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To be fair NGR the board should have addressed the allegations properly 3 months ago!
If you think BT’s current remuneration is “the minimum” perhaps it’s time to think again!
Was that really your 5th post qdnano?
Sorry - meant Bongo!!
I agree Bonzo - Board should convene an independent enquiry in to their handling of Samsung litigation with focus on shareholder communications and whether any insider dealing has occurred. Pay cut until definite orders is also a good idea.
This is about to get very interesting!!
TotalEnergies has suspended production at Edradour, one of four gas fields in the Greater Laggan area west of the Shetland Islands, partner company Kistos said, as the UK gas hub shows signs of significant decline and higher water production.
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The halt at Edrarour was described as temporary by Kistos, a London-listed independent that holds 20% stakes in the Greater Laggan fields.
The hub was brought on stream in 2016 along with a 140 km pipeline to a new 500 MMcf/d gas processing facility on the Shetland Islands. At the time the project was expected to meet 6% of UK gas demand, but plateau production rates fell short of expectations and output in 2022 was nearly two-thirds below the 2018 annual peak, falling to 1.5 Bcm for the year.
Another field in the hub, Tormore, also shows signs of dwindling production, according to official data.
The issue at Edradour is thought to be linked to management of produced water, a source close to the situation told S&P Global Commodity Insights, following a significant increase in water production at all the fields last year.
Kistos, however, underlined hopes for two potential additional projects the partners may make investment decisions on in the coming months: Edradour West and Glendronach.
It comes as the UK government rows back from a punitive upstream windfall tax introduced in 2022 that lifted headline rates to 75%, with the announcement June 9 of a planned price floor, by which the tax will be annulled if prevailing oil and gas prices fall below certain levels.
"Production from the Edradour field has been temporarily suspended due to a technical issue which is expected to be resolved in due course," a Kistos spokesperson told S&P Global Commodity Insights on June 8.
"Within the wider Greater Laggan Area, Kistos and its joint-venture partners continue to progress the Edradour West and Glendronach developments and look forward to updating parties on these later in the year."
The partners are also currently drilling an exploration well in the area known as Benriach, which if successful could help boost production from the hub. Drilling is due to be completed in the third quarter.
Following treatment at the Shetland Gas Plant, Greater Laggan gas is exported to the UK mainland via the Shetland Island Regional Gas Export System (SIRGE), while condensates are exported via the Sullom Voe Terminal, source of the Brent crude stream that remains a mainstay of Platts' Dated Brent benchmark.
The Greater Laggan issues come amid slowing output of the Brent crude blend, sourced from a decreasing number of fields east of the Shetland Islands, after the core Brent field was finally closed by Shell in 2021.
The overall decline in UK gas production in recent years has been less steep than for oil, partly due to the introduction of newer fields such as Culzean and Tolmount. UK sta
Samsung has reportedly signed a deal for LG’s OLED TV panels. Reuters reports that LG Display will supply high-end 77- and 83-inch white OLED panels to Samsung in a deal that could help it turn a profit amid fierce competition in LCD panels from Chinese rivals.
This is the first time Samsung has purchased OLED panels from its South Korean rival after years of rumors around similar deals. It’s also a huge admission of defeat after Samsung stopped making OLED TVs in 2015, citing the high costs of the panels in a miscalculation that the market wouldn’t be ready for such high-end TVs. Samsung pushed ahead with its cheaper but inferior QLED TVs — a variation of LED LCD — but OLED models have dominated the premium market.
LG has more than 50 percent market share of lucrative OLED TVs
Samsung has returned to OLED recently with its first QD-OLED TV launched last year and Samsung Display supplying OLED panels for Sony’s first QD-OLED TV. Reuters reports that LG Display will supply 2 million OLED panels to Samsung in 2024, 3 million in 2025, and then 5 million in 2026.
LG has grabbed more than 50 percent market share of OLED TVs with Sony at 26 percent and Samsung at just 6 percent, according to market research from Omdia.
The deal comes at an ideal time for LG Display after it admitted there had been a “sluggish demand” for TVs and lower than expected OLED TV panel sales in its recently quarterly earnings.
The timing is also good for Samsung Electronics after the company had another terrible quarter following weaker semiconductor demand and a cut to memory chip production. While Samsung has dominated the global TV market for 17 years in a row, it has faced tough competition from Chinese rivals with cheaper LCD TVs. It now clearly sees the high margin opportunity it missed with big OLED TVs.
