Member Info for Ovets

Apart from the misspelling of maths, like so many here, you take the shortest possible time from an event, demanding why nothing's happened yet.

It's like the kids in the back of the car constantly asking "are we nearly there?" when we're only just leaving home!

In any case, the appointment of Standard Chartered as pathfinder was at the beginning of July, whereas Tony Durrant's announcement about FID being in "3 to 6 months" was made on 23 August, so on that basis you need to wait until at least 23rd November before you ask "are we nearly there?" again!

SchachMeister, your latest post makes more sense and echoes pretty much what some of us have already been saying more than once (i.e. that FID may not be announced in 2018).
That's not the same thing as saying, at the beginning of October "that there's no FID at the end of this year".
I suspect this was just an expression of the same frustration/impatience we're all feeling, but I have absolutely no doubt that this Rockhopper will fly, whatever the sceptics say.

Yes Comertoes and I'd add that if any further delay is because this thing is being planned properly, then I'm all for it (even if we'd all prefer our helping of jam today), because there've been so many Eff-ups along the way (not all necessarily anyone's fault), since Sea Lion was discovered, that this time it's got to be right.

"I'm disappointed that there's no FID at the end of this year as it was stated numerous times by both companies and then it just gets kicked down the road again as the Poo approaches $100."

Hang on a minute, my calendar says it's 2nd October - did I miss Christmas?

SchachMeister may turn out to be right, but it's a bit early to be so definite today.

On a more realistic level, this is a monumental project to plan and execute, especially in such a remote place and as poo recovers from sub-$30 and PMO still has over £2 billion debt.

PMO has all the necessary skills to make this work, unlike many others and FIG daren't play silly buggers with licences, so it remains a matter of patience.
So please stop posting sensational scaremongering, not based on any facts whatsoever.

P.S. In the various gold rushes, don't forget that those who sold the shovels, barrows and other stuff to prospectors were the ones guaranteed to make profits.

I've also read that the really successful ones retrieved the shovels, barrows and other stuff left behind by failed prospectors and sold them again to the next lot of new arrivals!

FI, don't forget to add FIH Group to your list, who own the Falkland Island Company (FIC).
Often dismissed as a ramshackle outfit with a shop and Land Rover dealership in Port Stanley, FIC also has quite a bit of land, some of which may not be very exciting for development, but is ideally suited for oil companies looking for somewhere to put their stuff, make a bit of unwelcome noise and generally out of sight.

I've heard that PMO has already been looking at FIC sites with this sort of thing in mind, so what may currently be a bit of a minor company, reliant on the annual squid catch, could become very interesting indeed.

Probably just another way of avoiding saying "imminently"!

I thought it was the BBC Shipping Forecast!

Y-a, what you raise gets to the nub of humanity's looming crisis.
I think some were counting on nuclear fusion as the answer, but it still seems to be as far-off as it was when I first heard about it in the 1960s!

Stephen Hawking was very definite in saying that we need to find another planet to colonise, but to do so with current technology, including the limitations of conventional energy sources, would be pretty well impossible.

As for electric car noises, having something like programmable "ring tones" would be one nightmare I don't think I could take - just imagine the car noises that Ralph/Ollie/Kurgybabes would choose to annoy the rest of us!

Cheers Y-a!
I can cope with Flareboom, as he (and the others) are missing the point.

I'm not slagging-off electric cars and one day I think I'd prefer to have one (assuming we will still own cars then, which I doubt).

If they're reading any of this, the point being made is that the switch from horse to internal combustion accelerated the development of civilisation, whereas at the moment, switching from internal combustion to electric vehicles would have the opposite effect.

Historically, great empires expanded to gain land, crops and materials and perhaps most important, slaves to do the work.
"Dark Ages" weren't actually that "dark", but were characterised more by there not being great expansion and development.
The British are arguably the last to have benefited by this approach, taking great areas of the World and with it, slaves to do their work on the cheap.
Every time I visit London and see the great city and its buildings, I wonder just how many slaves contributed to all this. While slavery still exists, it's not on that sort of scale.

