Member Info for Lemarc

chrysaor was due to pay shell another big sum of cash if oil exceeds $95/bbl. I don't know the details but I hope it's linked to this shell junior bond they are repaying.

priced at 5.5%:

https://www.ifre.com/story/3084469/harbour-energy-usd500m-5yr-nc2-snr-note-550-nvg24qscyz

why didn't HBR publish an RNS for this?

yes HC, it's written in the RNs and not speculation:

Harbour Energy intends to use the gross proceeds of the Offering to repay in full and cancel its Shell Junior Facility, partially repay drawings under its senior secured reserves-based lending facility and for transaction fees and expenses.

the oil and gas industry tries to minimise it's footprint actually as the more steel you have offshore the more maintenance you need to make. this article has a nice photo showing the size difference of a drilling rig and tolmount platform:

https://www.oedigital.com/news/489320-harbour-energy-delays-north-sea-field-start-up-as-platform-issues-found

yes, there are plenty of nui platforms that work, it's not unproven but there are many sensors onboard and downhole, it might take time to diagnose what's going on.

https://archive.is/bEW8c

Hedge funds cash in as green investors dump energy stocks

HC, it's a platform, not a rig. Well probably has a few casing strings in it and DHSV. If we have a well containment problem, very likely a public announcement has to be made by the authorities and a drilling rig had to be mobilised already to contain it. If we have a completions/well productivity issue, you'll still need a drilling rig/barge with a workover unit or vessel with coiled tubing and I don't think they have hired any of these.

I suspect it's to do with the platform ESD systems that's causing a continuous trip and they have no idea what is causing it. As it's meant to be a NUI platform, everything needs to be ready for it to be controlled from land although I have seen NUI platforms that took years to be ready to be controlled remotely.

probably first time marketed to the US market and some investors probably found it super undervalued

sorry, i meant 10.25%

any indications on how high is the yield? I hope not like TLW's 10.5%

jefff what's happening to HBR is not a general market outlook but a company specific problem.

I think the market might be pricing in a dilution with the rumoured Neptune merger. Either that or EIG is playing us like what ARCM did with big shorts.

from pg9 of the HY2021 presentation, 46% gas, 54% oil

not good news when shareholder lock ends and you see the price goes down further ??

From one of the reddit users, more talks of acquisitions here (but not UK):

https://pemedianetwork.com/petroleum-economist/articles/corporate-finance/2021/harbour-talks-up-acquisition-options

Although they've said they will no longer proceed but exit and since it is not booked under 2p reserves, there should be minimal effect on HBR's business or loans. RKH should try and return to the table to renegotiate their carry terms. it's better to have a little than to lose it all.

good news: not in a loss (still in profit after 206m in taxes paid), capex spend remained the same going forward.

bad news:
- sea lion, Mexico, Brazil exit
- tolmount not likely to come online until year end

take care SK, hopefully things will turn around soon

says in the article, varadero and burgman, near catcher

Based on the response to bp/shell, there's no incentive at all for oil companies to invest in renewables. In fact, there are still a target for Greenpeace and XR. So why even bother?

I'm not even sure the other existing renewable companies want us to compete with them, where BP has only shown to drive up the bids for wind farm leases.

dbno must be a bot