"Westwood expected the OGA to approve 10 projects covering the development of a dozen fields in 2020, but the forecast has since dropped to six fields. Those include fields which form phase one of Independent Oil and Gas’s core project in the southern North Sea and Repsol Sinopec’s Tain scheme in the outer Moray Firth."
as long as tain is not delayed its good, but it looks like repsol is taking advantage of i3e being with its back against the wall and waiting for them to get down from the tree they climbed on.. rationally they don't have a choice, they will take the minimum offer they got. hopefully it will be enough to secure serenity appraisals and will be enough for a sp rerate, once serenity is proved a rbl should secure lib east development and maby, if poo recovers to the 40's, another two wells at minus high.
the noteholders obviously don't want to get in the way of a f.o deal and agreed to wait for a few weeks. we speculated enough, now its time to wait and see if we have a deal or not till end of the month.
The US supermajor will drill the Tanager-1 well on Guyana’s Kaieteur permit before an adjusted mid-September deadline, sources with direct knowledge of the project told Upstream. The drillship Stena Carron has been lined up to drill the Tanager prospect in 2900 metres of water and to a targeted total depth of 8000 metres, Upstream was told.
In the case of the other deep-water block, called Canje, there is no agreed deadline between the partners, only an official well commitment, which is still more than two years from the time limitation period. On Canje, ExxonMobil had targeted the Bulletwood prospect, at a water depth of 2800 metres. Here, ExxonMobil is said to be focusing principally on a confined channel in the Upper Cretaceous, with the possibility of pursuing secondary Lower Tertiary and deeper Lower Cretaceous targets, but it is no longer clear if these plans will still go ahead in 2020
On 8 November 2019, the Majority Noteholders agreed to extend the date by which the Company must enter into a reserves based lending facility or find an alternative means of funding to achieve first oil from the Liberator field, to 30 April 2020. The Company was not in a position to enter into such a facility by 30 April, but the Company remains in discussions with all noteholders to waive this condition and will update the market once these discussions have concluded.
All comes down to the f/o agreement, on any f/o scenario serenity's appraisals are secured and once proved will secure a reserves based loan and some breathing room, but the key will be the lib east terms, the development cost should be around 30m$ for 5k bbopd, i3e will sell 50% +/- which means they will need 15m$ to fund their share, a 10m$ f/o will be good enough to get us out of difficult situation. After finding the survey statement repsol gave the oga with wells producing through the bleo holm and operated by repsol except serenity and lib east which "found" their way in, probably related to the size of pipeline in issue from tain and other future permits maby related to the work on the bleo holm prior to first oil from tain, i think lib east is part of the f/o.
James, cant tell, I think rns saying their JL funds requirement delayed for Q4, secondary listing requirement as well. not expecting more for now. btw, bought more at 5.4. I have another big order at 5p, doesn't stop the mm from selling at 4.95 and keeping the bid at 4.5
Looks like a leak, lets hope its more then a waiver. 78k pound is 1.5% of the company being traded in a single two buys then some round number sells at cheaper price to preper for the next big buy. Mm manipulation? You dont need to ask, mms on small aim companies are as manipulative as it get, they like casino owners, the house always win.