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Proctor did you see this article:
https://www.proactiveinvestors.co.uk/companies/news/1024395/tullow-oil-should-issue-equity-ahead-of-2024-debt-financing-1024395.html
The good:
- h1 fcf 1B
- h1 zero net debt
- won 2 CCS licences next to viking
- tolmount east to come online by year end
- Zama can be moved into 2p next year (~75mmboe)
- Kan is 300mmboe
- Big drilling campaign for timpan area next year
- no more hedging required as part of rbl if drawdown is
Would have made sense as a form of merger arbitrage if HBR is buying noreco but so far there does not seem to have any proof of that.
there are some concerning reviews on Glassdoor though:
"Not all actions are above board. Worrisome in an SEC registered advisor."
but they do file their notices though.
Perhaps there needs to be a look on the other vultures associated with them like Kite Lake, Caius, Astaris.
Please note legislator approval of Zama in Talos statement:
In June 2023, Mexico's Comisión Nacional de Hidrocarburos approved the Zama Unit Development Plan previously submitted in March 2023. Talos is actively working with the Zama Unit's Integrated Project Team to progress the front-end engineering and design ("FEED") and other workstreams required to reach a Final Investment Decision ("FID").
Https://www.fnlondon.com/articles/arcm-hedge-fund-fined-after-fca-short-selling-breach-on-premier-oil-20221017
The FCA said at the time that the matter was particularly serious because ARCM’s short position in Premier Oil was the largest net short ever held in a company traded on the benchmark London Stock Exchange. ARCM's short was equivalent to 16.85% of the issued share capital in Premier Oil by 5 July 2019. It then held it for a further 106 trading days before notifying the FCA and disclosing the stake to the public.
Please remember hbr did not participate in the licensing round:
https://www.ft.com/content/1a219f8c-5b23-497f-8db6-5fda92caacbd
It's a multibillion pound project, not sure if those millions will make a difference. You just have to look at the humberside projects that were not given the funding despite an earlier promise of £20B :)
However, wintershall has publicly said they would want to reach 30Mtpa of CCS, so buying HBR on the cheap would add alot of capacity to their credentials very quickly & allow BASF to exit on a high.
Nothing material to report?
KAN - largest shallow water discovery in Mexico just announced in may with no impact on share price though? To be followed by Ix soon as well.
30% share of 200-230 prospective resources is not too shabby!
https://www.woodmac.com/press-releases/kan-discovery-in-mexicos-shallow-water-one-of-the-largest-since-2020/