Member Info for rpoodle

Hi. Can you disclose your source for the ocean valiant rig claim, if at all possible? It’s a little over spec for what they need, though its schedule looks good (it’s only booked until mid-2019).

Nice find Moggers. Looking for a new Wells team leader too
https://www.oilandgasjobsearch.com/Oil-and-Gas-Jobs/Production-Team-Leader-Jobs/Wells-Team-Leader/Details/1367334

Should save a few quid (as there will be one fewer directors, and two once Tim Bushell has moved on), but not too meaningful in my view....

Article is posted on the RKH board, 18:03 yesterday

As a corollary to this email, BW Offshore reported their full year earnings on Tuesday and mentioned that agreement had been finalized to boost the FPSO capacity to 66,000 b/d and that it was indeed producing 66,000 b/d that day. It really has been a phenomenal successs...

Scroll down. It was posted yesterday

The delay in project sanction is definitely annoying but in reality, at this stage, it makes little difference. Drilling has long been provisionally scheduled to commence in mid-2020, so, for me, that’s the key date. If that slips to the right then it has more profound implications in my view...

“Sea Lion FID on track for this year”

https://www.upstreamonline.com/live/1707878/sea-lion-on-track-for-fid-this-year

There was a not hugely exciting update by BW Offshore today (who are doing the FPSO FEED). In short, they said that they don't have much to update on Sea Lion as there have been no material events this quarter. They did mention that Premier will be presenting the "development case" to the authorities in the spring, and added that the "UK government is probably busy with other things right now".

Thanks for posting the article, which is a bit of a curate's egg.
To my surprise, there is some impression that the writer might actually have some insider info--for example, I was not aware that Bracewell is acting for the lenders, nor that the Norwegian and Dutch ECAs have shown "strong interest".
But, on the other hand, the author does not even cite "unnamed sources" or such like, which makes it all feel a tad dubious.
I think I'll reserve judgement for the time being...

It looks like the Ombrina Mare proceedings have begun (although I'm no legal expert):

"February 4, 2019 - The Tribunal holds a hearing on jurisdiction, liability and quantum in Paris"

https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB%2f17%2f14

Oh well, it was exciting for 5 minutes...

I do not remotely consider myself a ramper, but if what that TXF article is hinting at is true, and given that we are expecting the Ombrina Mare case to complete in mid-2019, the summer could be a bit of an event for this share....

The BW angle is fascinating for multiple reasons, and I’m delighted that you’re pointing it out. Not only is the Catcher solution an obvious, low-cost approach (assuming the NFB’s currents can be handled), but BW are also proudly contrarian in their strategy for an oilfield service provider, manifest in their very public desire to acquire stakes in offshore oil fields (either as operator, or JV farm-in partner). Apart from the obvious financial attraction of Sea Lion phase 1, you can well see them wanting to buy into the entire Sea Lion field (License 4b included), as it would pretty much guarantee them a second FPSO project 4-5 years after phase 1 begins. The alignment of goals with Premier are pretty clear (at least to me), assuming the tricky ECA finance element is nailed down.
Oh, and as an aside, I believe the BW FEED actually began around late June 2018, despite the fact there was nothing public for a few months later than that. (You’ll have to dig around on that one...)

I think Monte Grosso is dead. Although it's given a different name in the news article below, the article is referring to the Italian government turning down a drilling request for Monte Grosso.

http://www.lse.co.uk/ShareNews.asp?shareprice=RKH&code=vjlxowqf&headline=Italy_turns_down_permits_for_hydrocarbon_exploration_in_Masseria_prospect

Here is an Italian article that links Masseria with Monte Grosso
http://www.sassilive.it/cronaca/ambiente/bloccata-la-proroga-per-il-permesso-di-ricerca-petrolifera-a-masseria-la-rocca-montegrosso-interventi-assessore-pietrantuono-lacorazza-pd-perrino-leggieri-e-pedicini-m5s/

Apologies if this has been posted before but just bumped into it—a Rockhopper presentation from late October https://m.youtube.com/watch?v=sEZ9D0Wsgm8 Not much startlingly different there, though there are two interesting comments on Ombrina Mare: first, Rockhopper are potentially claiming “hundreds of millions of euros” and, second, “enforcement is not an issue”....

I was in touch with PMO on Zama very recently and they said that the estimate for recoverable oil from Zama is probably now in the 600m-800m range (so the bottom of the range has been lifted). They also said that the present plan is to develop Zama, concurrently with Sea Lion, but in effect they are very open to good offers once appraisal is complete too. Personally, I think that there’ll be offers....

Talos just announced it. Pretty positive. Oil water contact slightly lower than expected (which is super positive), another very thick section of pay and good reservoir quality. Marte did not come in unfortunately, but the drilling costs came in below budget which is a bonus.

The danger in the Falklands is that it would be putting a lot of eggs in one remote basket. But it’s not just one project of course: there’s Sea Lion phase 1 (which is potentially going to be sanctioned this year in the north of the field), then Sea Lion phase 2 in the south and southern satellites, and then potentially Irene/Elaine. Enough for multiple decades of high rate production. But a partner would make it a far easier project to digest IMO...

Sea Lion is a rough sell because theoretically any purchasing company would have to take on a whopping $660m or so of development carries owed to Rockhopper. Personally, I’d have thought selling Zama becomes feasible as soon as the current appraisal well is completed and flow tested. That should give info on the oil water contact and its potential production profile. It would still be a little imprecise because of a paucity or appraisal wells, which would require some discount on the sale price, but knowing the OWC and having data of a successful flow test are the two crucial elements in my view...