Member Info for Surfit

Another incitefull candidate for the ADFN club, me thinks.
GLA
Rgd Sft

If people do not want to trawl through the RNS's on projects costs, who invested how much i.e. PMO paid and RKH raised and recieved then this is really fun to listen to, back from 2014 just before the Oil markets fell: Rockhopper Presentation 2014
https://youtu.be/J685wm4Ewjc
Note: Costs come into play around 42:30

It's also a good overview of the project, for any newer investors.
Re-rate on "not long now" it's just a "little bit longer" and hopefully we will be raining positive RNS's ??.
LTH's ready, Gladiators ready.....
GLA
Rgd Sft

I think your right Deskstand; re AA, but deals and opportunities are hard to find in "local"ish gas assets or projects.
CHARs Moroccan assets may just be too tempting especially if you can build in,from the start, a low carbon element to the project??? But he may not have a lookin anyway, it's a very attractive project.
Rgds Sft

I exited the majority of my remaining HBR shares into CHAR early today. Having come in here on the news of the discovery, again on a dip and again today believing this has significantly more growth than oil (HBR Tolmount gas asset ridiculously delayed).
All I see on the news is Gas prices are going to remain high for some time (>2026), even if Putin pulls back, new sources are essential.
This project is a real requirement and short of internal political collapse /strife will go ahead, with (imo) no trouble in finding a investment partner. CHAR management will be in a very favorable negotiating position and should be able to secure a very decent carry / loan if they wanted to avoid a further fund raise.
What is the real exit point is still not known to me.
But if some have in the past had to average down and along that road put in more than they are comfortable with I can understand recouping and taking a return (not there yet with my disastrous investment in RKH back in 2016, but know how LTH feel!
I know I want to be in gas rather than oil.
I am also into KISTOS (from very near the start and hope the management team get involved with this find).
GLA
Rgds Sft

Hello Stevo12,
PMO wrote off $200 milion from SL's later staged developments in 5th July 2020*, as SL was still being quoted as part of Harbour Energy's reserves and have still not signed or detailed their exit strategy, where is it stated in HBR statements/RNS's that:
"Sealion investment costs by PMO were written off as part of the fair value acquisition accounting on takeover of PMO (reverse takeover rules)"
A link to any documentation would be greatly appreciated.
Rgds Sft
*Note:
Trading and Operations update
RNS Number : 0088T
Premier Oil PLC
15 July 2020
"Premier expects to write off c.$200 million of exploration expenditure relating to its acreage in the North Falklands basin which will not be developed as part of its Sea Lion Phase 1 project" 

Hello Taxib,
Very very different scenarios, with regards to early days 1968 odd development down in the southern sector UK OnG development and Argentinian aggression, intimidation etc etc.
Days to do are getting few....let's see where the latest kicked can ends?
Has Moody got the company a deal that will benefit share holders or has he kept just his dream project and salary alive.
Remember this is a man that only 3yrs ago stopped paying himself bonuses???? !!!!#Icantbeliveit
Rgds Sft

Hey Auson, it has to be a significant factor, there are some (not so here) that shout it is immaterial but any rational investor knows Argentina has been the main reason (putting new start up, infrastructure and remoteness aside) why its been so very difficult to get partners in the project. Moody himself has raised this a lot more from the exploration /find days as it has become more and more apparent to him. So find it a typical (usual) blunder on his part on setting such a date????#again!*!???
Again HM Gov are fully required to support the project, if not with up front financials, but very much politically.
Still time will tell if it does go ahead.
If it does Borders gas "potential" not fully proven of course, could be of significant interest, thereafter. Not invested in Borders presently as its still to much of a speculative/gamble for me!
GLA, the dream is still alive??
Rgds Sft

I wonder if HBR asked or dragged out signing off on SL until after their last day of Divi and into the new tax year?
Rgds Sft

After seeing what has been imposed on Russia, China probably starting to think ahead: Taiwan and Solomon islands as an example.

Disappointed to hear Talos could not get operatorship of Zama. Dealing with Pemex and getting Zama up and running is going to take some time now.
If HBR wanted to sell that not going to happen for some time now.
Interestingly i went on to the EIG website to see if they have investments / Partnerships already in Mexico?
Strangely there is no mention of Harbour Energy on the site? So their (EIG's) website appears to not have full disclosure on "investments"
Rgd Sft

Also ".......with a view to signing definitive documentation on the "TRANSACTION" by this date.

Remember Transaction meaning: An instance of buying or selling something.
"in an ordinary commercial transaction a delivery date is essential"
So could just end up being the HBR exit and Navitas in with their terms, conditions and financing still to be negotiable.
Maybe being too pessimistic, hope not.
GLA
Rgds Sft

RNS Number : 2326A
Extension of Heads of Terms

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that Rockhopper, Harbour Energy plc ("Harbour") and Navitas Petroleum LP ("Navitas") have extended the provisions of the previously signed heads of terms (announced on 8 December 2021) from 31 January 2022 to 31 March 2022, with a "VIEW" to signing definitive documentation on the transaction "BY" this date.

