Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
"What's at a 3 digit premium? Surely that's a typo..."
It can't be 3 digits, that ridiculous. More likely 2 digits, i.e. in excess of $10/bbl. Strange why ENQ and CNE are secretive about the actual premium.
No pain here, because I haven't sold any shares. Simple really.
From the Ops Update (21/11/19):
"Since first production, more than 24 million barrels of oil have now been produced and 49 cargoes offloaded from the FPSO"
which implies and "average" off load of 490,000.
I think the Kraken premium might be commercially sensitive because neither ENQ or CNE seem willing to disclose. A Moody's upgrade would be great (if and when) but more likely broker upgrades will be the driver.
Just some perspective - 2 weeks ago ENQ closed at 23p. We're now 28.3 bid ! 60p will never be a straight line, but we will get there, of that I have NO DOUBT !
It's just a slight pull-back, perfectly healthy. ENQ bond has ticked up this morning.
Kraken (Cairn 29.5% WI) averaged 35,600 bopd (gross)
On Kraken, FPSO performance was significantly improved during H2 2019 and this has continued.
Two wells (a producer and injector pair) are planned to be drilled on the western flank of the Kraken field (Worcester accumulation) and be tied in and onstream before the year end. Drilling operations are expected to commence in H1 2020.
Any consensus on this board on what 2019 EPS will be ?
Starts next week Tuesday 21st January. Hopefully AB (he's always there) will give a few snippets away.
"......or a takeover by AB at terps"
I bloody hope not !
It doesn't fair much better Plethorus.
The future market is in backwardation to the tune of about $5 as far out as the Dec20 options (Dec futures closed at $61.94). The Dec20 $62 put closed at $5.41 so buying that would put a floor in of (62.00 - 5.41) $56.59. It's hardly worth it.
I've long held the view that it'll be publication of the H2/19 results (expected 24/3/20) that'll be the catalyst for this company to march towards £1bn cap (SP 60p) fairly quickly. Kraken fixed, ability to pay-down debt proven and Brent in the low $70's or higher. The ingredients are coming together nicely.
With good volume so far.
The TERP is/was 35.36p.
Indeed 121
Even if you strip out the intangibles and deferred tax asset it's a TNAV of 24p. Ridiculous SP
Status:
Underway Using Engine
Speed/Course:
14.1kn / 232°
Distance 44 nm, speed 9.6 kts, time 4h 35m, ETA 1235, which is 35 minutes late. No ?
"So that is where K/AK is as of March 26th. Needs several loads at 40Kbopd in April/May to get average above 30K bopd."
But we've got the rest of the year (9 months to get there). A consistent offload at just under 16 days would get us to 30K Bopd by year end (ex scheduled maintenance shutdown). Or to get there by 30th June (half year accounts) an offload at just under 15 days. We would never need a load of more than 32K Bopd to get 30k Bopd year average. It just needs to be consistently in the 15-17 day ball-park.