Member Info for Surfit

Hey O, I do remember some good posts /debates regarding the EC and its importance on here. It was a while back now, or it seems so.
Q1: In those posts was there any indication on the amount of time the assessments take.
As you say if we (I) had know we were so far off, it would have helped make a call on stepping out for a while during the PoO drop, its the thought of being out when the (positive) announcement is made that has not allowed me the confidence to attempt trading, well that and any real trading knowledge/acumen.
Spooked is right if they had said anything negative Nov 18 onwards...it would have hit a REAL low.
Q2: to ponder: Now TD has said Chevron is out, whats out there for them North sea wise, for getting their tax credits? Chryasor have scooped up Conoco Philips assets and the Isrealis ( Delek) get Chevron's....So my guess is more exploration blocks west of Shetland????
You only have to look at the hugh gas finds that Total and even most recently CNOOC. Its strike city up there, in some blocks.
Back to AGM, never attended one before but even if you can squeeze a slip out regarding what has happened, regarding info timings, they will not change their/his ways...unless of course there is some indication of share holder pressure. I do actually have support for CR voting post, I would like to assert some sort of pressure.
Ps remember Q1, any thoughts?
Rgds Sft

The problem I have is if they have not kept share holders informed (or it could be considered as "with held" ) of the finance issues in particular the EC application. This application has only now (imo) revealed itself as being cruicial to the development. Does this indicate that they expected to secure project finance without it....if so that would now indicate they have obviously failed and the EC is now crucial. Both companies have been tight lipped on this. As before, as many have said, TD /PMO is under acconting control. There has been a bit of smoke and mirrors i.e. late FEED completion conformation, indicating pathfinder bank and not keeping people abreast of SL progress....mind though if the had announced they had faild to secured financing of possible candidates...they we may have hit 12p.
TD as others commented on regarding ZAMA and local buyers but he did also state before that, that the development is straight forward with a good potential of production revenue for them. So he is not giving much away on the future plans. Toulmont and ZAMA, SL only if EC funding.
What, I wonder is the apprasial time for approval/rejection. Then PMO get the waiting in the wings financiers stepping up????
What can RKH's board add to TD interview..we all know the answer to that.
I would like to know how they have structured their SL "partnership/we can't so you do it/we are along for the ride now/no get out of jail card".
FID/Sanction timings hang on EC timings...correct?
Rgds Sft

Taken this post from PMO site. Thanks to the poster Mr.B.
I have not seen it, so apologies if its been posted already.
https://m.youtube.com/watch?v=EJtkOKCZezk

Rgrds Sft

Hey CR, I am keen to attend and will if not on a/ das boat in the NS. Looking likely at present. Would be great to meet up with yourself, Much, O, Nig, F10, ralphy, M and others although I suggest a coffee house first and the pub only after (-:
Thanks for the conformation.
Rgds Sft

Interesting that there are no comments or debate on SS7's comments (although Q2 18) Gents..Technip built and developed quad 204...SS7 are THE only named contractors that are in line for the same/similair scale project. I can not find any further mention of this project in relation with SS7?
Rgds Sft

Hello CRT, are you coming to the agm? You have as you say significantly invested in RKH...but is it just as a short? I am confused as to if your hope for this company is success or just on your own current position?
You, as far as i can see from you posts, have never offered a positive perspective to RKH problems, just the obvious failings...so that must mean that you short it..correct?
Rgds Sft

Final, promise not to clog up the BB
But here is some more recent info, but I have not paid the subscription fees

Sea Lion FID hangs on financing
Suppliers waiting in wings for final awards after FEED completed as debt funding continues to stall field project off Falklands
A delayed final investment decision on Premier Oil’s Sea Lion field project off the Falkland Islands now hinges on securing debt financing after completion.........

https://www.upstreamonline.com/incoming/1744935/sea-lion-fid-hangs-on-financing

Sorry that was from

https://www.subsea7.com/content/dam/subsea7/documents/investorrelations/Subsea%207%20S.A.%20Quarter%202%202018%20Results%20Transcript.pdf.downloadasset.pdf

David Farrell
Hi. Two questions from me. Firstly, can you just talk about using your balance sheet to fund independents
and their projects? There is quite a lot of press in talk about Sea Lion moving forward on behalf of Premier.

John Evans
The other question then I think was Sea Lion. Maybe Ricardo – your question was really around what was
happening with project finance-related opportunities. Maybe if I just sort of talk a little bit about Sea Lion
and then Ricardo will follow through. Premier is one of our relationship clients. We have done many years
worth of work with Premier and we have worked with them over the last couple of years on FEED studies
and supporting activities on the Sea Lion project. And we will continue to support them as they try to get
that project to FID in the next year or so.

