Member Info for moneyhawk

Post history suggests that they saw the news yesterday morning, failed to grasp the significance of FO news coming 'early august', believed the SP would fall, and then either sold or didn't buy. Now gambling that the SP will fall to recover their position.

Thanks brom, guess we'll just have to wait and see what dw actually means by a soft farm out process.

I’m not really sure that’s what dw means by ‘soft’ farmout process. He has also been using the phrase ‘informal’ farmout.

I take to mean that we’re letting relevant people know we want to and will farmout out, maybe even going as far as showing them some of the data and discussing provisional terms that may be acceptable. But we’re not showing the full data yet and we’re not ready to open a formal data room.

Yes, tomorrow is the first day of early August, lol.

I wonder how many days we can go before we have people panicking and saying dw is failing to meet his deadline.

Looks like the market is starting to wake up to the statement:

"A more detailed update on the conventional farm-out will be provided in early August. "

Next thursday 8th August (8/8) would be very appropriate timing for the fo news :)

Could be Zoom, it is the narrowest time frame we've been given so far. But 'weeks not months' has turned into months, so I'm not banking on early August meaning this week.

But this does all point to a big player being involved imo. I doubt a small player that would need this as much as us for their own 'transformational' news would want to keep it under wraps for so long.

wjmflp, today’s RNS has nothing to do with aim requirements. A quarterly report had to be released by today at the latest due to ASX requirements, and it had to contain the information that has been included. Not much dw could do other than release it or have trading on asx suspended for non compliance.

Thanks idr1, that explains it.

Presumably we are giving up some acres that have no conventional prospects and outside the revised hrz fairway. If so, good to see, no point incurring costs for lease payments that have no benefit.

We seem to have lost some acres.
Icewine Q1 - 528,000 acres, 66% WI
Icewine Q2 - 482,000 acres, 66% WI

Don’t know if that’s a genuine typo, unsure why it would be as it would just require copying from the previous quarter if no changes.

Looked at the nuna discovery a bit more. Two wells drilled and estimated 100-150 mmbo. So if the $300m conoco state is only for that, then they’ve paid $2-3 a barrel. That does seem possible.

Will be very interesting to see what value is being put on what we have classed as discoveries.

https://www.akrdc.org/assets/Breakfasts/foley.pdf

Bb32, yes I take the point that it may not be ConocoPhillips, and their expenditure plans may be irrelevant to us.

But in relation to the acquisition you've highlighted, anyone believe CP have spent $300m for a discovery on 21,000 acres?

I think not. It could be related to another deal. If that figure is right and it is just for that deal...

Even if completely unrelated to our deal, it’s a good sign for the north slope in general that CP are increasing their expenditure. Shows they believe in the economics of north slope production long term, which is something others will be taking notice of.

CP have released their quarterly report ahead of their webcast later, lots of mention of Alaska.

http://www.conocophillips.com/news-media/story/conocophillips-reports-second-quarter-2019-results-delivered-strong-free-cash-flow-and-financial-returns-raised-2019-planned-share-buybacks/

And in their outlook section, mention of increased expenditure in Alaska:
"Operating plan capital is now expected to be $6.3 billion versus $6.1 billion, attributable to additional exploration and appraisal drilling in Alaska and the addition of a drilling rig in the Eagle Ford Field at mid-year."

3.8m shares traded, hardly an indication of diminishing faith. It'd be a reasonable guess that there will be quite a few people commenting here who individually hold more shares than that.

Next up is Conoco, earnings call at 5pm uk time.

The transcript of the Q&As for their last quarterly earnings call in April did give a few hints at their future direction, and questions were mainly around what they are going to use their cash surplus for.

https://static.conocophillips.com/files/resources/cop-usq-transcript-2019-04-30.pdf

This could of course just be a wild goose chase for clues, our Farmout partner might not even be a publicly listed company

Doesn't seem to be anything in bp's results that suggest they are on the verge of a deal. So that's one down if this theory is right.

Unless we're waiting for our fo partner to get their results out of the way before announcing the deal, in which case it's still all to play for.

Then there's the small issue of our quarterly report, which must be given to the market by tomorrow, and whether or not it's being held back pending fo news.

Copper exploration in chile? I wonder if their plan includes shipping the copper to kabwe for processing, lol

And BMR to spend $1.5m on exploration within 18 months, then a further $1m?

I hope LC has a plan to dispose of our BMR shares as quickly as possible after they relist, I can see our shareholding becoming heavily diluted during that 2.5 years.

http://www.reveloresources.com/content/791/RVLNRJuly292019Final.pdf

WAa, share your thoughts on wanting to see something special for the FO, but will be happy to see any kind farmout deal if it means progress can be made, and without massive dilution.

But the thing is, I don't know if what we're experiencing is actually a delay or just normal. Sure its behind the time frame DW set out as his target, but is it a delay by industry norms? Comparisons suggest the time its taking isn't really anything that unusual.

The quarterly report being issued this close to the deadline is a little unusual though, based on what we've come to expect.

Just a thought, if we really are waiting on our new farm out partner to announce the deal first, then there are only 2 contenders that have announcements scheduled to also be in time for our quarterly results by Wednesday.

BP and Conoco tomorrow.

Both of whom also drilled the historic wells on our acreage. Could it be both of them? I'm not at all sure that this deal will be big enough for companies like those to want include with their own quarterly announcements, but then again, they may have more knowledge of those wells and whats there to make it a big deal.