Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
Hi Homebrewuss,
Have a look at Figure 3 page 9 of a pathfinder cpr, the approximate co ordinates are on the border of the map.
MOU1 is @ 1.5kms to the northwest of GRF1, somewhere in the region of 34* 17n x 3* 42w on google earth.
http://www.fastnetoilandgas.com/~/media/Files/F/Fastnet-Oil-and-Gas/financial-and-other-reports/cpr-report-pathfinder.pdf
Good Luck.
Wacky
Hi GRH,
Hope you are well,
I for one do not think you are out of Wack with your estimates at all, Morocco alone could if all goes according to plan, reach that level of share price,
If we hit what we are looking for on the MOU1 drill and it confirms the fan play system is on trend with the MOU4 prospect (1.8 tcf of gas, high estimate) the figures previously quoted on the price of Moroccan gas, that by my reckoning would equate to an asset in the region of £7.0 Billion.
How much the market would assign to Market cap is anyone's guess, however what is interesting apart from other wells to be drilled in the area, there could be another prospect yet to be mentioned.
If you look closely, a cross reference between the PRD presentation on Morocco
https://wp-predatoroilandgas-2020.s3.eu-west-2.amazonaws.com/media/2020/07/30070921/Corporate-Presentation-29-July-2020_FINAL-DRAFT.pdf
and the presentation by Maxim on page 20, there is a large prospect to the west of GRF1 & MSD1 (MOU1) well which doesn't appear to match up with any of our future drill sites as it looks to be located outside of the PRD mapped area.
https://www.proactiveinvestors.co.uk/upload/SponsorFile/File/2014_08/Maxim-Resourcrs---Hassi-Berkane-Presentation-July-2014.pdf
Logical thinking would suggest the prospect being the TGB3 & TGB4 sands and if so would be inclusive of the 1.8 tcf high estimate but if anyone has firm knowledge on what this may be, I would be grateful for the info.
Forgot to mention Trinidad and Ireland, so £15 per share "IF" they all come home could be on the conservative side
AIMHO of course.
GLA
Wacky.
Morning all,
Thanks for posting PT. https://www.businesspost.ie/energy
As well as that article there are another 2 published by the same paper on the same day with similar perspectives.
It really does highlight Ireland’s energy woes.
https://www.businesspost.ie/energy
In retrospect I do think and have done for some time that the following article is the answer to the nation’s electrical shortfalls.
Used in conjunction with the Ram head gas field or even an LNG FSRU, this proven engineering solution would potentially tick many boxes, could also be the saving grace for some of Ireland’s politicians but most importantly reduce co2 emissions and as a bonus if at all feasible, tie in with a carbon capture storage project at Kinsale.
Not really rocket science.
https://www.offshore-mag.com/production/article/14040677/gastowire-opens-options-for-declining-or-stranded-gas-fields
AIMHO of course.
GLA
Wacky.
Morning all,
Lest for me to put a dampener on Irelands renewable electrical generation and distribution ambitions, which in this case I may add, has been a well known problem but little publicised or discussed because it puts a major spanner in the works and falls into the "Nothing to see here category"
I could also suggest that the UK Mainland has a similar problem, possibly not as severe but still a problem with the increased demand and distribution of a new electrical driven society.
The reasoning behind my comment is based on the current, well aged electrical infrastructure that cannot cope with the extra supply or demand and what happens when you put to much demand on a system ? The fuse will blow ! and the fuse in this instance is the Irish Grid.
It does make me chuckle when I hear these politicians ranting on about all the massive amounts of offshore electrical generated power when in essence they cant do anything with it !.
https://www.irishtimes.com/business/energy-and-resources/state-s-power-grid-urgently-needs-strengthening-1.4337576
Looking forward to the next RNS which should be an absolute blockbuster.
AIMHO of course.
GLA
Wacky.
“I remain as determined as ever to halt the damage caused by fracking and will pursue all opportunities at a European level and also at an international level to do so.
“Ireland’s commitment towards a zero-carbon energy system means we will rapidly move away from fossil fuel use for energy. Developments in renewable energy which reflect our climate ambition will inform the study on security of energy supplies to ensure we have a clean, reliable and secure energy system.”
Energy companies New Fortress Energy and Predator Oil and Gas both have proposals for LNG terminals in Ireland, including off the coasts of Kerry, Cork and Drogheda.
The plot thickens.
AIMHO of course.
GLA
Wacky
Morning all,
The latest report from the business post regarding LNG Ireland.
The government cannot legally ban the importation of fracked gas, according to a new policy statement released by the Department of Environment, Climate and Communications.
The policy statement also said a moratorium on the construction of any liquefied natural gas (LNG) import infrastructure would be in place until an energy security review was completed. The review, which will focus on Ireland’s gas resources, was commissioned by former Minster for the Environment Richard Bruton in 2019 and is expected to be completed before the end of this year.
