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If you pay a dividend, every shareholder gets some cash. If you do a share buyback, the only folk who get cash are those who don't want to remain invested. A buyback rewards the uncommitted, it's folly.

"Don't touch it then....simple !!"

good advice, IMHO DYOR, Gut feeling etc

Moody reportedly said that that Rhea is too far away from Sea Lion to be a satellite tie-in and requires a standalone development. Hard to see how ARG will benefit from Seal Lion in the next five years. Where is the money?

By any rational analysis BOR is a pump and dump triggered by a small punt by a HNWI guy in Calgary after the chairman and open offer threw in some money to keep the lights on, to keep looking for options and provide working capital.

If there was something to sniff, it would smell publicly by now.

It's getting to the point where a billion pounds of cash will shortly be pi55ed away with no effect on share price. Pointless corporate masturbation

Biden is not the Chair of the Federal Reserve, so he did not raise interest rates today.

If $150 per barrel is nailed on, are you buying Brent ETFs? If not why not?

As for Russian sanctions, wheat futures are your best bet.

Argentina is re-writing history about Malvinas; Russia is re-writing history about Crimea and Donbas; China is re-writing history about Taiwan, same with Spain and Gibraltar, North Korea/South Korea, South China Sea, Kashmir, ISIS and all over the world.

Today's lesson is that if you appease aggressors they are emboldened to more aggression and the devil infests their brains. Who would have thought that in 2022 we are facing WW3 with Russia threatening "British Isles" with a 500m nuclear Tsunami? The red line was Crimea but we did nothing. Just like Hitler and Sudetenland. " I have this piece of paper signed by Herr Hitler"

Argentina under the Kirchners cooked up a totally ridiculous narrative after Galtieri's invasion.

Margaret Davidson, the present leader of Highland Council, wrote a piece for BBC Scotland on the anniversary of the invasion. She was manager of the Malvina House Hotel at the time and she was reported to have confronted the invaders on Ross Road in Stanley. She said they were ill disciplined conscripts who were told they were liberating Argentine gauchos from the yoke of British colonialism and they were baffled that no-one spoke Spanish, no one threw garlands and there were no gauchos to liberate.

Fast forward to 24 Feb and the Russian conscripts who invaded Ukraine from Belarus were told the same bulcaca; they were told they were liberating people from Nazis but found they were showered with molotov ****tails by the people rather than garlands of flowers.

The mindset of the body politic in Buenos Aires is no different to the Kremlin. Open the door and they will flood the room. It's not FI/Malvinas they want, it's the Antarctic territory that goes with it; just like it wasn't Crimea the Russians wanted in 2014 but the whole of Ukraine.

These neo-imperialists in Moscow and Buenos Aires must be opposed militarily even if takes another century, otherwise why do we buy poppies on Remembrance Sunday? They fought to save us? Eh? What is the use of a defunct UN?

What was the mission of the UN? "Never again". And here we are doing it again and destroying the world when we have no replacement for it.

No appeasement to Argentina is remotely moral.

Malcy just repeats what people tell him and pay him to tell. He is like a management consultant who walks in the office, looks at the clock and tells you the time, and then sends you an invoice for a grand.

Nastynick, the issue of EU jurisdiction has neen raised twice by Italy and it has been dismissed out of hand

There was a bit in the Navitas announcement about FIG releasing them from a 2 well exploration commitment as part of the deal. If they don't want to explore their own licence blocks at this time, why would ARG or BOR be candidates for drilling? Don't see any upside there.

If Rockhopper can arise from the dead as an Easter resurrection, as seems to be the case from an announcement on the Tel Aviv stock exchange today, I am willing to believe in a second cOMing, even though the Pope is Argentinian.

