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Not to mention that this 180million includes the previously announced 60million, on top of that it has to be released to be released. These are bandaid measures only, and serve to indicate the degree of seriousness on the production shortfall. I'm sure that this could also annoy OPEC enough to maybe pause monthly incremental increase

Yeah, poor jubilee is likely in a straight jacket this morning and drooling as a result of the meds

That's big, but still translates to propping up supply. OPEC + will act on that. One point about strategic reserve is when it was auctioned in 2016/17 shell refused to buy because it was very sour. Is that not true for most of strategic reserve? Only so much of that oil can pass through the current refinery set up in the US, unless to export

Does anyone know if pictet own bonds in tlw?

I thought that the US and several EU nation's had actually weaponized the hydrocarbons via sanction, I didnt realise that Russia had shut the valves first.

Is there anything there that's unexpected?

Most striking point from presentation is 1.5x gearing at end 2023, at $75 oil. That's 2 years ahead of plan. Incremental increase in jubilee prod to 115kbod/2025.

Gas to monetize in 2023, at 6kboed.

Hedging is crazy, big paper losses last year and this year. The only way to avoid is massive crash in oilprice. Goldman predicts 135$ average for year.

Above is paper loss, if oil averages 135/ the deleveraging will come mid 2023.

9th is actual date for fy results

9th or 10th FY results, hopefully some other updates to go along with it

Anyone other than the board loon, have an opinion or feedback from IR regarding this. From announcement in November till now seems like a very long time.

On the other hand March Brent trading over $100 indicating extreme backwardation

Maybe hedging volumes lower in 1st quarter

Brilliantly said, but you forgot the bit "u will own nothing and be happy".

So when 75 million drops, were half way there

Aaah, but you dont have my patience Damo

Hedged at avg 77 on 43kbod, cost 1.8$. The difference between your 70 and 75.2 is 82million/ year. Seems not insignificant, there is 13/18kbod exposed to spot market, or 18/23kbod assuming premption go without a hitch. The main issue for tlw in its path to debt reduction is the production at TEN and that will be addressed in 2023,

That's not mentioned in the rns, but I'd think it's related to the achieved prices since 1st April 2021 as the noted date of transaction

No idea, but its backdated to early 2021 once complete.

Once premption completes the percentages will change a bit as we add 5kboed to guidance.

Thanks

Was replying to sagemans comment, which stated we are hedged at 55 for 75% of oil. I understand were getting 78 now, with approx premium 2 $