Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
Sub, that is simply not a fact. And why would you want to be invested if you truly believe that? Your investment as it stands would be worthless by then. Are you invested? Thanks NoEasy. I will do a bit more digging tomorrow on approvals process. All the ducks should be lined up though and in all liklihood the FDP has been presented to NNPC last year, given known progress and intended progress of Q4 last year. Just need to get it wrapped up.
NoEasy, does Buhari actually need to sign off a change in interest of an oil block or an FDP plan for an OPL? Ive tried to find an answer to that. Surely that is within the remit of the minister of state for petroleum, Kachikwu?
My mistake, thanks for clarifying Jiving.
It would be interesting to know the actual functions of those roles. Minister of Petroleum may be the overall authority of the Nigerian oil and gas industry (e.g. passing the PIB), but to approve licence renewals and acquisitions? Personally I think Buhari is above that level of admin. Surely that is delegated to someone like Kachikwu? Is there the same political motivation if it is indeed Kachikwu finalising ministerial consent?
Hi Jiving. The Petroleum Minister in Nigeria is Ibe Kachikwu. I'm not sure what Buhari's role is. Kachikwu is certainly an advocate of increasing production / reducing costs to increase the federal government coffers.
Ministerial consent refers to both DPR and NNPC (who are acting concessionaire). To finalise transfer of ownership etc. we need NNPC approval of the FDP, which is what we are waiting on just now.
Reading between the lines of what you posted, we got initial consent by DPR to present our plans to the concessionaire and we're going through the nitty-gritty of that just now. Funding/SPA has been sourced and detailed design has been developed. The FDP has presumably been presented to NNPC late last year and we're now waiting on their approval.
What happens on NNPC approval of FDP? I assume it must go back to the Service Provider to finalise that agreement and funding. Then under the nose of the Petroleum Minister (Kachikwu) again to sign it off.
Is Buhari involved anywhere? And is there really a political motivation to hold this up?
Thanks Rift, appreciated.
Anyone know President Buhari's involvement in the process - does he need to sign off anything? I ask as we have DPR approval (the government part) and only need NNPC consent. So is it once NNPC approve, we have ministerial approval i.e. it doesn't go back to government?
Hi Rift. I have tried several times to contact Arthur for comment but haven't received a reply from him since October. Always get a reply from Cathy but it seems to be a bit more vague with not too much detail. Do you mind sharing what your question was and Arthur's reply regarding elections / Kolas donation?
NoEasy, I did think they said somewhere year end for the Moz PSC. Thanks for looking that out. Hopefully hear about that very soon but can't help but hope it's after OPL226 news otherwise may get a muted response. Hi Sub. Yes, I did ask about OPL226. Nothing really to report of significance. She said Arthur was very pleased with progress and had an optimistic outlook. That was 21st Dec she spoke to him. Confirmed everything still moving forward. Agamore has gone quiet - confirmed nothing at all is being held back by it. NNPC realise it as a bogus attempt to extort money from ShoreCan.
I contacted Cathy on Friday last week who said she had spoken with Arthur just prior to Christmas. I asked about Moz and she replied that there was no information on Mozambique. Whether that meant it wasn't discussed during her call or it was and there's no new information, I'm not sure.
Moz is really controlled by the governments readiness to sign the PSC. I think Exxon are establishing the framework for the agreement and the PSC going forward as they are first in line. Not sure on the status of that, whether the framework has been finalised yet.
Hi Stebol. Yes, the Agamore case has been dragging on ever since they filed a claim earlier in the year. I think this could be the 4th attempt at court proceedings but it continues to be postponed / rescheduled. Apparently this is part of Agamores plan of being a nuisance so that ShoreCan settle the claim for a sum of money. We have been told through various emails to shareholders (myself included) that the case is not holding things up and in no uncertain terms that the claim is without merit. Whether it needs to be settled for approvals to be actually signed off, I honestly couldn't say with any confidence. Hopefully a line can finally be drawn under it tomorrow and the court throw out their bogus claim. Or we get one better and approvals news lands! Wishful thinking maybe..
Hi Jiving. I can only give my view how i personally see it, I'm no expert on TA. However, I can't disagree that 0.34 appears to be a key resistance level. RSI hits 70 around 0.34 but also it's a psychological barrier as it is at the last placing price (0.335). Personally if no news Monday I can see the SP pull back a bit and consolidate before continuing the trend up. The momentum indicators I check indicate price action approaching over-bought on 4hr and daily. Doesn't necessarily mean the SP will certainly fall, just that the price might attract some sellers at this level. That being said, we are so heavily dependent on news that we may not follow normal TA. News Monday and it will certainly spike. No news Monday and we will probably consolidate as before (unless we have a big buyer mopping up shares). Just my view but price action last couple weeks very good. Long may it continue!
Thanks Rift, appreciate you posting that and good job asking the question.
It appears from the response that the FDP has been presented to NNPC and it is currently with them for approval. How long will that take? Not sure if we can answer that but there does appear to be a note of urgency in Arthur's response so hopefully that is being relayed to the NNPC. Only after FDP is approved can SPA be truly finalised, which makes sense really as it then becomes a 'live' project.
Again, thanks for posting Rift
SM, I understand the anger and frustration. It has dragged on for ages but what you are posting is completely false and with no basis. Post an opposing view by all means but you'll be challenged on posting rubbish like there will be no news until September next year. All the evidence points towards end of the year for approvals - yes it's a bit nervy - yes we all want news yesterday - but that's part and parcel of it. I don't see any evidence pointing to a delay and I find it hard to understand what your trying to accomplish by stating in no uncertain terms that there is.
What a load of rubbish SM. What is wearing thin is seeing so many posters blow hot and cold so often. I can only assume you are trading the volatility. Why else type in CAPITALS that we're not going to hear ANY news for 10 months - a completely arbitrary number by the way. Show me proof or good reasoning to what you've posted and I'll consider what you've said with some sort of credibility. Until then, I won't. Or any of your future posts for that matter.
Good result today at the OPEC meeting in Vienna. It has been quite interesting getting the updates throughout the day and seeing the oil price react to it.
1.2M bopd cut on October production levels as of January 2019. Should support oil price in the $60-$70 range.
OPEC did their part... Over to you Arthur & Kola...
Bolton, there is an old saying that nothing goes up in a straight line. Your view is fixed on a short term perspective e.g. a daily or hourly candlestick. Look at it on a longer term view e.g. weekly candle stick and you will see that COPL is firmly in an uptrend. This is simply a backtest given the rise on Monday - it got to overbought and therefore sellers arrived - RSI / Stochastic will cool off and they will return as buyers. This week COPL will finish blue and that's good enough for me
Good input Jiving, thanks for that. I'm not overly familiar with financing facilities (more of a subsea background myself) so it's useful to get differing views. As you say, once we get approvals out of the way then Arthur may be up for discussing some of the finer details of the project and provide clarity to some of these discussion points.
Jiving, good points. However, my interpretation of closing the facility is that they would be contingent on those conditions being met (I'll ask for confirmation next time I email the company). My reasoning for that is that COPL wouldn't want to be left in a position that they issue $3M of warrants and are unable to draw down on the facility, potentially indefinitely. For example, they hit 5.5k bopd the first well. The kicker would be they've issued $3M of warrants free of charge but cannot draw down and therefore cannot proceed with developing the field without funding from other avenues. So my interpretation is that "closing" the facility is when it is actually open to be drawn down i.e. all conditions are met and has been signed off by both parties. I may be wrong with that but that was how I have viewed it