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Results don't always match expectations Willec. You seem to always assume the future roadmap is a given.
LGO’s Recent Growth in Trinidad
ACIEP Meeting
15th April 2015, Madrid
Neil Ritson
Drilling to date:
• Eight new deep wells drilled in 2014, total 28,754 feet drilled
• Using vastly improved drilling, logging and completion techniques
• Well GY-670 had an open hole flow rate of 6,000 bopd and was initially completed on a 12/32” choke at a rate of 1,000 bopd
• Reported to be the best onshore well in Trinidad for over 20 years
With just 8 of the initially planned 30 development wells over 2,000 bopd of new production has been
achieved
• LGO has starting the next 7 wells and is Drilling Pad-3 planning for 10 further wells to follow on immediately
If you look at the FTSE 100 it's clear that the drop is not specific to HBR and I doubt that upcoming results will be anything other than positive.
Annual accounts were published on June 1st last year ...
"Mon, 1st Jun 2020 07:00
RNS Number : 4503O
Bahamas Petroleum Company PLC
01 June 2020
1 June 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Final Results for the year ended 31 December 2019
Conversion of Convertible Notes and Issue of Equity
Bahamas Petroleum Company plc, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, is pleased to announce its Final Results for the year ended 31 December 2019.
The Financial Statements for the Year Ended 31 December 2019 are now available on the Company's website www.bpcplc.com. "
I suspect that the company is waiting for S2 results before publishing 2020 accounts in the hope of having something positive to say and maybe justify another fund raising.
By Dina Khrennikova
and Olga Tanas
3 June 2021, 11:52 BST
Crude will hit $200 if investments in new fields stop: Novak
The world’s largest petrostates rejected calls for a rapid shift away from oil and gas, warning that starving the industry of investment would harm the global economy.
If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” said Russian Deputy Prime Minister Alexander Novak.
His warnings were echoed by the energy ministers of Qatar and Saudi Arabia, who said they will keep expanding their oil and gas facilities and warned others against the consequences of starving the industry cash.
The “euphoria” around the transition to clean energy is “dangerous,” Qatar’s Energy Minister Saad Sherida Al Kaabi said at the St Petersburg International Economic Forum in Russia on Thursday. “When you deprive the business from additional investments, you have big spikes” in prices.
It’s no surprise that top officials from the world’s largest fossil fuel exporters want to see the industry continue for decades to come. Their comments are illustrative of the vast gulf between the world’s current carbon-based energy system and the changes required to prevent damaging climate change.
Saudi Energy Minister Prince Abdulaziz bin Salman has already dismissed the IEA road map, which would limit the average increase in global temperatures to 1.5 Celsius, calling it a “la-la-land” scenario. When asked on Thursday if oil is dead, he responded by saying the kingdom is increasing its production capacity.
Qatar is pushing ahead with its $29 billion expansion of liquefied natural gas facilities and will decide whether to take international partners in the project by the end of this year, Al Kaabi said. Oil and gas will still be around for decades to come, Novak said.
https://www.bloomberg.com/news/articles/2021-06-03/petrostates-see-dire-consequences-if-world-rejects-oil-too-fast
This reminds me of all the promotional videos that Neil Ritson used to produce when CEG was known as LGO Energy. Leo did the same thing when S1 was being drilled off this same pad. Of course the company was then known as CERP. Then it became BPC but not for long because it's now CEG. I hope you're keeping up with this!
There's no doubt a video does pull in the punters.
Good luck with S2.
https://twitter.com/ceg_plc/status/1400360374797471750?s=21
Oil fire videos ...
https://twitter.com/JasonMBrodsky/status/1400113305964924933
Is this still valid? ...
o the provider has agreed to make an immediate additional £2 million subscription for Notes on an unconditional basis, thus increasing to £5 million the total amount of Notes subscribed for to-date, with settlement for the additional subscription (and coupon accrual commencement) on 28 February 2021;
o the last date for subscription for further amounts of Notes, up to the total undrawn Facility availability of £10 million, is extended to 16 April 2021, and this date will be extended further to 30 June 2021 if a minimum of £8.5 million of Notes in aggregate have been subscribed for by 16 April 2021. The ability to draw-down on these remaining funds remains subject to satisfaction of certain conditions precedent, which the Company and the provider are engaging on collaboratively;
https://www.lse.co.uk/rns/BPC/corporate-and-strategic-update-eoj84hc44h0pvic.html
Perhaps Goudron production had fallen off a cliff at that time.
That statement is in the RNS announcing the signing of the Goudron EPSC. It didn't seem correct to me but it was based on November 2020 production.
https://www.lse.co.uk/rns/BPC/trinidad-and-tobago-signing-of-goudron-epsc-ol0nxa3gfs4yk6w.html
On 15 October 2020, the Company advised that the Board's Remuneration Committee had resolved to make a number of option awards and bonus payments conditional on entering into the Goudron EPSC. These were an award of 6,250,000 Series B Options and a US$200,000 bonus (payable in the form of ordinary shares) to the Company's CEO, and an award of 6,250,000 Series B Options and a US$200,000 bonus (payable in the form of Ordinary Shares) to a member of the Company's senior management. The new Ordinary Shares to be issued in satisfaction of these previously agreed bonus payments to each of the CEO and the member of senior management is 5,098,486 shares (the bonus award shares being issued at 2.95p (3.92 cents), representing the volume weighted average share price for the 20 trading days prior to execution of the Goudron EPSC).
