Member Info for Itsriskythat

Maybe a delay is the best tactic so as not to show AAOG's hand in the bargaining.

And rarely at 7am as well!

Operational updates rarely occur at 7pm. More likely 11am or 2pm or after hours for some reason?

Regards Burisma Zlochevsky:

Should he get approval at the meeting today, what does this mean for Cadogan?

Correction: Good to learn about his thinking, because Kachikwu needs to Savannah's Seven Energy deal to Buhari for his signature.

An extensive interview of Nigeria's Minister of Petroleum live in the studio of Nigeria's Good Morning TV yesterday:

https://www.youtube.com/watch?v=7TfFJNGZY0I&feature=youtu.be

Interview starts talking about petrol subsidies at 38:30, then specifically on gas sector issues at 60:30, and on encouraging private sector investment at 1:53:30

Good to learn about his thinking, because Kachikwu will present Savannah's Seven Energy deal to Buhari for his signature.

He says he has the powers to recommend a deal to Buhari, but oil sector governance means that Buhari must sign it off.

Interesting point that Buhari has previously had Kachikwu's job and himself been the Nigerian minister of petroleum resources.

Likely untrue that most of the shares are held by institutions as the SSN note holders received cash and shares in February 2018 under the exchange agreement. About $50.0m in cash and 224.0m shares then worth about $102m. They took a cut on their $318m debt but they still have the a chance to make it back if the shares rise.

Spotted that too referencing an emphasis of matter so, despite the latest equity raise, it is not a going concern without additional funding.

That irrational fool probably very happy now with getting 13.65p

Harsh calling out a fool, but very clearly more than one seller is out there.

True, I remember you posting here your large sale of LOGP for around 2.10p and the price goes up again. Happens to us all.

To answer your question about a pipeline, EXOLA could use the existing Seven Heads pipeline from Seven Heads gas field to Cork. The Seven Heads field sits directly above Barryroe.

It would be putting the can before the horse for EXOLA to already publish development plans but you can assume that this would be the preferred option for gas evacuation from the field.

The first phase of decommissioning of the Seven Heads topside infrastructure is currently seeking approval at the DCCAE. The second phase of decommissioning is the sub-sea pipeline and infrastructure.

https://www.dccae.gov.ie/en-ie/natural-resources/consultations/Pages/Further-consultation-for-the-decommissioning-of-certain-facilities-within-the-Kinsale-Head-and-Seven-Heads-Petroleum-Lease.aspx

“In the meantime, we have overhauled our models to reflect the final transaction terms and timing and confidently upgrade our risked net asset value.”

I don’t understand why the timing is important to the valuation, if the businesses acquired are using income to reduce their debt?

Is it due to the taxation treatment in Savannah’s accounts?

What is the effective date of the transaction for accounting purposes?

The fact the drill has taken this length of time, TD was reached some time ago, and the FS Carrick is heading back to Petershead with its new cargo, could all be negatives?

Hello kiwi,

I do remember you from 7kiwi on the Encore BB.

At the time there was blogger who could be described as "a very convincing cheer-leader" for billion barrel discoveries at Catcher and Cladhan. I was never sure of his credentials, especially with the name of Captain Nelson Forties?

All the best, father_paul

Lansdowne and Providence highly frustrated and now both looking to get on with Barryroe. Over on the LSE Providence BB there is a new post today about the consent for site survey.

The public information on the DCCAE site is as follows ….

There is a DCCAE consultation currently in progress for drilling Nexen/CNOOC’s Iolar well. In November a month was set aside for a public consultation of Nexen's screening for the well.

https://www.dccae.gov.ie/en-ie/natural-resources/topics/Oil-Gas-Exploration-Production/environment/statutory-consents/Pages/Current-Applications-for-Statutory-Consents.aspx

Then An Taisce popped up with a judicial review of Barryroe, which was started midway through the Iolar public consultation.

DCCAE then reset the clock and started a second public consultation for Iolar, which is still ongoing and now finishes on 21st January.

https://www.dccae.gov.ie/en-ie/natural-resources/consultations/Pages/Application-for-consent-for-exploratory-drilling-from-Nexen-CNOOC.aspx

Nexen/CNOOC’s documents for both consultations are identical so DCCAE most likely didn’t follow the correct procedure the first time.

An Tasice’s case against DCCAE for Barryroe may be based on something as simple as not DCCAE not publishing the public consultation in the newspapers as required by EU directives. Anyhow, it suggests that it is only a procedural issue that DCCAE can correct in EXOLA’s second Barryroe application.

The judicial review may go against DCCAE but the site survey will still go ahead on the second application.

If you follow this through, then it looks as if DCCAE have inadvertently caused a delay, but it will be alright in the end.

And, it really is a short time now to Nexen's Iolar well.

I think they are using the Stena Icemax as did Providence for Druid/Drombeg. Nexen already have a requirement out for PSV's to support the IceMax from March.

Over on the ADVFN BB druidinvestor comments

"I have ‘heard on the grapevine’ that PVR did not err. If what I have heard is correct, it is a minor procedural issue."

DCCAE was responsible for handling the process and gave consent for the Barryroe survey to go ahead, so it is correct to say that it was DCCAE that had the procedural issue.

And when I rang up APEC this afternoon, they wouldn’t put me through or give out his email. Lol.

Thanks for that Bronxville. It looks to me like LinkedIn and APEC are referring to the same C Mustafa Kirwan because the profiles are identical until December 2015.

No mention yet on LinkedIn of APEC involvement. So I have assumed that he now has a relatively new role with APEC, because not everyone updates their LinkedIn immediately with any extra roles or indeed a new role.

You say he's been with APEC since last March, and plenty of time to update his LinkedIn, but the company records show APEC Energy Enterprise, London was only formed last October. Don't know whether you remember correctly?

Anyhow, he's not been quick to disclose his APEC connection, wouldn't you say?