Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
28% eh. Interesting.
Longwait - I am curious as to how you equate a $500m deal for Lincoln into 200p per share when there was 1.2b odd shares in issue at around that time which was pre fund raise for AM. Maybe not a fantasist but more likely a ..te mathematician unless of course I'm missing something.
"The business at the Company’s 2020 AGM will be curtailed to the formal business section only, with no wider presentations on business performance or Q&As. Our advisers and other guests have also been asked not to attend."
Does anyone on this BB actually read about the company by way of their website for themselves or just rely on others ...king mental. Pay more attention to detail than the share price and you might actually learn something about company you are invested in, if actually invested. Even have some tube asking about Dr T's shareholding and it's percentage. Clearly only looks at HUR share chat icon on this BB. Venture out a bit to maybe HUR Directors Deals or even RNS'. The shi.. I read on here truly amazes me at times. Unbelievable, literally.
Regarding Chrysaor I too have had same thoughts. Spoke to someone a few years ago who at the time said Chrysaor were a big fan of HUR, but this was before their acquisitions and hence my thoughts. Looking through their website, it seems they too had a significant discovery in block 205 in 2015 (Mustard) but cannot see any reference to development of this. Chrysaor are now largest producer in NS following their acquisitions albeit of old assets. Time for them to upgrade? Who knows but they do, I understand, have a war chest.
G15 - I had a quick glimpse at OGA and could see nothing specific. As O & G sector is classed as critical workers, I wouldn't expect the OGA to put a halt to proceedings for obvious reasons. However the Operator/Contractor might if they consider there likely to be logistical problems with personnel and equipment which could compromise safety of personnel/rig.
I have heard that the Transocean Leader left Invergordon a few weeks ago to start with Premier but unsure if that was before or after lockdown.
ADUK - "What an odd place to drop the picks. 'Rangers 1' ! Any ideas why?" Most likely in middle for anchor spread so other vessels can pass. She probably needs deeper water and it may be shallower further up Firth given tidal. I would have thought workscope would have been completed in Norway as unlikely work we be done between two yards. Probably now sitting tight awaiting instruction from client. This is only my thoughts/ideas.
ADUK - What non rig pigs don't really understand is how much of an impact C19 is having on day to day operations particularly for drilling contractors and the companies who employ them. First there are problems with getting service partners to the rig to carry out their role in operations given lockdown, restricted travel and accommodation in Aberdeen. Secondly even if you do get the personnel you still need to get their equipment to the rig which agains needs people on the ground to organise and transport it. Finally the oil price does not justify the spending of capital expenditure.
I have heard but not sure if 100% correct, that there are 11 Jack Up's and some semi's looking to go into Invergordon in the next while due to this downturn with planned wells being shelved. Drill crews on platforms are getting notices and with rigs heading in, I would expect there would be more pay offs. The NS is not in a good place at the moment but you won't see this in the news for obvious reasons. Looking for a producer to be drilled in the short term I find somehow doubtful but who knows this is just my view.
ADUK - Quite simple. My thoughts are the crews need to change at some point and with restrictions on entry into Norway for non residents closing on 16 March, it makes sense to move rig into UK waters and Moray Firth makes sense given the options to crew change by helicopter or boat.
ADUK et all shipwatchers - "Wouldn't want to speculate further for now. Things will (maybe) become clearer when we see where the rig's heading to first." She'll need to get out of Norway for lockdown reasons. No doubt the crews will have to change out and wouldn't be surprised to see her in Moray Firth.
Extract from my post of 12/01/20.
“As to my preference to drilling again on Lancaster, I found myself asking myself how does the market actually see HUR, a producer or explorer and what may show a decent uplift in SP. If another successful drill was made on Lancaster with similar results to 6 and 7z then it would make sense to tie back to AM and for HUR to utilise the full capacity themselves. I would hope that this would be reflected more favourably than a 50% tie back from Lincoln, after all HUR did go through the pain for getting AM online.
Since it appears that I have started my Xmas list for 2020, I would also like the CB’s to be paid off to allow for new CB’s to be offered so that a second FPSO could be chartered for GWA!”
Seems I had a premonition or someone listened. Three out of three maybe. Strange that eh.......
After slating CA yesterday, we may carry view same view!
WW - Thank you for the explanation. I have to be honest, I had to "google" the meaning of contango. Looking at the meaning, would HUR be able to apply this given the capacity of the AM. It would clearly be more beneficial for BP to store it, but unlikely to happen as they will no doubt have contracts to meet. That being the case, my initial thought may not fully "hold water" as only a certain amount could be held back once to sell in the future at a higher price if the production was to stay at the same level. On that basis, no material benefit in holding some back.
Re Stobie - Lots of specials to the reason. Will we find out? I have been wondering for a while whether the Spirit partnership wasn't a tad hastie. I remember at the time an interview? stating it was a chance meeting at an airport in July with the deal done in September. I cannot remember if this was Trice, Stobie or the Spirit CEO who explained this. If Stobie, then this maybe a reason for his apparent demise, given the partnership, as I've said before, isn't exactly flourishing given the results reported and how the SP has moved as a result. Maybe someone else remembers the interview and is able to comment.
Latest Offload - Margaret365 and I share the same thoughts here. If production is in line with stated expectations, I agree that it is possible that HUR are playing the oil market looking for a better price. I remember back in either the nineties or noughties that tankers were lining up in the Moray Firth will crude cargo waiting for a better price.
Norway Drilling - No licences in Norway. PBLJ is in Norway shipyard, destination not yet confirmed.
