Member Info for kign

important point here from same article:

Only six big projects
There are only six projects in the UK sector coming up with capital expenditure of more than $500m, Mr Corr told the Scottish Energy Forum in November.
Those are: Clair and Clair South (BP), Cambo (Ithaca) and Rosebank (Equinor) in the West of Shetland, alongside Mariner (Equinor) in the Northern North Sea and Captain (Ithaca) in the Central North Sea through its enhanced oil recovery project.
“If you don’t have equity in these, when you’re of Harbour’s scale, it’s very difficult to offset the EPL,” said Corr.

they forgot about JOG's Buchan & Enquest's Bressay & Bentley.

good to have done recognition of a future scenario from same article:

Looking ahead, Mr Corr recounted pledges from the Conservative government that the tax won’t now change until March 2028.

That might be true – but not if Labour, who firmly advocate harsher taxes on oil and gas, get into power at the next general election.

“The Conservatives have said this tax won’t change now until 2028 – someone needs to tell them there’s an election coming and if Labour get in it could all change again.
“So I think it’s a worrying move, I think the EPL shows a disconnect between politicians and what’s happening in the North Sea. And overall a lack of understanding.”

pretty much confirms CCS projects are not eligible for the wft capex claw back.....

cancel it now!

For 100mmboe recoverable

say 1b capex = 10/boe capex recovery assume no uplift
and 2b opex = 20/boe opex recovery so $6/boe uplift
773m net profit (50%share and they look like an average oil price of $60/bbl = $11.6/bbl post tax (25% tax assumed)

total margin = $17.6/bbl at $60/bbl

It's HBR's taxable net income of 773m after the cost recoveries where there's an uplift component involved. that's why it's written from the Indonesian view that there's a subsidy involved.

it has been previously reported that the Indonesian opex is around $14/boe so this $20+/Boe cost recovery is with the uplift included.

Zama in Kenya?

I think Wahoo & Pike results might be announced closer to the trading update

see comeonvog's post.

there was an email from ir earlier to one of the members, break for holidays, resume next year. now shorters saw this and they are back. :)

shorters on holiday probably....

...or leak of big find in Mexico?

if anyone is reading:

Why Kosmos is the best option for HBR now
- GTA not fully priced in, Birallah official numbers area 13tcf but government officials are referring to a wildly different number (80tcf - https://archive.ph/43ksb)
- unusually high capex due to GTA involvement impacting profitability for now but nearing the end, with first gas by end of 2023
- significant scale in Africa Ghana/Mauritania/Senegal, a great intro to African low cost oil & gas with plenty of potential to expand in the future
- and more.....

thanks looks like anytime now....

meanwhile LC should announce cancellation/equity reduction of Viking CCS and Acorn

The Telegraph: Biggest North Sea producer refuses to drill new oil wells because of windfall tax.
https://www.telegraph.co.uk/business/2022/12/15/biggest-north-sea-producer-refuses-drill-new-oil-wells-windfall/

so harbour will only drill old oil wells...

The North sea should do a H&M documentary

btw, anyone following the Kan & Ix exploration well? Have they reached reservoir yet? This is the Zama lookalike right?

there really isn't much exciting exploration potential in North sea right? WoS probably but you risk getting a Cambo. It's more of those small 50mmbbl or 50bcf discoveries left.

you might as well save the money drilling dusters and farm into JOG's Buchan or Enquest's Bressay/Bentley and develop then right away

well done Linda and now cancel Viking CCS or withdraw from Acorn or reduce % commitment. It's going to be expensive (drag on future cashflow) and not tax deductible.

https://dinsights.katadata.co.id/read/2022/12/14/harbour-energy-to-start-drilling-3-exploration-well-in-2023

3 exploration wells to be drilled to firm up those 6Tcf or more in Halwa, Timpan-2 and Layaran in 2023.

I hope more acquisitions in Indonesia soon.

in any case, the CEO needs to demonstrate that she's looking after her shareholders. Why is she still continuing with UK CCS when it's not tax deductible? Cancel Viking CCS or withdraw from Project Acorn!

https://www.energyvoice.com/oilandgas/north-sea/west-of-shetland/468445/please-clarify-regulator-questions-equinor-over-8bn-rosebank-oilfield-emissions/

not just HBR having lots of problems with opred... are they staffed with environmentalists?

:) buy Klaus Schwab

LC needs to announce the following now:

- Withdraw from CCS licensing rounds
- Scale back/cancel Viking CCS,
- Withdraw from Project Acorn
- Announce they will not participate in 33rd exploration licensing rounds
- Announce start of CCS Indonesia study for Timpan and nearby discoveries
- Buy someone