Hi Gerry. No I haven’t - all Twitter says is “ Our technical team delivered an engaging presentation on our Irish licence FEL 4/19 at the BEOS yesterday.
Chief Geologist Jamie White provided an overview of the Inishkea & Inishkea West prospects, which contain an estimated combined prospective resource of 2.3 TCF of gas.”
No reason that I am aware of - Strange as Berenberg have just increased their target price to 630 pence.
Malcy’s view - After some time wondering if the tax system had ended any chances of the acquisitive Kistos putting any deals to bed it is good to see the firm doing what is another milestone deal which will significantly enhance shareholder value. A flash blog as I am seeing companies today but I am hoping for an extended meeting and interview with AA early next week.
This is a very smart and particularly cheap deal by the looks of it, at $4.63/2P boe it stacks against nearest peer Var Energi who are valued at c.$8, and done with no cash, warrants and repayment of Mime debt in due course. It makes Kistos more geographically compelling being in the UK, the Netherlands and Norway where I wouldn’t be surprised to see more M&A activity before long.
It gives material production pretty quickly, a decent, nay good reserves book in a well spread portfolio, now even better and of course traditional Austin upside. Importantly it leaves Kistos more strongly financed so no change there and I would suspect that after closing they will announce finals, pay off the bond and then be ready to pay dividends in due course but that is only my speculation. Another great deal, exceptionally cheap and definitely worth the wait….
We are now in the “black oil” business! Looks like a good and very creative acquisition.
On Twitter 20minutes ago.
“If [#EOG] managed to prove reserves at its field, it could tap into the Corrib subsea pipeline and terminal at Bellanaboy,” reports @thetimes.
Our FEL 4/19 licence contains 2 gas prospects with c. 2.3TCF of potential, which could help reduce Ireland’s dependence on gas imports.
OLED MacBook Air in development, more advanced displays planned for MacBook Pro
Avatar for Ben Lovejoy
Ben Lovejoy
| Mar 30 2023 - 6:02 am PT
6 Comments
OLED MacBook Air mockup
A supply-chain report says that a 13-inch OLED MacBook Air is now in development, with Samsung Display set to be the exclusive supplier.
It says that a more advanced OLED screen is expected to be used for the MacBook Pro …
The Elec reports.
Samsung Display has entered into development of an OLED for the 13.3-inch Apple MacBook Air. LG Display is currently developing both iPads, so the production capacity is insufficient, so only Samsung Display is developing OLED for MacBook Air.
OLED iPad Pro plans are also progressing, Samsung making screens for the 11-inch model, while rival LG is producing them for both 11-inch and 12.9-inch iPad Pro models.
It appears that MacBook Air screens will be manufactured using 6th-generation OLED technology, while both MacBook Pro and iPad Pro models will get OLED screens made by more advanced 8th-gen kit.
The OLED MacBook Air is also expected to get a standard single-stack display, rather than the more sophisticated Two-Stack Tandem displays we reported on last year.
Single-stack displays have one red, green and blue layer, while two-stack tandem OLED has a second RGB layer. Two layers stacked in tandem increases the brightness of the screen, while also increasing longevity – an important consideration for devices which tend to be kept for longer periods than iPhones. These are expected to be used for both iPad Pro and MacBook Pro models.
Exact timings are unknown, but earlier reports have suggested that OLED iPads will be launched next year, likely ahead of MacBooks. It then seems likely that Apple will introduce OLED MacBook Pro models ahead of a MacBook Air.
All of Apple’s OLED screens are expected to use a glass/film hybride. This combines the quality of a glass display with the flexibility of a film one, enabling the edges of the display to curve away without the risk of warping. This curved edge is what makes ultra-thin bezels possible, as the ribbon connectors can be beneath the display rather than at the edges.
It was last month reported that the combination of the two types of OLED tech – two stack tandem, and hybrid – means that Apple will pay 2-3 times as much as most companies do for their less advanced OLED panels.
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New Apple Headset -
Apple is gearing up to unveil its upcoming MR (mixed reality) headset soon and the device was showcased to the top 100 Apple executives last week at the Steve Jobs Theater in Cupertino, California according to Bloomberg’s Mark Gurman. The new report suggests Apple is eyeing a WWDC 23 launch (this June) for the headset which will reportedly debut as the Apple Reality Pro or Apple Reality One and will be one of its most important launches in a long time.
