Member Info for Krakenoil

Mitoe are you just thick, can read or just trolling this bb ?

We have taking the opportunity to carry out part of the Q3 shutdown maintenance program whilst the Transformer is being repaired

How many times do you need to be told before you understand?

F@ck ing idiot

The HSP was restarted on Sunday evening as planned, with oil production resuming on a phased basis yesterday. We will look to ramp up production in the coming weeks.

Bumi were on a zero day rate since 48 hours following the shut in but will be paid now that we are back online. There is an availability credit mechanism in place at Kraken whereby Bumi compensate us based on reduced/restricted production, so that mechanism will be in play going forward.

On the subject of the EPL, the mechanism announced on Friday was positive in terms of sentiment and does help to an extent on our RBL borrowing base but it would be fair to say the the positive impact is diluted by the requirement for both oil and gas price triggers to be realised before the EPL falls away. The gas price trigger is particularly challenging. We remain in conversation with Treasury to try to arrive at a solution which works on implementation.

I hope this helps provide clarity.

All these analyst keep on saying oil prices are going far higher in Q2 due to this, that and the other. Well so far there is nothing positive out there to back up those forecasts that I can see.

Oil Prices are still well and truly stuck in the downward trend that began exactly 1 year ago.

Morning R, I'd like to know where these polls took place, how many people they asked and where these people came from ? I wasn't asked were you ?

I'd like them to go out do a proper poll, explain the pros and the consequences of this rushed net zero and then asked the Public to vote on it. I bet 90% plus vote against net zero !

We won’t be paying the daily lease charges until it’s been fully repaired and back to full production. That could still be 2 weeks away.

So we could be back running a train who knows

All we can hope for is the return of $100 oil, then 35% won’t hurt to much. Milk the Dividends, rinse the Tax credits until they are gone

Its better than nothing Jan but it still doesn't help the industry does it, we needed a clear floor put in place. He has chosen to put two fingers up to the industry with his smug grin on his face knowing full well he's done something on paper but has done nothing.

He has obviously thought long and hard how to tick the box and change nothing, rather than what needs to be done to protect the North sea and most importantly our Energy security. He needs to go !

I hope the industry fights back hard over this

He shouldn’t be using the average oil price over the past 20 years when inflation has risen so much, he should have put a outright floor in around $80 and added in reliefs for green energy if he wants the industry to move towards transition creating new jobs etc.

He has taken no notice of what the industry has been telling him.

Most oillies in the red

This hasn’t made any difference to the industry whatsoever, all it is is a sound bite.

Hunt is still destroying our North Sea

Just proves how stupid he really is - No thought or understanding has gone into it.

He needs to go !

No it doesn’t make lending any easier as there is no floor set, the oil price could still average $40 for the year but because the price spikes for a few days the EPL floor won’t apply

My God this Hunt is a right wa nk er

He hasn’t put a floor in ! The oil price has to stay under $71.5 for 6 months, even if the price falls to $40 for a year but hits $71.6 for a week in the middle there won’t be any change to the EPL

No change whatsoever then. Hunt really is a thick bastard isn’t he !

It’s pointless, the idiot has given No lifeline to the industry whatsoever

Let’s not get too excited as we’ve been let down many’s times before

If they put a floor under the EPL then it opens olio lending facilities to us.

During the AGM that was the biggest problem the sector is currently facing.

So yes it does make a huge difference

Terry might have to pay 20p plus tomorrow lol

It’s Always been a good sign when the trolls turn up

I also think something big is going on in the background, Romaron was rightfully suspicious on Monday.

Maybe the talks of HBR and Talos is there to throw us off the scent

Makes perfect sense for HBR to use up our tax credits before the Red/Orange army take over

I also asked why none of our directors are buying stock at these current prices,

The reply I got was

On the subject of Director share purchases, Amjad and others have been consistently supportive of the stock through the price cycle. Outwith the well-defined closed periods for Results, it could potentially be construed as commercially sensitive information for me to state whether company or Board representatives are in a closed period.

Hmm !

Our plan is still to restart the Kraken FPSO towards the end of this week, initially on a phased basis, then working up to full production over the coming weeks

I can’t comment on analyst reports following Bumi’s announcement but I can say that we would have already alerted the market of such an issue if we believed there was a reasonable expectation that our production guidance would be materially affected by this shut-in. As things stand, we are losing c.40 Boepd from our annualised production figure for each day that Kraken is fully shut-in. This figure is mitigated in part as we execute planned Q3 maintenance during this period of shut-in

The root cause analysis is ongoing on the transformer failures, with investigations focused on the units themselves and the atmospheric conditions within the electrical room/housing