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Mi Flegg replied to my email Friday evening.
He replied just 20 minutes after I sent my email so I have to give him great credit for that.
His reply to our concerns was to say that the CNR announcement to accelerate the abandonment of Ninian was not entirely unexpected.
He went on to say that he believes that the proposed date for the cessation of production on Ninian is unlikely to have a significant impact on Orlando production.
On Mansell he said that there are other offtake options and that feasibility studies continue.
I fired a brief email to the info@serica-energy.com
The more the merrier in my opinion.
email text below.
Please forward this email to Mitch Flegg.
I am a shareholder in the company.
Dear Mr Flegg,
I assume you are aware of CNR International's decision to accelerate the abandonment of Ninian South and Ninian Central?.
As far as I am aware Orlando produces 4k to 5k boepd through Ninian Central.
I also believe that Mansell would produce through Ninian if it was developed.
This announcement from CNR will obviously have a negative impact on the value of the Tailwind assets.
If the Tailwind acquisition is completed without any adjustment to account for the loss of value it will also presumably have a negative impact on the value of Serica.
I trust you are doing everything in your power to renegotiate the terms of the acquisition ?
I look forward to hearing from the company via rns at the earliest opportunity.
Holy $heet,
One of Tailwinds assets produces through the Ninian Central...
Not good at all.
https://www.tailwind.co.uk/ORLANDO-operation#orlando
"The Orlando field development consists of a subsea tie-back of the single production well to the CNRI operated Ninian Central Platform. The well is completed with sand screens and dual Electric Submersible Pumps (ESPs), to provide artificial lift. A workover of the existing well to replace failed ESPs was completed in August 2022 with subsequent initial production increased to 5,000 bopd. Future Orlando production is expected to be in the 4,000-5,000 bopd range"
idkmybffjill,
Thank you,
You are correct, our production is closer to 9k than 8k.
As oil production is so small I don't usually bother, but as we are scraping for every barrel I will.
Gross oil at GLA was 1158 barrels.
20% of 1158 = 232 barrels net to Kistos.
So, that bumps up production for the month of December to ~8738 boepd.
Idkmybffjill,
By my reckoning the exact figure is 8506 boepd.
GLA
135mmscf/d = 23928boepd
20% of 23928 = 4785boepd net to Kistos.
Q10-A
31.8million Nm3 divided by 31 days = 1.026m Nm3 per day
1.026Nm3 = 6202boepd
60% of 6202 = 3721boepd net to Kistos.
December figures are broadly in line with November.
GLA gross 135MMscf/d (November 134MMscf/d)
Q10-A gross 31.8 million Nm3 (November 30.8 million Nm3)
Production net to Kistos ~8000boepd IMHO.
Lots to digest
Link to the presentation of the annual results
https://www.greencoat-ukwind.com/~/media/Files/G/GreenCoat-UKWind/2022%20AR%20UKW%20vF%20results%20presentation_23022023.pdf
link to the annual report
https://www.greencoat-ukwind.com/~/media/Files/G/GreenCoat-UKWind/documents/Greencoat%20UK%20Wind%20AR%20vF%2023022023.pdf
A 13 4% dividend uplift is most welcome.
I'm getting steady capital growth and a 5 5% dividend
Very happy with progress in 2022.
idkmybffjill
financial year ended 31st Dec 2022 and although the date of final results hasn't been released yet last years were released on the 7th of April, so I'd expect them to be around that date
Basically nothing as far as I know,
2022 was quite a year for Capricorn energy as they are now.
First they announced a merger with Tullow Oil (TLW). Shareholders of Capricorn thought we were getting a poor deal and the board subsequently pulled out.
They then announced a merger with NewMed (Israeli gas company) which shareholders thought was even worse. An activist investor forced the removal of the board. A new board has just been put in place and decided to pull out of the NewMed merger on the 15th of February 2023.
The interim CEO Chris Cox, is a 'gas man' (BG Group, Centrica and Spirit Energy) and they have oodles of cash on the balance sheet.
