Member Info for Subsea

BillfromBristol, understood but I'd like to think it's not one of those Godot (or God-awful) scenarios that never comes. After just receiving the EG nod on Friday I would have been surprised to hear any Chinese news today. I dare say they will be as keen as anyone to get things underway, given the current state of things worldwide and the special relationship of the Chinese and EG.

Tony O'Reilly, maybe hanging around in the background at Providence Resources but not EOG?

Meanwhile, in other news, patiently awaiting Shandong ODI whilst Fuhai are working hard alongside EOG to put a drilling team together to spud Barracuda-1 ASAP.

It's good to know that preparations are still continuing in the background. Hopefully we'll hit the ground running upon Chinese government approval.

Europa chief executive William Holland said: “Alongside our partners at Fuhai, we have been working hard to assemble the drilling team needed to spud the Barracuda-1 well at the earliest opportunity.

“Once we have received ODI approval, we will then be able to secure a rig.”

Flombo10, agreed, it's all about risk/reward for II's although personally I can't see a great deal of risk now, and it would only be prudent for Chinese approval to come after the EG nod. In the meantime there seems to be plenty of PI interest with buys to sells currently looking like 11:1.

Brilliant news and any extension, which hopefully shouldn't be needed, would just be a formality given EG approval and their possible gain!

Hopefully Chinese approval will follow soon.

EG President Teodoro Obiang Nguema Mbasogo paid a state visit to China in May 2024 where longstanding relations were further cemented to establish a strategic partnership ofcooperation.

China, Equatorial Guinea establish comprehensive strategic partnership of cooperation - Friends of Socialist China https://share.google/jNTIaCdBID34QYAip

Everything still on track, slightly later than some would like but all coming together:

"At the moment, we are securing ministerial consent and outbound investment approval by the Chinese authorities. We expect to have both soon. In the meantime, we are preparing for drilling. We are building the team and establishing a local presence, and we are in the market for a rig. With approvals and funding in place, we should be ready to drill in late 2026 or early 2027."

A lot of buys vs a couple of sells this morning. I'm guessing because the low open but......?

Maytheforcework, I do agree. There's a lot of spoils for all parties involved, and only a matter of time before it's all hands to the pumps!

A flurry of decent buys this morning gets my spidey senses tingling, especially with Will in attendance with the EG minister at the Africa Energies Summit these last couple of days.

Maytheforcework, good analogy and like the saying goes, a watched pot never boils.

As per the latest presentation, Barracuda alone has a base case of US$1823 million with US$313 net to EOG.

A COS of 80% and just waiting to be finalised by all concerned. This kind of opportunity does not often present itself with such odds!

There will be a considerable amount of legislation and risk assessments to be completed before any third party hires are even allowed to set sail in EG waters. Hopefully events will begin to unfold soon. This is the ploy you're looking for 😁

The Exchange with fund manager Gervais Williams of Premier Miton, posted earlier today.

EOG analysis 7:30 from start.

https://www.youtube.com/live/Hd7Qvt2gLO0?si=vvm476zli4BVRAyO

London 12-14th May.

One of the speakers is Oscar Garcia Berniko. Mr Berniko is a key figure as the Director General of State Entities and Petroleum Assets at Equatorial Guinea's Ministry of Mines and Hydrocarbons. He leads efforts to drive gas investment, manage petroleum assets, and advance the Gas Mega Hub (GMH) initiative, focusing on monetizing regional assets.

Brinking typos!

Who gives a gnat's chuff?

jmho

Not this company.

I've worked with China National Offshore Oil Corporation (CNOCC) since their first venture into the North sea at Golden Eagle over ten years ago. Their conduct has always been of an utmost professional standard and totally exemplary.

Furthermore, more companies are venturing further afield to seek out hydrocarbon prospects to support ever growing industries. As deals are made, reputations are built and these companies are effectively acting as ambassadors for their home country and investment moving forward.

I would suggest that any contractual shenanigans would be frowned upon, not only by Beijing in China but by any country seeking to embrace International goodwill and co-operation

Will Holland was reposting the broker note being published on LinkedIn.

"Good update from Tim Hurst-Brown highlighting the compelling value proposition of the Barracuda well."

Update could come at any time!

IWWTBOOTATW 😄

A blast from the past!

A good find and I note that one of the key speakers is Minister of Mines and Hydrocarbons, Republic of Equatorial Guinea.

Copper3, somehow I can't see China holding back on this. According to AI:

Key Aspects of China's Oil Demand & Security:

Import Dependency: Despite domestic production, China relies on massive imports, with crude import dependency estimated above 70% of its consumption,.

Stockpiling: China is heavily filling its storage, with reserves estimated around 1.2 billion barrels.

Declining Fuel Demand: Oil demand for transport fuels (gasoline, diesel) is plateauing due to electric vehicle (EV) growth,.

Petrochemical Growth: Rising demand is primarily driven by petrochemical feedstocks used for plastics and fibers.

Strategic Buffers: China is mitigating risk by diversifying suppliers and increasing, according to, national strategic reserves.

I agree and let's not forget that there's a lot of money being invested here by all concerned. US$53 million is not a sum to be taken lightly, but it's hardly a wildcat drill. As stated Barracuda is a direct analogue to large, AVO supported O&G finds with 21 wells drilled with a 95% success rate. A COS of a find at Barracuda is rated at 80%.