Member Info for Surfit

Klein, many thanks for taking the time to support the information and feed back.
I only got into investing in 2016 and being a OnG man my investment was RKH...I have been catching the falling knife since...and made more error since. But one thing I did learn that was very crucial was BoD quality: Ops and debt management.
My best find was Andrew Austin and his team Rockrose that sold and are now Kistos. Very enamored to the Mr Austin. He put his chips into his company's.
Failure are RH and PMO...Still in but.....
I offloaded a small 4k from my HBR ISA (-27%) only after seeing this gas find notification on the energy circular...and by putting so.e "skin" in the game it helps REALLY focus the research.
Again many thanks for talking to the FNG.
will keep quiet and start reading the RNS's
Rgds Sft

Curator really weldone on such a decent size investment. I only had £8k to put in at £1.55.
Wish I had sold my loss leading share and invested more rather than averaging down on them.
I now find myself averaging UP with Kistos, which a decent position to be in.
I am trying to balance the upcoming spring retract on gas prices against expected (timing the suprise) news from AA on drilling and any new assets AND when I can transfer across to my ISA (April).
It's a choice of drip adding or gambling and holding out untill April!
Again weldone.
Rgds Sft

Hi SpaceHoppa, Harbour have put in some significant time and resources into this claim, as they say its their core business, they will not stay in business if they do not know what their doing: NWNF.

Hopefully we will get an answer to it all very soon.
Rgds Sft

Massive underinvestment since 2016 in North Sea by operators wanting to exit due to "low" prices.
I remember Shell selling out of renewables totally around 2008 "PoO always going to be high"
https://www.google.co.uk/amp/s/mobile.reuters.com/article/amp/idINL0128268020080501
THEN no one saw the shale business ruining the future prices, the operators had all piled in and neglected traditional extraction methods , then it was proven to be "creative" sales in shale production figures and reservoir estimates that appeared in when none of the investments got realised.
I always smile at conspiracy theorists: Incompetency from senior management, lack of due diligence or greed is generally (99%) of most "how the F did we end up here" senarios (all IMO).
During that period HBR have been acquiring in the NS, time will tell..if HBR management are any better than the cash / dept rich bigger BP/Shell operators.
Rgds Sft

Sorry if it's been discussed before but do you think AA is also looking at Platapus?
"The Platypus gas field was discovered in 2010 and was successfully appraised with a horizontal well in 2012 which was flow tested at a rate of 27 million cubic feet of gas per day (approximately 4,600 barrels of oil per day on an equivalent basis)....."
But it MAY go against what AA has said about ONLY wanting to invest in existing infrastructure????? (Could be a business strategy for dealing in?)
Still if he can't find available such opportunities, he may be eyeing this up? Not to big a project which the other JV partners already there and Dana out?
https://www.offshore-energy.biz/dana-to-withdraw-from-north-sea-gas-project/
Rgds Sft

I lean very much your way BP.
Impatience in investing is dangerous when LTH and I recognise due to that I may be being some what unfair with BoD's. Its the PMO (and RKH) experience (and my own past ignorance/ naivety) that could be influencing me. Learning learning.
But HBR have to balance a good portfolio with reserves and decom cost.
Still very good amount of tax credits to spend and HBR strategy of expanding /drilling existing old assets was their mo before merger.
To satisfy SK their carbon capture project in Acorn will be intesting to watch.
https://www.offshore-energy.biz/harbour-energy-granted-carbon-storage-licence-for-north-sea-field/

Rgds Sft

The apathy on the share trading is intresting, its almost like there is only one broker or two brokers trading this at the moment. Really low volumes considering the amount out there....it feels like they are waiting for something......Tolmount??? Divi information???
Rgds Sft

Hey SK, you could have a point.
It's a bit exasperating.....I am not impressed....the management seem to come across very PMO / Tony Durrant presently.
The 36% EIG and 32% EIG investors share holding and what is (36%) going to happen and what has happened with the 32% ers is not clear following the merger?
Tolmount delay, Zama, abandonedment of SL (PMO had already written off, can't find the press release but I think it was 250million).
If you go back to 2013: " reckons the Falkland Islands discovery is worth around 208p a share ‘risked’ (up 14% on its previous valuation) or 277p unrisked.
This has helped bump up the target price for Premier to 592p from 560p"
https://www.google.co.uk/amp/s/www.proactiveinvestors.co.uk/companies/amp/news/50709
The loss / abandonment of 38% (aprox) of HBR reserves is of significance: they will have to pay a significant amount to find a replacement after spending (PMO) possibley around 750million into the project!
Oil company reserves are a crucial (IMO) part of ii's investment choice.
Note: I remain invested in RKH was extremely disappointed the PMO/HBR exited (I invested in PMO to de-risk my RKH sealion project investment! Doh)
Finally still a good RNS to read from March 21 on merger if people are looking at a snap shot
https://www.investegate.co.uk/article.aspx?id=202103180700066386S
I have learnt a lot since starting to invest in 2016...one of the most important is how good are management and how secure are the lines of credit (sold on to ARCM). TD (PMO) and Moody (RKH) are examples of very poor manager. I am worried about HBRs team and the lack of clear communicated company strategy.
Andrew Austin (Kist) is a manager that delivers presently and historically.
HBR do have very good producers and feel once Tolmount is online and there is some clarity on share ownership thing (if PoO hold 70-80) it will come good.
HBR may be wondering what the actually got when they bought PMO (-;
PS Still looking to see if a deal is struck with Dana to buy them out on Tolmount...who is liable for the issues. My thoughts are Dana for loss of production /start up...but PMO/HBR may have inherited the reserves write down.
Just thoughts.
Rgds Sft

