George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change.
California’s oil output a century ago amounted to it being the fourth-largest crude producer in the U.S., and spawned hundreds of oil drillers, including some of the largest still in existence. Oil led to its car culture of iconic highways, drive-in theatres, banks and restaurants that endures today.
On Friday, however, the marriage will officially end. The two largest U.S. oil producers, Exxon Mobil and Chevron, will formally disclose a combined $5 billion write down of California assets when they report fourth-quarter results.
“They are definitely getting a divorce,” said Jamie Court, president of advocacy group Consumer Watchdog, which said the companies long ago stopped investing in California production, and now want to hive off their old wells there. “They’ve been separated for more than a decade, now they are just signing the papers.”
Exxon Mobil last year exited onshore production in the State, ending a 25-year-long partnership with Shell PLC , when they sold their joint-venture properties.
Costly write down of the No.1 U.S. oil producer’s asset will cost about $2.5 billion and officially end five decades of oil production off the coast of Southern California.
Chevron will also take charges of about $2.5 billion tied to its California assets. It is staying but bitterly contesting State regulations on its oil producing and refining operations in the State, where it was born 145 years ago as Pacific Coast Oil Co.
California’s energy policies are “making it a difficult place to invest,” even for renewable fuels, a Chevron executive said this month. The company pumps oil from fields developed 100 years ago but has cut spending in the state by “hundreds of millions of dollars since 2022,” the executive said.
In the 70s and 80s, the State set curbs on drilling near homes and businesses and regulations on air pollution - rules that have been copied widely across the U.S. In 1996, California introduced reformulated gasoline to fight smog, developing the country’s most stringent and costly environmental standards.
That mixed legacy overshadowed oil’s economic contributions. California’s high-tech industry long ago replaced oil as a major employer and its Governor, Gavin Newsom, has called for the State to ban sales of new gasoline-powered vehicles.
LONDON (Reuters) - Shell has given the financial go-ahead for the development of the Victory gas field in the British North Sea, the latest development aimed at boosting the energy giant's production in the ageing basin.
Britain's regulator the North Sea Transitional Authority said it had granted the project to go ahead.
Since the above was published over a week ago and that by now the final tanche owing by Shell must have been received by Reabold Resources. Will we see within the next few days an RNS regarding the funding of our subsidiary Rathlin (in essence that what it is as we are majority shareholder) from these Shell payments? It would appear at present nobody else is willing to fund, and even UJO as not as yet come forward. Or perhaps it may agree to a token amount, we will see. Whatever, any delay must be seen for what it is, a tactic by our joint CEO's to keep West Newton on ice for as long as possible. Why one may well ask. My answer would be they are not fully committed as they know failure to commercialise West Newton would finally sink RBD after all the investment they have put into it on our behalf.
'The bell tolls the end of parting day'
He was caught out lying once before when posting under his previous avatar deemule. He made a comment which he could only have known about if he had been reading comments from those who he alleged he had blocked, and before any other poster had time to reply to.
Simon64 aka deemule is certainly a person who is a stranger to the truth!.
I see the latest in a string of Presentations by our partner in Danube Petroleum ADX again omits any mention of the project. Since 2019 when ADX was the dominant partner it since has allowed the directors of Reabold to acquire the majority share-holding. What 'easy meat' Stephen and Sachin must have been to the vastly more experienced guys at ADX. I would have loved to have been present at the joint meetings, where S & S must have looked like thankful puppies being offered their first scraps of meat by their owner. On a more serious note will Danube be written off over the next few years, or will it become an embarrassment too far for that to take place?
For those like me who were eagerly waiting for the delayed results for the above year to be published they are now available. Released 24th January 2024.
The SEC site provides what is in effect a very disturbing outlook for the ongoing health of Daybreak Oil & Gas.
Those of a nervous disposition should hide under the table now!
The only saviour I can see is for Donald Trump to win the Presidential election In November.
Uggy, it's apparent from the interest shown over the previous year whilst they have been hawking the W.N 'asset' around that no one thinks what the two CEO's are saying. There is a chance of Commercialisation of course, but the same would probably be another Victory with no dividend for investors. I can foresee a 100-1 rerate on the horizon.
You really have to be a paid up ramper to believe that RBD who are already 59% owners that buying more interest in Rathlin will persuade the present investors to believe it is a good move. Everyone can see the reason why they are going to have to do this. It is because nobody else is the slightest bit interested. If it was a stand out investment third party companies would be falling over themselves to join in. Even 'good ol' Dave Bramhill over at UJO seems disinterested, along with the present board of directors at Rathlin.
The MM's will move this up and down over the next couple of years is my bet.
I think the bottom line regarding W.N is how many people on here are willing to wait 10, 15 or even 20 years to find out whether a return is going to arrive, (many of us may not even be around in that time). In the meantime Sachin and Stephen will surely drag their feet and delay whilst they pull in millions of pounds. Can anyone blame them?
OMO but based on many years of experience at how these outfits operate.
Rathlin Energy Annual Accounts dated 31st December 2022
Future Commitments
Rathlin has a commitment with the North Sea Transitional Authority (NSTA) to drill and test a new Kirkham Abbey deviated or horizontal appraisal well by June 2024 as well as recompletion or sidetrack and testing of one of the WNA-1, WNA-2 or WNB-1Z wells in that same time frame. The company estimates that Rathlin's share of the cost of the commitments is approximately £9M.
A further field development plan has to be submitted by June 2025.
Rathlin is 59% owned by Reabold Resources.................Dividend anyone?