Starting with steam in the Industrial Revolution, it was the massive leap in cheap energy provided by harnessing oil that enabled the developed World to outstrip the rest of the World and with it, the World's population boomed.
It's also arguable that two World Wars actually helped the developed World to increase its inexorable supremacy, with the development of technology and it's no coincidence that humans chose oil as the main basis for this.

Only now are we starting to understand the implications for the planet of this selfish and reckless policy, but we're so entangled with it that it is now impossible for us to back out.
If we carry on as we are, we poison the planet and we're doomed, but if we switch it all off to save the planet, the World population of 7 billion is equally doomed. - what a choice!

So, back to oil and the RKH sp, it's a no brainer and it's coming soon, but the magnitude is so enormous that having to wait a week or two, or even a month or two, is really nothing.

We know that China is probably the World's worst coal polluter and that it's pretty hopeless trying to get them to change their ways quickly.
After all, trying to keep 1.4 billion people under control/happy is a very big challenge, dependent on cheap energy.
With vast coal reserves, that's what they'll use first.

Your posting only supports the fact that World energy demands are a long way from being met by windmills and photocells and that oil & gas will be in demand for a long time yet.

So, as I said below, as far as the RKH sp is concerned, forget about the imminent collapse in demand for oil and forget about electric vehicles.

Regarding Ralph's moaning about the sp, I was getting really fed up/worried when the sp fell below 20p and the likes of MS were forecasting: "next stop 12p". I could remember buying RKH shares in 2006 for around 25p and being pretty pleased, especially when Sea lion was discovered.

Then the penny dropped - the moaners were helping to create an opportunity to buy RKH at Rock-bottom (pun intended) prices, so I stopped worrying and bought as many as I could afford sub-20p. Now look at the sp.

Something else I forgot to mention about the internal combustion engine, versus electric vehicles.
Living in a road full of boy-racers, how the hell will boy-racers of the future impress anyone by revving their electric vehicle engine? Just produce an annoying whining noise?

BTW, I read somewhere that in just ONE city in China, the steel factory there produces enough steel EACH DAY to construct two Eiffel Towers. Where does the energy to do that come from - windmills? If so, let's hope the Chinese population all start eating baked beans.
Ralph/Ollie/Kurgybabes, don't bother commenting about why the Chinese would need 2 new Eiffel Towers every day, as we've already thought about that one, laughed and forgotten about it!

And then there's all the energy needed to make Worlwide demand for cement, etc., etc.

I think you can start to see that oil's going to be around for some time yet.

There's definitely confusion between FID & sanction, but I also sense yet more delay, if PMO intend monetising Zama-1, rather than other funding arrangements.

However, monetising Zama AND obtaining funding is also a possibility, if waiting for the Zama appraisal holds things up in the FI.

HMG wants a slice of this too, so the Export Credit facility option isn't a fanciful proposition, but very probable.

This is REALLY BIG stuff being negotiated/organise here, so why people think it can be done in a few weeks beats me. Bit like Brexit - anyone who honestly believes we could negotiate a workable outcome in 2 years is barking and can't ever have managed a large-scale project successfully.

I'm not going to preach my sermon again, even though it is Sunday, but just think about history, civilisation's reliance on oil, what the alternatives are to oil (none at the moment) and what happens if there isn't any oil: - breakdown of civilisation, unrest on an unprecedented scale, etc., etc.

As for electric cars, forget about them for now. Comparisons with the sudden disappearance of horses are wrong. The horse was a good slave, but slow, dirty, expensive and inconvenient to keep (especially in towns) and could die under you and, unlike a car/lorry, couldn't be mended.

The internal combustion engine gives immediate, long-range transport, which can be switched ON/OFF, while at the moment, electric vehicles do the same job rather worse, and are more expensive to make. The main benefit of electric vehicles now is the zero pollution in town, but their electricity still has to be generated somewhere and by the time it's been generated and the vehicle batteries charged, the efficiency is low, so oil/gas WILL continue for some time.

