Member Info for Lemarc

Https://www.reuters.com/business/energy/petrochina-indian-oil-fail-secure-tankers-load-iraqi-crude-sources-say-2026-06-18/

Note that it is still difficult to charter tankers to load ME oil! War premium might go on for a little while more IMHO

Asked AI to watched it and these are the main takeaways related to us:

The Oil Market & Geopolitical Shocks:

- Iran’s closure of the Strait of Hormuz has removed roughly 20% of the world's oil and natural gas flows from the market [05:17].

- Despite this massive supply disruption (larger than the Russia-Ukraine war shock), oil prices haven't skyrocketed proportionally because the market remains hopeful the conflict will resolve quickly [08:22].

- Global inventories are draining at an unprecedented rate [08:08], creating a long-term demand tailwind as governments and companies will eventually need to rebuild their stockpiles [14:02].

Sector Behavior and Investment Strategy:

- The energy and mining sectors have shifted away from the "drill/mine baby drill" mentality of 2014, where management teams overproduced and collapsed commodity prices [01:01:39]. Today, companies are highly disciplined, returning half of their cash flow back to shareholders via dividends and stock buybacks [01:07:11].

- Eisman emphasizes that these are deeply cyclical value sectors, making them excellent trading vehicles rather than standard buy-and-hold growth stocks. The ideal strategy is to buy when commodity prices crash and sell when market enthusiasm peaks [01:21:06].

Not true, see their BW Energy subsidiary where they are planning to more than triple their production in the next few years!

Interesting read on HMRC's appeal against HBR's acquisition of Waldorf: https://www.grantthornton.co.uk/insights/hmrc-tax-losses-and-the-limits-of-dissent-what-the-waldorf-judgment-means-for-restructuring-plans/

Didn't even bother to attend the mediation prior to the deal!

Any idea why they bought & sold the same amount of shares for a loss?

https://www.lse.co.uk/rns/form-85-eptri-capricorn-energy-plc-90wrssgs30n5fx9.html

And why are all the funds selling down if they expect the bid to be higher?

LINK WITHOUT REGISTERING: https://archive.ph/Hf3b9

to be fair, there are no operators on the list: https://www.heraldscotland.com/news/homenews/20160495.windfall-tax-oil-gas-industry-calls-johnson-reject-proposal/

The 31 signatories are from: 3T Energy Group, Aker Offshore Wind, Apollo, Aubin Group, Baker Hughes, Bilfinger, Blade Energy Partners, Carjon-NRG, Dron Dickson, Exceed, Fennex, Global E&C, Halliburton, Hydrasun, ODE Asset Management, Offshore Water Management, Optimus Plus, PD&MS Group, Petrofac, Ponticelli, Prodrill Energy Resource Solutions, Semco Maritime, Stork, Subsea7, TechnipFMC, Tees Medical Services, Texo Group, Three60 Energy Group, Vysus Group, Wood, and Worley.

https://www.energyvoice.com/oilandgas/asia/370392/harbour-moving-fast-to-commercialise-tuna-discovery-in-indonesia/

Sources told Petromindo that “Singa Laut-2 tested 22 MMCFD of gas with high condensate while Kuda Laut 2 flowed 3,043 bpd and a gas rate of 3.4 mmscfd and 2,270 2.270 bcpd & gas rate 10.4 mmscfd.

Better news than a marginal discovery for sure.

Just to clarify that tweet about the baby seal is from last year!

I hope it's not another baby seal delay:

https://twitter.com/PDPorts/status/1282973511259226112?s=20

I have no clue Plebleens.

looks like they only allowed it to go up end of last year when they were setting the employee share options so they'll get a higher exercise price :)

Plebleens, how did ARCM managed to hide their shorts for >1.5yrs then if it's always showing up in exchange short list or bank holdings?

500p :)

that's good news I guess, I thought HBR was going to overpay for this.

so what did he say?

we need more details of the bonds/senior notes to know. I'm not sure if they are convertible

this reminds me of the ARCM "hedge". FCA has unfortunately encouraged it with such a small fine, it should really be considered a commission. They need to take action fast and hard now. strip off all profits + 100M fine to make a statement!

Please go through all the pre merger info on the HBR website on the new debt structure, everything is there.

Everything else is in RBL, relatively low interest l + 3.25%. North sea assets require significant cash in an escrow for decommissioning fund that is already accounted for, no surprises there.

All the costs associated with producing oil/gas is averaged as opex of around $16/bbl. 4B tax credits inherited from PMO so no more UK tax for few years. All the hedged volumes have also been released as public information. everything is there for you to make a quick calculation.

Soder, do you mind explaining to us plebs what these stabilisation notices are?