Firering Strategic Minerals: From explorer to producer. Watch the video here.
adoubleuk,
"I wouldn't question the 'reputable' (nor potential disreputability) of ERCE as a company. However I do question the 'Competancy' suggested as regards analysis of Fractured Basement Reservoirs.
The only name I find appended to the CPR is that of a certain Dr Adam Law, CEO of that company, and admittedly with certain qualifications. None of which, however, relate to FB."
Seriously, do you even know how a CPR is conducted?
Well i'll tell you. CPR's (in the UK) for 2C resources and the 2P reserves are conducted in accordance with Petroleum Resource Management Systems guidelines, endorsed by the Society of Petroleum Engineers. I.e. this is the standard for CPRs.
HUR and ERCE have re-iterated this:
"Standard
Reserves and Contingent Resource estimates for the Lancaster field contained in this announcement have been prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers."
You talk about fractured basement reservoirs, but the standard is suited for fractured basement reservoirs too.
Print this out and read: https://www.spe.org/industry/docs/PRMS_Guidelines_Nov2011.pdf
But since I know you struggle with large documents...
"8.1.1 Assessment and Classification Issues.
The Petroleum Resources Management System (PRMS) resources definitions, together with the classification system, are intended to be appropriate for all types of petroleum accumulations regardless of their in-place characteristics, the extraction method applied, or the degree of processing required. However, specialized techniques often are employed in assessing in-place quantities and evaluating development and production programs of unconventional resources.Estimations of recoverable resource quantities must include an estimate of the associated uncertainty expressed by allocation to PRMS categories using the same low/best/high methodology as for conventional resources. Typically, the assessment process begins with estimates of original-in-place volumes. Thereafter, portions of the in-place quantities that may be potentially recovered by identified development techniques are defined. In some cases, there are no known technical methods of recovery and the in-place volumes are classified as Unrecoverable. "
senseman,
The BoD are in discussions with Bluewater.
It's all documented in the Explanatory Statement.
The BoD need to go back to Bluewater regarding Aoka Mizu by 4th June 2021 - but this will have obviously been extended a week to ensure that the sanction hearing takes place before confirmation.
Bluewater doesn't do 12 month rollovers.
HUR has a 3 year rollover option with Aoka Mizu. So it's either 3 years or 0 years.
CaptainSwag,
"i certainly would question how the new cpr could completely dismiss the previous data on halifax as residue and now apparently there is absolutely nothing there? without any further drilling?"
I don't think ERCE have said that there is nothing there. I think it's more down to the fact that Halifax likely doesn't share similar the model of Lancaster or GWA/Lincoln.
Therefore, for ERCE to evaluate the 2C resources (under SPE guidelines) would require more information regarding the field.
Having said that, the ERCE CPR only states that no 2C resources are attributable to Halifax. But since there is oil (even residual), there is oil, but either non-commercial, or requires further drilling.
I think ERCE should have at least given Halifax prospective resources on what the future drilling may uncover though - which they have not provided.
But then again, they have only analysed the well 205/23-3A (rather than the whole field) and have given no 2C resources to the well.
Starchild,
You may be right, but it all depends on the Aoka Mizu.
That's what this boils down to, and why the restructure has been early.
The result of the restructure will be used to either:
1. Extend Aoka Mizu contract
2. Not extend Aoka Mizu contract
Without the Aoka Mizu contract being extended, the company is insolvent.
The deadline for extension is 11th June (unless BoD get leeway with Bluewater)
"Slift
Posted in: HUR
Posts: 3,227
Price: 4.50
No Opinion
RE: The clear positives.....13 Dec 2020 14:52
"We will be engaging with all our key stakeholders regarding our forward work programme and financing arrangements and updating the market on these efforts in due course."
Money tree?
Cash raise via shareholders?
Farm down?
Dilution?"
Shame it wasn't from a money tree.
This would have gone to Petrofac 100% were Petrofac not banned from ADNOC awards..
Sad, as could have been a good boost to backlog.
https://www.worldoil.com/news/2021/5/25/adnoc-awards-744-million-epc-contract-for-belbazem-offshore-block-field-development
777jimster and solid_snake,
Thanks for the input.
I will use the additional information box to clarify what i've done and where the losses have come from and what my profits are. I won't be paying cap gains tax as it will be offset by losses, but I think i'm better off by reporting than without.
As i'm employed, I don't really want to declare any income as self-employed as this may mess up up income threshold (should HMRC decide my calculations are invalid etc.).
I will report via CGT and just provide an explanation at the end.
Thanks again all.
"Half a penny a share ....go for it!"
Try 5.4p per share.
So rather than planting trees, capture CO2 from the ocean using equipment that may be harmful to fishes (and may kill more fishes than CO2 normally would?)
Cod and Haddock population inthe North Sea is down over 90% because of ideas like this!
Honestly, carbon capture technology isn't very efficient and extremely expensive unless you use it in a CO2 stream where there's a much higher ppm of CO2 than air or ocean. No matter what anyone says, even with improved tech, this will still be a very expensive process (unless a high ppm of CO2 available to capture from).
