Member Info for mrc_mrc_mrc_mrd

https://www.reuters.com/business/finance/cairn-energy-sues-air-india-enforce-12-bln-arbitration-award-court-filing-2021-05-15/

Yes these fields allow ENQ to efficiently utilise the spare capacity at AK and extend the plateau / stave off declines.

Of course in a high price environment that could all change and additional capex may be allocated to accelerate extraction. I think AB has probably learned his lesson on that front though!!!

Slow and steady, short cycle should still be the mantra.

Bressay is not so far away from Kraken North, so I don’t think it would be impossible to tap bressay with a straightforward tie back. Certainly AK likely to play a big part. EP is a wildcard...maybe use it as floating storage part of the Bentley development? Similar to the Whalsay plan.

As chilts says that could even be picking up anchors and physically moving the FPSO. A phased development would be best though to keep AK throughput steady

I’m sure there will be studies ongoing to evaluate the different options.

Should’ve - no, as I say, I just comment on a company which I have done a lot of research on. Is it investable for me at the current price? No. Does the company have big problems? Yes. Are they insurmountable? Not with the right strategy and a motivated BOD.

Hi shouldve - actually I checked my trading history last week and I am pretty flat on SCIR. I just like to express my view on the share as I have been in and out of it for the last few years, and would invest again if a new BOD is installed.

I was positive about it when the BOD came on board. Like many I was impressed with their CVS and the skin in the game. They did well early on with the sale of HH and tidying up the asset base.

My view really changed with the announcement of the last deal (thankfully I was not invested at that time). It was a rotten deal from the start - not enough reserves, high cost of borrowing, and actually just over priced.

Of course we then had the news that all of these disposals and failed deals had been costing the company millions in fees.

If this was a £50 million market cap and some cash and cash flow underpinning it then I think the BOD could make a go of it. Getting to that point is where they are I’ll equipped.

How many more name changes, placing, and consolidations will SCIr go through before first gas?

Will we still have the same useless BODs at the helm?

Will there be a third strategy launch by then when this one has failed? It’s going to be an exciting journey!

https://oilprice.com/Energy/Energy-General/US-Oil-Rig-Count-Soars-As-WTI-Recovers.html

Up 5....

Oil price dot com is a real joke. Started reading the article and got to the part where they say it’s up 5 and had to scroll up to realise it was posted by these idiots.

I think re-use by ENQ is the best option, but don’t think you would be too far off with those numbers. Scrap value might be to the high end of that range with current metal prices. I think ENQ paid $50 million for the hull in 2012 which was basically the scrap price.

The hull is old but was all patched up in Hamburg dry dock, and lots of kit on the topsides which must still be fairly shiny. Reuse via a sale or redeployment by ENQ best bet IMHO. We will hear news sooner than later I think. Could be a game changer as can’t be too much value assigned to it. AB could offer it as part of a farm in??

Slift - of course it can be tied back to kraken.

You will be long gone by the time it happens so I will have to make peace with the fact I won’t be able to tell you I was right. Anyway, your game is pretty obvious and we now have the L3 trader engaging. Another self styled expert.

S’later

Slift - more personal abuse and very little substance from you.

Would love for you to tell me what this $20 million mods to AK per well is for. Smells like BS to me.

I actually think Capex will be considerably higher than your $100 million, but the costs will be mainly subsea infrastructure. However Capex per barrel will be at least half what you are suggesting. We have substantial reserves in these fields to recover. It is worthless to give a per barrel development cost the way you have - you’ve added all of the capex onto the first 2 wells!!! Why would you do that?

I get the feeling you are not involved in oil and gas projects so very little point trying to have a sensible discussion with you.

Squif - no, I expect pleasing news on this shortly. EP is in good shape, the issue with AG was the reserves it was built to extract were not there, and those that were there were not economical to produce in a low oil price environment.

Slift - what you are proposing has no basis in reality. ENQ will produce a development plan for the full field. You are throwing out costs per barrel for a bizarre 2 producer well development. Your costs for modifications to AK are complete *******s. Where did you pull them from?

You can’t just add all capex investment onto the first 2 wells. It needs to be spread across the full development.

I will say again. It is nonsense to suggest that $200 million would be spent to add 2 crap wells (and no water injector??). Cash better spent on the likes of GE if that were the case.

The value in Bentley and bressay is due to the use of existing asset and full scale exploitation of the fields.

£90 traded in the first 90 minutes.

Gosh they are frantic out there today! Obviously nobody wants to be out over the weekend!

No need to be rude slift, it’s not personal.

I think it is foolish to guess costs. You seem to have based yours on a wet finger in the air? Not much in the way of sources to back up your figures.

What I stand behind is that they will not be developed if you are right about the development costs. And I don’t think ENQ would have bought in to Bressay without a good idea that it could be developed in a $50 price environment.

As I say, it will either be developed at scale or done via tie backs. No way are they going to spend $200 million on 2 crappy wells.

Slift- your costs to develop are too high IMHO and would never be developed if that was the plan. If these fields are developed it will be at scale or as cheap subsea tie backs. We have an FPSO which has significant sore capacity in the years to come. I don’t think it will need significant modification to accept fluids from bressay.

Just means we will have an even bigger re-rate when it comes!

I agree with Chilts - floor for now unless something major happens like a vaccine resistant variant taking out Europe / US or China demand. We might visit 15-16p again but I doubt it will even go that low.

Spin - it is still trending up. Just takes a good week or 2 to be testing the highs of the last few years.

Sooner we get to 30p and get rid of some of these stale bulls the better.

Squid - AB is not accountable for your bad decisions.

Should've sold - I don't believe there is the local demand, even if there is a pipeline. They need the Kenya link / LNG etc.

Oh dear, wheels falling off for anyone?

Aimster - you mention market cap will be 50 million at the next placing? How are we going to 5 bag between now and the next placing (let's say 1 year from now)?