantities present from one well in each location. It will be guesswork only from us and for the potential buyer.
I would have thought a more prudent programme of field development would have been to re-enter existing discoveries such as SBK1 and RR1 and using modern techniques, establish their true potential.
However we are where we are.
How do you quantify sucess?
Commercial gas flows? Gas in TAGI and Paleo?
I am not sure how one drill in each target area will be sufficient to quantify gas found , if any, in each area, when it took 3 wells in TE5 to come up with an reasonably accurate figure.
I suspect the real objective is to prove that the seismic is accurate and can be calibrated against what we find. That still does not allow for variations in reservoir quality.
All to play for and in to the end.
Exclusive: Spain to block Berkeley uranium mine project - sources Belén Carreño
MADRID (Reuters) - The Spanish government has decided not to deliver the permits necessary to open the European Union’s only open-cast uranium mine near Salamanca, dealing a serious blow to Australian mining company Berkeley Energia’s plans.
The project was granted preliminary approval in early 2013 but has since faced local opposition.
Berkeley later requested a trading halt on shares, which fell nearly 29 percent during Australian trading hours on Tuesday, citing media articles about the Salamanca mine.
The company asked the Australian Securities Exchange to suspend trading until it released a statement on the Salamanca mine or until the opening of trade on Oct. 19, whichever came first, according to the letter sent to the regulator.
Berkeley said earlier on Tuesday it was still confident it would obtain the last two major permits needed for the mine to start operating - a local building license and an authorization given by the government to handle radioactive waste - though it would also scale down its existing local corporate operations.
“The government will wait for the ongoing proceedings to go through but it will say no,” a government source said on condition of anonymity.
Spain’s energy and environment ministry declined to comment. The Nuclear Safety Council and Berkeley Energia had no immediate comment.
A second source, directly involved in the proceedings, said Berkeley was “living in a parallel universe” when it said the mine would soon become a reality.
“The authorization to build the mine is only possible when the nuclear authority has handed over its report, which is still a long way,” said the source, adding he believed the mine would never see the light of day.
The nuclear authority is due soon to renew its board and the Socialists and junior parliamentary allies Podemos, who both oppose the project, will hold a majority in it.
A neighboring mine run by public company ENUSA was previously in operation near the site in Retortillo in Salamanca province, but closed in 2000 after it failed to turn a profit.
Berkeley, which has a triple listing in Britain, Spain and Australia and operates no other projects, has insisted the planned mine can be profitable since conducting initial studies in 2007.
The price of uranium fell heavily following Japan’s Fukushima nuclear disaster of 2011 and for years struggled to recover.
This year, however, investors hope for profits as prices have rallied, helped by London-listed investment vehicle Yellow Cake, which has been buying and storing the element.
Berkeley said the mine would run for 14 years, generating investment of over 250 million euros ($290 million) and more than 2,500 direct and indirect jobs in the region.
I stayed at the Ibis in Fez on TE7 visit. I hope Oujda is better. The pest controller was leaving as I arrived. I don't think he was very good at his job. Very very basic and only marginally cleaner than the Fez to Oujda train. Enjoy