REMINDER: Our user survey closes on Friday, please submit your responses here.
Ricfle - Noted. Looking at Footnote 10, seems strange that if the Fixed Price was at a good rate, that they are now going with Transocean Leader as dayrates, I believe are increasing. Unless of course they are getting Transocean Leader for same rate as was offered to PBLJ. Maybe as it was an option, Transocean not taking it up as PBLJ has been requested by another operator and Transocean Leader is available. Makes sense for Transocean, as it keep two rigs working. That being said, all if's and buts. Reckon presentation settles it.
ADUK/Ricfle - Looking back through the RNS' for HUR, I can only see reference to PBLJ carrying out completions. There may be something in some of the presentations re 2 wells in 2019 but if I recall, the hire of the supply vessel made reference to options for two wells. Looking back at the July Fleet Status Report https://www.deepwater.com/Documents/July%202018%20Fleet%20Status%20Report.pdf
it makes no reference to PBLJ having any contract after Dec 18 despite other rigs/drill ships making reference to future contracts and IMO suggests it won't be going to HUR and latest presentation would seem to confirm this. Transocean Leader finishes with Enquest in January 19 and will likely have a short yard stay before starting wells on GWA in March 19.
HTL - I am sincerely sorry to hear of your news. I think we all know someone who has suffered from this horrible disease. My father was diagnosed with bowel cancer aged 65. Fought it and won. He had triple heart bypass aged 79 and recovered. He is now 83, plays golf twice a week, goes walking every day and travels to watch Aberdeen FC (downside) every other week. Be strong and don't let this beat you. Stay positive.
Reverandy - Thanks once again for giving your time to arrange this, particularly as it is for charity. Can I make one suggestion to minimise length of post whereby say once per month you post FOIL dates but exclude the guesses which have passed the guessed date. Thanks.
Referring back to the Edison report, RT made reference to mid 20's on a couple of occasions. Firstly referring to reserves of 750m and secondly another FPSO. Does RT mean mid 2020 for proving up 750m reserves and 2025 for new FPSO or does he also mean 2020 for FPSO also?
FB - Simple arithmetic for everyone. Divide your holding by 100 to arrive at uplift per penny. 42.5k shares then. Not quite the uplift of our SIPP who quotes 1.6m in holdings.
Last time we saw 60p was May 17 and I happily bailed given the need for finance. Will I be bailing this time? Absolutely not. Multiples of 60p in the offing now that finances are in a far stronger position and revenue is in the pipeline. Well, someone had to say it!
Another FPSO then. Seems the Admiral was correct. Humble pie and all that.
Reverandy - 143p. MFR (Moray Firth Radio) Cash for Kids. That will be on 14 January 2019!
Can’t exactly rock up to the OGA and ask for a permit a few days before you hook up the FPSO. Permits go through a process. Looks like best case forward planning to me. “Potential” and “Anticipated” are not exactly fixed. Happens all the time Offshore. Things can change by the day/hour/minute. You might ask the OIM for a permit to pressure test between say 0700 & 1900 only to find the work to put you in a position to test has fallen behind. As part of the planning you have to ensure the paperwork is in place, regardless if you use it.
Note to self. Message Reverandy on 30 September.
Just watching rerun of 1800 news and good publicity with Spirit CEO giving some commentary on the deal. Hopefully more to come.
The RNS shows that Transocean Leader will be drilling the wells on Lincoln/Warwick. She is actually the older sister ship of PBLJ being of same design. Happy that she is capable. What does this mean for PBLJ?
A bit surprised of the farmout as other regulars will be. It was suggested by some that HUR standing alone would drill using Lancaster cash cow and prove up the concept on Lincoln/Warwick before any FO/TO. How wrong was that?
Like most I would have been happier to have seen some cash for HUR over and above free float. We have to remember though that we have not yet had the successful flow on Lincoln and Warwick remains to be drilled. This risk seems to be covered by SE. 2019 will now be a very interesting year with an abundance of news flow likely, which assuming success on all fronts, can only have significant impact on the SP. No reason to get out of this share for at least a year.
Last Friday and over the weekend, following a drop in SP, I found myself literally laughing out loud at the petty jibes etc. between the regulars on the board, most of whom like myself, have been here for years. On Tuesday? following a tick up and Lundin news, there seemed to be a shift whereby all in the points contest (both sides) were swapping information and being civil, which I felt was a bit embarrassing but Hey ho, at least no pointless or childish bickering. We're back to Friday again, a small drop in SP and off we go again. Do I want to analyse why, no not really.
I would certainly not wish to take sides in this whether it be Ricfle/Wellwell or ADUK/Sipp/WessM. I admit some posts really get my back up and sit shaking my head but I am my own man, make my own decisions about HUR and make my own profits, all without having to look smart or thinking I'm better than anyone else. Under no circumstance would I be concerned if I haven't seen a photo or been invited onto another board or continually ask questions which I know there is no verifiable answer. Would any of this change my investment decision, absolutely not.
If there is anyone from either side who doesn't agree with or wishes to put forward any contentions to this post please feel free. Then if I don't agree with the responses, I think we will be either going behind the draworks or to the sack store to sort this out!
Where is she? On the move?
MD01 - I noticed that to but this is not the first time Hatta 9 has been in the picture.Yesterday WessexMario commented that she got up to 11kn at 12.33. According to the site I now use (Vessellfinder.com, IPad doesn't like MarineTraffic) she reached only 1.7kn at 12.34, albeit on a arrow like course.
AM has been docked in Dubai for near a year and anyone who has every been involved in a "Shipyard" with an oil rig (I know this is an FPSO) will know that they tend to overrun. It is normal that the operator of the vessel wants to get the vessel out ASAP to start earning a day rate. This "shipyard" maybe slightly different in that Hurricane have, as I understand it, a fixed price for getting AM repairs/upgrades carried out. However, they too will want AM on the move assuming it fits with the SURF etc. timetable.
Assume this is old news as nobody commented. Maybe our core crew too caught up in tit for tat on totally meaningless points to comment. Cheers Upside for that anyway.
Have I missed something here? £70m Sterling to Drill one well on Warwick? Really? What was 6 on Lancaster in 2014 at peak oil and $350k a day Rig rate. Total cost £37m? Unless I’ve missed something or Warwick is now in deep water, £70m seems way too expensive.
Ricfle - Clearly this does not include footballers who the club wants to sell for funds but the player doesn't want to leave.
Cracks me up all the negativity regarding risk of this and risk of that and because there is a risk it should be taken as read that something will go wrong because it has to, as there is a risk. Anyone who has had the pleasure of attending Offshore Safety Conferences will probably be well versed with Hazards and Controls. You may also have heard about Heirarchy of Control. Most of us have different levels of when it comes to risk. For example, I may feel it safe enough to cross the road when there are no cars coming despite the green man not flashing whilst others may consider that a risk and wait for the green man. I may also feel it safe given the performance and braking capabilities of my car and lack of speed cameras in the area I live, to happily sit at 80mph whilst others keep it under 60mph.
Who knows, we may get to FOIL ahead of schedule, on budget and 3 months in get an RNS stating everything is Rosy in the garden with production better than expected and the wells behaving themselves. 3 months later another RNS to say we've depleted the field. Very few, if any businesses carry no risk. Risk and being in business run hand in hand.
Just because a few here have a fear of losing a few quid (do not invest what you can't afford to lose), or wish to be, in my opinion negative as a way on convincing themselves that is not their fault if they end up losing money, should consider Heirarchy of Control. The best control being Elimination. Eliminate the risk altogether, in other words sell up and stick your money in a cash ISA.