Member Info for happysparrow

Frankly ridiculous. What workstreams could not have been done months ago? How can they expect another 3 month delay? And beyond? Two years or more to complete! This really is taking the p*ss.

Agree, the Administrators are taking a longer term investors view of IOG, not a traders view. They know a refinancing is close; too, they know the assets are worth considerably more than RRE are offering, and too that the CLN debt is worth considerably more once the share price begins to reflect these assets.

RRE imply this position in the phrase 'absent a substantial refinancing' and their attempt to claim that the Administrators would be taking undue risk for LCF investors to convert debt into IOG equity. From the RNS: ' 'RockRose believes that the Debt Offer is a fair and generous offer in light of the realistic prospects of recovery of the outstanding IOG Debt in the short to medium-term and, in the opinion of RockRose, the possibility that IOG might default on the IOG Debt in the coming weeks absent a substantial refinancing which could potentially lead to some of the IOG Debt being converted into equity in IOG which in the opinion of RockRose cannot be in the interests of the creditors of LCF, who thought they were only exposed to minimal levels of risk.'

Yes, RRE know the game is up - and are desperate. The administrators clearly have more confidence in the IOG team to deliver than accepting the arguments of RRE - they will not succumb to such threats.

Now O/T - but if, like me, you were not happy with the 'reckless' decision to drill (and extend drilling) in Poole Bay, with 54 protected Marine areas nearby, and extending into the critical species breeding season, then this may interest you:

SOS Save Our Shores
20 March at 06:11 ·
The Seahorse Trust launched a Crowd Justice campaign to raise £12,000 for legal fees to challenge the Secretary of State over the decision to extend the license for the oil rig in Poole Bay. The extension was granted illegally. The Trust seeks and to challenge this decision in court so that it cannot happen again. Although the drilling has stopped they will be back for the over 15 million barrels of oil found. Let's stop this now. Please donate and share!

https://www.crowdjustice.com/case/seahorse-trust/

Thanks, Sailor. Great help.

Thanks Badger. Yes a glitch.

Just picked up BOKA SHERPA's position and it is showing 6 hours ago: (So I'm not going mad, or madder).
Position Received: 6 hours, 3 minutes ago (2019-03-20 05:29 (UTC))
Vessel's Local Time: 2019-03-20 05:29 (UTC)
Area: UKC - North Sea
Latitude / Longitude: 53.10338° / 2.733225°
Status: Restricted Manoeuvrability
Speed/Course: 4.7kn / 358°
AIS Source: 1042

Read more at http://www.marinetraffic.com/en/ais/details/ships/shipid:261326/mmsi:248787000/imo:9315563/vessel:BOKA_SHERPA#OLg2Qh5BTt556gPp.99

Apologies - I don't know what is going on.

Latest detail:Position Received: 6 minutes ago (2019-03-20 11:11 (UTC))
Vessel's Local Time: 2019-03-20 11:11 (UTC)
Area: UKC - North Sea
Latitude / Longitude: 53.48303° / 2.569205°
Status: Restricted Manoeuvrability
Speed/Course: 5.6kn / 345°
AIS Source: 1042

Read more at http://www.marinetraffic.com/en/ais/details/ships/shipid:900001/mmsi:636016143/imo:8750338/vessel:ENSCO_72#eoIuioiweWvo5zf8.99

But I now cannot find the tugs!

Back from the dentist.
Well... no news.
Seemed too much of a coincidence to be a glitch just as it reached the Harvey area..
Ensco 72 had reported speed of 0 and direction of 0 degrees; whereas the two tugs had moved north with speeds of about 5 knots, and this continued for a while.
But then later the most southerly tug was about 3 hours behind in reporting and the most northerly tug about 1.5 hours behind in reporting - so perhaps all 3 still moving together in current time and it is a glitch.
But now Ensco72 not even showing on the map - Has it sunk!
I'm guessing we'll get an RNS by the end of the day that the drillship is in position.
Would be good to get confirmation from Sailor, or IOG of course, on this.
ATB.

Morning Sailor,
Has Ensco 72 stopped at Harvey? (latitude just south of Skegness) Looks like tugs are continuing onwards without Ensco 72. Or am I misreading this?
Will we get an RNS?

