Member Info for InJamesweTrust

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

Hedging will get more expensive as the price falls, so renewing positions may make less economic sense to some extent.

On farm out, don't think they will consider until CPR on Tertiary and acretaceous zones at least or until 1st drill/unitisation.

Id suggest after.
They make an oblique reference to it at CMD, I think after an analyst question. The answer is not before full value. I dare say this means a full analysis of CPR for Cretaceous and Tertiary unlike ECO who had good reasons for wanting to release an abridged version and maintain some momentum.
Gil is hopingnunitisation discussions kick off based on geo not a drill but dare say we'd be on the hook for some of the costs from Exxon drill so may be more cost effective to do another on Aurituk anyway.
Looks like Aurituk is after Jethro which could be close to 1bn barrels by Q3 plus the Hammerhead crossover.
My maths isn't good but that x$8....

Joebass
Nothing to do with eco. I'm highlighting to an investment board what I believe to be board shortcomings. Biffa is entitled to his opinion/view as whether he is concerned by them or not.
Such concerns saw me sell out of Sound Energy at 3 or 4x the current price as Lost faith in their delivery.

Biffa
It pays to be diversified as having all your eggs in one basket can be extremely dangerous, hence i am diversified and have trimmed my holding in HUR in line with my concerns around the BoD conduct, Warrants, Spirit deal, straight out lying at the AGM and head in the sand ignorance about the delay in leaving DDD.

However, that does not mean to say there is not still some potential for capital appreciation here and suggesting people who have something other than a panglossian view sell up and move on is to ignore the risk/reward nature of the market and the need to keep eyes open.

The BoD should not be immune from criticism and while the delay due to the rope is operational and not a serious error, the delay between that attempt and the next is exacerbated because the delay in DDD departure took us out of the calmest, warmest summer there has been in some time and in to a bitingly cold winter with some interesting storms and all the challenges that includes.

I can imagine Rob T's reaction if asked (again) at this year's AGM - utterly dismissive and disdainful.

My money has already worked alot better elsewhere for the funds I have re-apportioned Yes.
This is not 20-20 hindsight investment mgmt either.

Biffa
That delay is inconsequential, the 4 months plus From RT quoting Sept is consequential and totally unexplained.

Mario
Not saying it should be their concern to salve the worries of shareholders, I'm saying it is their JOB to communicate the status of operations even when it may be unpalatable or show them poorly.
Under any interpretation something happened, if as simple as hull strengthening unexpectedly then it is a.perfectly reasonable thing to explain and indeed sensible particularly if it demonstrates benefit of a fixed.price contractbwoth Bluewater. Essential if cost is HUR to bear.
They are (bar) stewards of the company on behalf of its owners. I don't wish for the to RNS their toilet schedule but effing up your.sole major contract timeline whatever the cause is.
If it was not likely then Ron should have kept it shut. To then flatly deny saying anything at the AGM when I asked him is seriously questionable.

Divecentre
If the hull needed strengthened that would have shown up on her classification inspection (or she wouldn't be insured) or certainly within the first 5 months of being in dry dock to which end RT should never have suggested December.

Fwiw - no.point taking chances with the weather but clearly somebody, somewhere has made an arse of things and the board don't think it is worth telling us despite being as clear as day.

What is the only reason one can presume, delay due to Spirit works which they did in DDD and at a stretch cam say it may be needed for EPS despite never previously being planned for EPS spec.

If the Spirit deal cost $71m in revenue (and counting) it immediately doesn't look so great but it does allow the Box and their VCP to have a plan to take them to.production which is not coincidental or maybe it is.....at the short term expense of many of us.

Rob T might think these events are all just details are inconsequential bumps in the road but others might be concerned that mgmt are out of touch and care little about communicating because they are above such niceties while they pursue the grand prize.
To me that isn't effective and is something a good non-exec or independent chairman would call out.

Biffa
I only stick to the point as to date it has cost the company $71.4m in revenue and us as shareholders a significant rerate in the SP within the timeframe the CEO suggested was feasible (with the knowledge gleaned from the vessel having been in yard for 5 months when he said it).
If DDD effed it up to that extent the contract would have liquidated damages payable which would be material enough to be RNS able unless written by Ronald McDonald or my 3 year old.

Did you ask IR why RT is on video saying Sept arrival, hence you are curious what caused the delay to January?

Biffa
So much easier if they'd done it in Sept instead of delaying the arrival for the Spirit works eh ;-)))))

The company doesn't require funding to be in Place to convert reserves into 2P. So long as they are demonstrably commercial they can be considered 2P - think this is from Gaffney Cline.
Even for the likes of Hammerhead - ECO share of costs depend entirely on how much of the well is on our patch.
Even if 50:50 I'm sure I read the costs are c.$2bn so ECO would be $150m. That would give ECO a fairly sizable resource being monetized by an established player in a favourable production environment. Allied to any success in other drills they would have many takers for a slice of equity at the revised SP when such drilling has been completed - it is.not fractured basement where the industry want to see how it flows it is standard oil extraction (as much as such an engineering feat can be considered standard).

Exxon and Hess provide updates 31st Jan/1st Feb then two weeks after a fuller update from Tullow. Would be amazed if we don't hear more from Gil in this timeline and soon after that were in Q2.
Heading Orinduik drills and appraisal of Hammerhead.
Fwiw - if Kanuku is drilled in Q3, maybe possible to do back to backs on Orinduik with a May start.

HtL
Good they can get treatment going again and hope this doesn't make you too unwell as a side effect. Good luck with remaining course and as Wellwell says many on here are thinking of you and willing you on.

H&N
Apols if my post has come across as such, stated it was a.mattermof.personal perception, Jimo etc and that pics were hard to come by. Reckon they will be reprocessing some of the.seismic for Tertiary interpretation but that could take a fair while if so.

Not guilty am afraid Maverick! Think the boards can be very useful though and this one has a good exchange of info without being overloaded.

Not often and not for a long time, think I registered but couldn't even say for sure. How come?

Without a 3-D model it is difficult thing to judge - Aurituk looks to be 40% the size on a 2-D scale of Hammerhead. In terms of size on the maps, Liza at >1bn barrels is their biggest confirmed field but Exxon or Hess stated Hammerhead looks like it may be bigger, hence their desire to accelerate it.
Looking at the maps this would either make it join Liza or extend significanty into our block. The current CPR does not greatly analyse the Tertiary more the cretaceous so it (for me) is impossible for a layman to be definitive.
However, based on the narrative emanating from the company's my feeling is >100m barrels by a fair margin but it is just that a feeling based on what analysis is available (to me).
Aurituk is a fair size and if that extends into Hammerhead then it looks a good size.
Not sure which play Jethro Lobe is - Blacktip maybe (Tullow presentation) which may have the potential (depending on directional drilling capability) of opening up Aurituk and Amaila also. Looking mainly at slide 33 of Tullow presentation from today and Figure 3-10 and Pg19 of the ECO CPR.