Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
You have to ask yourself where is the value, and this is why I reluctantly sold up in December? Here's the reality check.
For all those jumping on the Morant bandwagon here's some real world O&G experience. And as an aside where is the Earl?
1) There is no current active oil industry in Jamaica
2) The multi billion barrel prospects are just that, they are prospects in a new province.
3) Why would a major even look at UOG? If they believed in it then they could buy the whole shooting match for less than a carry and back costs
4) Majors are already extended in existing discoveries of the multi billion barrel scale. Provinces such as Namibia Suriname, Guyana etc. They simply aren't interested.
EOA. You mean the same company that put UOG into default? Don’t you understand that Jamaica is an unproven province? Don’t you understand the term ‘unrisked’? You clearly don’t understand the industry.
You are ramping in such an obvious way. Shame on
I think you'll find that UOG hasn't paid it's share of the operating costs (monthly cash calls) There is a regular term in the JOA that allows the operator to put a non paying participant in 'default'. The default period is designed to give a final opportunity for the defaulter to put up the funds to cover the default. In some cases a JOA will allow the operator to take the share of the debtor in recompense. If this is the case BL's new wish of departing Egypt will come to pass.
Can't really see a future for UOG, which is a shame.
PS Where are all the rampers?
TTL,
My view is that it is unlikely that a third party would farm in. Why would someone carry a $4M dollar SP company and pay their back costs when they could just acquire the entity?
The other issue is over entering a new province, although the prospects are slightly better than 'wildcat' they aren't far off it. I wish them luck, but it remains a remote prospect and especially without a significant extension. From my own experiences, the authorities will be losing patience and will demand some significant comfort in awarding another extension.
Without a lengthy extension (i.e up to and including well delivery) no farminee will take the risk. I would suggest that a 24 month extension would be required. But as you say, UOG are in a better position to deliver a well than a new entry.
Why would any company contemplate a farmin? Most of these deals involve acquiring interest in return for a carry and back costs. But why bother? You can pick up UOG for £4 M and sell on the Egypt asset.
Jamaica was always a high risk play due to the nature of the prospects, their location and the immaturity of the industry in Jamaica (exemplified by Tullow walking away).
I bought tranches after Covid started. Some of them at 77p. been adding since then. Final tranche was at 225p and I wondered if I'd made a mistake. Probably sell enough to cover my investment and then I'm playing with the markets Money.
Ah, so you mean 7.5 billion bbls of oil?
Goodness knows where you get that number from. Care to enlighten me? Are you talking about reserves? Recoverable? from how many prospects/reservoirs? What's the GCoS that leads to this number?
So Brent is above $95, little trading over past 2 weeks, full year results tomorrow (I think) and suddenly large sells. Doesn’t bode well. Even the rampers have gone quiet.
Maybe time to bite the bullet and take the losses on the chin.