Member Info for NoQuestionMarks

Capricorn will also be very interested in the well result from Pensacola, whether successful or not.
The data from the Pensacola drill will help refine the data gathered from the Plymouth due to their similarities (Zechstein reefs)

Capricorn are involved in two drills in the North sea this year.
Jaws spudded in November and is due to conclude in Q1. (Shell 50% and operator, Capricorn 50%)
Diadem is due to spud in Q2. (Capricorn 50% and operator, Shell 50%)
My guess, and it is only a guess would be that they will assess the seismic on our licences this year If the data is good a drill in 2023 might be possible.
This year is all about Pensacola and Selene for me.

Picked up a few at 29p today bringing my average down to parity with the NAV of 41p.
ONT down 30% year to date and JMAT down 30% in a year....
However, on a 5 to 10 year time frame I am happy to buy and hold.

I picked up a tranche in the 140's and will add more if we drop lower in the run up to results on 3rd of March.
Hyundai are seeing signs that the chip shortage will alleviate from Q2.
Covid looking like we are learning to live with it.
I see a strong recovery for the automotive and aerospace sectors in the next few years.
The restructuring plans are implemented, the debt is under control and the pension deficit cleared.
Management own around 0.8% of the shares
Good strong management never goes out of fashion.
Over a 2-5 year horizon I can see a good return here.
If results beat expectations MRO will rise fast.

2021 36,300boepd net to us
2022 forecast 37,000 - 43,000boepd ramping up as the year progresses.
Net production expected to EXCEED 43,000boepd by the end of 2022.
Admittedly these are the 'easy gains' but at a cost of around $5 per boe it is going to make a positive impact to the bottom line.
A contented shareholder is me.

Great interview, thanks for sharing.
Only 100 days in and production up by 8000boepd... very encouraging
"We are very pleased with the first 100 days where BapetCo has successfully ramped up production by around 8,000 barrels of oil equivalent per day (boepd) at the time of writing, with a plan to further ramp-up in 2022."

SOTB,
No harm in running a tight ship, who knows where oil and gas prices will be in 12 months time?
What odds would you have got on 450p per therm for gas in 2021!
However, it would be nice if we could acquire and operate a producing asset.
Acquired at the right price of course.
All the best

There is always hope.
I have been here for over a decade, like thousands of others I suspect.
I remember thinking the same when buying Serica at 20p... it promptly dropped to 15p, then 10p and finally 5p.
The board landed a couple of deals to pick up producing assets from BP and the shareprice is now 250p.
No dilution of shareholders and no debt to fund the deals.
Miracles do happen. We have no debt and some cash. We are a well run ship with a decent reputation in the industry.
Hopefully our day will come.

*legs* not less.

You followed the bread crumbs I laid yesterday!
I'm no expert but see that Piper Bravo is only receiving oil from Tweedsmuir now, so I assume they are looking for additional barrels.
Piper Bravo is connected to Tweedsmuir via a 52km pipeline. Perth is much closer, at a guess I'd say 20km or so.
The big problem as ever would be the H2S I would think.
Big, expensive modifications needed to the platform... but if it is economical why wouldn't they.
Piper Bravo oil goes to Flotta, would that be good or bad?
Will Sinpoecbe inclined NOT to step on the toes of another Chinese oil company?
Many ponderables but it seems to have less.

12 months is near term in my eyes!
My holding was built up during that 'covid doom' period.
My average being just under 1p.
I haven't sold any, yet.

On the other hand.
The £50bn would have cleared the debts and left a huge pot of cash for R and D or an acquisition or two.

Don't forget Deltic share were trading at 0.6p to 0.9p not too long ago.
I would guess it is probably a little bit of risk rebalanced going on.
If you have trebled your money, why not sell half your shares, bag a profit and go forward to the drilling programme with a pot of free shares.

The higher the oil price, the more oil will be released from strategic reserves.
Worth bearing in mind.
https://www.reuters.com/business/energy/exclusive-china-agreed-with-us-oil-reserves-release-near-lunar-new-year-sources-2022-01-14/

Share buyback started May 2021... just nine months ago.
Surely they had the gsk approach under consideration at that time?
The stupidity of the bod is something to behold.
Did they really think that diluting shareholders and taking on a mountain of debt was going to drive up the shareprice in the near term?
Idiots the lot of them (in my humble opinion)

When the company alluded to new opportunities for GPA beyond Scott, Piper Bravo sprang to mind.
Piper Bravo wner Repsol Sinopec along with Petrofac and TechnipFMC formed a partnership in 2021.
In essence they offer a route to production for owners of marginal fields.
https://www.repsolsinopecuk.com/news/repsol-sinopec-forms-industry-alliance-to-maximise-recovery-of-north-sea-reserves

Agreed,
Hopefully the board will back off, cease the excessive wokery and get on with running the company more profitably.

Gerry,
Walking forever suits me fine.
I want the board to squeeze more profit out of the £90bn of brands they have at their disposal.
Handing them another 40, 50 or 60 billion pounds is not top of my list.

I do hope you are right, we do not need anymore debt unless it offers compelling returns.
£50bn seems a tad expensive, the £60bn gsk are reportedly looking for is highway robbery.
I would leave a £40-£45bn cheeky offer on the table for 14 days and walk away.

Deltic get a mention here and there.
Regardless, I find this a good read for those interested in UK oil and gas.
Q2 just coming into view, time to drill!
https://oguk.org.uk/product/wireline-issue-52-winter-2021/