Member Info for mrc_mrc_mrc_mrd

That’s the point. The market thought it was over and we got a spike before realisation set in that it wasn’t going to be that easy. SP then dropped right back to £1.25 before getting a boost when the settlement was announced. Seems pretty straightforward to me, and honestly your theory is just bizarre.

I don’t think we can come to an agreement on this so I will leave it there.

Itsmymoney.

the award in our favour was seen as the end. Th Goi stated that they would accept the award when they entered into arbitration.

Sorry Frank but I think that is very hopeful.

They are not fully funded which is irresponsible and very risky going into a drill. If they can’t make a cash call then they lose the asset. That is my understanding.

Better to get rid at a knock down price I think?

Maybe £5 million worth a punt for someone.

Agreed things getting desperate now, and potential buyers know it! Probably end up losing the asset IMHO. At least then we can stop giving Gneiss money and bleeding funds.

Sorry just to add…CNE are in the oil business. I would rather they focus on this rather than arbitration enforcement.

The other option would have been to factor the award and let someone else chase the money. The fact they didn’t do this suggests that the percentage they would have had to give up would have been worse than the GoI settlement.

Itsmymoney

It is common in business to compromise on these things.

There are benefits to drawing a line under this and using what we do get to start building something new.

At £2.47 the market was not aware that the GoI was going to appeal and what might be required to actually get them to pay (confiscating Paris flats and Air India jets). To suggest that £2.47 was a market judgement on getting the full settlement in (let’s say) 3 years time is wrong in my opinion.

It seems quite obvious that the market expected a quick payment and the SP sold off as it became obvious that GoI were not rolling over.

The wind farm is painfully slow. Seems like a 2024/25 story given planning has still not been submitted, so very little to get excited about there.

Platypus we need confirmation of the new ownership structure. My fear is that it won’t have been progressed in the meantime. Could be a positive surprise if it is FDP ready to go as soon as we get licence confirmed (I don’t really have any doubt that licence will be confirmed).

Perth and skerryvore are the 2 that could drop anytime and make a big difference.

Right so, read page 5 of the finncap report.

Production dropped 14% last year to 5648boepd. Not unreasonable to assume the same again. So gross assumed to be 4857boepd.

We only have 7.5% of the big field.

Best case production is 728boepd at straight 15%, worst case is 364boepd at straight 7.5%.

I suspect it is somewhere near the middle of those numbers…around 550boepd.

PMG still making a lot of cash but nowhere close to 30 million I expect. The good thing is that the current prices are making up for the natural declines and will expedite and fund more drilling.

Doyle - there is no way they are producing 900boepd net.

I think 600boepd after buying royalties is probably still optimistic.

Lol, what are you on about itsmymoney….

SP was £1.30 before the settlement mechanism came into view and re-rated sharply to £1.80-£2.00.

Market clearly loves the settlement, and was heavily discounting the award before the GoI decided to come quietly.

I will give you the points on the change in strategy…market yet to be convinced.

Lol L3 - you have picked a date which happens to be right before the worst pandemic in living memory.

ENQ are a completely different company because of what happened. I would argue they are a stronger company. Saved by OPEC+, but AB has also acted decisively in shutting down the old fields and buying GE which has put us in a good position to take advantage of high oil prices.

Every day debt falls, even with Kraken and Magnus issues.

Without ESG uncertainty the SP would be a lot higher. It could adjust back IMHO as realism seems to be creeping back in to the discourse.

Jimmy,

TAQA looking to get out of oil and gas.

Don’t think it would fit with CNE as they have just got rid of fairly modern north sea producing assets.

Zedy - they give gross figures. The production net to PMG is around 500 to 600 boepd.

It’s very confusing and my preference would be that they report net production for each field.

Complete sale would be their preference I’m sure.

Quite a sprawling business though so I think they might struggle to offload it to one buyer. Oil and gas Operations in Canada, UK, Netherlands, Iraq.

I think you are probably right that it is unlikely. But would be fantastic if we could pick up the Dutch gas assets…they are near end of life so perhaps not much cash upfront and just take on decomm liabilities.

We really do need more cash generation to be able to drive The development projects forward without a partner (or to strengthen negotiations with partners)

Brilliant, L3 has sold out.

Perhaps he will drop in less frequently?

https://www.bloomberg.com/opinion/articles/2021-11-14/opec-s-fears-of-an-oil-glut-are-built-on-faulty-forecasts?srnd=opinion

KO - if something can’t be proved then it shouldn’t be posted. There is no chance that IR told you “they have utilised the best wells to keep production as high as one train can handle while the work on the other one”. You’ve just made this up, or got it through the rumour mill perhaps. Why not just be honest

Taqa are selling their North Sea assets.

Think TC will be looking at it?

Would be a very nice chunk of producing assets.

Ammu - IR have not released this information to KO. He is making it up. I just received confirmation.

IR seem to be telling you a lot more than they are telling anyone else.

What you have said doesn’t really make sense so I am very sceptical that it has come from IR.

It’s quite obvious to me that Krakhead knows very little about oil and gas production.