Member Info for Therapist

and:

"The OGA has disapproved EnQuest’s request.
The parties are currently working towards amending the SPA (i) to
abort the contemplated transaction with a relinquishment of the
Licence, and (ii) extend the SPA for a one year period to allow for
the award of the Licence to Anasuria Hibiscus during the extension
term of the SPA whilst retaining the fundamental principles of the
current commercial arrangements"

So maybe we are still in??

GLAXXX

Hi,

"Hibiscus’ development plans for its 70% interest in the Teal West field and a proposed 85% working interest and operational control of the nearby Eagle pre-producing area (which was a farm-in arrangement with EnQuest) have been delayed with first oil now likely towards 2H2023, from an earlier target of end-2022. This stems from the rejection by the UK’s Oil and Gas Authority (OGA) on EnQuest’s request to extend the Eagle field licence, which expires in late 2022. Hibiscus is now hoping to secure the licence directly from the OGA by aborting the farm-in agreement with EnQuest and expediting the development process."

If "aborting the farm in" means we are out then surely that 15% comes at a price a bit higher than the $1 paid for the 85%

GLAXXX

Hi L3

You get some stick but I think you are a realist.

Footnote 1 fcf breakeven:

"Based on the Group’s aggregate cash outflows prior to any debt repayments and Magnus-related third-party gas purchases divided by net working interest production"

I hadn't spotted that but you are a very naughty boy for pointing it out.

I'm not sure I am even using the right terms here but I I have factored in some thought and formulas to Malaysian "actual earnings" with the production sharing in place but never gone more than a stab at Magnus using info available. So BP share accounted for somehow but not in detail.

For me (as well as I susoect our friend Tarmak) own analysis means excel formulas to try and whittle it down. Need the time and space and inclinaiton.

If this carries on upward trend I don't need to bother. Just need to be ready to evacuate EP when they sell the ageing tub.

Thank you for all your input

GLAXXX

Hi all,

https://www.oedigital.com/news/490043-pgs-completes-kraken-survey-in-north-sea

So they weren't just drawing c0cks. Data not processed till Q2 2022. It's a long game.

GLAXXX

Hi

https://uk.linkedin.com/jobs/view/executive-assistant-pa-to-ceo-at-enquest-2689425600

Essential skill - good at keeping secrets!!

Did anyone apply?

GLAXXX

Hl Himmatsj,

I came across this, maybe it is yours, someone researching Bumi FPSO prospects:

https://pdfhost.io/v/4zOSQa8UE_armada.pdf

Interesting that the last two on the list have much longer fixed terms.

And then more on FPSO's but primarily due to my understandable interest in Enquest Producer and not in response to your question is this:

https://www.worldoil.com/magazine/2021/august-2021/special-focus/offshore-energy-will-power-the-world-2021-2040-fpso-forecast

"...more FPSOs will be upgraded and redeployed to new projects after finishing their current projects. Currently, there are 30 FPSOs available, with more coming off contracts as fields are depleted. Historically, 15% of FPSOs have operated on more than one field. Going forward, we expect this number to increase to 25%, given the number of idle units and their ability to provide a fast-track and economic solution."

Scratching around,

GLAXXX

Hi,

Ship and Bunker graphs have vlfso and brent graphs wandering around like a mad woman p!ssing. Currently trading around par for weight which may, according to my humble calculations, mean just under $11.50 premium for Kreamy unKurdled Kraken Krude.

Cautious as ever but are the stars about to align??

GLAXXX

Hi,

Posted this earlier but it disappeared. Odd.

From our friends at FishSafe. As per ops update:

"EnQuest Heather Ltd intends to undertake offshore construction activities between the Kittiwake Platform and the Mallard Field Well locations and is due to commence circa 24th August 2021. A new power cable is to be laid between the Kittiwake Platform and Umbilical Termination Assembly (UTA) in the Mallard Field approx. 15km to the East of Kittiwake."

