Member Info for JoeSoap

JK
NOooo.

For our sanity please go and change now - those are clearly the unluckiest pants and MUST be removed immediately as they have ultimately been the cause of the failures to date.

I'm surprised that you had not made the connection.
Bin them. Your workmates and fellow investors will be soo appreciative.

You'll surely be able to afford a new pair in the future...

flawlesskicks - 08 Jan 2019 - 14:14:41 - 6570 of 6995 Caspian Sunrise - CASP
I see nighthawk was looking for me on LSE....tell him to join in here. I have a new LSE account now but I am keeping a low profile for a while. I really don't want the agro over there so not sure if I will post on the CASP board. I'm sure I'll get banned again if I say even the slightest positive thing...lol

ADUK, yes it was an interesting post from SOB(tick up).
This stood out for me [in Part 2]:

“His faith in the fractured basement might lead Hurricane to develop operations overseas.

“The company was set up to demonstrate that the basin in the UK could work and we could take an exploration idea to production. Having proved that we could achieve that as a company we could do it again. “

No further licence applications in the UK rounds?
That may explain why Hurricane Exploration (UK) Limited has been liquidated.

But it is odd that Hurricane (Typhoon Tempest) Limited is still active when they have surrendered that licence.

Time will tell...

I find myself agreeing with the sentiment of JD's posts this morning...

"There's your answer for 3ab completed when it was. The new NED wouldn't have wanted anything to do with it! This RNS is really good news, we have an experienced in director with an unsullied background right at the top of the tree...SP 30p buy end of March IMO"

In 13 November, 2018 RNS they said:
"It is now the intention of the parties to formally complete the acquisition in early 2019." so box Tick.

In the September Corporate Guidance update they said
" The Company accepts this is not a long-term solution and is actively seeking to appoint an additional non-executive director experienced in the Kazakh oil & gas sector.
Such a person has been identified and has confirmed their willingness to join the board with effect from 1 November 2018. At that time, subject to completion of the usual AIM director vetting, the composition of the various board committees (Audit & Risk, and Remuneration & Nominations) will be reviewed."

I'm not convinced this is the same person.
The experience of Mr Fields does not seem to be in Kazakh oil but in many diverse corporate M&A and fund raising.
So, I ask "Why this guy?" Whose mate is he?
He has no other PLC Directorships. He was the sole Director at two of the previous companies, both now dissolved.
Anyway, another box ticked.

As a NED he can hold shares in the company, but he cannot be awarded them by the company if they want to uphold Corporate Governance requirements. But still a huge leap needed before they could be FTSE-worthy!
Even though I think we have detected a change in the RNS presentation style. And maybe LL was grabbing his in the money options before they were closed off.

As ever though, who knows??

How long will it take to update the website?

I think that if you needed any evidence that the 'independent directors' were anything more than a functional necessity, then you have it in today's RNS.

Previously the 29-5-18 RNS stated, " The independent directors of the Company in respect of AIM Rule 13, being Clive Carver and Edmund Limerick, consider, having consulted with WH Ireland, that the terms of the Merger are fair and reasonable insofar as Shareholders are concerned. "

Today, "The independent directors of the Company in respect of AIM Rule 13, being Clive Carver and Edmund Limerick, consider, having consulted with WH Ireland, that the terms of the Acquisition, including the Revision noted above, are fair and reasonable insofar as shareholders of Caspian Sunrise are concerned. "

So we are asked to believe that the value of $24million was a fair price for the asset to put on the books at Caspian.


But wait! Now it seems this asset is worth just $13.5million.

Why is it worth so much less to Caspian? I can see why 3AB owners might wish to amend the value for their tax purposes, [they have just 'lost' $10.5M this year ffs], but why are we not told how this 3AB company performed in 2017 and 2018, to show that any value is justified.
There is every possibility that it comes with a 'charge' i.e. an outstanding loan provided by guess-who, and will be settled by further shares, but we simply don't know.

The independent directors and the Nomad are supposed to work for the Company, not for the selling concert party.

jimo!

It's not everyday that I agree with JD! ;-)
The reviews of the RNS on Advfn beggar belief: praising the BOD for their honesty in letting Casp have 3AB at 40% discount to the previously agreed price. ycnmiu.

I note that just one trade today was flagged as a Negotiated Trade in Illiquid Financial Instruments. [OILQ]

Perhaps some of you noticed it as well?