Sunday is a work day in Tel Aviv .
Pity RKH is not traded on the pinks in NYC, US market is open tomorrow

It's in Hebrew and not written left to right, but it's in black and white, as below from fecm

There can now be no doubt about intent of Navitas, and after seeing Siccar Point being eaten up another Israeli company, Ithica, it looks like there is a change in the tide at last, with new money pots to spend on large fields.

I can hear Elvis Presley's voice drifting through the ether from beyond "It's now or never".

As for Russia and Ukraine, how many times since 1945 has Europe said " never again" , but it has happened again, and no-one has stopped it happening. We are now left with a political and economic nightmare in Europe for the foreseeable future, but even Putin's reach does not extend to the South Atlantic.

So it really is now or never. Also to borrow a popular contemporary Ukrainian phase " ICSID, go ******* yourself"

Jesus wept.

Elephant Oil Ltd, a British Company is not Elephant Oil Corporation, a US company

As my bank manager once told me: how you report profit is how you avoid tax, but how you report cash flow is how you get rich

Latics

All movement requires momentum and the momentum for an EGM has evaporated. The previous attempt was thwarted by Keith Lough pointing out what is now obvious to us all: if you think you own shares through an online broker nominee like HL or ii, you don't. You are simply owning the economic consequences of a share without the voting rights. Yes you can instruct the nominee for company initiated corporate actions, but not otherwise.

The nominees were reluctant to put their name to a EGM resolution because their terms and conditions say they are "execution only" brokers. Companies Act 2006 turned out to be an inability to act.

It's now s h i t or bust and any idea of an EGM is history.

And with a nod to Garbled, it's IMHO, DYOR, Gut feeling, and bacon for breakfast

Oil formed in source rock and oil trapped in reservoirs as it migrated to surface are two different numbers. But you all know that surely?

PageofCups, I have no recollection of ever seeing a North Sea Tax being deducted from my wages. If there was, I would be interested in seeing a government reference to it, if you have it, because I cannot find one.

There was the infamous Petroleum Revenue Tax (PRT) which at one time was levied at 60%, but alongside that, there was a PRT Uplift Relief which at one time was 175% of Capex around the late 70s. That meant that it was more tax efficient to award capital works to the highest bidder rather than the lowest bidder. It also meant that you could roll capital work contracts into maintence contracts through a process of novation, and still give work to the highest bidder under this deal. It was a recipe for backhanders in the industry. You might call that taxpayer support of corruption in the North Sea, I imagine.

Mogger, I think the £600 million you mention is the statutory limit of borrowing powers for BNOC under section 6 of the Petroleum and Submarine Pipe-lines Act 1975. BNOC could borrow from the Treasury and repay into the national oil account from revenue or borrow from banks which would have a Treasury guarantee. I suppose that such borrowing and repayment constituted taxpayer support of E&P in the North Sea. Did National Coal Board ever explore for oil?

"Or they increase it by drilling more in North sea, which is alot more viable?"

The North Sea is in asymptotic decline; the upside is in the Atlantic margin west of Shetland/Orkney/ Ireland. That should be the exploration focus IMO

It’s about time we put Falky's 60 billion barrels myth to bed.

The British Geological Survey back in the Seventies (?) calculated that the kitchen source rock deposits offshore the FI “could” have generated and expelled “up to” 60 billion barrels of hydrocarbons.

Generating hydrocarbons in the kitchen and capturing them in reservoir traps are two different things, as Mr Phipps will tell you to his regret. As much as 80 - 90% of generated hydrocarbons migrate to the surface over hundreds of millions of years and simply evaporate, as the Institute of Petroleum used to drum home to everyone in their lectures.

The hydrocarbons that do become trapped may be oil or gas and anything in between. So maybe 12 billion barrels of oil equivalent have been trapped. Of those, even under best reservoir conditions, only 40-50% can be recovered by conventional production methods.

So conservatively and on present understanding, there might be around 6 billion BoE of reserves to produce and in the south, that is mostly gas/condensate from prior exploration results. It’s not a bad number but it’s not 60 billion.