Member Info for ocelot

Re Saltfleetby:

This smart acquisition of a superbly appointed field in almost production ready condition has given them a CPR of £130m of recoverable gas of which Angus gets half. This gives Angus, post costs and capex some £50m of revenue over the next ten years. The company has two planning applications to win and make a 600m pipeline to connect to the grid as well as to sign a takeoff agreement already close to agreement with a major. I’m pleasantly impressed by how well the Angus team is working despite difficult planning conditions and the share looks like it may have plenty of upside, well worth watching.

(Reuters) - The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance...

https://uk.reuters.com/article/uk-oil-opec-cut-size/opec-producers-debate-possible-oil-cuts-of-10-million-bpd-opec-source-idUKKBN21L17M?il=0

Sorry, nomlungu, I misunderstood your post.

The OPEC+ coalition is pushing for other major oil producers to join it in a deep reduction of global crude output and stem the historic rout in prices, a move that sent futures sharply higher.

A global cut of 10 million barrels a day is a realistic goal, according to a delegate, who spoke on condition of anonymity. The Organization of Petroleum Exporting Countries and allies, a group led by Saudi Arabia and Russia, has already scheduled a virtual meeting on Monday and wants other nations to join talks as soon as possible...

https://www.bloomberg.com/news/articles/2020-04-03/opec-to-hold-virtual-meeting-monday-as-trump-pushes-for-cut?srnd=premium-europe

nomlungu,

Oil, like gold, is a physical commodity. If the $ was to lose some of its value, the $ price of oil would go up.

nothing to do with Clogau!

AGM +

"I am pleased to report that the Government of Greenland has confirmed that all licence expenditure commitments will be reduced to zero for the entirety of the 2020 calendar year. The Government had granted similar moratoria during previous global economic downturns, but only for licences which had been in existence for more than five years. We made representations of the Government for any moratorium to be applied across the board, and so I'm really pleased to see this now confirmed, given that the majority of our exploration licences are less than five years old."

"We wish to thank the Ministry of Mineral Resources and the Mineral Licence and Safety Authority, the regulator of the Greenland mining sector, for once again responding swiftly and decisively to the challenges those of us operating in Greenland currently face in the light of this unprecedented global crisis."

Whether they form part of a concerted effort or not, production cuts are on the way: the end-buyers aren't there and storage space is limited.

Saudi Arabia's call for an OPEC ++ meeting yesterday was the first sign of a change in the country's approach since the failed OPEC + meeting in early March.

“This isn’t good for anybody,” Sitton told Reuters by phone. “We’re talking about a destabilization of the global energy market.”

Earlier on Thursday in a tweet, Sitton said that he and Novak discussed a 10 million barrel per day supply cut.

https://uk.reuters.com/article/global-oil-texas-opec/update-1-texas-oil-regulator-sitton-russias-novak-discuss-oil-cuts-idUKL1N2BQ22T

“This isn’t good for anybody,” Sitton told Reuters by phone. “We’re talking about a destabilization of the global energy market.”

Earlier on Thursday in a tweet, Sitton said that he and Novak discussed a 10 million barrel per day supply cut.

https://uk.reuters.com/article/global-oil-texas-opec/update-1-texas-oil-regulator-sitton-russias-novak-discuss-oil-cuts-idUKL1N2BQ22T

Once cash begins to flow from Saltfleetby, new financing options should become available to them.

No shift in the timetable, as I understand it, so aiming for first revenues in Q4.

They didn't draw down £250k from Riverfort on 31/03, there remains another £250k to draw down on 30/06 (subject to conditions being met).

HH is Alba's principal investment in balance sheet terms.

If, following Trump's tweets and Saudi Arabia's call for an OPEC ++ meeting, a concerted effort can be made to reduce production, this can only be good news for Alba.

A good resume of the situation this one, indicating how both Russia and Saudi Arabia miscalculated and how the US has made a gesture towards Russia re Venezuela sanctions:

https://uk.reuters.com/article/us-global-oil-saudi-russia-miscalculatio/oil-crash-poses-severe-test-for-opec-after-moscow-riyadh-miscalculate-idUKKBN21K35F

George Lucan of Angus has given an interview to Malcy today. Re Balcombe and the planning officer's recommendation to refuse the application, he states:

"We do intend to really fight for this one".

https://uk.reuters.com/article/us-global-oil-instant-view/instant-view-trump-claims-russia-saudi-arabia-near-deal-to-cut-oil-production-idUSKBN21K2OM

Re Balcombe:
(at 10:41) "We do intend to really fight for this one"
Cash pile currently about £2.75m
Newsflow: 1/ planning application this month; 2/ tenders; 3/ take-off contract; 4/ planning result; 5/ series of weekly updates as the work is undertaken.
Invited back in 12-18 months, would expect to be talking about new projects, financed from, or with the comfort of, Saltfleetby's cash flow.

From Bloomberg:

... One industry leader said the president may have been motivated to remark on the surplus oil production because the U.S. is literally running out of physical space to store crude.

“I think something like this was inevitable because there is nowhere to put the oil,” said Dan Eberhart, a Trump donor and chief executive of drilling services company Canary Drilling Services. “I think this is out of necessity, not out of gamesmanship.”

From Bloomberg:

... One industry leader said the president may have been motivated to remark on the surplus oil production because the U.S. is literally running out of physical space to store crude.

“I think something like this was inevitable because there is nowhere to put the oil,” said Dan Eberhart, a Trump donor and chief executive of drilling services company Canary Drilling Services. “I think this is out of necessity, not out of gamesmanship.”

The Kingdom calls for an urgent meeting of OPEC + and a group of other countries, with the aim of seeking a fair
agreement that will restore the desired balance to the oil markets
This call comes in the framework of the Kingdom's endeavor to support the global economy in this exceptional
circumstance and in appreciation of the request of His Excellency the President of the United States of America
Donald Trump and the request of friends in the United States