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Mexico's energy ministry tells state oil company Pemex and a group led by Talos Energy (TALO -2%) to work out an agreement within 120 days detailing how they will jointly develop a large oil find at the Zama shallow-water field.
The government's formal instruction follows a determination that the Zama discovery made in the Talos-operated block in the Gulf of Mexico extends into Pemex's neighboring block.
Zama is believed to contain nearly 700M barrels of oil, making it the biggest new find in Mexico by a private company in decades.
The Talos-led consortium also includes BASF's (OTCQX:BASFY) Wintershall unit and Premier Oil (OTCPK:PMOIF).
Talos recently was initiated with a Buy rating at MKM Partners as "a natural consolidator of mature Gulf of Mexico deepwater fields" given the company's operating scale, capability and capitalization.
https://seekingalpha.com/news/3589901-pemex-talos-energy-told-to-seek-deal-on-zama-oil-discovery?utm_medium=email&utm_source=seeking_alpha&mail_subject=pmoif-pemex-talos-energy-told-to-seek-deal-on-zama-oil-discovery&utm_campaign=rta-stock-news&utm_content=link-3
Potential bid for premier oil:-
https://www.streetinsider.com/Hot+M+and+A/Apache+%28APA%29+Explores+Potential+Bid+for+U.K.s+Premier+Oil+-+Source/17076006.html
Falklands' Sea Lion development delayed responding to oil market conditions
https://en.mercopress.com/2020/04/09/falklands-sea-lion-development-delayed-responding-to-oil-market-conditions
The source of this “free” trading came from high frequency trading firms that are supposed to act as market makers, executing buys and sells for clients. Except that they are not really disinterested middlemen; they are running their own trading strategies to make money off retail investors. They execute the order flow of so called mom and pop investors and profit from these “dumb money” retail traders, in the words of Reuters.
https://unherd.com/2020/03/covid-19-has-exposed-our-financial-fragility/?=frlh
Premier Oil creditor 'will take all steps to oppose' refinancing plan
https://www.cityam.com/premier-oil-creditor-will-take-all-steps-to-oppose-refinancing-plan/?utm_source=dlvr.it&utm_medium=twitter
A closer look at the company website ( https://www.metalectrique.com ) provides a lot more detail. The batteries are exchangeable and recyclable which, so the company claims, allows for motoring at approx 8p per mile. If the claims are correct and mass production begins what would be the effect on the oil price?
Ex-Navy officer turned inventor signs a multi-million deal to produce his electric car battery that will take drivers 1,500 miles without needing to charge.
https://www.dailymail.co.uk/news/article-7592485/Father-eight-invents-electric-car-battery-drivers-1-500-miles-without-charging-it.html
Argentina extends exploration licenses to five oil companies in South Atlantic
https://en.mercopress.com/2019/10/09/argentina-extends-exploration-licenses-to-five-oil-companies-in-south-atlantic
Premier Oil trying to sell part of its Falklands' Sea Lion project
https://en.mercopress.com/2019/08/23/premier-oil-trying-to-sell-part-of-its-falklands-sea-lion-project
Rockhopper Exploration PLC on Tuesday said it has submitted an early information memorandum to potential lenders for the Sea Lion project in the Falkland Islands.
https://en.mercopress.com/2019/07/31/financial-submission-for-developing-falkland-islands-sea-lion-project
@Sureesh, if it opens up the whole area with huge amounts of investment I would suggest that it is good news for the Falklands. If Argentina wants to exploit their resources in a big way 'leaning on' the FIG would be counter productive.
Please discuss!
Argentina awards 18 offshore oil exploration areas; UK companies take 7 areas, some next to Falklands
https://en.mercopress.com/2019/05/18/argentina-awards-18-offshore-oil-exploration-areas-uk-companies-take-7-areas-some-next-to-falklands
Premier Oil finances improving and so are Falklands' Sea Lion project prospects
https://en.mercopress.com/2019/05/17/premier-oil-finances-improving-and-so-are-falklands-sea-lion-project-prospects
Premier Oil said it expected full-year production to come in at the low end of a previously announced 80,000 to 85,000 barrels per day range. The company, with interests in the Falkland Islands and which has been focusing on cutting debts, also said its debt pile would shrink to US$ 2.4 billion by the year-end.
Premier’s debt reduction this year was broadly in line with its target of US$ 300-400 million and Chief Executive Tony Durrant told Reuters he saw net debt reduction next year in that range as well.
When asked when Premier might reinstate dividends, Durrant said net debt below US$ 2 billion would feel “comfortable” but that payouts would have to be weighed against investment in growth in Mexico, the Falkland Islands and Indonesia. The company has not paid dividends since 2014.
Premier is starting drilling later this month to appraise its resources in Mexico’s huge Zama field and expects results on the extent and depth of the reservoir as well as flow test data in around a hundred days, Durrant said.
”Premier remains our preferred Brent oil price play providing leverage to strong oil prices through debt reduction and accelerated use of UK tax losses,” RBC said in a note.
Premier has hedged around 30% of its output at a price of US$ 69.1 per barrel for the first half of next year and US$ 72 per barrel for the second half, it said.
http://en.mercopress.com/2018/11/17/premier-oil-confident-in-reducing-debt-begins-drilling-in-mexico
Falklands' right to self determination: US Congressional staffers message to their offices in Washington
Like much of the world’s population, the three US congressional staffers visiting the Falkland Islands this week admit that their preconceptions of the Falklands had been largely shaped by the conflict. Nevertheless they have a strong message to take back to their respective offices at the US Congress, the clear right to self determination of the Falklands.
