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Any one got any idea when the next lifting will be to ensure the condition payment is made ?
That is my no vote cast.... pathetic management with no vision energy or drive other than to sell us all down the river.... I am incredulous how these cretins behave.... fingers crossed it does not go through..... good luck all
I am, not taken aback... how else does Malcy get access to the CEOs etc... Also I think he is close with Gneiss, cant be sure though !! Why bite the hand that feeds you ?
Great find... did you see this "Prax told The Sunday Times it was legally entitled to buy the oil from Tethys, and had done so at market rates. “Oil was supplied to Prax-AK by Tethys under a contract approved by the Tethys board.”
So how much will they pay Hurricane for the oil !! The jam tomorrow ?
aligator - indeed see my post from 25 Aug 2022 10:00 - not sure how to directly link it !!
From these links it is questionable we will never see any upside..... transfer pricing could be opaque and potentially deflate profits in the delisted entity which could reduce any post deal payment to us shareholders..... you have to wonder if there are there some cosy deals going on behind the scenes which are making it attractive for the major shareholder to back this ?
1) https://www.standard.co.uk/business/london-s-investor-battle-steps-up-over-kazakhstan-s-oil-riches-a3591266.html
2) https://thelincolnite.co.uk/2022/10/how-a-lincolnshire-oil-refinery-boosted-couples-secret-10bn-oil-empire/
I am sure there is potentially more articles out there however I cannot read the Times article that is subscription only.
I wonder if some subsequent corporate restructuring to obfuscate the use of tax losses will also apply ?
I am being careful how I have written this and am NOT making any accusations however, merely posing some genuine questions as to the ability of retail shareholders to get their jam tomorrow
The Directors have concluded that the uncertainty around the volatility of the gas price and future production levels from the Blythe H-2 well, as well as the need to take other mitigating actions described above represent a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern.
As a result of their review, and despite the aforementioned material uncertainty, the Directors have confidence in the Group's forecasts and have a reasonable expectation that the Group will continue in operational existence for the going concern review period and have therefore used the going concern basis in preparing these consolidated financial statements.
Brilliant individual and SNS expert having cut his teath there in the 90's. He is more than capable of sorting out the diabolical drilling performance .......
To clarify - The bunter is not the target reservior it is a massive sand section several 1000ft above the target reserviour. The resevoir is the rotlingendes - I couldnt find the FDP but take a look at Fig. 2. Generalized stratigraphy of the UK sector of the Southern North Sea. here --> https://www.earthdoc.org/content/journals/10.1144/petgeo2013-019?crawler=true#dataandmedia
If gas was still 50p therm IOG would be a disaster however it is not but it is covering up disaster after disaster on the well construction front:
Rig and location issues caused significant delay - why did finding the solution take so long ? Christmas and New Year holidays ?- its rock dumping after all
Delay due to fluid handling capacity on production start up
Bunter losses (was) a common issue in the SNS but with proper contingency should not be "significant" - couple of days - are they still trying to rectify this ? RNS didnt clarify
Volume of water and salinity really spooks me..... if this is coming from the Zechstein (evaporite formation above reservior) then the liner above is leaking and could need major remedial action (seen this once before on Helvelyn and required redrill of lower sections and recompletion = production outage for several months)
Are there corrossion issues associated with the salinity - treament = cost & cure = cost
Production guidance now reduced
Do the hedges present a risk if production has to be suspended - i.e. if gas prices above hedge price do IOG have to compensate ?
The well delivery performance has been nothing but shocking......
I am not deramping and normally I would hold but overlay that and who knows what the UK government may do in reaction to the looming energy crisis I sold out for a small profit this morning.
Good luck all LTH, you may get lucky and, as is normally the case, I may regret this decision.... but time to move on...
I got in just over a year ago for the yield alone @ 5% .... I have been well rewarded for the capital appreciation as well at +20%..... Long term hold, I think :)
Well I am now back to my break even point pre Namibia drill, and to think I almost dumped these when tidying up my holdings.... big thanks to Duncan Wallace for getting the subsurface estimate wrong :) and to Dave Brecknock and his team for getting this prospect successfully drilled ..... holding tight now
Wow "Significant Gas Discovery at Anchois-2 Well"
The mobilisation commencement date will be the day the rig leaves the 500m zone of its previous location. The spud date will be the date the drill bit is on sea bed ready to drill. There is no point speculating any further, what difference does it make +/- a week or two. Holding tight, GLA.
Sent mine this morning ... thank you for providing the addresses and text....