As part of negotiations on the programme for government last year, the Green Party secured a promise to “develop a policy statement” to reflect its position that the government would “not support the importation of fracked gas”.
Fracking is a form of fossil fuel retrieval that involves the injection of high-pressure water and chemicals deep into the ground to release gas and oil from shale rock. It is a controversial practice due to its increased greenhouse gas emissions and its local ecological and health impacts.
The US has become a major exporter of fracked oil and gas in recent years, turning it into LNG so it can be shipped to distant markets, including Europe.
The new policy statement explained that under legal advice from the Attorney General, a full ban on the importation of fracked gas would not be possible due to restrictions within the EU single market.
“In the context of European Union Treaties and the laws governing the internal energy market, it is considered that a legal ban on the importation of fracked gas could not be put in place at this time,” the policy statement said.
“Changes to international rules, such as European energy laws, could facilitate the future implementation of a legal ban or restriction on the importation of fracked gas.”
The policy statement said it would “not be appropriate for the development of any LNG terminals in Ireland to be permitted or proceeded with” while an energy security review was being carried out.
In a press statement, the department said this amounted to a moratorium on the construction of any LNG infrastructure in Ireland.
The policy statement said the energy security review would inform whether it would be appropriate, or not, to develop LNG terminals in Ireland “and, if any such terminals were to be developed, whether they should only be in order to provide a contingency supply in the event of failure of existing natural gas supply infrastructure”.
Eamon Ryan, Minister for the Environment and leader of the Green Party, said his own position was that fracked gas causes great environmental damage both locally where it is extracted and globally.
“Ireland, having banned its exploitation onshore, should not impose these environmental risks on other communities around the globe,” he said.
Continued
Hi all,
I came across this,
National Preventive Action Plan
Gas 2018 – 2022 Ireland
Compiled by the CRU, in which it states has to be every four years which would fit the current timeline on security of supply.
The world has moved on since this was published with the closure of the Kinsale gas field and the gas storage facility to go with it, Moneypoint power station in change of use, Corrib gas field in decline, reduced supply from the North Sea gas fields, an increase of gas usage and an ever reliant demand on the Moffat interconnectors which also supply’s N.I. And the Isle of Man gas, could look to some as a pretty precarious situation considering when this report was released nearly four years ago the conclusion I made was one of “running on borrowed time”
Ireland has made improvements in its renewables but will it be enough to satisfy a good outcome in the forthcoming report.
It contains 64 pages and I would recommend reading.
https://ec.europa.eu/energy/sites/ener/files/documents/npap_ireland_2018_.pdf
AIMHO of course.
GLA
Wacky.
Continued
Brady finished the letter by saying that “in light of the above” a meeting may “no longer be required” but the department could accommodate one if necessary.
The rebuttal from the department will come as a blow to New Fortress Energy, whose chief executive, multi-billionaire Wes Edens, recently said on an analyst call that he expected the Shannon LNG project to be online in the “second half of next year”.
Bodes well for our proposal.
AIMHO of course
GLA
Wacky
Morning all,
Article in the Business post today explaining the reason behind the recent announcement of “No LNG in Ireland until review”
The Department of Environment, Climate and Communication drew attention to the programme for government, which states: ‘As Ireland moves towards carbon neutrality, we do not believe that it makes sense to develop LNG gas import terminals importing fracked gas’.
It would be “inappropriate” for any liquefied natural gas infrastructure to be built in Ireland until an energy review has been carried out, a top official at the Department of the Environment has told the Shannon LNG project.
The news comes as American energy company New Fortress Energy has resubmitted a planning application for its €500 million Shannon LNG import terminal and gas-fired power plant in Ballylongford, Co Kerry, after the former planning application was quashed by the High Court last year.
In documents released under Freedom of Information, New Fortress Energy wrote to the Department of Environment, Climate and Communications (DECC) at the beginning of March, requesting a meeting so that it could present its proposal for a new LNG import terminal, alongside a power plant. The email emphasised that the project was not looking for either EU funding or Irish government funding.
Kevin Brady, principal officer at the DECC, wrote back to New Fortress Energy at the end of March, noting its request for a meeting, and immediately drawing the company’s attention to the programme for government, which states that: “As Ireland moves towards carbon neutrality, we do not believe that it makes sense to develop LNG gas import terminals importing fracked gas.”
The department also drew the company’s attention to another section of the programme for government drawn up by the Green Party, Fine Gael and Fianna Fáil, which stated that: “We do not support the importation of fracked gas and shall develop a policy statement to establish that approach.”
Much of the gas produced and exported from the United States comes from fracked sources. Fracking is a highly controversial method of extracting fossil fuels from shale rock.
“This policy statement is being developed and is expected to be approved by government and published shortly,” Brady said.
Brady said Minister Eamon Ryan was carrying out a review of the security of energy supply of Ireland’s electricity and natural gas systems which would inform a government decision on “whether it would be appropriate, or not, to develop LNG terminals in Ireland” and if any such terminals were to be developed, whether they should “only be in order to provide an emergency backup to existing supply infrastructure”.