Lowest price trade of the day, and for 31,897 value £1,999.94.
Wondering if someone has negotiated the sale £2k worth or the purchase of £2k worth.

Any views?

Looks like the note may have prompted a few trades, bringing the total for the week to 21.

Last Friday Quaytec bought 6000 at 15.29 and a similar trade appeared at 16:36; my curiosity was piqued by the timing and both at mid-price.

I looked on London Stock Exchange and both trades were flagged OILQ*.

I note that cc commented "you can only buy 50000 shares at 6.985 b4 it goes to NT" on Tuesday.

I also noted that the single trade yesterday carried the OILQ flag.

Today we started with a sell [in all probability] and cc said "Looking at the trades our MM's are trying to clear their shortfall of stock from a few million sold over the last month and a bit, to leave the decks clear for the news flow so they have dropped the price to search for any weak sellers."

All trades today have not been flagged.

What will next week bring?

* OILQ — Negotiated Trade in Illiquid Financial Instruments

Hi londoner7.
You ask for my figures, I'm not sure that they are even worthy of being on the back of a fag-packet, but based on info available blah blah, oh and nominate your oil price, of course.

HUR share for the ongoing [planned] GWA activities 46.9 + 52.5 + 50 = $149.4 plus any overspend.
Cost of 3 GLA drills in 2021, say same as GWA, $180M
Total $330M

Q4 2018 Presentation cash flow pg12. 2019 from March and @$60, say,
2019 .$92M
2020 $216M total $308M, a bit tight perhaps but drilling continues until mid2021, so extra income will be available.


Then, from Chris Cox, chief executive of Spirit Energy, in the Times 29Oct2018
“Assuming success will then look to invest even further in the fields, linking one of the wells to a floating production vessel on its way to the region to start early production from Hurricane’s nearby Lancaster field. It also opens up the opportunity for a further three wells and ultimately full field development for the Greater Warwick Area,....
With developments at this scale comes investment running into the billions of pounds,....”

Currently, 50% of that will be expected from Hur the junior partner as Spirit will be the operator for FFD, and HUR 'not a producer'. FID is shown as mid2020, FOIL 2024, so spend will be over previous 3½ years.
2021 $216M
2022 $216M
2023 $216M
Total $648M
imo, that will be a bit light to cover their half of 'billions of pounds', but may cover an FPSO route depending on the ownership of the ship.

joe

The article today could have been written at anytime since the Spirit announcement because it is a narrative version of the plan espoused at that time. Yes, there are a couple of bits of timing info re hook-up and spudding, but no new plan imo.

The Spirit deal took 50% of the GWA for a pittance, considering that the 12,000b/d will allow recovery of most of the outlay (courtesy of the seller's FPSO!) before FDP Foil and both parties will need to find the Capex for the FDP. And this is not even FullFDP.

HUR will not be able to do their 2021 exploration/development wells on GLA and fund the ongoing GWA activities and FDP imo.

So it is unclear how this huge oilfield will be monetised. The current SP values the NAV for the GLA 6year EPS with little for the remainder. Additional NAVs for incremental 2P will accrue as FIDs materialise, but if you have to give half of GWA away what is the rest of their acreage really worth?

The article today demonstrates that they plan to leave most of the oil in situ (assuming it is as per CPR and not even larger and with better recovery rates) even with a third FPSO and a GLA FDP in 4/5 years time.

There is clearly unfinished business here, and OGA will want the oil out and especially the gas into the pipeline.
It remains to be seen how HUR and all its advisors can attract others to their finds.

And that will determine the SP and whether there is ever a dividend.

jimo
joe

Happy Birthday Doctor Bob!

Unfortunately your present has been slightly delayed but will nonetheless be delivered shortly.
Please continue to check in here and the shipwatchers will happily keep you apprised of the current delivery status.

SIPPn00b, I trust you are not deramping; merely pointing out that risks still exist for the benefit of the herd who will be trying to buy on the halfday trading period.
You forgot to mention the barnacles that could have grown on both the mating surfaces of the buoy and on all those connection points that have got to be made after docking and will prevent correct sealing, due to the delay in getting the boat on station.
jimo

PS Seems that TOOTA award has been claimed by the telephone operator at the Port of Rotterdam irrespective of the valiant attempts by regular contributors.
pmsl.

As yet another year on the Hurricane BB draws to a close, it's time to consider who will be the recipients of the annual awards. All winners are then entered into the Oil and Gas Sector Awards, where there are a lot of very worthy entries from the Sound and UKOG BBs for example, and winners from there enter into the LSE Annual Award.

