Member Info for mrc_mrc_mrc_mrd

Also short quotes would be acceptable fair use IMHO.

Gogsy

I doubt that the OGA would pull the license. They are tasked with maximising economic recovery. Waiting years for a new licensing round and hoping that parties applied at that time would make no sense. We have 2 companies here that are keen to develop the field ASAP as far as I am aware.

It would be interesting if you could post the report you mentioned - even if it’s a link to a paywall?

They seem to have got the percentage ownership wrong in any case? Why would PMG want to reduce their stake to 10% yet be operator?

When can we expect it? Any maintenance shutdown of Krakers planned this year?

I am happy either way really. It is up to the company to arrive at a deal that is best for shareholders.

We can only speculate as we don’t have all the information.

My guess would be that this is the GoIs starting point in negotiations and it is not a take it or leave it situation. They will know roughly where Cairn might compromise from the previous talks.

It’s very interesting to watch. As someone said, seen it play out this way quite a few times now. There are always new mugs to buy into the hype.

Whatever you think of our BOD, and I am no fan, at least they are not out trying to ramp the SP on Twitter.

Chris - agree the BOD have played it well post IPO.

Unfortunately they didn’t sell all of their stake and secure the funds needed for the Ruvuma work programme. There will need to be some more dilution now.

Presume SP will get hammered on that RNS

Just because they don’t legally have to pay interest and legal costs does not mean that they don’t intend to in all cases.

Cairn I imagine are a special case in that they have an enforceable award and have been by far the worst impacted. Why would GOI make it law to compensate everyone when they can probably get away with settling most of these cases by writing off the tax portion?

Most likely it will be a negotiated settlement IMHO.

The new law should discourage anyone who has not been through the arbitration as they could have a significant time to wait for any money, and values may not be worth it. For cairn I think they still have a strong hand for getting at least some of the costs and interest back.

The more assets that can be identified and seized the better cairns hand, even if we can only gather $1 billion worth, they are likely worth a lot more to the GoI.

I expect we will hear a statement about a negotiated settlement on that basis, but we could see more seizures before that happens if the GoI are not approaching discussions with more than the (new) legal minimum.

I agree, platypus increased share is near nailed on and adds a few pence to the SP. the results showing the profits we are generating from the producing assets have always been a big driver.

Sadly I think we have to wait until next year for that to show up. I think we should be averaging around €14 June 2020 to June 2021. Slightly higher than 2019/20 but assuming production declines a similar revenue I imagine.

I think our move up to 45p is mostly pricing in the Dutch gas prices.

I am looking for Perth or Skerryvore to light the touch paper. Renewables progress would also be great...seems to be taking a long time!

We have our own troll here called Chilting

Yes perhaps $1.7 billion but with conditions that $500 million must be invested in India?

Basically turn it into a bit of government stimulus.

We might be looking for OPEC plus to intervene and stop the panic. If this is what happens when China has 120 cases a day then what happens when it gets to 500000 cases a day!

Exactly Oxygen.

eco warriors like Chilting need to do a bit more thinking.

They are making the same mistake they did with Nuclear and demonising the very thing that can save us. Wouldn’t it be great if the world were as black and white as they see it!!

It’s actually a bad idea to stop NS oil exploitation because oil production will be increased by national oil companies or private companies in jurisdictions that have poor regulation.

Far better to let NS production continue and incentivise investment in CCUS, electrification, etc.

Chilting - you are getting excited about this but it is really not going to happen. The industry has bought in to a clear target based system and I think any further changes / accelerations will be with agreement from operators.

It’s a commercial decision to develop an oil field. Government should regulate to make the extraction as clean as possible but to actually ban production is pretty stupid. CO2 reduction requires focus on demand side.

The government strategy is maximum economic recovery. Changing the rules halfway through the game would not be a good signal to investors looking at post Brecht Britain.

Chris - haha, maybe!

It needs more deals though surely? The greenan won’t generate enough cash to pay the corporate overheads. Hopefully this deal is just the taster course.

AA - I am certainly not neutral at the moment. I take an interest because I have bought into the story in the past. I think the gas deal debacle was really a huge mistake. What sort of oil and gas BOD doesn’t consider full cycle when making a deal?!

The company is now in a bit of a hole. Crazy to think where this could be without (let’s face it, the luck) of the HE1 IPO and run up. Surely less than 0.5p.

There really is not much to be excited about as far as I can tell.

That said, if the BOD can execute a series of excellent deals in the biogas space then there could be a turn around story.

They just need to do it soon or all the cash will be sunk into the Ruvuma money pit. This company cannot afford Ruvuma. The dilution will be too high.

Panties appear to be getting bunched here lads. It was not my intention and sorry to have burst your little bubble where SCIR have £20 million ++ of tax losses.

AA - you are free to go on any of my investments and point out their flaws! (As you have done many times!) This is how we all learn.

Chris - when do you expect that we can use these losses? When will SCIR become profitable do you think?

AA - I have admitted that I missed this in the accounts and was not quite sure about what these losses related to in terms of capital losses or trading losses. To be fair to me the company include this in a note and are not shouting about it like Chris is.

The losses are useless, so why are you and Chris making such a big deal out of them? At best they add a million pounds to the market cap at some point down the line - 5 years? 10 years? Do you think it’s good that the company continues to make large losses with little progress??

Why exactly are you still invested? You don’t seem in much of a hurry for the BOD to come good on their strategy (which is based on rapid scaling of NEW investments!)

If they do what they say they will then I would be happy to reinvest. At the moment they are consistently over promising and under delivering, and I can’t invest in that. The only other thing that could happen is they sell Ruvuma - this looks highly unlikely, but I understand that some will invest on the chance that this happens.

Chilting - I actually disagree with your assessment of the UK. We have a brilliant civil service who run our country. The politicians can set the direction but there is a great machine that advises them. Our politicians are more about spin and messaging.

At the end of the day the military, big business, and civil servants have influence. The public not so much.