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Correct Closing price 27 with a gain of +2%.
Harry
Rudey,
I believe Stephen’s position as a NED on the Europa board is more than coincidental, too.
David Bramhill has openly stated UJO would like a larger slice of both WN and Wressle.
We know the entirety of the Humber assets are currently for sale- good luck with that in the current debacle.
I would suggest that under the terms of the agreements, Humber will forfeit their percentages if they cannot discharge their respective commitments.
Therefore, all remaining parties are obliged to meet the extra expense. I believe RBD, UJO and Europa will increase holdings in the respective assets by default.
Harry
China’s so called teapot refiners- non state owned refiners take advantage of the current oil price.
SINGAPORE (Bloomberg) - A sudden oil buying spree by China’s independent refiners has taken Asian traders by surprise.
After weeks of production cuts, cargo deferrals and cancellations because of the deepening impact of coronavirus on Chinese crude demand, companies including Shandong Shouguang Luqing Petrochemical Co., Shandong Huifeng Petroleum Chemical Co. and Sinochem Hongrun Petrochemical Co. have returned to the market in a big way.
They’re all non-state-owned refiners, known as teapots, from the eastern province of Shandong. Until recently, this corner of the industry appeared to be doing everything to avoid buying crude including cutting processing rates.
But then Luqing snapped up as many as seven cargoes from Russia, Angola and Gabon for March and April, while Sinochem Hongrun bought a shipment from Gabon and Huifeng was also looking for spot cargoes, according to traders with knowledge of the market.
The spree is probably a sign that the refiners known as teapots are getting ready for an eventual rebound in demand, taking advantage of the slump in crude prices to buy cheaply, according to the people. The timing of a recovery in China’s oil demand, which by some estimates has been reduced by 20% because of the virus, is the subject of great speculation in the market because getting it right could be very profitable.
Luqing bought ESPO, Gindungo and Oguendjo grades in the spot market this week, said the traders who asked not to be identified as the information isn’t public. Hongrun purchased Mandji at about a $1-a-barrel discount to Brent on a delivered basis, while prompt supplies of other crudes such as Lula and Johan Sverdrup were also being offered and may have traded. International trading companies were among the sellers.
Nobody answered telephone calls or responded to emails sent to Luqing and Huifeng, while Hongrun declined to comment when contacted by phone.
Spot premiums for crude delivered to Shandong plunged by more than 50% against the global benchmark Brent since the market began taking notice of the outbreak in mid-January, according to industry consultant IHS Markit Ltd.
The traders were cautious on whether the teapot purchases signaled a recovery in Chinese crude demand as many of the nation’s refineries are still running at reduced operating rates, and travel curbs keep consumption of transport fuels low. Some teapots are also laden with debt, weighing on their credit-worthiness and hindering operations.
Harry
Badger,
Objective and factual post much appreciated.
Harry
Yes Chris, EA approval would certainly be a catalyst.
Of course, we have further gas in IMI-1, that catalyst would be most welcome.
Harry
is sold under fixed price contracts that provide for price escalation based on the US consumer price index and are not impacted by the Oil price or the Nat gas price.
Latest well in California producing gas.
WN has gas galore. Will we concentrate?
What’s our Stephen up to at EOG?
Will the 6mm be strategically imposed in the current debacle? Methinks so.
Harry
S&S have probably burned their bridges with M&G which hopefully focuses their energy to make this work.
Posters have complained that they are not concerned with PI’s which are merely collateral damage. I disagree, they have clearly set out their MO ( application and judgment from Chancery) either special dividend or share buy backs or both.
PI’s should be thankful that alternative II’s have absorbed the departed which has prevented a meltdown.
They are fully funded for 2020 and all the auspicious delights from which to gorge for the strong.
Harry
Change is not the problem, resistance to change is the problem.
Harry
Selfish,
No problem.
Breath of fresh air to hear considered and interesting discussion which would perhaps attract the respected posters.
Harry
On the position of intention to put WN into production drawing similes with the strategy in California.
Moreover, significant change in interest from the industry- is that open to a legitimate interpretation of partial farmout to a major player!
Harry
Obliged SB,
Iv’e copied and pasted that to the RBD bb.
Harry
AToday 21:34
If I were re-engineering an extended well test at the A location, knowing that it was predominately an oil reservoir rather than a gas reservoir, I would wait for a well to be drilled at the B location before starting the test. Why ? So that I could put pressure gauges down the B well to measure pressure communication and drawdown between the two wells during flow, and so confirm the size of of recoverable reserves more accurately.
Perhaps Piper has a valid argument. It suggests that the end game is to sell proven oil rather than pursue a production route.
Copied & Pasted from UJO board from a poster whom I respect, SB.
Harry
Please see Rathlin Website for update.
Harry
Yamsel,
The last information from S&S was Corallian will IPO this year.
Harry
YT.
Your reply to LOD is inclusive, comprehensive and I agree.
Harry
YT,
On the face of it, the letter seems to have been drafted by competent lawyers.
We know unilateral gift without acceptance is illegitimate at common law and, this doctrine is clearly corroborated within the Newfoundland conditions.
As per Para1, page2, it is noted that any common law remedy is overreached by the Condition Clause of indemnity within the Contract which opens a clear channel for remedy as against Nuog.
However, PVF’s counsel must join Nuog as 2nd Defendants, if it’s not pleaded, it cannot be argued.
Which brings us to any personal promissory estoppel as against Minty should he have made such as has previously been alleged outside his corporate authority allowing the Court to lift the corporate veil.
Again, PVF’s counsel would be acutely aware that that ought to be pleaded with a joining of Minty personally as third Defendant.
Lastly, is Nuog a legitimate cash shell in corporate law if it holds EOI liabilities? I’m sure you are better clothed to answer that.
Harry
Jack,
An excellent Executive Summary for both investors with a long position and as a teaser for those looking: I would add that the current SP is an opportunity for those new investors.
I would visit and comment more on this BB if there were more like Jack Diamonds.
Harry
I see Bygrave remains employed. They must have offered a relocation package.
Harry
I agree. Patience required to allow the proving up of assets to achieve best value on disposal, WN.
Harry
Yes, very positive and I shall maintain my long position.
I would like to see a return to the 90’s, then content to await special dividends on disposal of assets proved up to achieve best value.
Harry