Member Info for Surfit

Interesting article (picked up from NOFEAR on HBR bb).
We know all that's put in it, but still making a bit of news...
".......GlobalData senior upstream oil & gas analyst, Effuah Alleyne, said that the downturn throughout 2020 and efforts to de-risk via diversification and streamlining has led many E&P companies to re-evaluate their portfolios. However, the decision also causes issues for the Falklands Islands Government (FIG),........"
Rgds Sft

https://www.energyvoice.com/oilandgas/363939/harbours-sea-lion-exit-shows-ep-will-to-de-risk-say-analysts/

Rgds Sft

Question was /has the Navitas Farmout deal been signed yet, I do not think so. I belive it was agreed in principle but depended on Navitas to secure finance and then sign the contract. Which they have not done so, correct?
So status remains as per original PMO contract ?
That's why the anouncement was just hype and the SP fell back.
Rgds Sft

And obviously out again
Kind rgds Sft

Apologies for the spelling errors, done from phone.
I again compare what our BoD have done with the PMO cash and what Andrew Austin has done with 250million.
A master class in good fiscal and OnG management
Malcy Interviews Andrew Austin of Kistos Energy
https://youtu.be/vNfZg4m6HBM

Hi RS2002,
I agree with your sentiment, with you coming in at such a time and and on such a SP position and I appreciate you frustration on constantly hearing such negativity. What can be considered is that there is a LOT of LTH that may have made some decent money pre 2012 post drilling results and some (maybe many) that also invested this king it would be a good investment post, not 9nly because of a potential decent growth but also the idea of the project going ahead as it was in the Falklands.
I myself came in relatively late in 2016, looking to see a rebound from the oil crash of 2014/16 initially at 30p. This proved to be unwise as the alliance with PMO was poorly organised and the subsequent cash received was disastrously managed. From my perspective it was my first serious venture in to speculative shares, but was not done with out some balanced considerations. The realisation that our captain and his appointee's were not quite up to the job has evolved (as I continued to average down, and subsequently put more in) but what has poured oil onto the fire of disappointment is the continued high salarys and bonuses that the have continued to award them selves. From this I learned that it is a bit of a known model for directors of AIM companies.
It's been a touch disappointing and the phrase "trying to catch a falling knife).
Some have had the opportunity to gather more cash and to continually add, but it has demanded gullibility, ignorance, additional funds from other sources or the trap your into far.
So please understand that this forum (ii forum being disbanded) an unregulated ADFN site remain the only place for people to vent their frustrations.
It is hard to keep a semblance of civility but we do try on this bb, and at the same time manage our disappointments. But I do reiterate if Moody and Co had not continued their company life style management and taken a reward based on delivery, it would be an easier pill for investors to swallow. Unfortunately they have free reign to maintain their very lucrative "theft".
Most sincerely Sft

Another intresting artical:
"Nord Stream 2 will only make Europe’s gas problem worse"
https://www.google.co.uk/amp/s/www.politico.eu/article/nord-stream-2-gas-energy-prices-europe-germany-russia-gazprom/amp/

Encouraging argument to ensure investment in North Sea (NS) and Sother Sectors gas development is continued.
Rgds Sft

Good and interesting artical; giving a decent overview of Nordstream 1 and supply /fill issues and current supply /approval status with Nordstream2
Found it very informative.
https://www.reuters.com/business/energy/russian-gas-flows-into-germany-via-yamal-europe-pipeline-restart-preliminary-2021-11-09/

I remain a LT hold with KISTOS, and will look (when cas allows) to add on the volatility on gas prices (and any bigger players taking some SP profits).
It could be argued wait and buy in summer but before Q11b done June 2023?
In negotiations on 3x potential acquisition opportunities (not saying buying 3) Remain in Europe, not exploration, not old assets (but still mentions buying off large operators wanting to exit), low carbon footprint essential, not adverse to being a non operating partner,
Ref Malcy Interview

Rgds Sft

Thank you, see what you mean now i.e. no increase in reserves as it is part of the known volumes of the field, but will provide a further extraction point therefore increase in production and revenue.
Rgds Sft

Hi LeFlic, genuine question: what does your comment mean I.e sucessful (not RNS confirmed of course) drilling result "just another exit route from a known gas field".
Very best Sft

Something is afoot, still belive alot of this is due to the "dust settling". That (opinion) is only due to the creditor trying to extract themselve combined with pension company investors not jumping as they would have done.
What interests me is how EIGstill seem to be able to raise VERY large sums ww though there own sources?
Rgds Sft

As I remember, and as was in the recent presentation it was 20% pay cut? But paid themselves in share. Not sure if that was all the directors or just Sam and Stu.
Rgds Sft

The Oil and Gas Authority (OGA) has granted Harbour Energy (LON:HBR) a carbon capture and storage (CCS) licence for its V Net Zero project in the Humber.

https://www.energyvoice.com/oilandgas/north-sea/355353/harbour-energy-wins-ccs-storage-licence-for-v-net-zero/

