Member Info for Krakenoil

Just to make it clear for everyone on this board who either post shat without reading what's already been said, trolls or the just plain stupid.

EnQuest confirmed at the AGM that the issue is down to Bumi and we don't pay the lease daily charges when the Armada is off line with mechanical breakdown.

The other giveaway is Bumi's share price and the RNS they released to the market this week.

Half of them don’t even know what a balance sheet is. Most of em think money comes from the BOE and there’s an endless supply to hand out.

If I were Lynda Cook I would make it plainly obvious that this Government has turned the U.K. into a hostile country to do business and advise the rest to follow suit.

How can any business look at a long term investment when the governments/prime ministers change so quickly along with Tax Policies.

We are a laughing stock

Seeing as they made me look like a plank I thought it’s my duty to message them and ask why they have Kikeh on its way to Kraken and that information is very misleading.

They have replied to me and going to look at the data and rectify any errors

Looked like Stuart Pearce had been practicing on the Rugby field with Jonny Wilkinson when he took that penalty

Ian confirmed we stop paying daily lease charges when the armada shuts down. I'm sure we also have some sort of insurance to cover breakdowns.

Bumi will be working around the clock to rectify the issues and Like Ian said they are aiming for the end of the week to fire the systems back up.

The only thing weighing down our SP is a floor to the EPL charge - Currently lenders cannot lend to producers until this is changed, I would imagine that goes for all energy companies not just oil and gas producers

The pressure for the government to change this must be huge

I did think, it’s a bit extreme but I’ve never seen that before, admittedly it took me by surprise when I saw it in the expected arrivals at the kraken port on Marine Traffic.

Thought I’d found the real reason behind Bumi’s tanking share price.

Marine Traffic has FPSO KiKEH in expected Arrivals at the kraken oil field

Will we get an after hours RNS ?

I think EnQuest have finally given up with Bumi and will terminate the contract. We may see new Kraken wells drilled once the new FPSO is up and running.

Is this part of tying in Bressay to kraken ?

Looks to me like they are going to restart 1 train on the Ak then hook up Kikeh to takeover from the AK.

Marine traffic

Kikeh is a monster compared to the AK and can handle up to 120bpd

On its way to kraken

Looks like Enquest have had enough of Bumi

They were guessing when they stated 6 months as they hadn't spoken to Enquest or Bumi

Ian wood said they will be restarting the Armada towards the end of the week, AB also said it wouldn’t impact our production forecasts for this year, they also stated it would financially impact Bumi as we don’t pay them when the FSPO is off line.

They didn’t seem to bothered about the issue and said they took the opportunity to carry out part of the Q3 maintenance works, Ian said the transformer is being repaired

Maybe that explains why AB has stopped buying stock, maybe that’s why we have lost a few more directors.

I’ll take 30p and sod off

Just looking at their web site and their trading updates, they certainly are a company that are growing rapidly.

Are we being lined up ? If so let’s hope we ain’t going to be mugged.

I think that’s a ‘cover all possibilities’ just incase oil prices do fall under our BE.

Romaron maybe able to type up the minutes he took later on this afternoon, I did leave them in the pub last night and the beer was flowing well, So might be tomorrow lol

It wasn’t as positive as last year but last year we were on for making a huge profit.

But AB did say that next year will be the year for shareholder returns. We did have a disgruntled Scottish shareholder in there giving the Board a bit of stick over the SP performance. We also had a few old guys who didn’t listen to what was being said asking questions that had just been answered. Bit cringeworthy ! I did get the feeling something was happening in the background.