Member Info for Phil164

If you want pmo to sell on sealion then you should seek to convince your fellow pmo shareholders, I cant see you getting much traction for that view on this board, so if you persist in posting this here you are clearly just being truculent.

Oiluser, of course you are entitled to you opinion but if you are not a holder of rkh, as you appear not to be, and have no interest in its success I would just question why you are expressing that opinion on here.

55 just is not good enough...... in your opinion. I am sure I recall Tony Durrant saying in the past sealion would only be sanctioned if they were confident oil would be above 55, so good enough for him apparently. Forgive me but as PMO CEO I think I will take his opinion over yours.

The issue is not what poo is now but what it will be in 2020/21 as for the farm in the deal was done pmo cannot just unilaterally change it, if they decide to delay sanction I assume that is another matter but remember rkh have also seen prospective profits drop through the fall in the oil price it's not a one way street. As for finance it surely must be in the uk government's interests to help the FIs develop and provide the export credit finance needed.

My recollection of the farm in deal was that almost universally the opinion was that RKH had given away too much to PMO, funny that, maybe you have your own reasons for your post.

This board play their cards very close to their chests, not sure there will be any ground-breaking news but no matter to me I'm buying for the long term at this price.

I recollect many times uk government ministers saying the islands have a right to develop their oil and gas reserves as part of their economy, it will bring wealth and prosperity and enable the islands to contribute something to their defence costs, no the green argument will not trump those previous commitments imho.

My gut feeling from watching this over the years is Mr Obee is a very smart cookie and the board have played this well through the downturn, although I freely admit I thought differently at the time, as I said unless you believe oil is now in terminal decline at some point money has to flow back into capex for new fields which has been decimated since 2015, no I dont think sealion is a prerequisite but with the political sensitivities in the area if one jumps in it might encourage others. Just my own opinion.

BB, agreed, the market is not factoring the asset into the share price at all at present, a bit like rkh, all that will change when sealion is sanctioned.

I have been a holder of border since the discovery but was hugely fortunate in the days when I traded this over ranges to miss out on the callamatous drop from 60p to 10p that happened I think in 2012. From memory the board rejected more than one farm in offer in the period up to 2015 since then they have battened down the hatches and concentrated on the technical work and reservoir enginering, with hindsight a sound strategy through the downturn. This needs an appraisal well and then its basically ready to go and with the capex reductions we have seen its break even is I believe around $35 pb. Unless you believe the age of oil is over ( how many times have we heard that before ) then patience is what is needed here and for pmo to sanction sealion which will bring the market to the realisation that the FIs is going to be an oil producing area, something it still severely doubts at present.

Looks like it will test $56 very soon.

Suspected you would top up big time after your posts a week or so ago, well done getting your average down, I too added more. Whether Bor will ever again be worth £1 I dont know but what I do know is it should be worth a lot more than where it is now, the key to the whole issue is getting the FIs to actually become an oil producing region and at present that rests with rkh and pmo, if they lead I expect Bor to follow and anybody who bought significantly at this level will be very, very happy.

Nice to see a couple of the old names still on here, I too have bought on the latest dip. I was one who was very critical of the board's failure to deliver a farm in a couple of years ago but with hindsight I am now starting to believe they may have played a good hand in waiting for the upturn, no debt, 360m barrels recoverable of gas condensate and a market cap of under £10m, surely this asset will be worth something to someone at some point. Fingers crossed for PMO to sanction sealion next year (I also hold RKH) then interest should return to the Falklands.

For what its worth I don't see it as a big issue Noble pulling out of the SFB, after what went on with them and FOGL there is no way I would want them as a partner, anyway RKH now own most of the licence areas I believe. BOR have a confirmed economic discovery and as capex costs continue to fall there will come a point where what we have will be very attractive looking at this on a 2 - 5 year view.

I'm not the author of this but thought the link worth sharing, in the interest of a balanced view. http://oilprice.com/Energy/Crude-Oil/The-Offshore-Oil-Business-Is-Crippled-And-It-May-Never-Recover.html

Personally I dont see a parallel with argos, I think argos board did quite well to get what they did when they were sitting there with small acreage, no drill and no cash. Not panicking and giving away Darwin is one thing I would give credit to our Board for, but the fact remains our problem is more where the find is, deep water drilling in the sfb has been shown by stebbing and humpback to be problematic and very expensive, just cannot see anybody committing to this in next couple of years until hopefully oil price and oil co balance sheets have recovered, it really is a wait and see, start of production in nfb would help by showing the falklands will be an oil producing region.

Careful, if you look back a couple of months to when he first appeared on here you will see he does not appreciate criticism or questioning .

MrBond007, Like you it seems I check in here once in a while as a long term holder, I expect to carry on being a long term holder for some considerable time, lol, looking towards poo picking up above $50 then once we get to see sealion development confirmed we may hopefully see some interest in this, until then or news of substance there is nothing new.

Fatally holed by a humpback in November and sunk without a trace. Rescue ship RKH now picking up survivors.

Noticed your last post about me, purely be because I opened the page without logging in, which, believe it or not, means the filter does not work. Wow, what an angry self righteous person you are, keep up the abuse it doesn't bother me in the slightest and will not stop me posting my views, every bit you post says far more about you than it does about me. Love and Kisses xxx