Member Info for PageofCups

A new independent engineering feasibility study has validated a phased development

concept for Darwin and provided up to date cost estimates.

• The study did not identify any major technical risks or showstoppers associated with

the subsea and topsides processing equipment

• The proposed subsea components and topsides processing technologies would be

all tried and tested industry standards

• A conventional FPSO (Floating Production, Storage and Offloading) development

would see a moored vessel in 2000m of water

• Reservoir fluids would be produced via two subsea wells tied back through manifolds

and risers. Condensate would be processed and stored on the FPSO before being

offloaded to shuttle tankers for export

• Dry gas would be re-injected back into the producing reservoir via a third well.

If you look at BOR. they only need to drill 3 wells to be in production. They've scoped out there development plan and are looking for an FPSO.

News on drilling or sample results anytime hopefully. Bargain price here.

Oil is on the up. So much turmoil out there, oil companies don't know where it's safest to invest.

BOR also looking for an FPSO... tie up with north basin ?

Keeps going into auction this morning...

Auction of 1 trade..??

Another nothing day for this share. Sp cratering to new lows. What's happening?

All sounds similar to Borders phase 1 development. I wonder if BOR will announce the sourcing of an FPSO?

https://en.mercopress.com/2024/01/23/promising-update-for-sea-lion-development-and-falklands-oil-industry

Seems like NEO are not getting on with the job. What's happening? SP is just falling.

Yeah, who that 3.4m went to is interesting. Maybe Mr Calgary which might put him on 10% Maybe a new entrant who wants to start building a stake which will have to happen on the open market like Mr Calgary did. Either way, big blocks being shifted around and gathered as big holders take a position. Must be something behind it.

There was another 3.4m reported Friday.

Who know's what's going on. Probably nothing or maybe something.. I guess the next few days will tell and possibly further holdings announced. The shares are tightly held and at this level any buying will move the sp north. Still think this is to do with financing Darwin and spreading costs across big holders who have contacts with banks and funds who can provide facilities for drawing down in stages to get the project kicked off. Drilling is estimated at $200m for three wells but contingent on the first well appraising the Darwin discovery, so one well is about $50m and when it's proved to flow the rest of the facility can be used. Not a great deal of cash to get together to prove a multi billion pound project. Best investment project out there for massive returns. Surely with the current global energy situation it's a valuable project that just needs a bit of cash for it to snowball into a huge producing field that becomes self financing.

Yep..together take a slug of shares, fund the project, laugh all the way to the bank as the sp rockets.

I'll go for project finance being sorted through the large holders. Drill baby drill.

Yeah, it's all very odd. Borders is a strange share. On the cusp of monetising a multi billion pound asset and yet sitting at a pittance valuation. Three holdings RNS's in one day after months of inactivity. Are they here for the giggles or something happening?

The risk here is they have to raise again at this low price to do another drill if the well cannot clean up or the well stimulation is unsuccessful. The cost of the well delays was quite high, hence they had to raise, and the risk of the well not being able to produce is high.

News incoming next week.

They will have to start buying on the open market soon if anyone else wants in.

I reckon some action is going to start here soon and insti's are getting themselves sorted out with accumulating at these mates rates prices. If they tried it on the open market it would propel the sp northwards very quickly so doing it on the quiet and off the book.

Looks like they want to get themselves below the 3% notifiable interest.