Ricardo Rosa
Splendid, John. I think David, there is a phenomenon that we’re seeing at the moment that is restricted
largely to independents that are perhaps having difficulties in obtaining traditional sources of financing. So
they are turning towards the contractors to see if they will help in kick-starting a project. I think another
factor too is that they are very IRR focussed. And to the extent that the financing they can obtain from
whatever source is available, so long as it helps them improve their IRR, they’ll certainly request it.
So, I mean, our position is that we will remain open to their requests. We will risk assess it. And if it makes
sense, we will consider it. But our preference is that they find sources of capital from both financial
institutions but also export credit rating agencies such as – or I should say export credit agencies such as
the UKAF, which is quite active in this sector.
So it’s an area that we have virtually no exposure in the present. That is just something that we’re
monitoring and could give rise to a source of additional activity. But we will tread very carefully.

FPSO operator BW Offshore has signed an agreement with Petrobras for a one-year extension for the lease and operation of BW Cidade de São Vicente.

The firm period has been extended from the second quarter of 2019 to the second quarter of 2020, the vessel owner said on Tuesday.

The BW Cidade de São Vicente was converted by Keppel in 2009. The FPSO’s oil production capacity is 30,000 bbl/d and storage capacity is 470,000 bbl.

The vessel has been operating for Petrobras offshore Brazil since its delivery.

https://www.offshoreenergytoday.com/bw-offshore-agrees-one-year-extension-for-fpso-with-petrobras/?utm_source=emark&utm_medium=email&utm_campaign=daily-update-offshore-energy-today-2019-04-24&uid=241976

PMO are dragging their heels,of that there is no doubt, the reasoning would most logically be due to enforcement of strict financial controls and not wanting to place themselves in any repeat of their previous exposure(s). It was a different world when they signed up for SL

Control of development: I can see no way that RKH have any control over the pace, unless they inserted a contract clause, but I seriously doubt that.
Example: I questioned them over a year ago about controls/mitigation and protections during the actual development/ installation stage, they informed me that I should direct my question to PMO.

Re numeration: We got no reply from RKH, regarding Frenan10's sent in question regarding protection of interests if PMO's liabilities and financial commitments change

The question is what, if anything, do they have contractually to protect them from PMO's lag, they will probably answer only that PMO are completing full financial and project due diligence and not answer the question.

What is the financial plan for raising future cash or do they intend to farm out further development? I know they do not have the oil savey to go it alone on any developments.

What happens in 2020 if PMO have not secured the external funds they now seek.

A direct question: What is the actual number of have PMO got currently working on the Sea lion project, not knowing is an unacceptable answer. Why do they not know.

When is the AGM date, early May? I may be able to attend (depends on work dates). If I am would love to meet up with a few if available?

Rgds Sft

Of course this is a bit out of date now i.e. "end of 2018"

https://mobile.offshoreenergytoday.com/rockhopper-sea-lion-field-sanction-by-2018-end/

Rgds Sft

Hey RP, I belive DrilQuip are supplying the subsea assets/components but read way back SS7 were in the frame: They would provide project engineering/installation/ROVSV vessels and such like.
Rgds Sft

Sorry via:
https://shorttracker.co.uk

Currently via
PMO have AHL Partners (upped 0.01%) and White Box Advisors combined shorting at 2.49%
Where as
RKH have GSA (these seem to be the only ones) at 0.59%
Rgds Sft

Just an interesting point: SS7 share price has gone up 151% since its low in 16 (to date). PMO need to get a bit of a move on, that share price movement is a reflection of how busy this company is getting, so I can see an adjustment on project costs if things continue to get drawn out a lot further.
There are a good number of subsea projects locally (North Sea) and abroad comming up.
Drilling cost may still remain competative though, there remain a decent amount of rigs available. Friend works for NOV.
Not sure about FPSO builds..but there will be a bit more confidence in that market.
Intresting news with Equinor stepping in to Argentinian waters /block purchases. So that does give a bit of confedence for others view of the region.
Its also been rather quiet on Egypt from RKH, or have I missed an update? Was there not more to come from the drilling campaign last year?
Rgds Sft

Hello
iii are saying 5 days instead of 3 due to the amount of bed n transfers ISA's that are going on at the moment.

Hope that helps

Rgds SFT

Hey Members, should have a look at Subsea7 share price from 2016, shoud, coulda, didna
If these boys don't pull their finger out, SS7 are going to be upping their prices very soon, if not already, as they are getting busy all over.
Cheap contract still for drilling maybe????
Rgds Sft

Another good find M, True Detective.

Good news for PMO. Risk in that region could imo have been the significant factor on the decision making process?
Rgds Sft