Member Info for mrc_mrc_mrc_mrd

https://www.gov.uk/government/news/readout-of-the-chancellor-of-the-exchequer-jeremy-hunts-roundtable-with-the-oil-and-gas-industry

By the looks of it.

L7

Enquest sell their oil to buyers at a negotiated price? I guess it is likely to be close to dated Brent price (adjusted for quality) because that itself is made up of trades for near term delivery.

HUR I’m guessing have some sort of offtake agreement where they have agreed to use a benchmark price.

My understanding is that ENQ manage their own sales, particularly Kraken. The pipeline oil may well be different.

We are no longer making a loss on our hedges, but we are not getting a premium either. Our cost less collar means that upside is capped and downside is protected (in the 60s somewhere from memory.

Romaron - we should certainly be using less fertiliser. And there are ways of targeting areas that need it and using cover crops to add nutrients naturally. But yes obviously blanket bans are not going to be useful. The NL is an interesting one and from the little I know about the subject there is a good arguement that they should be producing a lot less food.

I once met a Dutchman who had an allotment in The sand dunes. Apparently they just used a lot of fertiliser. I was quite astounded.

What makes you say that KO? The US has talked about refilling the SPR at $72 WTI.

Stevo - the difference is that Norway is a known quantity and the industry enjoys political and societal support.

I believe they have also made some changes recently, but there were some strong incentives to explore, with the gov taking on a lot of that risk. The U.K. has copied the headline rate and use Norway as justification…however if you actually dig into it I suspect the incentives are different…

The U.K. gov are a disgrace.

And across the country KO. KBR are supporting cambo and rosebank FEEDs out of the U.K. I understand. There are also areas across England that are heavily involved in supporting oil and gas projects.

It’s actually the smaller projects that drive employment a lot of the time, especially Aberdeen which does brownfield modifications and will get involved at hook up stage of bigger jobs.

Big greenfield jobs get designed in London and and built overseas.

The government would do well to listen to the independent s rather than this focus on BP and Shell.

Romaron - EPL mk1 made a lot of sense. It met their aims of raising some money and at the same time encouraging investment.

Mk2 is a **** take. Strip away the things that encourage investment and destroy any trust that still existed with the industry. Oil and gas / new energy could have been a growth engine.

LNG sounds a lot nicer than dirty North Sea fossil fuels. Just stop oil are dumb AF and make it much easier for the government to do the wrong thing (e.g. import high carbon footprint gas instead of using our own cleaner supply)

Stevo - I doubt Rosebank and Cambo will happen…even if economics work it is a risk investing in an unstable and hostile environment.

The U.K. needs investment at all levels though. The likes of Enquest, Serica and Harbour are looking elsewhere to spend their money.

I’m guessing most of the $200k deal costs are going to Gneiss.

Unsure how a price floor would work to be honest, but something needs to be done to make the economics work and row back on some of the open hostility to the industry. I expect we will see more projects cancelled or delayed before the government makes concessions.

Eventually the facts will force a change. Nobody could sanction a billion+ project in these conditions. The changes Hunt made were a step too far.

Looks like a lot more waffle in this presentation.

Hard to believe anyone is still buying what TR is shovelling.

I want to know how much of the $2.5m is on reimbursable Ruvuma cash calls and how much is Scirroco overheads.

I also want to know what Gneiss are getting from the Ruvuma deal and when they will receive their cut?

Votes were bought and paid for a long time ago. Genuine shareholders woke up too late. Myself and others tried to help but Chris and his crew drowned out the truth.

GLA

What a lot of garbage you waste everyone’s time with Quest.

Do you not understand basic economics?

The problem has never been their communication. It’s their dog turd strategy and self enrichment that are the problem.

For those that can’t read the article (open in an incognito tab to bypass paywall)…

Banks are reducing their lending by 40% because of the EPL. Companies are lobbying for a price floor to help unlock funding.

For me something has got to change for Oil production specifically. How can a conservative government justify a windfall tax on a non-existent windfall…cripple an industry to ponder to the Labour Party narrative.

Oil price over a few days or weeks is irrelevant to ENQ (unless you are a smug day trader looking to boast about your new set of golf clubs). We will see how all the macro stuff shakes out in the coming months.

https://www.energyvoice.com/oilandgas/466969/reports-north-sea-firms-chasing-price-floor-to-offset-windfall-tax/

An interlude from the “TA” garbage… hopefully these losers will sod off soon.

Of course it has an impact on price, dummy

44 - Ruvuma cash should cover the equity part of it closes in time and assuming that it isn’t all swallowed to repay debt and pay Gneiss their cut. It wouldn’t surprise me if they need to raise the cash via a placing. The BOD are not happy with having that power removed and they will use this supposed deal as the carrot to pursuade SH to give it back to them.