Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
HTtps://fnarena.com/index.php/2024/03/05/uranium-week-spot-price-eases-further/#:~:text=Industry%20consultant%20TradeTech's%20weekly%20price,above%20the%202023%20average%20price.
After a very volatile February for uranium spot prices, triggered by the price rise to over US$100/lb, the month ended with further easing from that mark. Industry consultant TradeTech’s weekly price indicator fell -US$1.50 to US$93.50/lb.
That’s down from US$100.50/lb at end-January, but the indicator is nevertheless up 87% year on year and 55% above the 2023 average price.
TradeTech notes much of the selling has come from financial entities, that first kicked off the uranium rally a few years ago, trimming positions and booking what would be considerable profits at prices over US$100/lb.
Https://twitter.com/quakes99/status/1764433815274234139?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
Breaking News!💥📰 US Enriched #Uranium #Nuclear Fuel Makers Get $2.7 Billion Boost in Funding Bill Unveiled Today💰📜⚛️⛏️🇺🇸 part of a broader Biden admin plan to buy Uranium direct from US producers🛒 as Senate may join the house in passing legislation to bar imports from Russia.🇷🇺🚢⛔️🇺🇸 Congress seeks to pass the underlying funding bill this week to prevent a partial government shutdown.🧑⚖️🤠🐂
https://bnnbloomberg.ca/us-reactor-fuel-makers-get-2-7-billion-boost-in-funding-bill-1.2042075
Further from the document...
The Macedon Field has been on production since August 2013 with only one full shutdown during that period (late 2017). Despite occasional problems with communications/control problems with some of the subsea wells, overall system availability has exceeded 98%.
Macedon D&R activities are planned to commence two years prior to end of field life and be carried out over a 9-year period. This is realistic, typical of current industry D&R planning, and accepted by GaffneyCline.
....
pyrenees - Since first oil in 2010, the FPSO has been regularly dry docked in 2014 and 2019, with the next scheduled dry docking expected in 2024, assuming a 5-year scheduled interval. Field production is constrained by the FPSO water handling limit, currently approximately 148 Mbwpd.
The Pyrenees development has been in production since February 2010, with 5-yearly planned dry docking for FPSO inspection and refurbishment. The subsea system has experienced problems with communications failures. At an overall system level, the Operator tracks “deferment”, that is, the oil production delayed because of unplanned facilities outages. Over the last three and a half years, deferment has averaged 937 bopd, or some 5.5%. This is consistent with the Operator’s planned uptime for production forecasting. The primary cause of deferment is recorded as “weather”, i.e. precautionary cyclone shutdowns.
Pyrenees D&R activities are planned to commence two years prior to end of field life and be carried out over a 9-year period. This is realistic, typical of current industry D&R planning, and accepted by GaffneyCline.
HtTps://www.sec.gov/Archives/edgar/data/844551/000119312522104305/d264337dex994.htm
document dated April 2022
in the merger of woodside/BHP, KPMG had macedon and pyrenees valued at (PAGE 133)
macedon - low $308m - high $315m
pyrenees -low $321m - high $323m
Macedon (PAGE 143)
Production of domgas takes place over the period 2022 to 2032, with aggregate forecast sales of 53 MMboe, comprising a mix of contracted volumes and uncontracted volumes. Annual production of domgas follows a steady decline in year-on-year production volumes over the remaining life of the Macedon fields. Production of oil takes place over the period 2022 to 2032, with annual production steadily declining over the period.
Macedon’s total life of project operating cost is US$223 million and is incurred between 2022 and 2032. Capex for the Macedon project totals US$61 million, the majority of which is incurred between 2022 and 2024, associated with the development of the fields.
The estimated obligation in relation to D&R totals US$377 million, the majority of which is incurred between 2033 and 2035.
...
Pyrenees - (PAGE 144)
Production of oil takes place over the period 2022 to 2036, with aggregate forecast sales of 22 MMbbl. Over the remaining life the Pyrenees project, annual production peaks in 2022 before a steady decline in year-on-year annual production volumes.
Pyrenees’ total life of project Opex is US$584 million, which is incurred between 2022 and 2036. Opex peaks in 2023, before a steady decline in year-on-year Opex over the remaining life of the project.
Capex for the Pyrenees project totals US$63 million, the majority of which is incurred between 2022 and 2023, associated with the expansion of the field.
The estimated D&R obligation totals US$820 million. D&R is incurred between 2034 and 2047 and peaks in 2039 and 2040. D&R activities are planned to commence two years prior to the end of field life.
......
Other figures such as opex and DCF valuations are contained in the document on the same pages.