YouTube Video - Decent production using an old clip. Clearly someone with time on their hands and the ability or has access to someone who has. A previous poster maybe? ADUK, who calls you AK?
ADUK - You pretty much hit the nail on the head with regards my thoughts on the partnership not “flourishing” pretty much due to the not so good results on Warwick and resulting decline in SP. Despite having a free ride for the three wells drilled during 2019, the cost to HUR of 50% of the asset and more importantly for me the decline in SP seems a bit disproportionate, with HUR maybe carrying a bit more of the can for the failures. Ok the SP has dropped by 50% odd since first oil and not just due to drilling results (Kerogen) but with one success and two, let’s say blips, possibly the market hold HUR more accountable than Spirit. I can’t help but ask myself what if HUR drilled themselves. Would we be back to 10p, I don’t know but have to ask myself this.
We know the PBLJ may be laid up on dayrate and you comment that this is good in terms of not rushing things. My own thoughts were more as to why lose $20m on an idle rig just to ensure they chose the sweet spots. I know you could double that figure to drill. Again, my own thoughts, and they are my own, is that Spirit may not wish to commit or have cold feet or maybe something in the background holding them back, sale maybe, I don’t know but I question this in my head.
As to my preference to drilling again on Lancaster, I found myself asking myself how does the market actually see HUR, a producer or explorer and what may show a decent uplift in SP. If another successful drill was made on Lancaster with similar results to 6 and 7z then it would make sense to tie back to AM and for HUR to utilise the full capacity themselves. I would hope that this would be reflected more favourably than a 50% tie back from Lincoln, after all HUR did go through the pain for getting AM online.
Since it appears that I have started my Xmas list for 2020, I would also like the CB’s to be paid off to allow for new CB’s to be offered so that a second FPSO could be chartered for GWA!
Proverloop - Thanks for the proddie explanation of OIW treatment. Despite having no experience in production, probably like you, I found myself shaking my head at the prospect of backloading oily water to a tanker! I can't remember who came up with this idea but maybe someone with experience in well test where they have considered what happens with oily water during a well clean up. During that process, if the oily water cannot be filtered enough to be dumped overboard then it can be stored then backloaded either by hose or in tote tanks. The process you described may not work on a drilling rig given time restraints for filtration on a continuous cycle.
Sorry to hear your in the red. I am sure there are many here in the same position or have been in the past. I certainly was for a couple of years but like you took the opportunity to top up which paid off.
The rig being idle would cost a total of $9.6m (60 days at $160k) for February and March assuming a 01/02/20 contract date. April and May would amount to $12.5m (61 days at £205k). This would total $22.1m with HUR's share at $11.05m. If the rig was not working it is likely that it would be on a standby rate which would likely be a few percent less than full day rate and therefore loss would be lower and take the figure to " up to $10m" as reported by HUR. HUR/Spirit could sublet the rig to reduce their exposure but this might bite them in the ass, resulting in them missing part of the WOS summer season. I am sure some here have seen a 30 day work over run into several months!
My own preference would be to see another well drilled on Lancaster as our partnership on GWA isn't exactly flourishing. There is also maybe an opportunity here for HUR to negotiate Spirit's share of the dayrate and thus a lower day rate to drill Lancaster. Time and cash may be against this however.
I knew I would start the jungle drums. My preference in football team has no bearing on my political thoughts as I knew nothing about politics aged 5. Pretty derogatory response. I knew the education, prescription points etc. would raise it's head but in true SNP style, they were brought into a discussion on my thoughts on a different subject being the taxes I pay which I don't agree with. I don't go to University and would happily pay for any prescriptions. I have the benefit of medical insurance and have in the past been offered NHS treatment and explained to the Specialist that as I this cover would not burden the NHS with cost of treatment.
HT - You are quite correct that the SNP did not increase the basic rate threshold in line with Westminster but personally I wouldn't say someone on £50k as "rich" , but better off than possibly most. Your "slightly more" based on £50k income would therefore be £7k @ 20% (40%-20%) or £1,400 for the current tax year. Slightly more right enough and that doesn't include the extra 1% on the basic rate so let's call it roughly £1,500 and obviously even more for those above £50k per year who are caught by the extra 1% on the higher rate. Then multiply by 3 for last three year inclusive. If you read my post where I say "least of MY worries" I meant exactly that, I am concerned with my own finances only and hence not a socialist. Look after number one. Selfish maybe, but that's for me to deliberate.
Think if Labour got in , 10p share price would be least of my worries. I have already paid £0000’s more in tax over the last 3 years thanks to, I’ll be kind here, Ms Sturgeon, in comparison to colleagues south of the border. A tax which she described last night on Scottish Leaders debate as a tax on the “richest” in society. Richest in society I say. Good use of words I would say, so as to appease her electorate and make them think her tax increases are on the “Rich” Tory electorate. She forgot those in the NHS and Education that we’re caught by her unfair levies. Business acumen, I don’t think so. Keep money in general circulation to earn more taxes, VAT etc etc. Rant over and you will no doubt understand where my postal vote was not cast. Phew.
Just logged in to see share price. Who would have thought. Without seeming to gloat, glad I only reinvested 50% of my 2017 profits so very fortunate in that respect.
Just a quick one on MM bonuses. When are they accrued to? 31/12? Given this seems an easy share for them trade for them based on new-flow is it possible that we will see an increase in SP followed by a “rinse and repeat” as someone previously alluded to. Not that I am for a minute suggesting that this share is being manipulated........
Just logged in to see share price. Who would have thought. Without seeming to gloat, glad I only reinvested 50% of my 2017 profits so