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A nice contrast to what has seemed like constant blocks of 50k being sold over the past few weeks. Haven't seen big buys for a little while.

*actually buy the terminal.

Thank you for your reply Aligator. I certainly don't think we can tell 100% if it is sinister or otherwise at this point, although I would presume it is IOG looking to carry out what they have said they will do.

IOG are meant to buying the onshore reception facilities for the Thames Pipeline (Perenco Bacton). They have said they will look to acquire these, with a period of exclusivity until the end of September 2018. This period has now ended.

IOG are/will be shippers to Perenco Bacton Terminal. The OGA has now legislated to be kept informed specifically on talks between the Perenco Bacton Terminal and its shippers.This would imply the possibility of a major change occurring at Bacton in the not too distant future right?

Now I am not sure whether this is good or not, because as our period of exclusivity has ended, others are now free to enter discussions with Perenco regarding the Bacton terminal. It is a shame we couldn't do a deal in this window.

HOWEVER, we have said we plan to buy the facility. I am hoping that the delay in our funding package hasn't meant that Perenco, now not locked into exclusivity, is looking to pursue other options due to our uncertain ability to raise funding and actually the Terminal.

I would ASSUME that this is not the case, seeing as we bought the pipeline from Perenco in the first place. I assume they wouldn't screw us over by giving the Terminal to someone else. It is something to be mindful of however, especially now we have had this hint that something IS afoot at Perenco Bacton.

On balance, I think it is likely that this development will be IOG entering talks with Perenco to buy the terminal. They have said they would do this, so why wouldn't it be this? I will be watching for any updates on Perenco Bacton in due course and will let this board know. It would be great to be able to get ahead of the news so to speak if things do or don't go our way.

I hope all the above makes sense. For the record I am massively long IOG and hugely positive about the company's future. But it is never wise to fall in love with a stock, and these developments must be viewed objectively where possible.

Have a read of the article first. It will clarifying my questions somewhat.

OGA have released this today http://www.cms-lawnow.com/ealerts/2018/11/the-ogas-statutory-notice-on-meetings

Just a copy pastes:
"The OGA’s Statutory Notice on Meetings"

"Now included in the scope of the Notice:

-Meetings between one or more owner of Bacton Terminals (Perenco Bacton Terminal and Shell Bacton Terminal) and one or more of its or their shippers.

-Meetings between any or all of the owners of Cheviot and Lancaster fields and the owner(s) of any upstream petroleum infrastructure or persons planning upstream petroleum infrastructure."

Interesting the OGA has specifically legislated to include Perenco Bacton Terminal talks with one or more "shippers" in the scope of the Energy Act of 2016.

What is a "shipper"? A user of the terminal?

Essentially the above means the OGA wants to be kept very well informed on talks between these parties. I am unsure what this could mean but could be something worth investigating further as I think we are trying to buy the Perenco bit of Bacton in due course?

I'm not 100% sure what to make of this. It could be totally irrelevant to us. Would welcome people's thoughts (if any)

https://www.allsop.co.uk/properties/sutton-287-309-high-street-sm1-1an/

a wise observation jumpedship. Thank you for that, I hadn't thought of it. One of the potential problems/things to be worked out with our funding arrangement is how the CLNs will be treated.

Potential ring fencing of future production assets from the effects of these, if that is what this is, looks to be a shrewd move?

I think you misunderstand me. I was enquiring as to whether this was a positive sign of the company moving forward, creating shell companies to manage the affairs of assets not included in the upcoming FDP approval and FID for phase 1.

No reason to see anything "sinister" here. Merely the assumption that if they are clearly planning beyond the very significant upcoming news, this can only be a good sign? Many other cos, if the funding was a clear issue, would not progressing to these next steps, setting up companies that will only come to be used years in the future.

I quote Mark Routh regarding the whole ambitious project: "This IS going to happen."

As always GLA. I won't be selling a bean here.

Would welcome people’s thoughts on the 2 new companies Mark Routh has joined/set up in past couple of weeks.

Avalonia Abbeydale Limited and Avalonia Goddard Limited. Is there any significance to these companies? Would they have been set up if there were ongoing issues with the FID? Would they have been set up if there were FDP approval issues?

See this link for info: https://beta.companieshouse.gov.uk/officers/I6L8TQim8X8U-QZ57444eMrBuUM/appointments

News in 0-7 weeks.

Honestly don't write the broker note off just because there are a few minor out of date details.

Things like this (and much more on the wider O&G backdrop for IOG), for example are not mentioned by IOG at all:

"ConocoPhillips is planning to close its Theddlethorpe Gas Terminal on the Lincolnshire
coast by the end of 2018. This terminal satisfies ~10% of the UK’s gas needs, receiving
and processing gas volumes from three offshore pipeline systems: the Lincolnshire
Offshore Gas Gathering System (LOGGS), the Caister Murdoch System (CMS) and the
Pickerill System.
Ten fields are dependent on this pipeline and will need to find alternate evacuation routes
once it is decommissioned or else be shut down. Other potential developments nearby
that would need gas transportation include Bedevere, Thorsby and Wherry. This opens up
the possibility of third-party transportation opportunities for the Thames pipeline, which
should have spare ullage throughout"

https://www.independentoilandgas.com/downloads/reports/IOG_190418.pdf

I just meant the article is different from the information we've been given by the company

The dates have obviously changed but the broker note gives a wider sense of the history of the whole project and the financing backdrop than the most recent corporate presentation.

For example nowhere in the corporate presentation does it mention how much the developments will cost, a question with the CEO avoided in the recent interview. In the broker note they do have estimates.

This broker note from Finncap actually talks about the "4 pillars of funding" Andrew Hockey mentioned recently in the interview with Malcolm Graham-Wood. https://www.independentoilandgas.com/downloads/reports/IOG_190418.pdf

Points to the prior success of peers using the nordic bond market for financing and much more. Have a read its the most thorough note on IOG i've been able to find. Essential reading really if you're holding this stock or looking to buy.

Just a bit of info for those on here. Faroe did a similar raise to what we are expecting on the nordic bond market. $100m at 8% earlier this year. There is a bit of precendent. http://www.fp.fo/news/us100m-senior-unsecured-bond-listed-on-nordic-abm/

Click expand at the top to see the Q3 figure

https://www.offshore-technology.com/projects/blythe-hub-development/

Says Q3 for first gas at Blythe, not Q2 as we have been told. Great overview of the whole development plan though.

Speaking today and will be posted soon.

https://twitter.com/mgrahamwood/status/1049925915067777024

Won't breach the topic again.

IOG related: Be watching to see if we get more of those 100,000 share buys. A few over the last few sessions. Usually happen towards the end of the day.

Thanks guys, will have a research. Feel free to suggest any more interesting cos to look at