Rgds sft

Thank you Fuddstone
Rgds Sft

Hey Fuddstone, would be good; if FiG had that power? Maybe it's written in the /a contract.
Just do not know.
Rgds Sft

I fully agree with your sentiments, unfortunately as with Italy and OM I would "assume" its all about the contract PMO/HBR signed with RKH.
But yes I agree.
Rgds Sft

Another Venezuela in the making.
Rgds Sft

I had raised the potential/ viability regarding lending on the reserves, as had RS: who framed it under the correct title Reserve Base Lending (RBL).
What are the thoughts on this potential, was it Rockhopper or PMO "several" years back engaged a financier on partner/contractor finance participation. Can't remember if Mogger found it. Did the firm win some award for the structuring????
Can't find the artical now.
RBL website: https://www.tradefinanceglobal.com/finance-products/reserve-based-lending/

Also in my searching found the name on LinkedIn of quite an important person responsible for FEED Development for Sealion. Was managing it for 4 yrs until Feb 19 when PMO must have pulled the plug.
Wonder if Moody will be getting this man in to help. If they ALL took a pay cut we can man up with suitable personnel. Check out "William David Hartell"
Just the man required for processing all the data and who knows wtf is going on.
So reduction in directors salary and get some proper project personel onboard NOW

Next is finding a really GOOD and experienced contract lawyer. Have had dealings with TechNip FMC on lump sum subsea projects....they can nail you to the wall on detail...much to an operators regret.

Rgds Sft

The council estate is kicking off. The asbo neighbours over the other side of the village are loosing it: The Gozz"ie" twins are rolling around like two Navi's fighting over a half crown, the 2 daddy's, are just swinging repeated comments at each other like two blind men in a stick fight, the mad Latino is still looking for is foozsee ball, the Northern boy has gone quiet, as the conversation has gone "reete ova is ead"
Forget Made in Chelsea the TV channels are missing out ADFN Street need its own TV show.
Rgds Sft

Hello Falky, trying to get a grip on the directors salary has been a hope of mine for about +3 years now (along with others).
Glen has pushed it ALOT further along by putting more effort in and galvanised a reasonable amount of the same thinking LTH's. So not sure how long you have been invested in RKH or monitoring the long term discussions on this bb, you sound surprised ? Or are you in for the OM only?
For me it was essential when HBR were looking like (as I firmly believed) the ones to move to FID then sanction and then project development, which was going still take 3 years, so fiscal prudence and rewarding the directors on first oil looked to me to be VERY appropriate. So not sure
I was though very surprised they (HBR) did not go for it as my thinking was the SL reserves, with the potential for further drilling and further expansion a extremely good fit to secure their future away from older assets with heavier decom costs that will catch up with them.
So I am at loss to see why they have discarded such an essential long term revenues, hence trying to understand.
By them leaving though I agree, as some have detailed it's possible not the right time NOW ( just after HBR left) but as Glen has found out ( and enlightened us) it's extremely difficult to get a group of investors such as those that think along "similar" lines into a coherent force and even more difficult as many use investment platforms rather than the old paper share ownership and therefore are now at Nominee status.
I do not belive the BoD should be changed out as the history is in place but taking aside PoO collapse, covid PoO collapse mrk2 they are still responsible for some VERY significant errors and continued to, not invest but extract high salaries and bonuses, or shares in lieu of it seems like a financial high jack.
If it walks like a duck, feels like a duck and sounds like a duck...its definitely a duck.
I am against pulling any trigger until we see what the OM pay out and HBR exit strategy is.
Kind Regards Sft

What I find interesting is that EIG the main share holder of HBR as not been shy on make further and significant investments into the OnG sector.
Just looking around at just 2021
1) "Aramco agrees $12.4 bln deal to sell stake in pipelines..."
https://www.reuters.com/business/energy/aramco-signs-124-bln-pipeline-deal-with-eig-led-consortium-2021-04-09/
2) "EIG Clears Pathway to Buying Petrobras Assets...."
https://www.google.co.uk/amp/s/www.hartenergy.com/news/eig-clears-pathway-buying-petrobras-assets-191713%3famp
3) " Milbank Advises Carlyle and EIG on GasLog’s Note Purchase Financing..."
https://www.milbank.com/en/news/milbank-advises-carlyle-and-eig-on-gaslogs-note-purchase-financing.html

BUT what is the factor that is stopping them allowing HBR going ahead with SL??????
1. Argintinia
2. Limit the exposure for HBR and therefore keep it focused on European assets (not sure if Tuna and Zama fit so are they future sales??)
3. EIG fund SL via a different vehicle I.e via Navitas )
4. Let RKH finances run out and use 3 or another

An indicator will be what HBR do with their share of SL
EiG have proved they have the ability to make big moves from above AND the recent PMO reverse merger, so why not take out RKH?
Something is not quite adding up..
I keeping coming back to could EIG be up to something or it's too much grief because of the Argies/ no support from HM Gov????
Rgds Sft