Member Info for NoQuestionMarks

*missed*

I don't think you anything.

However, if you are considering investing here bear in mind that we are ~60% up in the last six months and over 100% up in twelve months. Most of us here are sitting on substantial profits and can afford to ignore the daily ups and downs whilst we wait for Kistos to monetise the assets acquired over the last few years. Do I think ~£2.50 is undervalued? Yes I do. However, I can afford to be sanguine about future share price movements as I doubt it will revisit my average buy price.

aimo.

Jim800,

I take your point and agree it isn't positive for the SP.

However, we are rated at 129th position so are now in the correct index for where we are as a company. We haven't been worthy of a 100 spot for quite some time.

The board need to knuckle down and deliver the changes they detailed in the fy results.

Changeover day is 23rd of March as far as I know.

aimo

Move to the 250 confirmed now.

It's probably for the best and allows the board to focus on the challenges ahead.

https://global.morningstar.com/en-gb/news/alliance-news/1772649667175953100/ig-lion-finance-promoted-to-ftse-100-easyjet-hikma-relegated

Greg Abel's commitment to spend his entire after tax salary on Berkshire stock along with the buyback of company stock is as clear a signal as they could transmit that $500 per B share is below their estimate of intrinsic value.

The filing did not include any further details on how many shares had, or will be, repurchased, simply repeating the company’s “long-standing” policy that permits buybacks “at any time we believe the repurchase price is below our intrinsic value, conservatively determined.”

https://www.cnbc.com/2026/03/07/berkshire-ceo-greg-abel-on-working-with-buffett-kraft-heinz-and-using-all-his-salary-to-buy-the-stock.html

OEUK's press release today following their meeting with Rachel Reeves made welcome reading. It would appear that the treasury have finally realised that increasing the tax rate only results in diminishing tax receipts.

I'd say the EPL will be replaced this year or next April at the latest.

"Those present agreed energy security is national security, and a stable, predictable investment environment is essential to delivering it. They agreed to work together in the coming days to set out a path toward a fiscal regime that supports responsible domestic oil and gas production, unlocks investment, and ensures fair return to the Treasury when prices are high."

https://oeuk.org.uk/industry-meets-with-chancellor-to-reform-energy-profits-levy-in-the-national-interest/

aimo

OEUK has released a statement following the meeting at No11 with Rachel Reeves.

Of interest to me was the lines “Today’s meeting with the Chancellor followed weeks of in-depth discussions with industry, which took place at the instigation of the Treasury." and “On the basis of this proposed change our members identified additional investment in the UK Continental Shelf (UKCS) that could begin next year."

I take from this that the treasury has finally come crawling to OEUK to ask why investment and tax revenues are falling off a cliff?

EPL replaced this year I would tentatively guess.

Full statement: https://oeuk.org.uk/industry-meets-with-chancellor-to-reform-energy-profits-levy-in-the-national-interest/

aimo

Just a guess but I am thinking that exports from Oman will not be affected by the closure of the Strait of Hormuz? Oman's exports leave from near Muscat predominantly heading to Asia with no need to pass through the Strait.

I asked myself, how much oil and gas passes through the Strait? The answer surprised me.

1. 30% of global seaborne oil trade.

2. 20% of global LNG trade.

3. 80% of LNG passing through the Strait goes to Asia with the other 20% going to Europe

4. 20.3 million barrels of oil and petroleum products per day (2024)

5. 290 million cubic metres of LNG per day (2024)

Expect a knee jerk reaction when oil resumes trading tonight.

aimo

Https://www.berkshirehathaway.com/2025ar/linksannual25.html

For the full-year 2025, operating earnings totalled $44.49 billion. That’s down from $47.44 billion in the year prior.

Profits from insurance underwriting came in at $7.26 billion, down from $9 billion in 2024.

Insurance investment income for the year eased to $12.5 billion from $13.6 billion a year prior.

Overall earnings, which include gains or losses from the conglomerate’s stock market investments, fell slightly in the fourth quarter to $19.2 billion from $19.7 billion a year prior. However, those numbers were impacted by a $4.5 billion impairment from Berkshire’s investments in Kraft Heinz and Occidental Petroleum.

Full year overall earnings, meanwhile, fell to $66.97 billion from $89 billion a year prior.

I enjoyed Greg Abel's first letter. He was keen to emphasise that short term fluctuations will not deflect him or BH from continuing to follow their guiding principles.

“The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules,”

aimo

BLOCK 9 EQUITY HOLDERS. Oxy (50% and operator), OQEP 45%, Mitsui (soon to be Kistos) 5%.

LICENCE EXPIRY. December 2030. Extension

Block 9 accounted for around 10% of Oman's oil production in 2023 at around 100k bopd.

