Member Info for SEA7

neversellshell...

https://www.pressandjournal.co.uk/fp/news/aberdeen/2374979/aberdeen-oil-executive-sentenced-to-three-years-for-bribery-following-four-year-investigation/

The SFO launched a investigation into Unaoil in 2016, focusing on business deals involving Halliburton-KBR, Petrofac, ABB, Leighton Holdings, Rolls Royce and Amec Foster Wheeler.

A former sales manager of Dutch energy services company SBM Offshore was sentenced on Monday to three-and-a-half years in jail after being convicted of bribing public officials to win oil contracts in post-occupation Iraq.

Paul Bond, 68, was found guilty by a jury of two counts of bribery after a retrial at London's Southwark Crown Court on Wednesday.

https://www.thenationalnews.com/world/europe/ex-offshore-sales-boss-jailed-in-unaoil-linked-bribery-case-1.1175676

i lived in naples for a couple of years , on the spot fines, in cash were levied by some of the local police to some of my colleagues regularly. Nothing got done, unless you had the right connections, or at least paid a few people, to move things along.

no one will get locked up in those countries, at all, if ever.

yep ..in some parts of the world, wheels need greasing, even at the highest levels. Fact of life and a fact of doing business in those areas.

directions hearing scheduled for 21st June

Hasbro is making sure all feel welcome in the Potato Head world by officially dropping the Mr from the Mr Potato Head brand name and logo to promote gender equality and inclusion
.............

or roughly translated as "hasbro is making sure that its plastic potato is more likely to be purchased by all parents of kids under the age of 5, instead of only those with boys, common sense and no chips on their shoulders. There is profit to be had on the woke bandwagon and Hasbro will be there, onboard, to capitalise on it, whether they actually believe in the garbage mantra or not"

the georgian Lari has climbed from 2.77 Lari to 3.32 Lari for a dollar - and as a lot of the expenses are in local currency this helps a lot

Fortunately, Block reports its accounts in US dollars - so we do not see the reduction as a result of the drop from 87p a dollar, to the current 71p over the last year.

thanks Aj

we have an excellent confidence boost in the stock today, after that write up

https://www.reuters.com/article/britain-unaoil-conviction-idINL1N2KU1MH

LONDON, Feb 24 (Reuters) - A former sales manager of Dutch energy services company SBM Offshore was on Wednesday convicted by a London jury of conspiracy to bribe public officials to secure lucrative oil contracts in Iraq after the fall of Saddam Hussein in 2003.

Bond, who had denied any wrongdoing, will be sentenced on Friday

they have an unrisked NAV of $896m at 84p a share in that note on table 7.

Schlumberger was originally attracted to Georgia by the Lower Eocene gas play, regionally estimated to contain in excess of 8 Tcf recoverable. The company drilled just one well before the Schlumberger board made the executive decision to divest direct upstream exposure. The PAT-E1 well was successful in that it encountered gas over an 1,800 metre section, however the reservoir at this location was relatively tight and additional work, likely horizontal appraisal drilling, is required to establish commerciality. Funding for the well may come from internal cash flow, or from industry farm out

that note from tennyson says..

With inexpensive new development wells, workovers and infrastructure upgrades, the company sees a clear roadmap to 5,000 bopd and beyond. Running parallel, Block plans to work up high impact appraisal opportunities, including the Lower Eocene gas play which originally attracted Schlumberger to the region. With our 7.9p/shr target price offering 155% upside, we initiate coverage with a BUY recommendation

and

Even without the impact of the new wells, at current production levels and commodity prices Block is strongly cash flow positive, generating in the region of US$6m/yr of free cash flow

https://www.petrofac.com/en-gb/media/news/a-new-era-of-export-oil-operations-in-kuwait/

A new era of Export Oil Operations in Kuwait

yep MP - they will keep going at just over 3p until done....the only way you will see them sell at less than 3p, is if they accelerate selling near the point of exhausting their supply - they may take a small hit on some to clear the book, yet still be up overall.

see it before also

Paul Bond case has reached the summing up stage - jury will then retire to consider and deliver its verdict.

https://www.financial-spread-betting.com/Igindex-hedging.html#:~:text=As%20counterparty%20to%20thousands%20of,is%20placed%20is%20not%20practical.&text=Instead%2C%20it%20hedges%20its%20exposure%20using%20futures%20on%20the%20underlying%20stock.

As counterparty to thousands of spread trades every day, from small punts to large trading positions, IG Index has to manage a significant amount of market risk. But hedging every spread trade as it is placed is not practical.

There are two ways around this problem. First, in highly active markets, many of the spread bets cancel each other out. "If it's a very busy market, you will have a lot of two-way business, which is ideal. We are just acting as another market-maker," says Bole.

However, in less liquid markets, such as spread bets on single stocks, IG Index cannot rely on investors taking both sides of the market. Instead, it hedges its exposure using futures on the underlying stock.

and....

Keeping an eye on IG's exposure, the risk committee uses an approach that would be familiar to any fund manager - employing limits on individual underlyings, sectors of the markets and countries, in what Bole calls a hierarchy of exposure.

"If all your clients were long, you could arguably be inside your limits, but you could have massive exposure to the UK stock market as a whole. So, in that case, you would hedge on futures on the index. Or, if you are concentrated in a banking sector, you can review that sector - so you're building up a much better portfolio picture," he says

behind paywall -dated today

https://www.meed.com/petrofac-pushing-ahead-with-1bn-algeria-gas-project

Petrofac pushes on with $1bn Algeria gas project

Project execution is continuing despite strict restrictions on transport within the country

directions hearing late june - means nothing much before then and highly unlikely anything against PFC itself.

then it will be rescheduled for another appearance to move forward after the june directions hearing.... blah blah blah - lufkin may yet, never see the inside of a cell and the case slowly wound down, as despite pleading guilty and taking the heat off the company, he is clearly and rightly disputing everything about it, to limit the impact on him personally.

the defence case finished in the paul bond case yesterday and the prosecution delivered its closing speech

Directions Hearing: a hearing for the judge to review the case and consider whether there needs to be further information or action taken by the parties.

this case is moving into the long grass by the looks of things.