Just fill your boots with RKH shares while they're this cheap and then get on with something useful, instead of posting the negative drivel that some seem to think is clever - actually it makes those who post it look very stupid.

Don't think that was the point being made "smart arse"!

You must have been one of those children who didn't read the exam question properly and then gave the wrong answer, or maybe you work(ed) for the Council, and who reply to letters/emails about something completely different?

Sceptics really don't understand just how reliant the entirety of human civilisation and development is on energy.
Renewables are a long way from providing our needs, nuclear is VERY expensive, slow to implement, doesn't really work and current versions are also VERY dirty, so if we don't want a terrible collapse of our society, we have to continue with fossil fuels.

7Bn people and still growing, just can't do without it, so the sceptics can post all their stuff about renewables providing our energy needs by the middle of next week (OK, next year!"), etc., and electric cars (ever thought about where the electricity to power them comes from?), but the truth is that oil is here for quite some time and FI region production could well be coming on-stream just as that "supply shock" hits us all.

Once you've clocked the magnitude of all this, you'll wonder why you didn't buy-up all the RKH shares you could afford.

No Much, I don't believe we disagree - I was thinking beyond the forecast supply shock and the longer-term prospects for oil.

Anyway, I too had a similar experience with a company which was involved with management consultancy and "facilities management". Someone, whose opinions I really respected and was a fund manager, advised me to steer clear, as the company, Hoskyns had virtually no tangible assets (i.e. rented its offices, computers, vehicles and pretty well everything else), didn't make anything tangible (e.g. cars, washing machines, or widgets), so couldn't possibly have any market value.

I knew that Hoskyns' value was more to do with brain power and were making stonking, compound profits every year, so put my shirt on them, despite the warnings.

As well as the sp rocketing, Hoskyns got taken over and then that company was taken over - amazing!

So to those who doubt RKH, I suppose there are some wheels which could fall off, but if they do, then that would affect virtually every other investment/bet too, so you might as well risk losing your shirt here!

Bloody 'ell, how many times do we have to "discuss" this one?
Oil & gas will eventually be somewhat superseded by renewables and perhaps some sort of clean nuclear energy (e.g. fusion, if "they" can get it to work), although perhaps never completely, but for the foreseeable future, human civilisation and culture is completely dependent on fossil fuels.

It's an unhappy situation, and it's no good blaming politicians, as we've voted them into power to give us cheap energy, etc., so we've just got to accept what is a pretty awful situation, that humans have made for themselves.

World population still hasn't plateaued, an with it, energy demand continues to increase, so stop wasting your and our time debating whether demand for oil is going to fall off a cliff edge in the foreseeable future - it isn't.

Furthermore, Sea Lion oil is extremely high quality, as are probably the rest of the FI reserves, so it would be in demand no matter what.

There are more important things to discuss than this one and the current range of electric car batteries.
To waste time discussing such issues shows a complete lack of understanding of the World's key energy-related issues.

As long as the PoO remains firm, and there's no reason at present to think it won't, then FID is a given - like with everything else, just when.

Regarding financing, it seems increasingly likely that PMO would prefer to "go it alone", by monetising Zama-1, once that's been fully appraised, which will be in 2019.
Reading between the lines and chatting to people at AGMs, etc., it seems as though PMO's real objective is production in the FI region, becoming a (if not THE) dominant operator of the region.
In the mean time, however, that won't prevent PMO/RKH negotiating financing options, including the Export Credit facility.

When you're sitting on perhaps several billion barrels of some of the highest grade oil, it's now a case of "when", not "if".

Kurgy/Ollie/Ralphybabes - must get damned confusing trying to pretend to be 3 different people, but the rest of us have got the measure of you now, so just post under one name, it'll be easier for you.

You're not Wancos as well are you?