Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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.
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
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.
anyone found it strange that HBR daily volume is only around £2M/day compared to TLW's £6M/day average. if we assume most of it is due to creditors selling, this means they will only have around £100M left by the end of this month. so maybe it's best to wait until end of next month to buy in.
There will be no effect as it's not counted in their 2P reserves, only reduction in 2C probably (not assigned much value) but will be offset by the high oil price. There are some unverified industry rumours going around which might have a greater impact though.