Member Info for SEA7

Slowly but surely Jadestone is regaining the credibility that it had before the months of Montara misery. It is down to the fact that the management had built up a big supply of credit in the bank of investor credibility that it is able to make a trading update like this.

The East Belumut programme is clearly doing way better than expectations, something that has been alluded to recently, the fourth well is clearly going so well that one wonders whether the company’s data before drilling was so wrong, but hell, luck be a lady tonight.

Elsewhere all remains the same, Akatara is 87% complete and on target for first gas mid next year, Montara is ‘stabilising’ and Malaysia continues to be a ‘strong performer’. Right now for the company it is heads down and do the operational stuff well, find another deal or two and hope that the *** share price picks up…

On the move

Dated 1st December 2023.

** PFC's combined credit score - which measures how likely a company is to default in the next year on a scale of 100 (very unlikely) to 1 (highly likely) - was 1, LSEG data showed

https://www.xm.com/research/markets/allNews/reuters/petrofac-sinks-to-record-low-analysts-flag-balance-sheet-concerns-53708671

This conclusion required a significant judgement with respect to the possibility of requiring assistance from lenders to adhere to the EBITDA financial covenant over the period to 31 December 2024, as described above. In addition, the Group’s liquidity position is reliant on a small number of relatively high value collections from clients which are not entirely within the direct control of the Group. Consequently, in accordance with accounting standards, the Directors have concluded that there is a material uncertainty that casts significant doubt upon the Group’s ability to continue as a going concern during the Assessment Period for the Group’s financial statements for the six months ended 30 June 2023

relating to the timing of receipt of these collections from clients.

(The going concern assessment period is for the 17-month period from 11 August 2023 to 31 December 2024)

and

Total gross borrowings less associated debt acquisition costs were US$837 million at 30 June 2023 (31 December 2022: US$799 million). This consisted of US$585 million senior secured notes (net of debt acquisition costs), US$162 million drawn on the revolving credit facility and US$90 million of term loans.

Sandgrove have been selling down - they don't want to hold for the geothermal, if i recall - their last holding statement was on 25th sept - they went down to 2.34% holding - so it is likely to be them still selling

Dated october 2023

htTps://drillordrop.com/2023/10/30/whats-happened-to-onshore-production-since-2018/

13 oil fields and four gas fields recorded rising production in recent months.

They represented less than a quarter of UK onshore producers but included the largest onshore gas field, at Saltfleetby in Lincolnshire, and several onshore oil fields operated by Star Energy in Lincolnshire and the Weald in southern England.

The biggest rise was reported at Saltfleetby, which resumed production in September 2022. Since then its most recent monthly data, from July 2023, was a record high. The field accounts for 80% of UK onshore gas production.

In these fields, production in the most recent month was above the monthly average for the past five years.

The oilfields were:

Bothamsall (Star Energy, Lincolnshire)

East Glentworth (Star Energy, Lincolnshire)

Gainsborough (Star Energy, Lincolnshire)

Goodworth (Star Energy, Hampshire)

Horndean (Star Energy, Hampshire)

Keddington (Heyco, Lincolnshire)

Long Clawson (Star Energy, Leicestershire)

Palmers Wood (Star Energy, Surrey) – see chart above

Rempstone (Star Energy, Nottinghamshire)

Scampton North (Star Energy, Lincolnshire)

Singleton (Star Energy, West Sussex)

Stainton (Star Energy, Lincolnshire)

Stockbridge (Star Energy, Hampshire)

AND

The top five

The data shows the UK’s top five oil fields were:

Wytch Farm (Perenco, Dorset) accounting for 80% of onshore oil production

Wressle (Heyco, North Lincolnshire)

Singleton (Star Energy, West Sussex)

Welton (Star Energy, Lincolnshire)

Stockbridge (Star Energy, Hampshire)

The top five gas fields were:

Saltfleetby (Angus Energy, Lincolnshire)

Coalmine vents operated by Infinis Energy at Bilsthorpe, Maltby and by Velox Power at Stillingfleet

Albury (Star Energy, Surrey) – in March 2023, the county council refused planning permission for the site to convert Albury methane into grey hydrogen.

Updated 1/11/23 to correct the operator of Stillingfleet to Velox Power

Worth remembering the following continuity measure they put in place, as indicated in the half year results announcement in september,

It is also important that we take no short cuts, thereby ensuring that safety and structural risks and any potential for a hydrocarbon leak to sea are absolutely minimised. The provision of a small storage tanker in the near-term enables us to safely continue steady production operations during a period of limited tank capacity on the Montara FPSO, thereby sustaining current production from Montara at around 6,250 bbls/d.

With oil prices under pressure, it is worth remembering ...