The physical remoteness of the Islands for one has been a learning point, they say, and with that the appreciation of the logistical and geopolitical challenges that the Islands face on a daily basis.
But the internal challenges faced by Government have been something of a surprise, too; the manner in which the administration is called upon to fulfill the roles of national, regional, and town governments being a far cry from the highly sub-divided nature of Government in larger countries.
Not only is that separation an administrative necessity, it also gives congressional offices more freedom with which to adopt their own stance on policy issues.
One such issue is a position on the Falklands, and while the US State Department may be diplomatically obliged to adopt a neutral position, congressional offices have what they describe as a more forward-leaning approach to the Falklands issue.
It is in that context that the impressions and knowledge of the Falklands absorbed during their time here can be fed into the thinking of the elected representatives with whom they work. And those impressions, say the staffers, are of an “unmistakably independent” people.
In particular, they have been struck by the resourcefulness in the face of unique challenges.
There is plenty in common, too; the thorny matter of regulation, or how to ensure a healthy climate for business, for instance. The overwhelming message they’ll take back is one of a clear right to self-determination. Part of that, they say, is overcoming the notion that some have that self determination does not apply to small populations.
The staffers group included Crawford, chief of staff for Congressman Buddy Carter of Georgia’s first congressional district; Ryan Evans, foreign policy advisor to Senator Johnny Isakson; and Igor Khrestin, national security advisor to Senator Cory Gardner. (Penguin News).
http://en.mercopress.com/2018/11/02/falklands-right-to-self-determination-us-congressional-staffers-message-to-their-offices-in-washington
Four FPSO planned for the Falklands by 2025, according to oil industry reports
The latest report from Global Data, FPSO Industry Outlook, suggests that a total of 74 planned and announced floating production, storage, and offloading units (FPSOs) are expected to start operations globally by 2025. Globally, South America leads with 32 planned and announced FPSO additions by 2025, including four in the Falkland Islands, followed by Africa and Europe with 17 and seven FPSOs, respectively.
Globally among countries, Brazil continues to lead with 25 planned and announced FPSOs by 2025, followed by Angola and Australia with six FPSOs each, and Nigeria with five FPSOs.
Globally, among operators, Petrobras leads with 22 planned and announced FPSOs, followed by Equinor ASA, Premier Oil Plc, and Saipem SpA with three FPSOs each by 2025.
In South America, Brazil has 25 planned and announced FPSOs, followed by the Falkland Islands and Guyana with four and three FPSOs, respectively. In the African region, 17 planned and announced FPSOs are expected to come online by 2025. Angola has the highest number of FPSOs expected to start operations in the region with six, followed by Nigeria with five.
In Europe, Norway has four FPSOs, followed by the UK with three FPSOs. In Asia, four planned and announced FPSOs are expected to start operations by 2025. India leads with two FPSOs, followed by Indonesia and China with one FPSO each.
In the Middle East region, Israel has one planned FPSO. In North America, Mexico has two announced and one planned FPSO, the US and Canada has one announced FPSO each. In Oceania, Australia is expected to witness the start of operations on five announced and a planned FPSO by 2025.
http://en.mercopress.com/2018/10/04/four-fpso-planned-for-the-falklands-by-2025-according-to-oil-industry-reports
Falklands' Borders & Southern involved in a farm-out process
http://en.mercopress.com/2018/09/26/falklands-borders-southern-involved-in-a-farm-out-process
Offshore oil & gas exploration company Borders & Southern Petroleum PLC on Tuesday said its loss widened in the first half of the year on finance expense and announced that a farm-out process was active and ongoing.
Borders & Southern, which focuses on exploration on its offshore assets near the Falkland Islands, recorded a pretax loss of US$ 961,000 for the six months to June. This compares with a US$ 871,000 loss the prior year.
Despite cutting its administrative expenses to US$ 783,000 from US$ 811,000 the company's loss widened as it incurred a finance expense of US$ 193,000, versus just US$ 60,000 the year before. At present, it is not revenue producing.
The company said its cash and cash equivalents had reduced to US$ 6.8 million from US$ 8.6 million. At present, it has no debt.
Three wholly-owned and operated production licenses in the south Falkland Basin constitute Borders & Southern's business. The company said a farm-out process is ongoing.
“With an independently evaluated large, liquids-rich, gas condensate discovery, a completed screening development study, positive internal project economics and a clear appraisal strategy, we re-engaged with the industry to secure partners. We believe that we have a strong proposition to offer and have been pleased by the level of interest,” said Chief Executive Howard Obee.
“The farm-out process is active. Our data room is open and will continue to be open for a while yet. At the start of the year our outlook was optimistic and this continues to be the case,” Obee added.
Falklands Sea Lion development on track to begin offshore operations
http://en.mercopress.com/2018/09/20/falklands-sea-lion-development-on-track-to-begin-offshore-operations
Premier Oil Outline Procurement and Infrastructure Plan in the Falkland Islands
http://en.mercopress.com/2018/07/28/premier-oil-outline-procurement-and-infrastructure-plan-in-the-falkland-islands
North Falkland Sea Lion Project: Premier Oil advancing in contracting suppliers
http://en.mercopress.com/2018/07/16/north-falkland-sea-lion-project-premier-oil-advancing-in-contracting-suppliers