Planting trees has many benefits than just reduction of CO2.
Companies willing to pay for carbon offsetting sure, but producing energy via green sources (solar, wind, etc.) also provide this option for companies - in a much more profitable way (although still very low margins in comparison to O&G).
"Another project that would work well at Sullom Voe would be Co2 removal from sea water - there are higher concentrations in water than the air, so remove it using green power, pipeline or ship the Co2 to storage, clean water goes back in the sea to absorb more Co2 - companies pay for the carbon offsetting. All using established tech."
What a stupid idea..
Why not just plant more trees or seaweeds instead? Much more efficient.
How about you all get together and raise about $150m (£106m) and donate that to HUR for the BoD to pay off the bondholders and release the company from covenants and debts?
Otherwise, see ya when it's game over.
"Can you tell me how many Aim Stocks have high quality people on the Board ?"
I can think of a few. It all starts with BoD interests for shareholder returns, and their stake in the company they are promoting.
"I would love Enquest to add a little bit of Bullshat green energy into its portfolio, would sort of give the Banks the green light to invest again, we wouldn't be seen as a dirty disgusting oil company"
I think "bullshat green energy" hype will soon settle as the economy opens up and interest rate/bond yields rises. Green energy is typically growth orientated as very low margins.
Typically, O&G stocks are value orientated and the go to dividend stocks. As it stands, dividends are unpopular in the current market due to uncertainty.
As bond yields and interest rates starts rising, O&G stocks should become more attractive for II's.
In the short term, India's covid situation is improving every day, however Iran stocks are waiting to be exported after relaxing of sanctions over the next month.
Still volatility to be had in the oil market, so enjoy the stability while it lasts - no problem as long as ENQ hovers around current price or rises.
Hurricane assets would only be attractive to Harbour for any potential tie-back to Solan.
Even then, any potential aquisition for Harbour should be following administration/fire sale of assets.
That's how dire the situation is at Hurricane.
Definitely not a fit for ENQ, especially as majority of ENQ's assets are located east of shetland islands.
"TULLOW oil production is forecast to average 60-66,000 bopd in 2021."
54-60k bopd in 2021....
approx. 61-63k bopd in 2022
I see little growth potential here, but has become a much less risky share. £1/share is possible as drills become successful.
But Guyana/Kenya potential is more important here for future growth.
Currently, excluding decommissioning assets in the North Sea, Tullow's licenses are reduced to 45 licenses.. of which majority (Gabon) has little growth potential.
Tullow needs to get through 2022-2023 before any significant changes to business plan can be implemented to see growth in their exploration assets.
Either way, £1 target in the next 6-18 months.
Botbot1202, 777jimster and tinlid,
Thank you for your comments.
I'm trying not to overcomplicate things, but I have losses to offset against my gains (and losses to carry over).
However, the cap gains sections on the tax return is asking for the following:
- Number of disposals
- Disposal proceeds
- Allowable costs
- Gains in the year, before losses
- Losses in the year
There isn't one for just gains after deductions..
Then for the losses:
- Losses brought forward and used in-year
- Income losses of 2020-2021 set against gains
- Losses available to be carried forward
Maybe I am complicating things.. but don't want to get it wrong!
So any advise is appreciated.
Thanks
Latino,
"Nope, they have an obligation, but they can defer to next financial year due to funding needs /Covid limitation etc."
Nope. I think you'll find that they have until Oct 21 to P&A the well.
"The Company has a regulatory commitment to plug and abandon the Lincoln 205/26b-14 well. The OGA recently approved an extension of the deadline for this activity to 31 October 2021 (from 30 June 2021) to allow for completion of operations in the summer 2021 weather window."
"The Lincoln and Warwick Crest discoveries on the GWA licence are at an early stage of appraisal. While the Lincoln 205/26b-14 well flowed at approximately 9,800 bopd on test using an ESP in 2019 with a productivity index (PI) of 18 stb/d/psi, there remains significant uncertainty over future reservoir performance, and an appraisal programme to refine reservoir parameters would be required to better assess the potential for Lincoln's Reserves and commerciality. Ahead of any such appraisal plan, the Company has a regulatory commitment to plug and abandon the Lincoln 205/26b-14 well by 31 October 2021 as described above."
"The Lincoln and Warwick Crest discoveries are at an early stage of appraisal. Further appraisal of both discoveries would be required as a first step before any assessment of commerciality and Reserves could be made. Any appraisal activity would involve a significant financial commitment for Hurricane, which the Company may not be able to fund. As a result of this funding uncertainty and the early stage of appraisal, there is currently no reasonable expectation that the Lincoln and Warwick Crest discoveries could generate any meaningful near-term cash realisation. The GWA JV partners will continue to evaluate and consider all options for the licence going forward."
Hurricane did not sanction the commitment well for Lincoln. Hence, no tie-back.
"Planning is underway to meet our regulatory commitment to plug and abandon the Lincoln 205/26b-14 well, with the Stena Don rig contracted on behalf of the GWA licence partners to perform this activity during the summer of 2021."