As required by the RBL facility, at 30 June 2023, the Group had entered into oil price swap contracts for

4.2 mmbbls, representing approximately 78% of the required hedging volumes, at a weighted average

price of US$70.29/bbl. The hedging programme was subsequently completed in July 2023, with 5.5

mmbbls hedged over the Q4 2023 to Q3 2025 period at an overall weighted average price of

US$70.57/bbl; and

Keep up roxi - 34 on the offer!!

More authors call for Baillie Gifford to divest from fossil fuels

htTps://www.thenational.scot/news/23860703.authors-call-baillie-gifford-divest-fossil-fuels/

MORE authors have joined calls for the Scottish investment bank Baillie Gifford to cut ties with the fossil fuel industry.

In August, climate activist Greta Thunberg cancelled an appearance at the Edinburgh International Book Festival due to the event being sponsored by Baillie Gifford.

She said she could not attend due to Baillie Gifford’s investments in the fossil fuel industry and said its sponsorship of cultural events amounted to “greenwashing”.

The group Fossil Free Books (FFB) has since issued a statement calling on the 12 book festivals currently sponsored by Baillie Gifford to urge the company to divest from fossil fuels.

Yes and as we move through 2024, I expect to see a similar deal struck for chevrons share, potentially into 2025.

after all, chevrons latest annual report says..

The company’s worldwide net oil-equivalent production in 2022 was 3 million barrels per day.

The company estimates that 2023 Capex will be approximately $14 billion.

.....

and from what I understand from PB comments today, they aren't really interested in developing their non operated share of the CWLH fields.

HI Roxi,

yep - i think they are the ones who have been keeping the lid on any rise.

I expect the next thing we will see, is the October slides of akatara.

Dumping probably for ESG no doubt...

dated sept 2023

https://www.bailliegifford.com/en/uk/individual-investors/insights/ic-article/2023-q3-fossil-fuels-an-answer-to-concerns-10035889/

The 2 per cent’

But what about the flipside? We have declared that 2 per cent of our investments is in companies that have some sort of fossil fuel connection. This deserves explanation as it is not quite what it seems.

Our fossil fuel exposure has trended down over time, and the 2 per cent of our investments nowadays is a very low number in most asset managers’ books. It is far lower than the oil, gas and coal exposure that index-tracking funds (passive funds) would have naturally – this would typically be more than 10 per cent of their investments. But even the 2 per cent gives an exaggerated picture of our actual exposure since it includes companies that have as little as one-twentieth of their current revenues coming from fossil fuels.

Some of these companies might surprise you. Who would have thought that the supermarket chain Tesco is classified as a fossil fuel company? It’s included because of its petrol stations. It seems unreasonable to either boycott or sell shares in Morrisons, Tesco, Asda and Sainsbury’s for this reason.

Adjusted to account for the varied sources of revenues in these companies, our exposure to fossil fuels would be less than 1 per cent of our investments. This is de minimis.

But it is not zero. Zero fossil fuel exposure today is not realistic. Fossil fuels still make up around 80 per cent of global energy use. It may also not be aligned with the principles of a ‘just transition’ and ‘differentiated responsibilities’ (the principle that countries at different stages of development should have different targets) that lie at the heart of the Paris Agreement

You will of course have noted that Baillie Gifford have reduced from 8.28% as of end sept, to 7.76% shareholding as at 31st Oct

now we know who the seller has been last month

I thought only hanbury and his team from odeys brook management went to lancaster. I don't think JSE were held in brook - do you know if this was the case.

Also - odey asset management still had about 2.1 million shares to get rid of, as at end sept - so they may be our recent chunky seller

More like general market malaise - look at serica - was about 270 a share in sept and is now back down to 229 a share - a drop of 14.5%.

in the same timeframe, jadestone has dropped 21%

They haven't specifically stated that they are up for sale, however, reading between the lines from what they have stated in their interims implies that a sale is the direction of travel for the o and g assets ...

The streamlining of the management structure and rebranding of the Company from IGas Energy plc to Star Energy Group plc, which is now complete, were important steps in refocussing resource and redefining the Company's strategic direction.

The Group has significant intrinsic value in its oil and gas portfolio, from the existing producing assets, where the focus is optimisation, from the portfolio of near term development opportunities that can give rise to a step change in production and from the significant ring fenced tax loss position. Whilst our focus is on delivering this value from our existing conventional assets, the Group is fast developing its geothermal portfolio, deploying our decades of expertise in developing subsurface energy sources

and after the croatian acquisition...

This is an important next step in our strategy to transition, over time, into a significant player in the geothermal market and to deliver future value for our shareholders."

It is always possible, that once the tanker is full and it disconnects from the fpso- the tug is there to ensure it can move away safely, without hitting the fpso.

Looks busy around montara fpso...

grace ace tanker - anchored

bhagwan houtman tug- underway montara

pacific rapier -supply/tug vessel - underway montara

silver sawsan - chemical/oil tanker - underway montara - arriving today