Given that the Goudron EPSC has now been entered into, all of these new Ordinary Shares and options, as previously advised, will now be issued.
Accordingly, on Admission, Simon Potter, CEO of the Company, and Leo Koot, a Non-Executive Director of the Company, will be interested in 81,217,700 and 28,093,156 Ordinary Shares respectively, representing approximately 2.0% and 0.7% of the Company's then enlarged issued share capital. Mr Potter is interested in 20,000,000 Series A Options, 27,500,000 Series B Options and 25,000,000 Series C Options.
Total Voting Rights
Application will be made for a total of 35,759,140 new ordinary shares to be admitted to trading on the AIM market of the London Stock Exchange ("AIM") and it is expected that admission will take place and trading in the shares will commence from 8.00 a.m. on or around 4 December 2020 ("Admission"). Upon Admission, the Company's issued share capital will consist of 4,090,548,549 Ordinary Shares, with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. This figure of 4,090,548,549 Ordinary Shares may therefore be used by shareholders in the Company, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
On 30 November 2020 BPC signed the revised EPSC agreement. The terms were never divulged other than saying they were in line with the previous agreement. Prevous agreements included specific MWOs (Minimum Work Obligations). Does CEG current plans take account of these obligations?
RNS Number : 8432G
Bahamas Petroleum Company PLC
30 November 2020
30 November 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Trinidad and Tobago:Signing of Goudron EPSC
Issuance of Equity & Options
BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and exploration assets across the region, is pleased to advise that the Goudron Enhanced Production Sharing Contract ("ESPC") has been signed. As a consequence, the Company will proceed to issue 35,759,140 new ordinary shares in BPC ("Ordinary Shares"), the issue of which was conditional on signing of the Goudron EPSC.
Goudron EPSC
The Company has entered into an EPSC in respect of the Goudron Block ("Goudron") in Trinidad and Tobago, with Heritage Petroleum Company Ltd. The EPSC provides the Company with the continuing exclusive right to extract petroleum on Goudron until 30 June 2030. The EPSC was entered into after consent of the Trinidad and Tobago Ministry of Energy and Energy Industries was duly obtained.
The EPSC replaces the existing 10-year Production Sharing Contract (as amended and extended) in respect of Goudron that was otherwise due to expire at the end of 2020. Signing of the new Goudron EPSC had been anticipated earlier in 2020 but had been delayed as a result of delays to obtaining the necessary consents arising from the Covid-19 pandemic.
The terms of the EPSC are largely consistent with the terms that previously prevailed under the existing Goudron Production Sharing Contract.
Production from Goudron currently accounts for approximately 40% of BPC's baseline daily production in Trinidad and Tobago.
Issuance of new shares and options
On 7 August 2020, in conjunction with the completion of the merger with Columbus Energy Resources Plc ("Columbus"), BPC advised that until such time as the Goudron EPSC was entered into, BPC and Columbus's management had agreed to delay the issuance of 25,562,167 new Ordinary Shares due to various members of Columbus's management pursuant to their respective settlement and termination arrangements (8,579,079 of these to be issued to Leo Koot). It was agreed that these new BPC ordinary shares would be issued on entering into the Goudron EPSC.
BP said today it had agreed to sell its stakes in the Shearwater field to Tailwind Energy for an undisclosed sum.
But BP will hold onto its Andrew area assets, also in the UK North Sea, which it had been looking to sell.
In January 2020, BP agreed to sell its interests in Shearwater and Andrew to Premier Oil for £475 million.
The deal was subsequently renegotiated to take last year’s oil and gas prices slump into account.
It ultimately fell through when Chrysaor’s reverse takeover of Premier Oil was announced.
BP kept looking for buyers and has found one, in Tailwind, for its 27.5% non-operated stake in Shearwater, which is operated by Shell, in the central North Sea.
A spokesman for BP confirmed an agreement had been reached, adding that completion was subject to partners’ rights and regulatory approvals.
The deal is effective January 1 2021.
Tailwind chief executive Steve Edwards said the deal furthered the company’s growth strategy by adding another “high-quality producing asset” to its portfolio.
Backed by trading house Mercuria Energy Group, Tailwind has built a strong track record of acquisitions in recent years.
In 2017-18, the London-based business bought Shell and ExxonMobil’s interests in the Triton oil cluster.
It swooped for the UK business of Houston-headquartered oil and gas firm EOG Resources in 2018, giving it 25% of the Columbus gas field development.
In April, Tailwind clinched a deal to purchase Aberdeen-based Decipher Energy, which operates the Orlando field.
Last week it sold the Conwy field in the East Irish Sea to Italian oil firm Eni.
Tailwind was founded in 2016 by a management team boasting more than 200 years of experience in investment and exploration and production.
