Member Info for SEA7

Nice to hear on the presentation that there are demands from others on akatara gas - PB indicated that they already have capacity to offer gas to a second contractor at 20% premium and there are demands for more- they are potentially going to be looking at upgrades in the future to meet demands.

At least we get an update on montara...

The Prohibition Notice that was issued in June 2022 is expected to remain open until each tank within the FPSO that can contain oil has been inspected and a technical file note demonstrating its fitness for service has been issued to NOPSEMA. Jadestone is currently methodically executing a tank restoration program, which resulted in 6 centre, 5 centre, 5 port, 5 starboard and both slops tanks being removed from the Prohibition Notice during 2023. Work is ongoing on the remaining tanks and once all are completed, the Prohibition Notice is expected to be fully lifted. Jadestone continues to engage closely and transparently with the regulator about the progress of the inspection work. The NOPSEMA Level 4 investigation into the 2C loss of containment is ongoing.

On akatara...

Currently, the Group is focused on testing all equipment, testing, cleaning and reinstatement of interconnecting pipe, electrical and instrument testing at both the gas plant and metering station, and the hydrotesting of the gas pipeline. Overall progress of the project had reached 95.72% completion at the end of March 2024. Pre-commissioning and commissioning activities commenced in November 2023 and continued into early Q1 2024 for utility systems, with further progression towards commissioning for the process system. Commercial production remains on track to start in Q2 2024.

Akatara...

During testing, one well achieved a maximum flow rate of approximately 9 million cubic feet per day (mmcf/d), with data from the well test supporting the current Akatara 2P reserves estimate. The well is designated to supply pre-commissioning and commissioning gas for the AGPF, while the second well is intended for use as an injector/disposal well.

A campaign with a 550 HP rig to work-over the planned five wells commenced in Q1 2024. Currently, four out of five well workovers have been completed and tested at an aggregate stabilised rate of c.30 mmcf/d, ready to deliver the gas production required to fulfil the daily contract quantity under the gas sales agreement.

RBL Sorted

Published a week ago re akatara...

htTps://www.linkedin.com/posts/exakta-ip_lemang-akatara-localenvironment-activity-7186327407023296512-u5UA

For this ambitious project, Exakta was appointed to supply its API 674 #PositiveDisplacement reciprocating pumps for transferring #Water to the injection well. #Robust by nature, our 3C Triplex Series can withstand tropical climates marked by equatorial rainfall and violent storms, while proper mass balancing ensures quiet and #VibrationFree operation.

From the accounts...

On 9 April 2024, the Group announced the closing of a new €25.0 million facility with Kommunalkredit Austria AG (Kommunalkredit), which was used to repay the outstanding balance on the RBL facility

What should be noted is the £21 million positive movement in performance..

operating profit was £7.2 million in 2023, whereas it was a loss of £13.8 million in 2022 - that is a £21 million positive swing.

This should generate 47gwh of power when up and running...

Bletchingley

The Bletchingley gas to wire project now has full planning consent, environmental permits and a secured grid connection. Further work by the Distribution Network Operator is underway to optimise the grid connection routing. Subject to this being finalised, expected imminently, the project is now "shovel ready".

DeGolyer & MacNaughton updated CPR values 2P NPV10 at $235 million (2022: $215 million) using an oil price assumption of c.$72/bbl for 5 years, then inflated at 2-3% p.a. from 2028 to 2050

The development of the Stoke-on-Trent project has taken longer than anticipated..

This due diligence was conducted during the year and the technical and commercial aspects of the geothermal heat provision within the project were signed off by the consultant towards the end of Q3 2023. Subsequent to the year end, SSE, as lead applicant have submitted a project change request to the GHNF which seeks to amend both the capital grant as well as the timetable within which that grant will be spent. A decision is expected in the second quarter of 2024.

Tax losses

The Group has gross total tax losses and similar attributes carried forward of £362.1 million (2022: £355.3 million). Deferred tax assets have been recognised in respect of tax losses and other temporary differences where the Directors believe it is probable that these assets will be recovered based on a five-year profit forecast or to the extent that there is offsetting deferred tax liabilities. Such recognised tax losses include £109.5 million (2022: £123.2 million) of ringfence corporation tax losses which will be recovered at 30% of future taxable profits, £92.6 million (2022: £119.8 million) of supplementary charge tax losses which will be recovered at 10% of future taxable profits and £4.3 million (2022: £1.9 million) of losses arising under the EPL regime which will be recovered at 35% of future taxable profits.

HTtps://youtube.com/shorts/0CZUuQli6LE?feature=shared

Dated 18th april 2024 short clip at akatara, not sure when it was filmed though

I added today and yesterday.

Canaccord Genuity Group reaffirmed their buy rating on shares of Star Energy Group (LON:STAR – Free Report) in a report released on Tuesday, MarketBeat reports. Canaccord Genuity Group currently has a GBX 55 ($0.70) price objective on the stock.

https://www.defenseworld.net/2024/04/10/star-energy-group-lonstar-receives-buy-rating-from-canaccord-genuity-group.html

Certainly can jump from nowhere this stock

Just the oil assets that push out over 2k boepd are worth at least 40p a share if sold. IMV

This has Ring fence tax losses of £259 million and 1P NPV10 of $144 million(2021: $139 million): 2P NPV10 of $215 million (2021: $190 million)

By another poster on another board..

They’re also looking into to hydrogen storage with any depleted assets.

https://cadentgas.com/news-media/news/march-2024/502a8604-b1a5-4984-821d-ccdf145ac95d#

EMstor, a consortium led by Cadent, the UK’s largest gas distribution network, and partnered with Star Energy Group, British Geological Survey (BGS), Net Zero Strategy and the University of Edinburgh, has been awarded Discovery funding by OFGEM/Innovate UK's Strategic Innovation Fund (SIF).

The funding will be used to undertake an innovative new study to evaluate the geological storage potential in the East Midlands region that is set to be served by Cadent’s future 100 per cent hydrogen pipeline.

Star has the largest fracking licenced areas in the uk - see what this outfit are doing with their areas in the uk..

posted by a user on another board..

the fracking licensed areas (biggest in UK) which could be converted for Geothermal use

https://www.cpreney.org.uk/news/yorkshire-fracking-site-geothermal-energy-hub-sustainable-solution/

Star is unhedged on its oil so capturing all the upside on the latest run up in prices. They have obtained financing to retire the rest of the legacy debt and provide for drilling costs in the geothermal space. This leaves the cashflow from the oil to ensure it can be expanded and optimised.

The company is now in the best place it has been for years. This should be a rerate we are seeing now.