Member Info for Mogger

Ralph,

Did you read the document?

Mogger

Chaps,
Once you have finished your game of Top Trumps and only if you can afford it...

https://halliburtonblog.com/tech-paper-integrated-formation-evaluation-approach/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+HalliburtonBlog+%28Halliburton+Solutions+Blog%29

Mogger

Welcome to the board. I was wondering whether anyone would do any further research or just play drillship Top Trumps like Ralph. You are quite correct. When you look at BP's published long term drilling plans, they have no use for those two drillships. Either these are for something as yet unannounced, or BP are not the operator. One takes their pick. Mogger

Just to move the conversation on a bit, some will remember that a LOI was signed with Diamond in February for the provision of a suitable drilling unit for the Sea Lion Phase 1 development.

Today they have released their latest Rig status report and 2Q results. Interesting that they have announced that they have " executed two new two-year contracts, one for the Ocean BlackHornet and one for a yet to be named drillship, which are scheduled to commence in 2020."

Look at the Rig status report and it shows these two drillships are due to start on a new global contract at the same time as drilling in the Falklands is planned.

The operator is BP. Are they our new friend?

Mogger

http://www.diamondoffshore.com/

Why wait for a takeover? Just take the 40p and move on. You were happy with that plan a few months ago. What's changed? Mogger

You have said on several occasions that you would sell at 40p.

What's stopping you?

Mogger

Extracts from the Record of the Budget Meeting of Legislative Assembly held on Tuesday 29 May and Friday 1 June 2018. Falkland Islands

"Mr Speaker, I am pleased to report that there has been material progress since last year with
the Sea Lion oilfield development. The significant recovery in the global price of oil means
that the project is an increasingly attractive prospect, and key regulatory approvals have
advanced. Earlier this year the environmental impact statement underwent a thorough public
consultation process. The feedback from this exercise is now being considered by
Government officials, prior to making a recommendation to the Executive Council.
After two years of work, the technical review work of the Field Development Plan is also
close to conclusion, and other elements of the overall engagement plan between Premier Oil
and the Government are progressing well.
New environmental legislation is about to enter the drafting stage and a review of offshore
safety legislation is about to begin. Together, these will ensure that future offshore oil and gas
activity continues to be regulated to the highest possible standards in these critical areas.
Other oil readiness work continues across Government, much of which will feed in to the
overall legislative development programme.

During the coming year, we hope to see continuation of investment in the Falkland Islands’
first offshore oilfield development. However there remains a lot to be done both before and
after that decision. If the project is approved, it will bring tremendous opportunities for the
local economy and a significant boost to the revenues of this Government in future years. It
will also underpin future capital investment and the economic independence of the Falkland
Islands for future generations." Page 11,12

"Also, an allocation of £800,000 has been made available to the oil development budget.
This is to meet potential legal and regulatory costs associated with developing plans for the
oil industry." Page 45

http://www.fig.gov.fk/assembly/component/jdownloads/send/373-2018/2229-05-draft-legislative-assembly-budget-record-29-may-and-1-june-2018

Mogger

All,
I posted the article for no other reason but to enlighten some on the case being brought to the ICSID. Like all policy documents, it is very one sided.
The publisher is an organisation called Corporate Europe Observatory which "is a research and campaign group working to expose and challenge the privileged access and influence enjoyed by corporations and their lobby groups in EU policy making" ( from their homepage)
It was financed by the German Catholic church and the Rockefeller Foundation.

Take credit from the fact they have used Ombrina Mare as an case study. There is an extremely good chance of winning and the quantum is considerable. If the verdict is favourable then Italy will pay as Rockhopper will have the ability to seize Italian assets in the UK. Only in extremely rare occasions are appeals permissible.
Track the case here

https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB%2f17%2f14

Hope that helps

Mogger

Bancos,

This should keep you busy during your coffee break

Pages 52 and 81 for those short on time

Mogger

https://corporateeurope.org/sites/default/files/attachments/one_treaty_to_rule_them_all.pdf

Kurgan,

What a ray of sunshine you are. Think positive. You've made £15k in 2 months!

Mogger

Nice find poodle

Parsifal, Will spud in May http://www.investegate.co.uk/mediterraneanoil--38-gas--mog-/rns/q1-2014-operational-update/201404230700052637F/ Mogger

of hand

Thanks Stotters! So we have 1p "quickly" after first spud And " 0.7p will just not happen." As a shareholder I find it strange that you are not "worried about the costs" It is your money that LGO are spending. I'm pretty sure that NR or DL have not dipped into their pockets to fund the case. LGO did indeed find a way to pay for the first legal bills. However, you were all very upset as to how they raised the cash. With over £3m raised from draw downs and share issue at the beginning of June 2013 and only £1.5m in the bank 30 days later( from the accounts), I guess you would be happy for a similar fund raising exercise in order to pay for the next set of court bills. Its no wonder that NR didn't take a salary for 6 months - cash is not exactly flowing into the bank. Mogger

"Rig 20 will be spudding shortly - I reckon the drill will be on site by 2nd April. You can hold me to that one" And I tried to warn you that the timeline had slipped Oh dear. Looks like your research wasn't as good as you thought. Have you thought of an answer to my question on how LGO might be able to pay court costs? Mogger

Aarun, MOG were the defendants in the case. Therefore they will not "benefit" financially in the case of a win. However, the company and board will be vindicated if they win and may want to proceed with a libel claim against Mr Ritson and LGO. I hope that answers your question Mogger

Just in case you haven't left, there is still my outstanding question of how LGO are going to pay for costs. In reply to you, there have been no announcements of share thresholds having been reached so I don't think it is large investers selling off Mogger

Thankyou for all your thoughts on how good LGO is as an investment. You say you have done your research and can't see any way in which the share price will fall to 0.7p If LGO lose the CC there is a very real chance there will be a bill of a least £600k to pay. LGO do not have that money in the bank and would either have to dilute or continue to sell assets to pay. Please don't reply with the stock answer of the $300k profits that are being made each month until you read the wording of that RNS and understand what is excluded. If you want a clue , just look at how David Lenigas takes his salary for being chairman. If LGO is so profitable then why dilute with YAGM for a sum of £67k per month with the knowledge that they would dump their shares each month further hindering the share price. I see there are further delays with your rig. Another Ritson timeline not fulfilled? There is therefore a real chance the share price could fall 20% Mogger

I know I shouldn't bite but on the 20th Jan you said you had an average of 1.06 in LGO. On the basis that the share price since then hasn't been lower than your current stated average I think you need a new calculator. Try again, Mogger

James not so bright, Your investment history on this site shows you down 20% on lgo and at least 30% on tpet. On that basis I'll ignore your strong sell recommendation Mogger.