Disappointed that it's not before i.e. "BY" this date as it would have supplied a bit of confidence to us LTI's. As it would have indicated negotiations were decently aligned.
But hardly surprising to many (all) its not beaten a proposed dead line.
If its not cleared and signed on the 31st then it will have the opposite affect and LTI's will think Sam has under estimated negotiations AGAIN, but again not too surprising.
We will then continue a precieved death by a thousand cuts, whilst Sam gets his $300,000 salary.
BUT
Maybe this time it will cross the line.
Everything is crossed, even my eyes.
Not long now folks.
GLA
Rgds Sft

Hello Rhys91
https://www.lse.co.uk/rns/RKH/extension-of-north-falkland-basin-licences-j1gzv6fbqk6vvpx.html
Rgds Sft

What do EIG do?
"Since 1982, EIG has been a leading institutional investor to the global energy sector. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed $39.7 billion to the energy sector through over 379 projects or companies in 38 countries on six continents....."
My thoughts are I wonder if an EIG (as above) that: owned Chryasor, agreed to the "Merger" have had a long term UK OnG infrastructure aquire strategy are thinking that right now is the time to pull out? With record PoO, record profits, significant Tax credits in the back pocket, announcement of dividends, debt getting paid off at a ridiculous rate??.????...once the lock in period is over shall we Sell OR can we now start buying cheap shares. They got a wedge of mine..doh.
Time will tell of course.
Rgds Sft

I am biased but IMO CHAR could be an a good potential investment opportunity for Andrew and the team; it fits all but one of Kistos's criteria.
1. Proven and very significant gas find (no exploration required). With further field development opportunities
2. CHAR as a company needs funding and a partner with real experince and existing industry specialist investors for the find development, they are looking to fast track to FEED, sanction and initial development.
3. CHAR need a company with previous management production experience
4. CHAR have solid renewables aspirations and have partnered with Total in this sector.
5. The only point it does not meet is AA preference to invest in Europe, due to the potential for Morocco geopolitical risks....but after recent announcements the UK Post brexit have already been fast tracking agreements with Morocco for resorces supply...that may help.
IMO it will be of interest to the Kistos team.
I am invested in both, for clarity.
Read links below for RNS's
https://www.chariotenergygroup.com/investor-centre/regulatory-news/
Rgds Sft

Moody would have known about the anniversary before they settled on the 31st of March as an extention and RNS announcement, especially after being down there?
So what was /is driving the date: the requirement for more time for negotiations or /and the Island and the New "group" making a statement to the Argentinians?
I will be really disappointed if there is an extention to the 31st.
Rgds Sft

Hello RG, Foinhaven is a OIL field, so it definitely does not fit with Kistos's corporate strategy.
And
https://www.energyvoice.com/oilandgas/north-sea/decom/379536/bp-decommissioning-foinaven-fpso/
Rgds Sft

Is it me or do others feel the same: the share price had been on a steady trajectory until the drilling results and the subsequent company "incentive/rewards" gambit?
Despite a very good purchase in Greater Laggan and the sky high gas prices the sp seem since then to have lost their impudence? Is the Dutch Tax (paid to date) also figuring in?
How it feels to me is ii's have put the breaks on adding MORE shares?
Rgds Sft

True Auson, thinking a bit more nothing has been signed yet either, so once Navitas sign in HBR sign off from it all as the contractural requirements and would presumably only then disclose the full write off?
Rgds Sft

Not looked in finite detail at the HBR RNS but they seem to have grouped Brazil and SL losses 134million?

"Exploration and evaluation expenditure and new ventures

During the period the Group expensed $255 million (2020: $161 million) for exploration and appraisal activities. This includes costs associated with the exit from exploration acreage in Brazil and the Sea Lion project in the Falkland Islands of $134 million (2020: $nil). This also includes costs associated with relinquishments of UK licenses and uncommercial drilling results on the UK Dunnottar well and Norwegian PL973 Jerv and Ilder prospects of $121 million (2020: $161 million). In addition, exploration and evaluation expenditure and new ventures amount to $50 million (2020: $13 million), mainly related to pre-development costs associated with UK Carbon Capture and Storage projects and corporate expenditure in Norway related to regional seismic and time-writing costs"

I would have expected to see a bit more than that? Although PMO wrote of "alot" can not remember the figure on their venture with RKH.
So is that it, I was expecting more on exit? What am I missing, or was RKH paying for a lot more during FEED?
Something not adding up. Maybe more info to be supplied?
Rgds Sft

I have a feeling that the RNS regarding the "value creation plan" for directors that was announced on the 15th of Feb (not raised in interviews) and what was worked out to be implement at around £4.80 (by memory) was a bit of a suprise to some including their larger ii's.
Not withstanding that the SP had reached £4.40 on its own, spured on by AA interview that they were "making 1 million, €£$ not sure which currency during to price fluctuations, a day" but not disclosing that they (again not discussed but known) lost production due to third party shut ins both planned (August-September ) and unplanned(June), the tax to be paid and this was obviously before the drilling results.
It's definitely affected some previous confidences, as it looked that the the directors did not think +£6.00 was a correct aspiration before taking "value" .
You would have thought though that as AA correctly stated buying Laggan has got them direct access to current prices rather than if the drilling results had been successful and Kistos went into a well development project. Which is now VERY significant

None the less its (water well) has affected company reserves.
A subsequent clarification RNS (the next day) included the comments:
" Following a number of comments from both institutional and retail shareholders, Kistos seeks to provide further clarification on the RNS released at 7.00am on Tuesday 15th February 2022"

"While there is an intention to establish a VCP, no grants have been made to date and the Company and its advisers continue to discuss the terms of potential awards with major investors"

For sure, some thing took the wind out of the share prices gradual climb from the companies formation?
It could be the Ukrainiam war uncertainty, but the money this company is making now and will do (Barring War in Europe and armagedon) for the term that Russia remains under sanction is undeniable.
Rgds Sft