Member Info for JoeSoap

cc, yes I knew who you were talking about, I was asking about the remaining director (I don't include Clive due to lack of direction capabilities).
KO took on $7m from a company he controls, I believe.

cc, why did the remaining director need a loan from his own company?

"Dave - we are already self-funding the company through sale of oil at $20 a barrel! We are about to get $40+ a barrel after all costs for MJF and have an in-fill programme in place to take bopd to 10,000 just on MJF!!! You are totally misguided in your assumptions! Oil traders are jumping at the chance to fund CASP in exchange for oil. The wells have a pay-back time of approx 10 months and then they are producing free cash-flow for the company. If just one of the deeps flows over the coming weeks, the money produced from it will pay for ALL the shallow drills! You need to go through the figures again Dave and stop scaremongering imo."

As I understand it they drilled 6 shallow wells yet only 4 are producing, which will extend the period to payback. Then there is the remedial cost of these two wells to cover. Are the shallows prodcing free cash yet?

They had c$1m at YE.

They needed c$2m for the licence.

They are only working on one deep at a time, at what costs.

The oil traders were tapped for the expected increase in flowrates that has yet to happen.

I wonder what the BS looks like for the first half of the year?

I could guess, but know that it will not be as planned: check production plan on page 10 of the Feb presentation and DYOC.

How far away is the Production Licence? Has the cost-saving regulation change gone through yet? Have they updated the field reserves in preparation for that licence they are seeking?

jimo
joe

?
https://www.youtube.com/watch?v=LPn0KFlbqX8
?

Their holding actually rose during June according to their monthly returns.

Then it fell, as announced in the HUR RNS. (Note that this time CA, on crossing the 6%, did not issue an RNS as they did when crossing 7% threshold in May.)

I would not be surprised if they have been topping up since the SP fell after they unloaded.

Rinse and repeat.

If CA do not come out smelling of roses, having significant gains already banked and warrants at 20p still available, god help the LTHs here...

Buy low sell high.

aduk: 12:56
Once again (as you yourself will have noticed!) the artist's impression diagram must be treated with circumspection. It shows the flowlines widely spaced during their seabed run, then coming close together before joining the risers. Whereas the EIA states quite the opposite, for the reasons you explained!

imo, you may have been misled by the tone of the post from wessexmario viz:
There’s a diagram of the complete SURF in this publication:
www.bluewater.com/wp-content/uploads/2013/03/AokaMizu_folder.pdf

As this document was pdf'ed 1June2016 it would likely have preceded any involvement with HUR and was most probably a BW flyer for any further contract they could get for their FPSO which finished production at Ettrick that very day. A SURF yes, perhaps it was Ettrick's layout? Is the 20/2A-20/3A on the AM a clue?

It may be worth pausing a moment to reflect on where HUR were at this busy time. They had just raised £52M, and introduced Kerogen, to drill 7&7z, Spud 6July2016.
8Jun2016, Farmout suspended, dataroom closed.
12Oct2016 Selection of Technip & FMC Technologies, as Exclusive Subsea Provider.
20Occt2016 £70M placing @34p and open offer.
9Nov2016 Lincoln spud
18Nov2016 Award of P2308 licence
28Nov2016 FPSO Agreement.
16Jan2017 Halifax spud.

Lancaster EPS Environmental Submission pdf'ed 8Mar2017. with current FPSO position due south of wells, previously shown SW (closer to Lincoln) even in 20Apr2016 Capital Markets presentation.
Prior to Technip and FMC, the EPS proposal from Costain for GLA (Lancaster and Lincoln) had the FPSO to the N/NE. [13.2km of subsea pipeline to Lincoln.]

One might reflect now on what might have happened if Nexen had not shut Ettrick after 7 years. The Licence terms required the EPS oil by Dec2019. With a FO, perhaps one of IJWT's bigger boats would then have been sourced...

jimo
joe

Gorgs a plenty, but a dearth of Doozers.
pmsl

It doesn't add up

Pure and Applied
:))

Well, we know that FK Bought more on 29 May '18
"Another £3k at 10.15p...happy with that. Getting as much in at 10p as I can!"

And he must have had more to get to 2M, but there were not that many single shares traded ;-) and anyway, at that price it would have spoilt his average, but apparently it didn't!

When was the last time CASP had an uncrossing trade?

Or if that is too difficult, Is this the first UT?

@ cc you don't usually make silly, novice errors, so I'll overlook this one...

Flawless highlighted the important part of the RNS on Wednesday, but he didn't follow through...

" They have already said in the previous rns that they are moving on to testing ahead of schedule. "

They were not prepared for testing as it was ahead of schedule.

simples.

I think the summer shutdowns would have been catastrophic for the update without the "60" at the Cat and the high olivia.

Currently 76.1 for year. For the year to be within guidance of 80-85 need 83.9 to 93.9 foe rest of the year. Note the "recent Group production run rates have been over 90 kboepd."

So same production as last year and cat at full chat!

Running to stand still??

How many more shares will come with the closure?

jimo

Thanks for replying, but I still fail to understand how their purchase of one share helps the VWAP, which helps their case or even why they might need to provide a personal evidence of the price of a single share purchase (at an inflated price), when there is the complete public record of market trades available to all. Of course, private trades are well, private.

In any case, if the director is buying shares he will need to update the market. Eventually, lol.

No, I think it is more likely someone avin a larf. Telling everybody that they know there is an RNS or two, or more due to update on the all the activities that are current according to the February presentation.

Perhaps tomorrow. Eh?

Can you explain how the VWAP is beneficial to them in your opinion - if the V is volume how does 1 share purchase help?

If my stockbroker couldn't get more than one share at a time for me, I'd change SB.

When does potus meet Putin?

Thought I'd have a look at the CPR to see what their drilling obligations were for P2294 with Warwick and western end of Lincoln, because I thought it might influence the sequence.
It is drill or drop before 01/09/2020 to progress to the Second Term.

I think that the message from DrT has been one exploration, one appraisal and the AGM p23 map has 2 dotted circles - one c10km around the EPS/AM, a smaller one near the crest of Warwick. If they plan to appraise and flow to AM then I expect the well will be close to the Brynhild Fault (fig 7.10 pg 28 CPR has a lot of info) in Lincoln in P1368South and the exploration for Warwick crest. Although as P2294 also extends into 205/26d both could be in that corner!

However, I also noted that the Mandatory Surrender Area is 50% of the Initial Licenced Area to progress to Second Term. If Warwick has oil down to 2100, it looks like some field area(s) will need to be given up.

Could be they need more than one hole to make the best judgment on keep/drop.

jimo
joe

investeg re (ii)
I am not sure of your source for this paragraph but as I understand it they are in debt to the CEO, for >S1M as at YE.
They have forward sold the oil at the anticipated increased volume, and the increase did not materialise.
They need $2M before the licence application before the end of this month ie today.

Cash is an issue. Remedial costs of the wells is not included in their cost per well and 142 & 146 and the deeps are all with issues.
They are working sequentially because they are short of mud and pipes and need to share.
jimo.

You've not mentioned that risk previously, have you?

For Well A6, I've got
" Further perforation work is planned in July, following which the well will be assessed for flow testing."
.
.
.
from the July 3rd RNS