It is led by Mr Edwards, whose career in oil and gas started at Schlumberger.
He joined Shell as an explorer working in a variety of international locations, including Australia, Africa and Europe.
Mr Edwards was hired by Nexen in 2006 as its business development manager for Europe.
Meanwhile, BP is no longer actively marketing its Andrew area, which consists of five fields producing through one platform, about 140 miles north-east of Aberdeen.
It started producing in 1996 and pumped out 25-30,000 barrels per day in 2019.
BP currently owns 62.75% of Andrew, 100% of Arundel and Cyrus, 67% of Farragon and 77.06% of Kinnoull.
BP’s spokesman said: “We have advised staff supporting the Andrew installation in the central North Sea that the ring fence put in place for recent marketing activity has been lifted and we will continue to operate the asset.
“As is our normal practice we do not comment on details of mergers and acquisitions activity, including any future potential activity.”
https://www.energyvoice.com/oilandgas/north-sea/324721/bp-sells-stake-in-shearwater-field-to-tailwind-but-holds-onto-andrew/
Starchild - "Anthea: you only recently joined the bandwagon of attacks against my integrity. I believe you are an honourable person and I’m willing to take a risk. PM me and I will prove I have >40m shares and based on my background and businesses I own in several countries, do not need pocket money as a paid ramper. The matter will then be put to bed on this BB once and for all. "
I think you want to use Antha to give you some credibility. I doubt she will upgrade to a premium account just so she can PM you.
Antha - I thought I read it somewhere it was 90% water 10% oil.
RNS Number : 8833K
Columbus Energy Resources PLC
27 April 2020
Saffron Discoveries - Lower Cruse and Middle Cruse
Leo Koot, Executive Chairman of Columbus, commented:
In the Middle Cruse, we discovered medium quality crude (17° to 20° API) with a high water cut (circa 90%-95%). The Middle Cruse reservoir shows good pressure support, with the right completion design and field development plan, we can deliver a reliable oil and revenue stream from the multiple oil-bearing intervals we have identified. We have already sold our first oil produced from the Middle Cruse to Heritage (340 bbls).
Full text of RNS ...
https://www.lse.co.uk/rns/CERP/saffron-discoveries-lower-cruse-and-middle-cruse-opyw7u99ly6rscf.html
Many institutions can't or won't buy penny stocks and we are moving into the premier league, where image is as important (almost) as performance. As for this being a distraction for the BoD, I doubt it's anything of the sort; it's a smart move and this is the right time to do it.
Kevin55 - agree with all except for the 3 million profit. CERP lost £4.12m in 2019 and who knows how much in the six months of 2020 before merging with BPC.
GOVERNMENT will go to the House of Representatives on May 24 to seek an extension of the state of emergency that was imposed from midnight on May 15, for another three months.
At a news conference at the Diplomatic Centre on May 14, Dr Rowley announced the SoE would go into effect from midnight on that day. He explained the SoE will involve a curfew from 9 pm-5 am. That curfew began on May 15.
Rowley said associated SoE regulations would follow. Under these regulations, certain activities are prohibited between 5 am and 9 pm daily.
These include: no one can gather in groups over five or be at any workplace unless considered an essential service, as well as measures that were already covered by the public health regulations.
https://newsday.co.tt/2021/05/19/updated-parliament-to-debate-soe-extension-on-monday/
The Placing is conditional upon the admission of the Placing Shares to trading on AIM becoming effective and the Placing Agreement between the Company and Shore Capital not having been terminated.
Announcement of the result of the Open Offer and the launch of the Placing 4:35 p.m. on 19 May 2021
Rockhopper Exploration PLC (LON:RKH) has seen its shares drop after its latest update.
The Falkland Islands explorer is hopeful of moving forward with the Sea Lion project, even though it scaled back activity and headcount there last year after the drop in the oil price.
It needs to complete a farm-out deal with Navitas Petroleum LP and submit a field development plan to the Falkland Islands Government.
There is also a US$222.6 million one-off non-cash impairment to write off the historic exploration costs associated with the resources which will not be developed as part of the Sea Lion Phase 1 project.
One complication is that the operator of the project has changed, in so far as Premier Oil has merged with Chrysaor Holdings Limited to form Harbour Energy.
This makes for a financially stronger operator but Rockhopper said: "While there can be no guarantee around Harbour's future intentions for Sea Lion, Harbour has publicly stated a desire to pursue international growth with a preference for material operated positions and with capital allocated to those projects which best fit its investment strategy."
Rockhopper chairman Keith Lough said: "The company will continue to work closely with all stakeholders to maximise the chance of securing the Navitas farm out and project sanction of Sea Lion
"The board believes that the opportunity to invest in a world-scale fully appraised and engineered project with material additional upside at this point in the cycle presents a compelling opportunity, and one which would lead us towards unlocking the value within the project long-awaited by all stakeholders."
Rockhopper is down 4.44% at 9.22p.
https://www.proactiveinvestors.co.uk/companies/news/949933/hurricane-energy-shares-double-as-it-comes-under-attack-from-activist-investor-949933.html?