Member Info for moneyhawk

Some more on Conoco, Q&As from 16th May. Emphasises their current focus on the US including Alaska

https://static.conocophillips.com/files/resources/q-a-from-the-meeting.pdf

5) Why sell the U.K. North Sea business when the Annual Report mentions further development of the
Ekofisk fields?

"The Ekofisk fields are part of our Norway business unit and unaffected by the U.K. sale. Also, the Annual Report was published prior to agreeing to sell the U.K. assets. We are extremely proud of the legacy we’ve built in the U.K. over the last 50 years and are pleased that Chrysaor recognized the value of this business. This disposition is part of our ongoing effort to hone our portfolio and focus our investments across future low cost of supply opportunities."

8) Page 155 (of the Annual Report) shows U.S. reserves increasing and other Canada, Europe, Asia & Middle East & Africa reducing. Does this mean that there will be less investment in these areas and the exploration and production will be taken back into the USA only?

"The reserves in the Annual Report are proved reserves and reported under specific requirements by the SEC, but we have additional development potential in our low-cost of supply resources. Our current development is focused in Alaska and Lower 48. As we mentioned in our 2019 Capital and Operating plan, over two-thirds of our capital will be allocated to the Lower 48 and Alaska this year. That breakdown may change in future years as different projects are approved across our high-quality, internationally diverse portfolio, but we still expect to spend a substantial amount of our capital in the U.S. This is a function of the low cost of supply opportunities available in our Lower 48 and alaska assets. Additionally, we have some future major projects that are pending decisions this year such as Bohai
Phase 4 in China, the North Field expansion in Qatar and Barossa in Australia."

The shard note from 21st March is now on the website

http://jubileemetalsgroup.com/wp-content/uploads/2019/05/Shard-JLP-21-3-2019.pdf

Does seem a bit odd to me that someone who claims to have 100m shares wants throw up doubt about timescales and funding just to wind people up because they're bored, and also bang on about consolidation periodically.

Takes all sorts I suppose, but maybe a slight whiff of porky pies here :)

I do share the view now that the delay could be because we're now looking at a combined conventional/HRZ farmout. DW stated in the last interview he expected to update the market on the HRZ late April, we are well past that now, and he also didn't rule out a combined farmout.

But many other possibilities. It could be as simple as the decision making process for the final sign off with the preferred bidder takes a long time.

If it is something that is going to require board approval, the boards at major oil companies are not going to be meeting every week. e.g. Exxon's board normally has 8 regular meetings per year, so (purely as an example), if it went to the board there and they raised a query it could then be another 6-7 weeks before they meet again.

Exxon info on board meetings:
https://corporate.exxonmobil.com/en/Company/Who-we-are/Corporate-governance/Corporate-governance-guidelines-and-additional-policies#corporateGovernanceGuidelines

TT, yes plenty of information out there to look up what and who you're investing in. Its well known that CB has his fingers in many pies.

But regardless of what you think about that, its pretty clear that its LC in the driving seat, especially in terms of strategy and acquisitions.

Is it really news to anyone that CB has multiple directorships? Find it a bit odd that someone pops up proclaiming that something dodgy may be going on in a share he's not invested in, and the only basis is a post on another forum from someone who seems to revel in creating and spreading false info thats loosely based on half truths.

Sounds positive, thanks for sharing. But I guess for balance, an update soon doesn't necessarily mean the news we're hoping for.

Although you do get the sense that news is now being held back pending a significant update.

Seahawk, maybe one day DW will write his memoirs and we'll get to find out what really happened with those announcements. It would be fascinating to know how much they were influenced by the nonsense posted on twitter and if the other consortium partners had an input. It must have been a tricky situation, RMP's SP looked to be responding to people posting made up 'leaks' on twitter, and us to a lesser extent, so its probably something they had to address and respond to.

Given what happened with Winx ('things are looking good' announcement followed by the 'failure' announcement), I'd be very surprised if he gives any kind indication that everything's ok. I feel he's said as much as he can, and all we can do is wait.

Good luck with getting a response, although I suspect the best you can hope for is a line or two to say an update will be given to the market soon/in due course, or words to that effect.

I'm sure DW will be frustrated as well that he hasn't been able to give an update yet. I'm just working on the basis that no news means there is no bad news.

New brokers note now on the JLP website dated 9th May:

http://jubileemetalsgroup.com/wp-content/uploads/2019/05/Shard-Capital-JLP-9-5-19.pdf

Interestingly they say that Q1 earnings beat their expectations of £2.8m, lets hope that's a pattern that continues!

But no sign of the follow up note they apparently issued following the sable acquisition.

DW described Winx as a failure, but has never described Icewine 2 the same way, pretty much the opposite. The Baker Hughes work may give some more answers on whether the HRZ will flow and how to do it, so until we know what that says can't really say its a failure.

Brom, he's still around, providing 'expert analysis' on AAOG at the moment. Apparently some fantastic news is on its way over there. (sound familiar?!)

http://icebergshares.blogspot.com/2019/05/aaog-djeno-unmasked-aaog-are-looking-to.html

https://twitter.com/IcebergShares

When has anyone other than blatant and very obvious serial rampers ever said this is risk free? De-risked does not mean the same thing.

RMP RNS now out to match the ASX announcement. I think there are a few posters over there confusing A$ for £ :)

New presentation from Otto. No mention of Winx or the western blocks, and only a brief inclusion of their Central blocks in the reserves and prospective resources table on page 37.

https://www.asx.com.au/asxpdf/20190514/pdf/44529x2q018043.pdf

oh, so where's the cash position of $7m come from then? The last update for us had A$19.5m/US$13.55m

http://clients3.weblink.com.au/pdf/88E/02097712.pdf

Who are you talking about Spike? RMP? Their mcap is £2.8m not £45m, which reflects the position they are in, wouldn't describe it as undervalued imo

So if it doesn't happen this quarter and negotiations are still ongoing, then what? Nothing has changed, the oil is still there, we still have interest in it, no wells will be drilled until next winter at the earliest in any event.

Hoping it will be wrapped up soon, but don't see the point myself in setting arbitrary deadlines for an investment based on no knowledge of whats going on in confidential negotiations, other than they are taking place.

Here's an example of a BP farm-in deal a few years ago. Would be nice to see a similar deal soon with 88e substituted in :)

https://www.offshoreenergytoday.com/bp-teaming-up-with-kosmos-in-mauritania-and-senegal/

"Under the terms of the agreements, BP will pay Kosmos a cash bonus of $162 million on completion. Moving forward, BP will carry Kosmos’ exploration and appraisal costs of $221 million along with Kosmos’ development costs of $533 million, including front-end engineering and design studies"