Block 9 is currently undergoing a pilot project centred on the use of carbon dioxide (CO₂) for enhanced oil recovery (EOR)

Steven Lauver of Oxy said in November 2025 “We are leading the way with the first CO₂ EOR pilot in Oman, initiated in Block 9, which could pave the way for wide-scale deployment of this technology across other fields. This project demonstrates how we can integrate carbon capture and storage (CCS) with existing operations to deliver carbon-neutral oil, lowering emissions while enhancing recovery”,

if anyone else learns any other news/information for Block 9 ot 3 & 4 perhaps they would be so good as to add it to the relevant thread?

aimo

Been doing a bit of digging and thought I'd share the basics of the Omani licences we are about to acquire.

BLOCK 3 & 4 EQUITY HOLDERS. CC Energy developments (50% and operator), Tethys Oil 30%, Mitsui (Soon to be Kistos) 20%

LICENCE EXPIRY. The licences on both blocks run until 2040 with the option of a 10 year extension.

Oil produced on block 3 is pumped over to block 4 via two transfer lines, one being 40km long and 8" in diameter, the other 49km long and 10" in diameter.

The main production facility is on block 4 and is called the Saiwan production facility. Saiwan has 68,000 barrels of oil storage and an export pump capacity of 55,000bopd. The main export line is an 83km long 16" diameter underground pipeline to Qarn Al Alam, which is on block 6 and operated by PDO. PDO is owned 60% by the Omani government, 34% Shell, Total 4%, Partex 2%. From there it is integrated into Oman's national pipeline network, primarily flowing toward the coast for international export or domestic use.

aimo

Been doing a bit of digging and thought I'd share the basics of one of Omani licences we are about to acquire.

Block 3 a

-17% seems way over done.

It could fall further but I've added at 1362, average now 1440.

Could be a long wait but ultimately profitable in my opinion.

Net sales $3.35bn

Core operating profit $741m

Core net income $503m

Core basic EPS $2.28

Bang on consensus.

5% increase in dividend and a $250m share buyback.

About as good as we could have hoped for.

aimo

Diamondguru,

The date hasn't been announced.

From memory it was mid April last year and mid May the year before.

aimo

Oxy (those of us with a few miles on the clock will remember them as Occidental), our partner in Block 9's shares popped up 8%+ following release of their Q4 and full year results today. Adjusted EPS came in at $0.31 against a consensus from analysts of $0.18.

Good news for them is good news for us.

aimo

Up around 8% from buying in at the beginning of the year.

As long as we hit close to the consensus numbers I expect the steady rise to continue.

Net sales $3.3bn

Core operating profit $737m

Core net income $502m

Core basic EPS $2.27

Steady as she goes and no surprises please.

aimo

The majority of people here are investors I think you'll find.

Some re-investing some profits from Rockrose at the IPO and others (myself included) who saw the potential of the company following the MIME acquisition.

We've had the fireworks and a near doubling in SP but once the market sees consistent production around 20k barrels per day another re-rate seems likely.

aimo

It is worth bearing in mind that for 2026;

50% of our exposure to European gas prices are hedged at $11 per msf, which is (I think) around €30 per MWh.

And, 40% of our exposure to Brent is hedged at $71 per barrel.

If the IEA forecast of a 3.7m barrel per day surplus of oil this year materialises, alongside a dip in demand, we have protection. Whilst also having sufficient exposure to the next crisis which we all know definitely will materialise.

It is just a question of when.

aimo

The prince updip exploration well came in dry. It would have been nice to add production to the ringhorne platform but you can't win them all.

https://www.sodir.no/en/whats-new/news/exploration-drilling-results/2026/dry-well-in-the-north-sea-258-c-23-d/

On a brighter note, Var reported on Q4 and full year 2025 production from the Balder area.

"Performance from the Balder Area was strong with production of 113 kboepd in the fourth quarter, an increase of 16% compared

to the third quarter, driven by the production ramp-up at the Jotun FPSO at the Balder field, which had all fourteen subsea

production wells started up in September, ahead of plan. For the full year 2025 average production from the Balder Area was 85

kboepd, in line with expectations. The Balder Phase V project started up the initial two wells in late 2025 and the third well will

commence production in first quarter of 2026, maintaining the high production level at the Jotun FPSO. The Jotun PFSO

experienced some operational issues during the start-up of Balder Phase V, which were resolved late December. In addition, the

Company has also benefited from a new well coming on stream at Ringhorne in the quarter, with production in line with

expectations, and continued strong operational performance at the Breidablikk field. The Balder field production efficiency was

94% for the full year of 2025"

https://varenergi.no/wp-content/uploads/2026/02/Fourth-quarter-2025-.pdf

aimo