Member Info for SpArmada

Warrego alway had the 50% of the Spanish assets. What happened is that the Spanish government put a price cap on the natural gas used for electricity generation at €48/MWh.

*I don't think

I don't know you or Alxo, but I have received only radio silence in my communications to the company. But I think that he meant asking about the color of CH's pants, but relevant information instead, the same information that can be disclosed publicly and not by email.

What funding are you talking about? They have the RBL, they may want to issue some specific debt for a project, not for the company, so it does not affect the RBL. 16% of the H1 production is hedged at great prices, and Brent is not going back to 80$. You talk about the financing like the company needs a PP to keep the operation going.

They must move and buy something in a less problematic area that allows them to reduce the dependency from Iraq. We don't know if production may come back in 1 week or in 1 month, so it would be great to see them reacting somehow.

OPEX still crazy high and rising, and it seems there is little they are doing to lower them. For an onshore operation, $41/bbl is super expensive, they must find ways to reduce it. Most of 2023 Cashflow will be gone un ARO and CAPEX. Good hedges for H1 2023 and the mandatory hedging will allow them to wait for prices to recover. I liked the words from the interim CEO. The lack of a leader is also troubling, but he seems to be commited to drive the company in the right direction.
Let's see what announcements are done today in the Energy Security Day.

"the more fields shut down the less revenue Iraq receives"

Baghdad is not receiving any money from the sales of oil produced in Kurdistan that was shipped by Turkey. There is no other export route for the oil, so all companies in the Kurdistan will halt production when the storage capacity is filled up. That's why now the KRG is under pressure and Baghdad can get a deal that suits its desires.

This was shared in the GKP board, and the article already commented this risk. The table with the comparison shows how cheap Genel is compared to othe companies in the Kurdistan, it should be able to hold through weeks without production: https://twitter.com/Carlos_MoraM/status/1640665453830782978?s=20

why is that pipeline relevant?

I think the 4p or 5p levels are too low with the Italian production, I can see it at 6p or 7p levels. But the premium of the share price did not make any sense, it was like the prospect in South Spain was going to be drilled this year, which will not because the Spanish government will oppose as much as legally possible. The drop in the gas and electricity markets have been reflected in a sudden way.

I was expecting much better news. I only read the headline and thought it was fine, but I read Moram's summary and I realised that it is just 1 well out of 8!!!! Then I understood the market reaction, it is another hidden delay. In case you want to take a look, this is the summary: https://moram.eu/jadestone-montara/

Malcy never writes something negative, or very very very unfrequently

2023 exit rate can be >2500boepd but, in my opinion, 3000boepd seem too much.

I guess market hasn't liked the update, maybe it expected lower debt or higher production.

Nothing about the CEO, which should be sorted out already. Not even a comment on the process if there are advanced conversations or some short list of candidates.

- H2 resulting in peak production (averaged across 5 days) of 2,432 boepd and December production averaged 2,221 boepd (net to IGas)
- We anticipate net production of c.2,000 boepd and operating costs of c.$41/boe (assuming an exchange rate of £1:$1.25) in 2023
- 50,000 bbls currently hedged for H1 23 at an average swap price of $94.8/bbl
- Minimal Energy Profit Levy impact for 2022 due to available capital allowances

Setanta, I live in Spain, you don't have to explain to me what's the issue here. I can tell you that the government will do anything to block any O&G development on Spanish soil, even if the license was suspended and shouldn't be affected by the moratory to any new licenses

davef24, they had a share purchase program that ended just last week, it is utterly unfair that you say they have done nothing to protect the SP. Let's see if they don't renew the SRP with another 200 or 300 million.

IMO Zephyr is listed in the wrong market, if it was listed in the US, the SP would have doubled by now.

There is a flare in yesterday's satellite picture, so the flow tests are ongoing

"El Romeral drill permits should be soon and then the wait the Tesorillo next update which is the real game changer"

I think you are not aware of how much the current Spanish government hates O&G, they'll do anything to delay or block those licenses