Thanks Sailor - I should have guessed this was your expertise from the name. ATB

two tugs approaching colter now.

solid buying this morning is presumably RRE - hence will be intriguing if it continues above 20p

Esa was responsible for the re-organisation of Genel's Bonds in December 2017: 'In the proposal, the Company seeks to reduce its existing bond debt from the currently outstanding USD 421.8 million to USD 300 million...'

More on these corporate bonds on Genel website (Investor relations - corporate bonds).

scrub out 'and BP'

appointment of Esa Ikaheimonen to the Board of IOG as Senior Independent Non-Executive Director, effective immediately ...He is currently the CFO of London listed E&P company Genel Energy PLC...Mr. Ikaheimonen's appointment is the culmination of an external search process undertaken by an independent executive search agency on behalf of the Company.

My guess is that this is someone Fiona MacAuley already knows, or has been recommended, through her Sound and Echo background. The connection being Stephen Whyte of Genel:
'Stephen Whyte
Chairman
Appointed: 24 April 2017
Committee memberships: Chairman of the Nomination Committee, and member of the HSSE and Reserves Committee.
Key skills and experience: Stephen Whyte has almost 30 years of experience in the oil and gas industry. A significant part of his career has been spent at Royal Dutch Shell, where he held a variety of technical and commercial roles, and he also spent six years with UK Independent Clyde Petroleum, as Exploration Leader and then Commercial Director. Having left Royal Dutch Shell in 2011, Stephen became SVP, Europe and Central Asia, Commercial, for BG Group. Latterly he was Head of Exploration and Production at Galp Energia, Portugal’s largest listed company, where he also served on the Board. Between July 2016 and January 2018 Stephen was the Non-Executive Chairman of Sound Energy plc.
Current external appointments: Stephen is a Non-Executive Director of Echo Energy plc, and an Independent Non-Executive Director of KazMunaiGas.'

Fiona says: '... His financial expertise and substantial oil and gas industry experience will be invaluable to the Company as we execute the funding of our high-value gas hubs and achieve further growth in the coming years."

It will be interesting to see whether any of the funding comes from Genel sources, or from Stephen Whyte's contacts in Shell and BP.

From 5th Feb 2016 RNS:
'... The principal and accrued interest in relation to any tranche of the New Facility that is drawn down is repayable on the date that is 36 months after the date of drawdown of the relevant tranche. LOG can at its sole discretion elect to extend the maturity date of a tranche by up to 12 months....'

IOG are under no obligation to repay loan earlier than the terms agreed, as above.
All imo. DYOR.

Copy of my post of 26th Feb as to why Farm-in partner might come by the end of Q1. To that I would add that Ensco72 will now be moving off from Colter in a few days time - so direction of travel may be instructive. Too, RRE's offer may concentrate the minds of various players to get this farm-out wrapped-up quickly.

From my post of 26th Feb:

LockerRoom - re: 'If they're saying mid-2019 for Harvey then I doubt it'll be April. That's a diplomatic way of saying early H2.'
Then, yes, I'd normally agree i.e. usually O&G co's miss their timelines so, if we are lucky, it could mean farm-out last week of June, and Harvey spud last week of September.
However 2 things + a good deal of optimism, make me think they may come much earlier:
a) we did have Ensco72 booked from straight after Colter drill - which will finish end of March - and they won't want this rig sitting idle (however, of course, plans for it may have changed, and too, maybe no one has bothered to inform us);
and b) from latest RNS 'in late 2018 management initiated a focused farm-out process with a carefully selected shortlist of motivated and well-funded potential farm-in partners.' From RNS of 8th Jan: ' Funding plans for the Core Project are advancing as detailed on 29 November 2018 with the objective of Final Investment Decision (FID) within Q1 2019. First Gas is planned to be delivered within 20 months of FID.' So, at 8th jan they could have told us about the farm-out process, but didn't.. Clearly they are much more confident of the direction of travel with the farm-out now than in January (though BUTD in his old guise would have said 'more desperate'!). This leads me to believe it is almost certain to happen, and therefore soon.....

