Member Info for kign

Note Rosebank is 2C resource, no FID yet so it should be valued less. $5.2B CAPEX still required and the OPEX might be high as well due to the operating conditions, risk of sour gas, etc. In my mind, I would say the value/bbl of Rosebank reserves is ~20% that of Buzzard's.

Equinor has additional incentive to progress this ASAP before Labour comes in power as they have already committed to spend money on the FPSO (Knarr) and they need to balance out the UK business with the low return wind and the blue hydrogen business they are just getting into.

Suncor Equinor deal still puts it at 1B valuation! I guess they really want those tax breaks.

https://www.msn.com/en-gb/money/other/equinor-closes-in-on-1bn-deal-to-buy-suncor-energy-s-north-sea-assets/ar-AA186fKa

40% of high cost Rosebank next door to Cambo and 22kboepd Buzzard production.

savings from inflation at least and the last chance to get money out of China before the war starts

I think he means R.Blair Thomas, the EIG guy...i think he just exercises his options every year

ok followed your advice, when to exit now?

can you point me to the article? my Google-fu is not that good today :)

yes

https://www.ft.com/content/8a631e65-b68d-41b9-9b70-982b1e5a34fe

UK oil and gas sector warns windfall taxes are deterring investment

Energy analyst Wood Mackenzie has also warned that the energy profits levy has wiped an average of 40 per cent off the value of North Sea producers.

...

Ashley Kelty, analyst at Panmure Gordon, said the windfall tax was inequitable as “pharma and tech stocks, which also benefited massively from the pandemic, are only subject to UK corporate tax of 19 per cent despite the supernormal profits they realised”.

surely that 26M SPR release is part of this...

https://www.ft.com/content/d4202685-9ef4-484f-a3f3-a7c731418935

Citadel Securities: how the Wall Street outsider became ‘the Amazon of financial markets’

One way Citadel Securities trades in equity markets is by paying brokers like Robinhood a fee to receive retail investors’ orders, competing with the likes of Virtu — the publicly traded market maker — and Susquehanna to trade those orders at or better than current market prices. It’s a controversial practice known as payment for order flow.

Once the order is received, it offers the market maker unique information unavailable to its rivals. It is able to use this, alongside a broad array of other market data, to compute how best to price trades and maximise profits.

...their AI probably picked this share up as the most unusually traded share in the LSE.

https://www.galp.com/corp/en/investors/publications-and-announcements/investor-announcements/investor-announcement/id/1430/galp-to-divest-from-angolan-upstream-assets

$830m for 13kboepd!

cool these guys are the ones shorting GameStop (GME) right?

why is no one showing their calculations? because it will still show HBR as super undervalued and that explains why lots of value investors end up here and get frustrated (me included)...

However, HBR management needs to show signs of growth - the UK is written off, the international production is small, so a deal has to be done ASAP or a drastic change like delisting and moving the HQ to Indonesia before the business degrades further!

I believe....HBR can fly ??

I haven't seen any EIG RNS-es to show their reduction in shares but only director holdings from RBT.

Is this another ARCM-like "mistake"?

time to announce the acquisition...

STOCK on loan for HBR is pretty high though considering its low trading volume..no doubt the big bagholders are deriving some income from their holdings.

be careful of HBR management. it's BP's news but HBR got into the article instead:

https://news.sky.com/story/windfall-tax-debate-rages-as-bp-joins-shell-in-achieving-record-annual-profits-12804564

The UK's largest producer of oil and gas in the North Sea, Harbour Energy, blamed the impact of the levy for a decision last month to cut jobs.

It is expected to reveal the figure payable to the Treasury next month having warned investors in January that the sum would be materially higher than expected at the time of its half year results.
Harbour has said that the increase to the levy had forced it to review its North Sea activities at a time when the country badly needed domestic supplies to bolster energy security.

Responding to BP's figures, Labour's Ed Miliband demanded the government go further.

"In just eight weeks' time, the government plans to allow the energy price cap to rise to £3,000. Labour would use a proper windfall tax to stop prices going up in April.

"When it comes to oil and gas interests, Rishi Sunak is too weak to stand up for the British people. Only Labour is on your side - with a plan to tackle the cost of living crisis now, and a long term plan to cut bills for good and make Britain a clean energy superpower."

Nobody knows because you need the carbon capture plants to be built first by the emitters (power plants, cement plants, steel plants, etc)...who will need government help & some might not afford to do it...and if they do, it'll likely go to BP/Equinor's Endurance project first before Viking...so it feels like a lot of waiting to do before the project will even be sanctioned.

wintershall's other well in block 5 was dry though, so there's still hope if they haven't announced anything yet:

https://oilandgasmagazine.com.mx/2023/01/murphy-con-poco-exito-en-tulum-1exp/