Member Info for robs12

Could be Friday 13th - gulp.

"i do know the drill is progressing rapidly ahead of schedule.."

How?

"MODU Stena Carron will move from the LIZ_4P21 to Tanager -1 Well Site, arriving on August 09, 2020. The drilling activity will conclude on October 20, 2020" (From the Notice to Mariners).

Two weeks to go if all is going to plan..... :-)

Only ~ 1.11m shares traded in the last week - £210K or thereabouts.

@Gogsy - maybe "walked away" was not quite as it seemed? Reposting an older post (ref LBE) :

Maybe they'll try for a second bite at Perth?
They had a stake in Perth and 100% of Lowlander, and were very enthusiastic, with Graham Stewart saying earlier: "Faroe is building an exciting core area around Perth and Lowlander in the Central North Sea and work is underway together with our Perth partners to progress the potential high value Perth/Lowlander joint development project." Then gave it up in 2016, and PMG (who had a sizeable stake in FPM themselves) got it all.

As WH Ireland said in a research report a while back "Faroe has written off its remaining investment in PDL as non-core in its recently announced H1 results, which we believe reflects its Norwegian focused strategy. In our opinion it is untenable to have an uncommitted partner in a high-quality and undeveloped oil project that is of material scale from the perspective of the OGA. Parkmead is committed to progressing the field and the OGA would not hesitate, in our opinion, to force Faroe to exit the Perth, Dolphin, Lowlander hub-area given that they are manifestly pursuing a strategy outside of the UK in terms of future growth and capital allocation decisions. "
So if they were forced out of it previously, maybe they still fancy it?

Only WH Ireland's opinion of course...not fact.

I'll say again, with recent announcements that CNOOC are looking for a buyer for Scott, I think LBE will (and have been) looking at GPA. If Scott is selling for next to nothing (de-commissioning costs), they'll get current production for cashflow, huge development potential and the hub concept they keep mentioning. And before LBE days, as FPM, they were dead keen on Perth.
Watch this space...

But FPM...oops LBE..could. Production + potential + hub concept ticks many of the boxes....
And FPM were very keen on Perth..see my previous posts.

@WS - certainly yes. 18.3m shares to JHI for the deal. The two new notifiable holdings Pollock and JCI Ltd sum to ~15.3m, leaving 2.95m which is ~2% of total shares issued, so not notifiable as a holding.

Exciting times here, news due within a few weeks - both Kaieteur drill result (drillship was on site 11th August and expected to take 90 days to drill, so results ~early/mid November) - and spudding on Canje (due Q4, with possibility of an additional drill before year end, so could be as early as end next week...but don't hold your breath for that!).

If you believe the trade data on here (why not?) there have been all of 37 trades this week!
700K shares for a total of £152K....

The BoD also have significant skin in the game, holding more than 20% of the shares between them.
Their raison d'etre is to raise that share price (significantly!).

Surprised there still seems to be very little interest here.
Volumes still very low, very few posts on the various boards, and seems to be still under the radar.
Market Cap £30.6m (including the recent JHI purchase).
Drilling Tanager now.
Bulletwood in Q4 (and possibly more on Canje before year end).
Goliathburg early 2021, and several more planned for later in 2021.
The 'hottest' oil region....
"Potential for transformational transaction in future - possibly via RTO" - WTE's own words.
What's not to like?

Just reposting my post from July to put some meat on the bones of the below post..

Maybe they'll try for a second bite at Perth?
They had a stake in Perth and 100% of Lowlander, and were very enthusiastic, with Graham Stewart saying earlier: "Faroe is building an exciting core area around Perth and Lowlander in the Central North Sea and work is underway together with our Perth partners to progress the potential high value Perth/Lowlander joint development project." Then gave it up in 2016, and PMG (who had a sizeable stake in FPM themselves) got it all.

As WH Ireland said in a research report a while back "Faroe has written off its remaining investment in PDL as non-core in its recently announced H1 results, which we believe reflects its Norwegian focused strategy. In our opinion it is untenable to have an uncommitted partner in a high-quality and undeveloped oil project that is of material scale from the perspective of the OGA. Parkmead is committed to progressing the field and the OGA would not hesitate, in our opinion, to force Faroe to exit the Perth, Dolphin, Lowlander hub-area given that they are manifestly pursuing a strategy outside of the UK in terms of future growth and capital allocation decisions. "
So if they were forced out of it previously, maybe they still fancy it?

Not HUR.

I think they may play for PMG's Perth project (FPM were involved and keen but probably forced to give it up by OGA). Possibly tieing up with JOG also for Buchan.

Should see soon enough.

Kaieteur News:

"The government has committed to renegotiating every other agreement, except for the contract for the Stabroek Block.
Dr. Jagdeo has agreed time and time again that it is a poor contract with lopsided provisions, but for whatever reason, he has made it clear that the Stabroek Block agreement is the sacred cow and will not be renegotiated."

https://www.kaieteurnewsonline.com/2020/08/23/we-might-as-well-shut-down-the-oil-sector-if-guyanese-dont-share-in-the-prosperity-jagdeo/

Just excellent news harel!!!
https://marad.gov.gy/wp-content/uploads/2020/08/Notice-To-Mariners-55-of-2020-3.pdf

I think/hope we may see some action next week. :-)

Sorry "not" should read "nor" in the below!

Let's hope so Phoebus!

Fully agree it seems unlikely they would want to aggravate Exxon toooo much (not the other majors).

GLA!

No, of course no new developing country government could do that...particularly since they didn't sign the contract and believe there were some underhand dealings in allocating the blocks...and they think the people of Guyana got a very bad deal ;-)

We'll see soon enough hopefully.

Interestingly, a while back there was speculation that the new president had interests in the blocks too:
https://guyanachronicle.com/2019/06/14/jagdeo-ali-link-to-giveaway-oil-blocks/

Seems the PPP certainly don't (or at least didn't) think a contract is a contract:
https://guyaneseonline.net/2019/09/13/contracts-approved-by-caretaker-govt-will-be-deemed-invalid-ppps-jagdeo/#more-78777

I wouldn't be so sure...

The PPP (previous opposition party) has now won the election and the new president was sworn in yesterday.

This is what they had to say about the licenses (specifically excepting Stabroek) in February:

"The People’s Progressive Party (PPP) intends to renegotiate, with the exception of the Stabroek Block Production Sharing Agreement (PSA), all oil contracts."

Albeit that is reported by what be a somewhat biased local press (who also state they want Stabroek renegotiated):

https://www.kaieteurnewsonline.com/2020/02/14/ppp-govt-would-renegotiate-deals-for-kaieteur-canje-other-blocks-opposition-leader/

Many thanks harel, will take a look at that later.

"Sorry if it makes a specific someone look stupid.."
LOL, they appear to have made a very effective job of doing that themselves...!

@harel, may I ask where did you come across those figures?