Member Info for InJamesweTrust

Amazon shareholders can see through the capital investment to the underlying business margins and y-o-y revenue increases. There remains an expectation of the business making a profit which will one day be distributable and the investment spend for a long time acted as a drag on the Amazon (and Apple) share price.

Casapinos
If selling the field, I think the bit missing from your analysis is the move of the remaining reserves up the curve to 2P as the data proves more fully the long term productive nature of the field and strength of flows from the wells (PI). If successful at this, it will remove some of the apparent doubt around FB as a play type (although likely not all as it suits the market to maintain scepticism from an asset price perspective). This would materially move the value of the field from the NPV of the EPS, to an NPV of a larger production field with appropriate discount for the time it would take for cash to begin flowing.
Within such model one could factor in the contribution cashflows from the EPS are likely to make to development costs. If procuring an FPSO on charter for a multi FPSO solution the time to production and cost of scheme are both much reduced leading to higher NPVs.

AdUK
Firmly with Casapinos here but the divi you're thinking of - annual 3-5% coupon based on profits generated is not what the company or Casa/Dicky envisage (if they forgive me for presuming). For any company that sees itself as an explorer more than a producer once an asset is sold then it leaves a top heavy balance sheet with so much cash it is almost impossible to apply that exclusively to exploration.
Take GLA - if (and a big if) they prove both fields with EPS and drills and market looks at a model of the potential cashflows of these and a suitor on this basis bids $5 a barrel for the 1.8bn barrels.
HUR could not easily spend that on exploration efficiently and given the EPS model not on production either (Exxon & partners are spending $3.2bn on their first 120k bopd FPSO solution in Guyana including purchase of FPSO).
Additionally, after the first field is producing such solutions would be self funding. So with little other usage for the cash, a special divi or share buy back is the only other solution.
The company may offer both in light of the tax benefits on AIM for those not in an ISA/SIPP wrapper.

Biffa
I'd wonder who Kerogens ultimate paymasters are and whether they might direct their shareholding to.support deals proposed by certainplayers. Hence there could yet be an Ithaca/Faroe situation.

If one goes back and listens to the HESS investor presentation webcast and listens to their Guyana bit then it.is very informative. Obviously it is a different block but the fan structures and zones are laid out and some interesting hinton size of field and productivity of wells.
Will be listening to both this Thirsday/Friday again.

https://www.heraldscotland.com/business_hq/17387024.start-of-production-nears-on-giant-west-of-shetland-oil-field-developed-by-pioneer/?ref=twtrec

Was just warming up after a cold morning of rugby and that brought the chill back AdUK

Dunkeld can be pretty good for the folk music also. Particularly a little pub owned (formerly not sure currently) by a chap called Dougie McLean. Try to.let some of the more anti English tunes wash by me but good music and banter indeed.

Greenmachine
That goes to the key point at issue. In Jan 2018 when the AM had been in dock for more than 4 months RT raised the possibility of a Sept arrival - it was at the time broadly agreed on this board such an utterance was significant as they would only do so if confident of meeting such a possible timeline.
So between January and June something happened to delay the arrival of the AM well beyond the date HUR had guided as possible.
This delay has to date cost around $100m in lost revenue potential at c.$60 oil and yet is not worthy of an RNS or any explanation.
Biffa - I asked why RT had guided Sept as a possibility and was told directly he was misquoted.
AdUK - just because I'm dissenting does.not mean I lost a spread bet. I'm actually forbidden from entering into such transactions due to my day job. As I have repeated often, I don't like opacity where there should be clarity and I dislike a BoD treating PI's with disdain.
Not just HUR recently raising the issue with Tullow about the asymmetry of an analyst day for the city boys to ask questions while PIs are Left behind. Tullow don't least live stream the day as do Exxon and, Hess.

Greenmachine
I asked about when FOIL was expected given RT had guided AM could be on site in Sept. I was told RT had been misquoted. I tried to get an answer around timing to discover why Sept had changed.

Vaguely remember Zammo

Albi
Agree never the twain shall meet on this view he asked what the untruth was.
Divecentre - it was a straight line, told to deflect from the "off the cuff" remark. It cost Ratner his company and I dare saybtelling a white lie/untruth at an AGM is frowned upon whatever the reason. It is the radio silence of why his remark was so off beam that rankles most.

Biffa - tell you what, you tell me what was said in response to my question as it seems your indicating I'm lying?

So when I asked the question of Sept arrival and was told categorically RT never said that he was misquoted. That would be c a truth/untruth/total BS delete as appropriate?

Not difficult for BoD to say they already have sufficient comp.

The reliance AS has on RT keeping him in Place makes him a poor check/balance to executive power. 18 months to get an i-ned and 9 months to find a Chairman all speak to an autocracy.

Ad mentioned just because someone doesn't sing the praises of the board and skip around saying it is all sweetness and light does not mean they should not own the stock. Unless different views are unwelcome so I should sell up and move on to maintain groupthink?

Biffa
The issue is the BoD, they do not need to take up the option of further free shares.
As for the AGM, will likely be in London so will take a day off perhaps to come along again. However, given the recalcitrant nature of some of the players in the open forum and straight out untruth to questions last year it may be a) counter productive to a constructive dialogue later and b) not worth the hassle depending on what my view f HUR is then and the level of investment I hold.
As for starting an AIM level company - no thanks, not where I would have any interest.

Albi

There is alot of evidence to suggest that management who are invested and have personal capital at risk produce higher returns through better strategic decision making - not withstanding the obvious examples of Dick Fuld and Jimmy Cayne.
Indeed in banks now, CEOs are required to own stock in excess f the value f their first year package to make sure they have skin in the game.

Albi - no I'm not, just did my a lunchtime 5k for the 2nd day in a row though, so give it some time yet and I may still before the afternoon is out.

The award of such shares with no performance metrics or deferment/tie in period (unless the benefit is taxable in line with PAYE) is frustrating (in all industries and I work in one where we are often required to defer for 3 years). For the foot soldiers (all 20 or so of them) 800k shares is pretty chunky but for RT/AS and others to take shares in this fashion is frankly laughable and optically ridiculous.
Has AS yet bought a single share with his own sizeable salary.....

Honest was pay for an honest days work.
Stick their noses in trough when they achieve something as Dr now her.just protecting their downside.

The multiple well complex is an interesting concept and any viewing of TEN or Jubilee to our own scale of potential field size if pretty significant. 2nd diagram on slide-8 shows the complexity of the field in terms of multi-layered field potential across the Tertiary and Cretaceous.

Looks almost like any drill could open up a series of complexes - the slide needs more explanation to my mind but is interesting indeed. Hopefully, the Jethro prospect is intended to go to the next layer or sidetrack and then use 4-D to get a sense of the complex in the process - potentially making 250m barrels conservative.

This allied to Aurituk as drill 2 should make for 2 good results if all goes well in terms of ECO. Again I don't know the physical limitations of drilling but if Aurituk can sidetrack and then go down to iatuk also the short drill programme could be very effective in opening up the plays.

The size of Hammerhead if it is to join to our fields makes both pretty sizeable - I'll be interested to see how Hess/Exxon do or don't refer to it next Thursday and Friday.

Eco Atlantic for me.

Regardless of weather windows and hook up timing there should be good news if the drill bit starts turning for HUR - from timings indicated only 10 days until such activity.
Makes a big drill if the results are as expected.