Reports: Apple MR headset on track for June launch, top Apple execs got final preview
According to Gurman, the headset development has been showcased to Apple execs numerous times over the years but the latest preview was a final stepping stone before the grand unveiling this June with its steep $3,000 price tag.
In addition, The New York Times also shared some key details about Apple’s foray into the mixed reality world via anonymous Apple executives who were present at last week’s preview in Cupertino. The headset is said to feature a ski-goggle design with a carbon fiber frame and an accompanying hip pack that houses its external battery. The battery is said to last a couple of hours. The design of the headset will not fit with people who wear glasses but Apple is reportedly planning to offer custom prescription lenses for the displays.
Reports: Apple MR headset on track for June launch, top Apple execs got final preview
The latest report confirms dual 4K displays on the inside and a “Reality Dial” that allows the user to increase of decrease video of their surroundings in real time. The headset will target several groups of users including artists with its ability to track head and hand movement for use with drawing and design apps.
Reports: Apple MR headset on track for June launch, top Apple execs got final preview
Video conferencing is another key aspect of the device with a special “Copresence” app allowing users to spend time together in VR. Apple will also bring custom Hollywood content from Hollywood filmmakers.
Now picked up by the Daily Mail “ Nanoco shareholders ask CEO and finance boss to step down over 'misleading' Samsung settlement”
Reuters headline “ Group of Nanoco shareholders ask top bosses to step down over Samsung settlement”
“ Once actual details of the settlement were published by way of RNS dated 3 February 2023, it became apparent that Nanoco had settled on terms substantially less favourable than its prior statements had led shareholders to believe, and on less favourable terms than our clients understand had been previously offered by Samsung.” This is very interesting!!!
A class-action complaint filed in a federal court in Camden, New Jersey, claims Credit Suisse made "materially false and misleading statements" in its 2021 annual report. The suit was filed by the Rosen Law Firm, which was also first to sue Silicon Valley Bank after it was put into receivership last week.
Credit Suisse declined to comment on the lawsuit. It comes as the bank sees departures of several senior executives in its Asia-Pacific equities business.
Chancellor of the Exchequer Jeremy Hunt is considering limiting the windfall tax on the profits of UK oil and gas companies to allay industry concerns.
Under the proposals being considered by the Treasury, the additional 35% levy would cease to apply if energy prices fall below a given level, according to a person familiar with the matter who requested anonymity discussing plans that aren’t finalized. Without a price floor, energy firms are due to pay the extra tax through to 2028 even if prices drop back in line with longer-term trends.
The policy isn’t likely to be included in Hunt’s annual budget on Wednesday, the person said. Their verdict was backed up by a senior official, who suggested it could yet be introduced at a future fiscal event. The next opportunity is likely to be a statement from the chancellor in the fall. The Treasury declined to comment.
That the Treasury is now considering softening the tax illustrates the desire in government to spur investment and grow the economy, as well as make it less dependent on foreign imports of oil and gas. But it would be a politically tricky move, with Shell Plc and BP Plc recently posting record profits and the opposition Labour Party calling for the levy to be strengthened.
The UK’s oil and gas sector has been calling for the windfall tax to be scrapped when energy prices fall back to “normal levels,” saying the 35% levy is deterring investment.
Prime Minister Rishi Sunak brought in the windfall tax on energy profits in May last year in response to soaring prices exacerbated by Russia’s war in Ukraine. Hunt increased the levy to 35% from 25% in November as he sought to subsidize household energy bills and repair Britain’s public finances following the chaotic premiership of Liz Truss.
“This tax is a potential slow disaster for the UK,” Deirdre Michie, chief executive of Offshore Energies UK, the main industry lobby group, said in December. “If investment falls now, then in a few years time our gas and oil production will plummet and we will become ever more reliant on imports.”
OEUK hasn’t defined what it considers to be a “normal” price. Brent crude, the North Sea benchmark, averaged around $65 to $70 a barrel in 2018, 2019 and 2021, compared with $80 currently. UK natural gas averaged about 40 (49 cents) pence a therm from 2018 to 2020 — prior to Russia’s export squeeze — compared with roughly 120 pence currently.