Sarawak's Brooke Dockyard wants more Petronas jobs
OIL & GAS
Tuesday, 5 Mar 2019

Read more at https://www.thestar.com.my/business/business-news/2019/03/05/brooke-dockyard-wants-more-petronas-jobs/#EyLrizjE56iAbuZg.99

Extract: Johari said he had good discussions with Petronas officials yesterday on O&G matters affecting Sarawak, and urged them for good collaboration between the federal and Sarawak governments on the O&G industry via Petronas.

“Petros (Petroleum Sarawak Bhd) can work with Petronas and other organisations where benefits are mutual.

“I hope that Sarawak can participate more in the upstream and downstream of the O&G industry,” he added.

https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=2ahUKEwjZ3-Xsg_PgAhUIVBUIHSASD4sQxfQBMAF6BAgAEAM&url=https%3A%2F%2Fwww.theedgemarkets.com%2Farticle%2Fpetronas-continues-engage-sarawak-petroleum&usg=AOvVaw3cwhBmKZiIVPNyJl8e4baq

Another possibility, but probably less so, is Premier?

On Energy Voice today:
‘Obvious benefits’ to more North Sea acquisitions says Premier boss
Written by Allister Thomas - 08/03/2019 7:40 am

Extract:
CEO Tony Durrant hailed the return to profits, saying the firm is “ahead of plans to restore balance sheet strength”.

To do so, Premier is ramping up plans for its North Sea business with new developments at Catcher, its Tolmount gas development and its Solan field west of Sheltand.

Premier has also been linked with a £1.1bn bid for Chevron’s North Sea assets which are up for sale.

Mr Durrant would not be drawn on the Chevron bid but did say Premier would consider acquisitions that would effectively boost production.....

However, plans are afoot for an “east” extension to Premier’s Tolmount development in the southern North Sea.

The appraisal well is seeking to confirm resources of up to 300billion cubic feet of gas, ahead of the main Tolmount development starting up production next year.

The “main” project was approved last year, with preparations now well underway.

Mr Durrant said: “Tolmount is still in the shade of Catcher but from a production point of view it is the roughly same size.

“We’re getting ready for the pipeline lay next year and work has already started at the gas terminal in Easington.

“Tolmount East is almost half the size of Tolmount itself with relatively low risk.

“We are optimistic about the outcome of the appraisal well which will spud probably in early July.”

I'm wondering what's happening with our purchase of the Thames Facility at Bacton. I recall recent speculation that it seems Perenco may sell Bacton, and the likely buyer would be Ineos. Now if Ineos was also our farm-out or JV partner then perhaps there is no need to buy the Thames Facility? Perhaps Ineos even wants to go halves on our Thames pipeline too? Interesting article here that might add to this speculation of mine:

From Ineos website:

INEOS completes $80m investment to extend the life of Clipper South, its Southern North Sea gas field
Thursday, 22 November 2018
INEOS Home INEOS Oil & Gas UK

A new pipeline, subsea infrastructure and processing equipment has been installed to re-route production from the Clipper South field as ConocoPhillips commence the shutdown of operations at the existing Theddlethorpe Gas Terminal.

The new subsea pipeline will now transport production to the Shell-operated Clipper platform and onwards via existing pipelines to the Bacton Terminal.

INEOS Oil and Gas UK has completed a project to re-route production from its Clipper South field via the Shell operated Clipper field into the Bacton processing terminal.

The $80m investment into a new pipeline and sub-sea equipment will extend the life of the Clipper South field, following closure in October of the existing facilities at the Theddlethorpe Gas Terminal, previously operated by ConocoPhillips.

David Brooks, CEO INEOS Oil & Gas UK commented “The completion of the project is another example of INEOS’ commitment to our Oil & Gas business and supports the Government’s strategy to maximise economic recovery of gas from the North Sea. It is a great achievement for our business and has been made possible through our project team’s hard work and dedication.”

“We would like to thank Spirit Energy, our JV partner, for their support throughout the project and the operational, technical and commercial collaboration with Shell as the owner of the facilities.”

Eric Marston, Area Manager, Southern North Sea at the Oil and Gas Authority said: “The re-development and re-routing of the gas pipeline showed great adaptability and resolve to extend the life of the Clipper Field. It’s a great example of collaboration between operators INEOS, Shell and Spirit Energy in working together to deliver this project.”

INEOS and Spirit Energy look forward to continuing safe operations and further successful collaboration with Shell in the area going forward.

ENDS