Member Info for Surfit

Hello X54v , thank you for the link. Had not seen that and wish I had, would have put more in.
£100million is some war chest, if you see and use the reported reduction BP is now offering (but he is not interested in oil as he says) , could buy some decent asset.
I do like AA, and it particularly resonant when he describes "some directors...living for the salary and not the share holders": i.e. Rockhoopper Directors good example. He unlike others knows how to generate share holder value, though good business.
I am going to assumes its going to be the southern sector and one point that i picked up regarding storage,?infrastructure makes me wonder if he has his eye on part of the Bacton gas site facilities and there fore some of the available SNS assets? Perenco, Eni, Shell?
"Bacton, which consists of six separate import terminals, is central to the U.K.’s energy supply because it is the only place where pipelines from Netherlands and Belgium connect to the British grid. The hub also draws in supplies from a number of fields in the North Sea. Imports from the continent are only becoming more important, since flows from the North Sea fields are declining and Centrica Plc shut the nation’s biggest gas storage site two summers ago"
Extract from an energy voice article back in 24/07/2019
Rgrds Sft

I see BP have now put their PMO sale assets up again but now for £80million (reportely).
I am not sure those assets are the fit for AA, as gas is his thing.
Any ideas discussion on North Sea assets that might fit the bill?
Is it a £30 million war chest Kistos will have available
Does Kistos having enough cash to buy any assets out right?
BUT
With the significant drop in asset sale prices £30 million MAY get us a lot more than expected but with it comes potential decom costs. Which a some investors were running RR down for last time.

Its going to be very interesting to see what AA buys. He has gained a lot more experience, has a clean sheet to start as he wants and in times where the big boys are desperate to off load.
Very best sft

Hello Citizen,
This is from RKH (email signed as Sam Moody) replying to a one of several questions question(s) back in September 20
Question:
"What happens to PMO's share of the SL development should they head into insolvency, does it go to the administrators or does the PMO/RKH contract protect RKHs interests and all PMO SL investment, Feed information and SL assets revert to RKH?"
Reply
"That is an enormously complex legal question, however I can tell you that as a paying JV partner we are an owner of all the FEED work."
Regards Sft

Good points LTT,
It is good to get any exposure for a project that has been left in the bottom draw for so long.

I would have thought investment in traditional reservoir projects like SL, than the dubious returns of shale projects, would be more attractive (Not forgetting about those pesky kids and their "sanctions").
Its still going to take some time for Chyrasor to make the call though.
Full review, assessment and their own conformation of:
1. Exploration and survey data to confirm the quality and extents
2. All FEED data
3. Contractor and equipment readyness and current costs
4. Island preparedness
5. Supply routes pre, during and post
It will all take some time. I would not be supprised to if a FID went well into 22.
There is no rush for them at all, they probabley know they will be the only show in town.
Lets hope they are not totally ruthless and cut RKH via FIG licences. Not sure how the legalities of that would stand up in a court of law, though, so probabley can discount that.

Just continue to hope for decent OM award and a bit of cash to keep us going.

Rgds Sft

Remember:
From PMO Previously (email).
1. Chrysaor will fund the upfront cash payment of $1.23bn through a US$4.5 billion reserve based lending facility. The Combined Group’s net debt on completion is expected to be c. $3.2bn.

 2. Senior creditors will receive an upfront cash payment of $1.23bn upon completion which equates to approximately 61 cents on the dollar recovery. In addition, senior creditors will receive their share of 18%

So how does point 1 affect the company value?

When you think about the NewCo debts SK does have a uncomfortable point?
Rgds Sft

Hey Pearls, Do we know for sure how many shares are going to be issued for our 5/5.45%? Of the that total?
Rgds Sft

Yes, another value add from Godfrey.
Lucky us (-:
Rgds Sft
Ps sorry about the irony this post too

BUT I fully agree, another good indicator of how different Chryasor think. They have been overlooked (possibly because of their ltd status).
They are(were) even low key in Aberdeen.
Rgds Sft

Really good info Rookie; thought I had missed a major offshore development: Bit of a way to go yet: seperation, storage, transportation offshore to onshore and then methods of movement to intended client.
Large investments and engineering design required not withstanding capacity on the offshore installation (limited space) to facillitate
Thank you for the info.
IM(very limited)O looks difficult to implement on existing assets..economically ..as a quick near term role out.
Rgds Sft

Nimbo, did not know that. Thank you.
Which assets are they doing this, when did theyy strat this and what do they do with the hydrogen offshore. If not sure can research myself.

Sounds very interesting, especially when you consider the increased demand for hydrogen.
Rgds Sft

Good move, my ISA' s are also pretty loaded up with RKH too.
GL
Rgds Sft

Wraith: Must be a bit frustrating adding when the spread is so damn high.
The MM's are not really encouraging trades with the % they want.
Still things are looking better than they have in many yrs: PoO on the slow rise & NewCo potential.....and this will jump well if we get ANY positive statements from NewCo.
Rgds Sft

I would be interested in any bb's thoughts on the 11.16% short last increase 1st Dec.
Intrestingly ARCM not increased from their previous raise then subsequent % escape.
Do Melquart and White Box have any financial involment with the PMO debt
Have they sold shares to Nortrust Nominees (RNS 12th Nov increase in holding/increase in sp) on the promise of a % loan to short?
How much information in advance would/could (legally) the current large creditors know (or be able to work out) on the final sp offer.
Since ARCMS last % escape and annoncement of the reverse merger there has been an increase but how much does that compare to the creditors debt /what they expect to get share value/short a % against loss to cover?
Thoughts any one with more stock financial acumen?
Rgds Sft

Valid point, I would just never take the politics of the location, the company preception of risk and HM GOV assessment and support for granted.
Rgds Sft

I agree laid back: Its all well and good buying existing assets but they need new ones too.
Chyrasor can offset PMO tax break for some of there decom requiments on what the have pre PMO merger, then they are adding Solan, Catcher, Tolmount all relatively new.
PMO will hopefully still kept on personnel that have gained FPSO and subsea asset development experience from Catcher...do not underestimate the value of that learning experience...very significant financially. It will take time to audit and qa/qc the Feed for Sealion, so its no suprise FID would be Q3/Q4 21
As others had said there is imo, too much risk with keeping Zama.
They, as I have said imo, just have to have the stomach for the Argi kick back...AND (this is essential) the full back of HM GOV to support the desicion to develop i.e. diplomatic and military....very very significant...again imo.
GLA
Rgds Sft

Interesting to see how the % spread has changed so significantly from yesterdays
Would like to know /understand how the MM base such a change. I know the theory but it was over 3% yesterday.
Rgds Sft

I do not understand this move at all by Whitebox Advisors, would they have increased their short off /through the recent RNS notified purchase?
Or
Like ARCM (And their debt cover) is it the opposite and the purchases are covering through Whitbox?

Any one else with further thoughts? 10% shorts now!
Rgds Sft

Blast hit post: he has been involved in a ongoing case that last entry is 20th October 2020...so they all look like they are active and available....
Rgds Sft

Looking at the cases, just not sure if Pierre-Marie Dupuy has been as active as the others and that could be the issue

Should read:
President ("IN" our case) is Klaus REICHERT....