Member Info for Pecten11

Continuing your use of American sporting idiom, to throw a 'hail Mary' of a suggestion out there if Schlum are involved, is to look at the sanction delayed deal I posted about with Eurasia Drilling.
They have a massive rig portfolio and broadly speaking are in a closer postcode, to be able to facilitate a faster pace of Taribani development that would be justified in JV/limited farmout

Mole I fully understand that, and if anyone looks at the modus operandi of SPM, then it can be seen how a JV or even a partial farm out can fit within their proceedures
The reason I included the excerpt from the Barclays speech, was to suggest that if Schlumberger are one of the 'majors' then an upfront cash component of the deal would look unlikely

However, the fifth paragraph from the bottom, doesn't sound as promising...

'At this stage, we are not planning any major transactions that would involve significant cash outlays, other than the pending Eurasia Drilling transaction, where we now have met and accepted all the requirements stipulated by the Russian regulatory authorities and await their final decision.'

https://www.slb.com/news/presentations/2018/2018_0904_kibsgaard_barclays.aspx

Ah, at least we actually know what Schlumberger's well is called now ( apologies likely due, I'm sure someone will have found this out b4) - but might help the sleuths find out more

Schlumberger Rustaveli Company Limited became the holder of 100% share interest in PSAs signed for License Blocks IX, X and XIB on May 8, 2017. The company is successfully performing the operations stipulated by the Minimum Work Program. Drilling of the first exploratory well Patardzeuli E-1 started on Patardzeuli area of the License Block XIB at the appraisal stage of gas exploration program.

I've actually has cataract ops on both eyes in the last 24 months - part good, part bad, get some monster headaches at times

Put the ops off for as long as you can imo, the advances with multi focal IOLs are looking really good and more time should see further refinement and hopefully lower costs too

Coincidence? Probably....

http://www.jobs.ge/eng/188951/

Fair point sonny, my eyes aren't what they used to be

Could the sanctions imposed on Russia have influenced Schlumberger and Exxon to look further south to a country that the US is actively promoting??

https://www.epmag.com/schlumbergers-russian-oil-services-deal-reportedly-held-us-sanctions-1655596

https://www.epmag.com/exxonmobil-quits-some-russian-joint-ventures-citing-sanctions-1687051

Stephen Greenlee, president of ExxonMobil Exploration Co, speaking this week

https://www.epmag.com/exxonmobil-vp-stresses-value-geophysical-data-1660357?utm_source=Internal&utm_medium=Reccomended%20Content&utm_campaign=reccoengine&utm_content=exxonmobil-vp-stresses-value-geophysical-data-1660357#p=full

Again from their Q2 2018 reports

What are Schlumberger Production Management (SPM) projects and how does Schlumberger recognize revenue from these projects?

SPM projects are focused on developing and comanaging production on behalf of Schlumberger customers under long-term agreements. Schlumberger will invest its own services, products, and in some cases, cash, into the field development activities and operations. Although in certain arrangements Schlumberger recognizes revenue and is paid for a portion of the services or products it provides, generally Schlumberger will not be paid at the time of providing its services or upon delivery of its products. Instead, Schlumberger recognizes revenue and is compensated based upon cash flow generated or on a fee-per-barrel basis. This may include certain arrangements whereby Schlumberger is only compensated based upon incremental production it helps deliver above a mutually agreed baseline.

Interesting couple of paragraphs from Schlumberger CEO Paal Kibsgaard, as part of their Q2 2018 results -

'“The market fundamentals continue to evolve favorably for our international business as the global balance of crude oil supply and demand tightens further. Global GDP growth remains strong, with any impact of headwinds from the US-China trade dispute likely to become clearer in the next few quarters. Despite OPEC’s recent decision to increase production, the global supply base continues to weaken from geopolitical pressure to remove Iranian production from the market, no apparent resolution to falling production in Venezuela, and Libyan exports continuing to be volatile. In North America, lack of additional pipeline capacity in the Permian Basin is becoming an increasing constraint to production growth. At the same time, spare production capacity, which is essentially limited to only a few OPEC countries, is now nearing its lowest level for more than a decade while decline in the world’s mature production base continues to accelerate. These developments underline the growing need for E&P spending to increase significantly, particularly in the international markets, as it is becoming more and more apparent that the new projects expected to come online during the next few years will not be sufficient to meet the increasing demand.

“These views underpin the strong confidence we have in our business outlook. Although the last four years have been marked by the deepest downturn in generations, we have capitalized on a number of market opportunities while simultaneously transforming our company to be even more competitive in the broad-based recovery that is now emerging. The expansion of our portfolio has significantly increased our total addressable market by 50% and we have reached new levels of efficiency in all our activities. We are primed and ready to capture the growth opportunities coming from the positive market fundamentals, and we are excited by the activity and pricing opportunities that the new industry landscape presents.”

And they are currently sound 2D seismic offshore Ukraine

https://www.multiclient.slb.com/en/latest-projects/europe/ukraine_2d.aspx

And - https://www.slb.com/services/additional/spm.aspx

Is 250,000 bpd equivalent major enough???

Schlumberger have recently starting using their expertise directly ....

https://uk.reuters.com/article/us-schlumberger-oil-production-insight/the-next-oil-major-service-firm-schlumbergers-big-bet-on-production-idUKKCN1BJ0EI

But she can put a throw over a piece of furniture..... or even get it upholstered!

Dirk, you're like an inherited piece of furniture, nobody really wants to keep it, but everyone expects it to be there if they come for a visit 😎😎

It shows as a LRGS trade on the ticker- time delayed due to scale.

To get that price for a sell of that size would have been hard over the last week, could it have been the trade that killed the rise- closing of a massive short/ CFD?

Does anyone know if there is a time limit to how long the delay can be - or us it just till it gets filled?

Maybe you need some Swedish intervention too 😎

Personally, I think it's about the cost recovery pool.

You can see from the Strand Hanson admission doc in 2011, how much had been agreed at that point of time, but there was still discussions about further amounts.
I would think it's been ongoing point of discussion every year, maybe they couldn't agree a value for 2017?

'Frontera Georgia must follow a detailed accounting procedure set out in the Block 12 PSA for
recovery of its costs and expenses which is open to audit and approval by GOGC. Where outstanding
recoverable costs and expenses for one year exceed the value of the Cost Recovery Crude Oil
produced from Block 12, the excess can be carried forward for recovery in the next succeeding years
until fully recovered but in no case after termination of the Block 12 PSA. Frontera Delaware has
incurred a total of approximately US$302,530,000 of costs (including financing costs) in respect of
its operations on Block 12, of which approximately US$271,003,000 has been approved by GOGC
and approximately US$29,332,000 is anticipated by Frontera Delaware to be approved by GOGC for
recovery. GOGC has requested further documentary evidence in respect of approximately
US$2,195,000 incurred by the Group prior to the grant of the Block 12 PSA. Frontera Delaware has
to date recovered a total of approximately US$28,474,000 of its approved costs from oil sales.'

I agree, you would think the if it had been resolved, Zaza would have been advised to RNS it, even if the detail of the request couldn't be stated.
Clarity, removes the opportunity for mischief
Actually, even though Zaza's command of English is very good, it's still an interesting colloquial phrase to use - juts hope his use of scale is appropriate