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Meeting this morning confirmed the acquisition of Opus which helps to diversify Drax's business further downstream. Look out for the announcement of full year results on February 16th - with Barclays prediction of a dividend I think they should be encouraging. Don't know why the SP isn't reflecting that, probably missing something!

Yes, by AIM rules a company is obliged to put out an RNS message if anything happens in the company which will significantly impact the SP, potentially doubling oil output fits in that category! IMO the interesting point may be how Ithaca spins the first oil announcement, if it's dead pan you can bet the BOD want the deal to go through, if it's more enthusiastic and optimistic then maybe it could be a sign they are looking for competitor's interest.

Seems to me that this twin track approach is a sensible way forward, I guess the next interesting point will be whether the government decides to take the decision back to the centre. It really would serve the County right if they were landed with the legal costs of an appeal. Perhaps the new application gives them a way out, they can approve the new application knowing that they stand no chance at appeal, thus saving face, and the danger of costs.

Presumably the company have to take legal advice before launching an appeal but I would hope to hear soon that this has been placed. I agree that the reason for refusal seems weak. I wonder whether the government will think it a big enough issue to make the decision centrally. That move slows the process down but reduces the chances of local pressure prejudicing the result.

The only thing on the horizon is the electricity capacity auctions this week. If I remember rightly Drax didn't do very well in a recent auction. I wonder if the II's are concerned about the outcome this week. But WTFDIK

Details of pedl201 from infostrata "This basin has been actively explored since 1920 with over 30 fields having been discovered in this Carboniferous petroleum system to date. In the past 15 years, an increasing number of companies and consortia have been attracted to the area by its steady proven success rate."

Anyone know why Drax should open down this morning? I can't find any news to justify this.

Marine traffic indicates no vessel nearer than 15 miles from FPF-1. Anyone know any different?

I suppose it makes sense for the company to do the hook up over the weekend when the market is closed, then they can publish a message on the RNS on Monday (that's assuming the tanker sighting proves to be the genuine article).

Surely the rig will want to test their new equipment by gradually increasing flow. What I'm looking for is an RNS that gives a clear pathway to expected regular production over the next 3 months or so and an indication that the production schedule is in line with previous estimates. I think that would be more than enough to satisfy the markets. There is also of course the expected reduction in costs associated with the pipeline tie-up later this year.

If anyone's really interested in Saudi oil policy this article is good if a little technical, just Google "The Phases of Saudi Oil Policy: What Next?" for a presentation given to a government department.

A rise today, at least so far, against the market, probably because of good "buy" broker ratings. With the wood chip side of the business going at full tilt over the last month or so at a good price and the coal side presumably filling the shortage of wind power recently it's not a surprise to see the company attracting positive sentiment from investment analysts.

The hydrocarbon industry is not going to diminish any time soon, a couple of trends though IMO... 1. Shell in particular are betting on a move to gas over oil partly because of the lower carbon profile but also because there are larger gas reserves. The recent rise in LNG production capacity means that gas can be a worldwide traded commodity. 2. Lower recent O&G exploration with a natural decline in existing fields suggests an oil supply shortfall in the coming years if increased shale oil does not fill the gap. 3. There are reserves of shale oil all over the world which have not even been begun to be exploited. 4. Similarly watch for the results of Hurricane's basement plays in the North Sea and the possibility of other similar sites in the UKCS and elsewhere. Finally everyone has there own guesses about the post-hydrocarbon era, my guess is that the technology to watch for small modular nuclear plants which built in numbers would be more economic than one off designs.

It is now over a week since the planning committee decision so Egdon should now have the written confirmation. It won't be long until we hear that the appeal has been lodged. Since the issue of UK energy security is an important one, as is trust in the EA, it wouldn't surprise me to see this appeal taken immediately to government level, as with the Cuadrilla application.

From oilprice news data which shows Chinese oil production has dropped 9% in November which means increased reliance on oil imports for China. This could push Chinese companies to secure newer and lower-cost fields in other parts of the world. Hmmm!

Surely we don't need an RNS . The marine traffic websites will tell you when a tanker is on its way to the rig which will surely tell everyone first oil is due in tthe following few days.

I'm not sure how many people follow Malcy's blog but, given the success of his bucket list last year, it wouldn't surprise me to see IAE get a small kick upwards when it's included, as expected, in his list this year which is due at the end of January.

I suppose there's an outside chance that somone will be able to beat the market by spotting the first tanker on its way to FPF-1 on one of the marine traffic sites.

Thanks for that, a positive outlook. I canot believe where this extreme green folly is leading us, more crude oil imports from the Middle East and Russia and a lost opportunity to generate local jobs. Crazy.

I don't think many people realise the problems of the Saudi economy. They have recently asked PwC to help with cutting $20bn of government expenditure. They are doing most of the heavy lifting in terms of OPEC production cuts and that must be on the basis of calculations about the market share versus revenue balance. They will make it work for their understandable self-interests.