GLAXXX

Hi,

From our friends at FishSafe. As per ops update:

"EnQuest Heather Ltd intends to undertake offshore construction activities between the Kittiwake Platform and the Mallard Field Well locations and is due to commence circa 24th August 2021. A new power cable is to be laid between the Kittiwake Platform and Umbilical Termination Assembly (UTA) in the Mallard Field approx. 15km to the East of Kittiwake.
St"

GLAXXX

Hi Aloj,

At a potential £40k warm stack per day we are into £14.5 million a year. I believe £50 million scrap. If anyone knows better please tell. Always been indicated many suitors but I look hard and can't see the endgame.

I, of course, haven't a clue.

GLAXXX

Hi Kamrat,

Looking back I think the percentage I was using was a rough calculation with Tanjong Baran in operation also. Pages 69 and 70 of 2015 Capital Markets Day gives breakdown of arrangements for PM8 Seligi. Awash with unknown variables, as ever, but a sliding scale of about 80% to 30% of production to enquest depending amongst other things on the oil price. Their example shows 59% at $60 oil and $20/barrel costs. I think this is then subject to corporation tax at 38% (ouch).

In other news the Petroatlantic crew have finally been barred from the Mariners Arms and are hightailing it out of Macduff hopefully aiming at Kraken.

GLAXXX

Hi Tarmak,

I attribute 67.17% of Malaysian production to Enquest. I remember doing the math a while back but can't find the reasoning now without going into it again.

I think this was consistent with someone else who had posted prior to that.

I recall it would differ with performance/ production levels.

Previous FY reports have stated revenue from oil and gas in Malaysia seperately so a tenacious being could convert that to percentage of production if they had the energy.

GLAXXX

Hi,

This doesn't predict a slowdown. They say "spending spree" 2024!!

https://issuu.com/energyinst/docs/petroleum_review_august_2021_open_access_articles/s/12933679

GLAXXX

Pelle et al,

Football = malmo kan ha tur på återgången

Oil = I'm figuring a smidge higher than you on GE figures.

All,

Trolls = Just remember and it ain't Chilts . . . .

Info wise nothing to get teeth into recently in terms of update info but a fairly odd but typical drop and bounce which caused more than an unecessary quiver on the forum.

EP in warm stack for a good while now. Has to be a potential purpose or on scrap heap, has to be soon?

DYOR but lets see where we go . . . .

GLAXXX

Morning Pelle,

OGA MAy now out.

GEAD for first five months at 9467boepd to Enquest but includes very low April which may have been maintenance or plumbing in new well. 9171boepd to Enquest May.

Kraken well up. No time now so more later.

GLAXXX

Hi

Please don't read this if you are of a sensitive nature. It's the oil industry getting a bit of a pasting.

My friend Steve at Orcadian gets it as does Martin Houston and AB. In fact pretty much all of them. Useful as a project directory though.

https://www.nationofchange.org/2021/07/31/gathering-storm-how-rogue-companies-are-buying-up-north-sea-oil-and-gas/

GLAXXX

Hi All,

L3 says Moodys are wrong. I guess they at least have access to the same data we have but probably more. If I add in GE at 10k for Q4 I am 49228 boepd 2021. So they are wrong or they know something we don't. Magnus maybe?

Also does their $55 Brent outside of hedging take account of any Kraken or Malysian premium on the unhedged production.

They're probably smarter than me but I have a fertile imagination.

By the way I have asked the CEO of Orcadian for more info on the Kraken premium he mentioned in their presentation. Nothing yet. Probably advised to keep shtum.

GLAXXX

Morning Pelle,

Was just reading it myself. Figures worked on avarage Brent price $55 . . pessimists.

GLAXXX

Hi,

I enjoyed the recent presentation and just been made aware of recent C4 flak. You're a big boy so I'm not going to tell you what to do but if you have a heads up on Kraken premium feel free to let me know.

GLAXXX (It's a signature thing!!)

Hi,

He said what he said and i can't access that but I threw some hard earned Therapist dollars their way on a high risk punt so a shame to see it drift south so soon if it does.

The recent promotion was at great lengths to highlight the OGA addendum which adds a wind turbine, reduces gas import and puts them in bottom percentile of CO2 emissions worldwide. Which was appealing to me.

Anyhows Enq on the up and I'm in positive territory at frikkin last.

GLAXXX