Month end smash down in play by traders whose purchase prices are fixed at the previous month spot price - those traders will knock the spot price down as far as possible to get the lowest fix for end march purchases, which are priced at end feb spot. Once this is done, they start the process to bid up the spot at the beginning of the month, to sell the lbs they bought.
well known and not new
John quakes on twitter...
htTps://twitter.com/quakes99/status/1760725567379525702
Boom!💥#Nuclear fuel consultants UxC are reporting that a non-US utility has issued a Request for Proposals (RFP) to #Uranium producers to supply 21 Million lbs in a massive long-term contract with deliveries starting in 2026 on out to 2039.📜⚛️⛏️🛒🤠🐂
HtTps://fnarena.com/index.php/2024/02/20/uranium-week-follow-the-leader-2/
Since financial entities moved in and made spot uranium a speculative plaything as much as an end-use consumable, the uranium market has become as much beholden to macroeconomic impacts on financial markets in general as it is to physical supply/demand. So it was last week when a “hot” US inflation print sent Wall Street tumbling.
Industry consultant TradeTech reports the stocks in its uranium “StockWatch” basket fell an average -4.5% for the week.
Which has little to do with the current global supply/demand imbalance and uncertainty within the uranium market. It did serve to force sellers into quickly lowering their offer prices.
There was not much response from buyers. Activity in the uranium spot market was down significantly last week, TradeTech reports. TradeTech’s weekly spot price indicator fell -US$1.00 to US$102.00/lb, continuing to exhibit volatility around the magic 100 level (magic simply because it is a round number).
We can only go on the last trading update, released on 31st Jan for period ending 31st December...
The Akatara development project is c.93% complete, with first gas and final acceptance of the Akatara Gas Processing Facility remaining on schedule for the second quarter of 2024.
Dated 20th Feb 2024
htTps://www.investing.com/news/commodities-news/goldman-hedge-funds-step-up-activity-in-physical-uranium-as-prices-spike-3307759
Investment banks Goldman Sachs and Macquarie as well as some hedge funds are positioning themselves to reap the benefits of a newly buoyant uranium sector as prices of the nuclear fuel ingredient spike.
and
With the headlines and positive momentum in nuclear more generally, hedge funds and other commodity investors are back in the (uranium) sector.
and
Goldman Sachs has started writing options on physical uranium for hedge funds, the first time it has created a derivative for the metal.
and
Goldman is largely dealing with financial clients like hedge funds while Macquarie's main focus is boosting trading and marketing output from miners, another source who dealt with both banks said, also declining to elaborate because the data is confidential
Yep - just about sums up most of the politicians here - rather than do what is needed and right, they only do what is required to ensure that they remain in office and have the best chance of re-election.
HtTps://drillordrop.com/2024/02/15/misson-shale-gas-well-decommissioned/
A shale gas well in Nottinghamshire that has been mothballed for more than four years has been decommissioned, officials have confirmed.
The site operator, IGas (now known as Star Energy), drilled the exploration well in January 2019 and described the shale gas find as a “very material world-class resource”
Tyrus will have been fully aware of these plans
Gunter Waldner
Non-Executive Director
Gunter was nominated to Jadestone’s Board as a non-executive director by the Company’s largest shareholder, Tyrus Capital S.A.M. and funds managed by it (“Tyrus”), pursuant to the relationship agreement entered into by Jadestone and Tyrus in November 2018. An Austrian national, Gunter has over 25 years of corporate finance and investment management experience and is currently Head of Private Equity and Co-Chief Investment Officer of Tyrus Capital S.A.M. having joined the firm in 2012
and
Cedric Fontenit
Independent Non-Executive Director
Board Committee memberships:
Governance and Nomination Committee
Remuneration Committee
Cedric has extensive experience in advising on M&A, financing and structuring investments gained from his 20-year career in investment banking and hedge fund industries. Cedric is currently co-founder and managing partner of Amavia Capital, a private investment firm and the President of Tall Mount SAS. He was previously a senior member of the investment team at Tyrus Capital S.A.M. where he had significant investment experience in the oil and gas and mining industries, among others.
Sandgrove are still selling - at one point they had exposure to 16 million shares in August last year in a combination of shares and financial products - now they are down to 6.1m of exposure, with about 2.33% of shares still directly held as of 5th Jan.
they have stated that they do not wish to be part of the geothermal future of the company and have been selling ever since.
once they are gone, a lot of pressure comes off
Back in august last year..
https://www.afr.com/companies/energy/woodside-puts-macedon-pyrenees-fields-up-for-sale-20230824-p5dz9l
The flyer from Morgan Stanley puts cash flows from the portfolio, comprising the Macedon domestic gas venture and the Pyrenees oil project, at an average of $US150 million ($232.2 million) a year over the five years from 2023 to 2027.
Taken from another board...
If the deal is structured as a reverse takeover akin to HBR / Wintershell than JSE shares in all likelihood should be "fairly valued" based on "intrinsic/replacement/market value".
HBR shares were valued at 360p for reverse takeover purposes for their recent deal when trading close to 200p - a near 80% premium!!!