Member Info for ocelot

Goldman Sachs suggests those who will emerge in a healthy condition from the crisis are the low-cost producers (we can all name one of those!) and ... US shale, because of its flexibility.

It is, therefore, the high-cost conventional producers who will suffer.

... A senior Russian official said that while they hadn’t spoken to Saudi Arabia yet, Moscow had no plans to increase production given the current market situation...

https://www.bloomberg.com/news/articles/2020-04-01/saudi-arabia-resists-trump-s-attempt-to-broker-an-oil-war-truce

https://uk.reuters.com/article/uk-global-oil-russia-saudi/russia-saudi-not-holding-oil-talks-at-the-moment-kremlin-idUKKBN21J56I

Could we furlough (put onto half or no wages) staff during this period? Possibly one or two but the impact would not be meaningful. As stated the bulk of cash is held for capex and pipeline construction and 90% of this capex will not be expended until after Planning Approval in Sussex or Lincolnshire – or well after lockdown. In fact, even without the Covid-19 lockdown the bulk of the expenditure would be due in Q3-Q4. We are in many ways fortunate to have already allocated this time to engage in detailed planning at Saltfleetby and not be producing oil at rock-bottom prices, but instead tendering for equipment in a buyer’s market.

The work in Saltfleetby planning has moved swiftly and we do expect planning applications to be submitted shortly – these have been very slightly delayed by beneficial developments which have opened up unforeseen opportunities.

Intriguing!

http://www.angusenergy.co.uk/media/investor-questions/

https://www.reuters.com/article/us-oil-opec-trump-talks/trump-says-he-may-join-saudi-russia-in-talks-on-oil-prices-idUSKBN21I3MK

WASHINGTON (Reuters) - Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers.

That the concept was even considered at high levels reflects both the depth of the crisis facing the global oil industry as well as its growing importance to the U.S. economy. A few weeks ago, proposals for Washington to work together with oil producers to curb supply to the global market would have been dismissed for violating U.S. antitrust laws...

A source with knowledge of U.S.-Saudi relations said pressure from Congress is a card the administration could use to convince Saudi Arabia to reduce oil output on its own, obviating any need for a more formal alliance.

https://www.reuters.com/article/us-global-oil-usa-saudi/u-s-saudi-oil-alliance-idea-born-at-white-house-put-on-back-burner-for-now-idUSKBN21I31E

Retained loss for the year reduced from £16.747m to £5.394m.

The preVious year was a very difficult one, because of Broadford Bridge.

But this last year shows a marked improvement. The operating loss was itself of £4.788m.

This level of loss will be much easier to finance and, hopefully, of course, will be transformed into break-even.

Retained loss for the year reduced from £16.747m to £5.394m.

The precious year was a very difficult one, because of Broadford Bridge.

But this last year shows a marked improvement. The operating loss was itself of £4.788m.

This level of loss will be much easier to finance and, hopefully, of course, will be transformed into break-even.

Not much of a pension!

We hold majority interests in four significant oil and gas discoveries, the most notable being at Horse Hill in Surrey, together with a significant position in the Kimmeridge Limestone (KL) oil deposit or "play". This play has the potential for exceptional growth, and UKOG holds the largest acreage position within the play's most prospective area or "sweet spot", covering 592 gross km(2).

OK, they've reappeared.

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We will take all measures reasonably within our control to protect the Company's projects and finances so that we will emerge strong once the worst of the COVID-19 pandemic and the ensuing global financial crisis is over.

We firmly believe that the strategy we have implemented at Alba over the past 5 or 6 years, during which time we have identified and then moved to secure majority stakes in a range of undervalued assets with real production potential, has been the right one to pursue. With the current turmoil in the investment markets, our strategy may take a little longer to execute, however we remain confident that it will ultimately bear fruit for Alba and its shareholders.

The "going concern" reservation isn't new, it was there in last year's accounts.

https://www.reuters.com/article/us-global-oil/crude-rises-after-us-russia-agree-to-oil-market-talks-idUSKBN21I03I

https://www.bloomberg.com/news/articles/2020-03-30/trump-to-speak-with-putin-today-to-talk-oil-price-war?cmpid=BBD033120_OEU&utm_medium=email&utm_source=newsletter&utm_term=200331&utm_campaign=openeurope

Trump thinks of himself as a deal-maker, he's got a real challenge this time!

MOSCOW (Reuters) - Russian President Vladimir Putin and U.S. President Donald Trump discussed oil and the spread of the coronavirus in a phone call on Monday, and ordered their energy ministries to hold further talks on global oil markets, the Kremlin said.

The Kremlin did not say what exactly the ministers would discuss, but Moscow has previously signalled it would like to see more countries joining efforts to balance global oil markets following the collapse of its deal with OPEC earlier this month...

https://uk.reuters.com/article/uk-oil-opec-trump-putin/putin-trump-order-their-energy-ministers-to-discuss-oil-kremlin-idUKKBN21H2QE?il=0