Numbers getting traded seem down again.
It feels like either we have lost traders, companies have established their positions or brokers are on hold (or holiday!)?
Rgds Sft

Hey Pearl's, it's EIG 36% of shares (So HBR investor relations informed me).
I can not see them wanting ot offload as Chryasor was theirs before? If anything I thought they would be adding.
Just my uneducated opinion, in that I am expecting them to want to retain and ensure they maintain majority control of the future direction??
What was not mentioned I.e. current status and lock in (by HBR investor relations) was the other 32% owned by EIG investors.
Rgds Sft

Numbers see down a lot: Why like this?

Rgds Sft

I can still not belive that HBR are going to hand over there (PMO's) investment into the project for free....if they do either Moody or FiG got that bit right in the original contract!
GLA
Rgds Sft

Hi LTT, It is starting to stack up that way but as you say it would have to have decent capacity for the targeted subsea wells, also the right type of Hull, length and turret arrangement for the location and as has been another mentioned before potentially specific equipment for the type of oil (do not know anything regards that)....they issue there is availability that fits.
It would be a disaster getting it wrong, that far from serious shore support.
Note remember there are other builders than the Chinese, Singapore and Koreans.
Note: Schiehallion FPSO was built by a consortium including Hooland and Wolf and had issues from caved in Bow, weld defects in oil storage tanks, and getting impacted by the offloading tanker. Difficult to repair in their northely location...a lot worse when so very far south.
Another good read as I have said before the location enviromental conditions wind/sea/ (not sure about current) field size and water depth of Schiehallion (pre 2013 quad 204 expansion) is a decent SL comparison.
https://en.m.wikipedia.org/wiki/Schiehallion_oilfield
But nice to be chat about these considerations rather than no partner and bankruptcy.
If you look at all the types of project there are multiple partners (unless your Petrobras), so it has to be x3 and if it was a drilling company that would be very good. Pity Noble pulled out, they could have been a good fit. But as the "prophet" (Blessing be up him) Nigoil alluded to: Delek may not be too bad (-:
ATB
Rgds Sft

U.S. oil and gas giant ExxonMobil has made two oil discoveries at Fangtooth-1 and Lau Lau-1 wells located in the prolific Stabroek block offshore Guyana.
https://www.offshore-energy.biz/exxonmobil-unveils-two-more-oil-discoveries-off-guyana/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2022-01-06

Tullows Carapa-1 exploration well did not reveal quite as good a result and I guess it's a bit more difficult if you have 3 other partners in the mix.
They are rather quiet on what the plans are over there?
Rgds Sft

Better get a move on RKH and Navitas other wise your not going be on the FPSO "can I have one please" list....

“Both discoveries further underpin our queue of future low-cost development opportunities. We continue to see the potential for at least six FPSOs on the Stabroek Block in 2027 with a production capacity of more than 1 million gross barrels of oil per day, and up to 10 FPSOs to develop the discovered resources on the block.”

https://www.offshore-energy.biz/exxonmobil-unveils-two-more-oil-discoveries-off-guyana/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2022-01-06

Rgds Sft

Nice to see some decent buys again:
04-Jan-22 16:35:01 367.20363,145 Buy* 1M
Although is logged as UT

Until this share moves and stages over 450ish I will not retain confidence...although a decent climb is due!
Rgds Sft

Hi LTT,
Good points will depend on field layout and not sure if the viscosity of SL's would have significant influences on FPSO selection, you then have to consider availability and condition of course.
The field operator would have to obviously balance the above with expected initial production against increasing future production and length of project duration. The good thing about (if you can find one!) with the 2nd hand market is you know it works (see HBR and Tolmount platform)

For any interested this is a pretty good artical on FPSO's and current Market
(Note: dated Feb 21)
https://www.google.co.uk/amp/s/www.oedigital.com/amp/news/485300-market-report-fpsos-charting-the-path-ahead
Rgds Sft

Petrobras is STILL expanding g it's fleet of FPSO, this latest is for a NEW .field.
"Petrobras to develop Sergipe-Alagoas fields with two FPSOs..........."
https://www.offshore-energy.biz/petrobras-to-develop-sergipe-alagoas-fields-with-two-fpsos/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2022-01-04

Petrobras do not mind spending the money, another good indicator that the market for some types of OnG develop is growing (if only mostly South America).
Remember Sealion is in relatively shallow water, compared to the +1k proper deep water locations.

THIS will not do any harm if Navitas are trying g to raise funds and inaddtion the Brazillians have just recently (Nov) completed their 4th FPSO commission on another field: Mero field in the Santos basin
GLA, keeping g the dream alive.
Rgds Sft

"Kistos has confirmed that it is participating in a process organized by TotalEnergies to sell certain gas interests west of Shetland..."
https://www.offshore-mag.com/regional-reports/north-sea-europe/article/14222786/kistos-assessing-potential-gas-purchase-in-shetlands-area
AND
https://www.sharecast.com/amp/news/broker-recommendations/berenberg-takes-a-fresh-look-at-kistos-following-press-reports-surrounding-totalenergies--8914840.html

I know it's been reported on the BB, still good to see it in "print"
Rgds Sft

It's population growth and the resultant consumer demands.