Member Info for pauldrayton

Longboat has always moved on small volumes, I don’t think it’s MM games. Whilst obviously insignificant in the grand scheme of things, 90k traded is quite a lot of activity for LBE!

I wonder if this morning’s Results RNS caught a few eyes and some people are taking a punt on the next few well results.

Investor Meet presentation on Thursday at 10am for anybody interested in tuning in (or watching the recording afterwards).

Might be a touch soon but I can only get a quote to buy 2 shares at the moment. It’s a strange share to hold at times!

Only a few hundred shares so I don’t think we can read anything into it.

No trading is not suspended. People have just stopped trading this morning!

Yes it was pre2, but I didn’t get a reply unfortunately.

I did have a conversation with Steve Baker who was sympathetic but Kwasi Kwarteng seems to be away with the fairies.

What exactly do you want them to say? It’s all been said already - nothing has changed.

No nothing new and positive that they haven’t changed their minds (not that I thought they would).

The Navitas deal should hopefully be signed within the next couple of weeks.

Nothing new.

In 2021 we announced our decision to exit the Falklands Islands and our exploration acreage in Brazil. We believe there are lower risk and lower emissions intensive options to replace our reserves and grow than via frontier exploration or multi-billion dollar greenfield developments.

It is absurd. The last hearing was nearly two and a half years ago now and only the 5 page addition on jurisdiction is new since then, which has been dealt with. They were supposed to be in a position to issue an award last July.

What has changed?

Surely the arbitration funders (Harbour) deserve a timeframe even if they don’t care about shareholders. It’s ridiculous that this seems to be a completely open-ended process whereby the panel can take as long as they like without saying anything.

What on earth is going on?

Looks like a large buyer & seller have agreed a price to exchange at?

https://longboatenergy.com/wp-content/uploads/2022/03/LBE-Presentation-SB-1-Conference-Mar-22.pdf

ARG & BOR.

I’m (perhaps wishfully) thinking the farm out deal might be accompanied with a steer on funding and also perhaps an update on any progress made with a new development plan.

I’d like to think there is plenty happening behind the scenes even though the deal hasn’t been signed off yet.

No they won’t suspend the exploration well for production. It will be plugged & abandoned once complete.

Stages will be:
Appraisal (1-3 wells plus sidetracks)
FEED
Secure Finance for Development
Field Development Plan Approval
Final Investment Decision & Sanction
Drill production wells & connect to infrastructure

They may well use Bleo Holm although they have said a standalone FPSO could be warranted if the high volumes are proved.

Timescale to production is likely to be a couple of years at least after appraisal.

Well it does feel like the calm before the storm.

Who knows how it will play out but costs were submitted to the ICSID tribunal nearly 8 weeks ago now so news could drop any moment (although yes we’ve been saying that for 2 years now!).

Also the Navitas deal is supposed to conclude this month.

The outcomes could go for or against Rockhopper on both counts but it does feel like we are reaching the make or break point.

Let’s see what happens - the rise in oil price certainly shouldn’t have put Navitas off anyway!

Just thought I’d pop over here because a lot of people are asking about the CoS for Serenity.

The CoS is usually assigned by a Competent Person for exploration wells, normally a prerequisite for getting institutional investors to put money in (due diligence etc).

This is different. It’s an appraisal well on an existing discovery and a CPR has not been commissioned. An official CoS therefore does not and will not exist.

EOG will have had access to I3E’s data room and made their own minds up as to what they view the likelihood of success to be.

Oil has already been discovered - the theory is that the sands thicken to the west. The main question is whether the seismic interpretation is correct or not.

The drill will confirm either way.

A potentially big and exciting prize but of course there is some risk as with every well that’s drilled.

Good luck all.

A muted response and I’m not entirely surprised.

Glad it’s being drilled though and huge potential upside now.

Agree that EOG have a lot to gain if it’s successful.

People keep asking about a CoS. There isn’t one and there won’t be one announced. It’s more a question of whether their seismic interpretation is correct. We would expect the sand quality to be good because it is throughout the Captain reservoir, the charge is obviously there and the trap was sealed at the first well location. The theory is that the sands thicken to the west and that’s what this well will seek to confirm.

They are all certainties now.

All systems go by the end of March. Must be a rig contract RNS to follow fairly soon - be interesting to see if it has any optional additional wells, and if so, how many.

Have Dolphin dropped their interest?

I remember the original plan was for 2 wells plus 2 sidetracks on Serenity plus an option for the Minos High.

It would make sense for the rig contract to have additional options because they obviously don’t think Serenity can be fully appraised & delineated with 1 well.

There was an obvious hint that they may well farm down further.

I guess we will hear more once EOG have sorted their finances but a rig contract will need to be in place fairly soon if they want to drill in Q3.

I’m not sure I3E have released the drill location yet?

I doubt whether they will have commissioned a CPR to assign a CoS either - interested parties will have been required to do their own due diligence on that.