Member Info for Neversellshell22

Two thoughts which are just my views.

FT100 when we were in there before it did absolutely nothing for the share price in fact it dropped significantly.

Share Buy Backs, I will be surprised if these start straight away as we don’t have much money however they need to be a major part going forward due to BASF looming for a way out.

One of my major concerns with this whole deal is why do BASF do it if they have clearly stated they are getting out of oil and gas. They must be confident of their “Jam Tomorrow” and magical £3.60 + they are expecting??

Any thoughts??

With our results in 3 weeks what good news do we expect?

Zama ready to go?

Indonesia oil find?

Deal nearly completed?

New Vietnam plan?

Any thoughts?

As oil and gas are now hated in UK and oilers have much higher SPs in America, should we list there?

And Slim is there….kind of.

Any thoughts??

The likes of Shell, bp, Harbour Energy, and Perenco would not be investing vast sums in CCUS if they didn’t think there was going to be a business case for these projects.

https://carbonherald.com/opinion-unlocking-potential-policy-frameworks-to-enable-ccus-growth-in-europe/#:~:text=As%20global%20efforts%20towards%20net,enabler%20of%20the%20energy%20transition.

Ooops, must proof read post.

Take 100 lines NSS.

However.....I still think its bloomin good news........

Tak

Just been looking through the latest presentation and this statistic stuck in my mind…

Over half the booming in Q2 2024 were for future years.

That’s pretty impressive…..

Every oil share I can see down by Harbour having a decent day. I wonder what the volume is like?

Question is…“Woz on”

Under its £7.3bn National Wealth Fund, the new Labour government is to put money towards higher-risk projects, such as gigafatories for batteries, hydrogen fuel, carbon capture, and green steel.

LONDON, July 10 (Reuters) - Administrators of North Sea oil and gas producer Waldorf Production have put the company's holdings up for sale, according to a sales document seen by Reuters.

Privately-owned Waldorf Production filed for administration after it defaulted on a bond payment in June, when Interpath Advisory was named as administrators.

The administrators this week launched the sale of Waldorf's oil and gas assets, which include a 40% stake in the Catcher field, which is operated by Harbour Energy, and a 29.5% stake in the EnQuest-operated Kraken field, according to the document.

Stakes in a total of 10 fields are up for sale with a net production of 22,000 barrels of oil equivalent per day (boed) in 2023. The assets generated revenue of $644 million last year.

The value of the portfolio was unclear.

Interpath declined to comment. Waldorf Production did not reply to a request for comment.

The sale comes at uncertain times for UK North Sea oil and gas producers after the Labour Party came into power in last week's general election with a pledge to increase tax on producers.

Third Avenue funds buys 2.8% of Harbour

Shareholder approval for the Acquisition has Wintershall approved.

New Gas discovery at Cuvette Well

Carlos Slim increases stake to over 8%

GLP shorts continue to reduce

Zama FEED contract issued and Khan 2 drilling any time now.

UAE asset divestment.

European Commission agrees to approve Wintershall acquisition.

Drilling rig in Norway booked until 2028 showing long term commitment.

CEO visits Egypt and commits to major investment.

CEO and others increasing already big stake in company

Debt almost removed.100m $ remaining.

Sensible hedges to protect investment grade in 2025

Currently production 511k BOPD, ahead of forecast

9% Year on Year dividend growth

Talbot first oil end of 2024

Indonesia huge potential with another massive discovery at Tangkulo.

Layaran 2 drilling currently.

Ever improving safety record.

Viking CCS progressing to FID & massive potential with Wintershall projects.

2025 Free Cash Flow marginally improved on 2024

Fenix Argentina field on production by end of year.

FT100 promotion to SP increase stability later in year.

Investment Grade financing to reduce cost of borrowing

In the same basin as ours…..

https://www.worldoil.com/news/2024/7/8/eni-makes-oil-and-gas-discovery-offshore-mexico-in-emerging-sureste-basin-hub/

Sorry Steven, What a donkey I am.

Posted last post before I saw your reply.

Apologies…..

Just dug up another of Stevo's post. Hopefully he's about and can update or confirm if this is still his opinion ??

"The realised price on produced oil and gas (the business coming over to Harbour) is not disclosed and I have estimated based on average oil price across the year and the 19m barrels of oil hedges, an average realised oil price of $72.6 per barrel. I have used averaged realised price per BOE of $41.5 (EBITDA 4.2b/118m barrels production = $35.4+6.1 OPEX= $41.5). Gas price is then $25.3 BOE equivalent.

I recognise there is one significance assumption above, namely the averaged realised price of oil.

However the one indisputable factor is that EBITBA per barrel for WD is $35.4 which compares to $42 for Harbour and WD has a higher tax burden per barrel than Harbour (pre Labour).

Accordingly I am still struggling to understand why the deal values WD production at $95 per barrel of annual production while Harbour is valued at $48.5 per barrel of annual production. Just does not make sense even though WD has more Reserves the averaged life of the developed reserves is similar to Harbour at 7 years."

Any thoughts ??

Hi Stumpy,

I put the thoughts out earlier to stimulate some discussion. Below is a snippet of Steveo thoughts from his earlier post. If you reading Stevo have you anything new to add ?

"I don’t think an EBITDA multiple of 1 is realistic and equally the EBITDA multiple of over 2 applied to WD is too high. Based on previous discussions on this board a valuation of 1.7x EBITDA would be the upper end based on Norwegian listed groups. I cannot see any real logic for Harbour EBITDA multiple to be upgraded to 1.7xs but let’s say that reflects some synergy values. 2024 EBITDA of combined business looking in the $6.8-$7b range, giving an EV of $11.6 -11.9b and an equity value of $6.4-6.6b and share price of £3-3.13."

Love this bit.......

Energy Security and Net Zero Secretary Ed Miliband said:

Our Mission to make Britain a clean energy superpower is about investing in Britain. Our National Wealth Fund will help create thousands of jobs in the clean energy industries of the future to boost our energy independence and tackle climate change.

We’re acting immediately, wasting no time and working in lock-step with industry to unleash private investment and grow our economy.

Thats a huge huge point.

We might be in 100% the wrong products for Labour with oil and Gas but they are crazily committed to being green so there should be some very decent tax breaks and incentives to get the CCS started and our portfolio is absolutely huge....

Fingers crossed.....

We all are convinced we are on the best thing since sliced bread but have Harbour paid to much for Wintershall.

There independent expert in the slides seem to think it was worth 10.5$ Billion.

What are our assets and areas they are in really like?

Mexico is full of gangsters.

Norway is very high tax regime.

Uk high tax regime.

Argentina inflation at 300%

Libya run by Mafia.

Germany where the best is gone.

Egypt very unstable.

Just putting an alternative point of view for discussion.

Any thoughts???

Listed as a very promising prospect this is being drilled currently. About 170 million M3 of natural gas are currently being produced every year.

Every little helps.....

Https://wintershalldea.no/en/newsroom/wintershall-dea-installs-maria-phase-2-manifold-and-spools

Nice to see us having a decent day and great chat as always.

Im into Harbour Energy mainly with Carnival and the rest in funds.

Good luck all.....