Full year results are out 27th of April
The operations map has been updated to include the greater laggan area assets.
Every little helps.
Thanks for the informative post Exploration,
I agree Selene looks very promising and of course we own a 50% interest and Shell front 75% of the first $25m of well costs
Deltic's strategy is to Identify, Explore and Appraise, Monetise, Repeat.
They were keen to emphasise in the Pensacola discovery RNS that they were open to monetising some or all of their 30%.
I think Deltic's ideal scenario is playing out fairly well (no pun intended)
With Pensacola we can't fault them on the identify element, Shell does not farm in with too many small players unless they see big potential.
I think Deltic would love to offload 20% in return for enough cash to fund their share Selene and the Appraisal of Pensacola as well as a chunk of change in the bank.
The horizontal appraisal well at Pensacola is going to be expensive, much more expensive than the exploration well.
Drilling horizontally through Dolomite is going to be an expensive drill IMHO.
However, Just taking the P90 figure of 164BCF for Pensacola, our share is 49.2BCF or around 492m therms.
At 80p per therm that's nearly £400m worth of Gas we have to bargain with.
For licencing news it is worth keeping an eye on the nsta website, there was an update on the CCS licencing round that might be of interest.
https://www.nstauthority.co.uk/news-publications/news/
What really gets my goat is that we are doing all that has been asked of us, much more in fact.
The north sea transition deal told us what we had to do:
"Set against a 2018 baseline, subject to joint government and industry actions, the Deal’s new early targets correspond to an absolute reduction in production emissions of 10% in 2025, 25% in 2027, and 50% in 2030 on the pathway to net-zero by 2050."
Yesterday we report that we have exceeded the demands:
"We have now reduced our UK emissions by c.40% from the 2018 benchmark, significantly ahead of the UK's North Sea Transition Deal targets. Additionally, we have made progress in advancing our new energy and decarbonisation ambitions at the Sullom Voe Terminal. We have also cemented our position as a leading decommissioning partner, delivering one of the most productive campaigns seen in the UK North Sea by decommissioning 24 wells at Heather and Thistle last year. "
Where is our reward?
Thanks very much for posting this Dumbly,
From page 77.
Finally, the factsheet noted that the Government would “be consulting stakeholders over the coming months as part of a review of the UK’s long term tax treatment of the North Sea after the Energy Profits Levy ceases to ensure the regime delivers predictability and certainty, supporting investment, jobs and country’s energy security”, and that this review would
“report by the end of 2023.
Unbelievable! supporting investment, jobs and energy security....
I do hope all stakeholders are pushing back against this populist tax grab with vigour.
https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4241431&lang=en-GB&companycode=uk-cne&v=
Positive news for Deltic IMO.
Capricorn will remain cash.
However, with the UK's punitive tax regime will they spend it here?
Year End results are out on the 27 April 2023 where we may learn more and a Trading Update ahead of those results will be issued shortly.
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Interesting video from 1st subsurface just out today.
A fair estimation of the results to date I would say,
https://www.youtube.com/watch?v=_ylHgho491I
BB,
Logically you would think that ONE-Dyas would want to up their 5%. And, as they have an interest in Breagh you would think that Shell would want them on board, assuming export via Breagh most likely.
I suppose it comes down to whether DELT wants to build a real E and P company or not
I would gladly swap 25% of our interest in pensacola with ONE-Dyas or Shell for.
1. A free carry through appraisal and hopefully to first gas at Pensacola.
2. A percentage interest in a producing asset.
That way we'd be generating income to pay our way for Selene, the Capricorn licences, and any new licences we pick up in the licencing round.
And, we'd still hold a 5% interest in a potential monster
Yes please.
I bought these at under 1p after the farm out.
Then sold at 3p pre drill.
Very happy to get back in after a successful drill at 2.67p
I'll add plenty more if this madness continues
Flow rates were as expected.
The well was a success.
The presence of gas and quantity in place was confirmed.
You sell, I'll buy.