I am pleased to say, it has been another great year here with some outstanding contributions worthy of entry.
We also have the benefit of the work undertaken by Revandy to tabulate some entries to provide clarity and assist in our voting.

BUT we have seen some very strong last minute contenders, whose feisty and high-spirited posts have sparked some debate and kept the BB buoyant over the Christmas break when it usually takes a rest. [Did you see what I did there?]

Time is running out, but obviously it's not yet too late for entries.

* TOOTA - TALKING OUT OF THEIR AR$E

ijwt: I wonder if you noticed the Bare boat contract amendment dates in the wessexmario 09:18 post this morning.

---

Of course, the guidance given to OGA for the Approval was Q2 2019.

But I believe Dr T recently said that he hoped it would be early in the new year. Not sure if he was cognisant of the current issues and had allowed for that or not...

;-)

Tis the seaon to be jolly.

ho ho ho

R123 posts:
"and I don’t think they are buying/changing ownership for 3AB for nothing. We have to remember the BOD are no mugs what’s happening at 3AB that we don’t know about? What’s thier plans with this? "

We do not know their plans as they have not declared them.
But we do know there is a drill commitment.

If we recall that Baverstock was swapped for shares in Casp because it was difficult to get their %age of funding (previously achieved by the selling of other Eragon assets) and Casp would then be free to raise any necessary funding from conventional sources, although it is currently dependent on KO to maintain 'going concern' status.

Then we know the same 'concert party' held 3AB, so it may be reasonably assumed that they could not fund the drill commitment, but by 'selling' to Casp, the liability is transferred and funding routes are now open.

The curent SP upside is clear to all investors in Casp....and 3AB is additional
So they win at >12p, or rather >than what it really owes them. ("Equity" analysis needed here!)

jimo
joe

BNB try this:
https://www.urbandictionary.com/define.php?term=Easy%20Peasy

Is it the WE already?

SIPPn00b, so you don't want to see an Angus Energy style RNS then?
"The Company's long-term flow testing programme at Brockham Oil Field will temporarily suspend operations over the Christmas and New Year holiday period, from 23 December 2018 - 7 January 2019. "

imo I think we can say that things are not as they would have wished with the old tub.

Let's face it, it was late leaving Dubai, and after seemingly extensive sea trials, it stopped at Malta for undisclosed purposes, but allegedly some engineers boarded to effect engine repairs.
The planned crew stop in Algeciras was extended to allow repairs - RNSed.
The dancing in the North Sea prior to entering Rotterdam had not been expected.
The duration in Rotterdam has exceeded all guidance.
And yet the latter part of the journey was accomplished at a good speed.

So, what is the issue? My understanding is that it is a lump sum contract for delivery with BW on the hook for overrun.
But if there are new grey areas because of the Spirit contract and any potential early upgrades, then we can expect that it will be at HUR expense.

However, some have said that the upgrades will not occur until GWA results are known, but the need to find a gas solution for Lancaster EPS was mentioned at least as long ago as last May, well before Spirit deal was public. So, given that they have Spirit on the hook for funding/facilitating their necessary WoSP gas solution, if their latest analysis of the wells suggests that the OGA flare limit could be contained at marginally greater oil volumes, and which could be achieved earlier than planned after the slow data gathering start-up, then what is not to like?

This tub is on contract for at least 3 years, probably 6 and maybe 10, better hope the green water upgrades are successful and reliable out in the Atlantic.

jimo

joe.

Lady S
on Advfn
19 Dec '18 - 07:52 - 36432 of 36451
0 6 0
Debottlenecking project underway to increase prod from 17k/day to 40k/day.

The same guy who gave us the sailaway times on the Dubai to Rotteerdam journey

Seems no rebar.

Or is the beam sitting on quicksand

I am sure that IC would have picked up on this from nearly 4 years ago:

https://www.marketwatch.com/story/sell-big-oil-stocks-and-tell-the-koch-heirs-to-do-the-same-2015-03-07

Meanwhile Chevron are looking to exit the NS
https://seekingalpha.com/news/3416863-bloomberg-premier-oil-may-bid-chevron-s-u-k-north-sea-assets

They are putting their effort into Kazakhstan, and adding 260,000 bpd of production capacity to the Tengiz field by 2022.
Big oil looking to get it out quick before it's too late....