“Pending the outcome of the review of the security of energy supply of Ireland’s electricity and natural gas systems, it is the department’s position that it would not be appropriate for the development of any LNG terminals in Ireland to be permitted or proceeded with,” Brady said.
C
Hi MK111
Thanks for highlighting CEPA, just a quick look at their website would suggest this company has been involved with more than just the security of supply issue, which in my reckoning is a follow on to the previous work they have recently completed.
For example.
Advising the Commission for Regulation of Utilities in Ireland on the economics of interconnection and the benefits of future physical interconnection in an environment of high levels of variable generation.
Conducting a study into the impacts of applying equal transmission charging treatment with storage for bidirectional interconnection points for a gas interconnector. (Not equal at the moment 90/10 ratio in favour of the U.K.)
Developing an impact assessment of a proposed new combined cycle gas turbine. (Carbon Capture)
https://www.cepa.co.uk/sectors/energy
AIMHO of course.
GLA
Wacky
Hi GRH,
The island of Ireland, be it Northern or the Republic really are on a dodgy wicket when it comes to security of supply for energy.
I spent the morning reading this article as a follow on from a Nico post regarding eu hydrogen.
It is extremely thorough with contributions from all the major players and well worth reading.
https://www.gasnetworks.ie/home/Hydrogen4EU.pdf
But it did lead me to an article about natural gas expansion to the west of Northern Ireland which to some may sound irrelevant to our projects, however the new 40,000 domestic customers and future industry customers will undoubtedly put more pressure on the gas network as N.I. Receives its gas also through the Moffat inter connector which as you quite rightly stated if that goes down for any reason, it is lights out.
Corrib alone would not be able to cope with demand.
http://www.mutual-energy.com/other-projects/gas-to-the-west/
Important decisions need to be made.
AIMHO of course.
Atb
Wacky
Morning all,
New minister for energy and energy industries Stuart Young has signed off on a three year deal with Yara/ Tringen for the supply of natural gas to the ammonia plants, which is good news on two fronts for our business in Trinidad.
We obviously require co2 to perform eor operations but also this new minister doesn’t seem to hang about, he has resolved a long running dispute between the various industries within a few weeks of taking office.
Could he also speed up deploying CO2 eor expansion and it’s related interests ?
https://newsday.co.tt/2021/05/11/ngc-tringen-yara-sign-gas-deal/
AIMHO of course.
GLA
Wacky
Hi all,
I haven't seen this posted before, granted a tad long , however it proves that LNG imports into Ireland have been priced or considered in the event of various projects going ahead.
It was published in 2019 and was probably with respect to the two onshore LNG terminals which are now not being built ?
The document is the latest published by the CRU and is currently in effect.
Page 56-59 are the most relevant.
Interesting conclusions, especially a 50% discount would be granted in the case of a storage facility.
www.cru.ie/wp-content/uploads/2019/06/CRU19060-Harmonised-Transmission-Tariff-Methodology-for-Gas-Decision-Paper.pdf
AIMHO of course.
GLA
Wacky
Morning all,
Did anyone notice the new appointment of Mr Robert Riley as a new non exec of BPC as in their rns.
Mr Riley has many years experience in the O & G industry notably CEO at one point of BPTT as well as working for other Majors in executive roles.
Their message this morning is of increasing production and generating cashflow.
Interesting that one his current non exec directorships is with the Massy Group as mentioned at the bottom of the rns.
Moves on the Chess Board ?
https://www.lse.co.uk/rns/BPC/proposed-new-board-member-and-saffron-2-progress-7v27mnkvcun8rfq.html
GLA
Wacky
Morning all,
I promised myself a day off, but somethings you just can’t put down, PRD is top of the list in that regard.
I have found an article released by the eu in 2019, quite lengthy titled
“The potential for CCS and CCU in Europe”.
This paragraph literally blows The Irish Greens argument for not using natural gas to produce Hydrogen out of the water, instead they keep pushing for electrolysis generated Hydrogen by offshore wind turbines, which in this eu released document categorically states using this method of Hydrogen production produces 7.5kg more CO2 than natural gas.
Paragraph 3.4 Accelerated decarbonisation through hydrogen from natural gas with CCS
“In the EU, in 2016, average electricity emissions per MWh were 296 kg CO2.29 Production of hydrogen from electricity with such a CO2 intensity would result in an emission rate of 15 kg CO2 per kg of hydrogen30. If the hydrogen was produced from natural gas with average European upstream and midstream CO2 emissions combined with CCS, the emission rate would be 2 kg of CO2 per kg produced hydrogen. CO2 emissions are therefore 7.5 times lower for hydrogen produced from natural gas with CCS. Outlooks from the European Commission’s strategic long-term vision31 and IRENA’s Outlook for Europe32 give a corresponding ratio in the range of 4.6 to 4.9. It can therefore be assumed that emissions from hydrogen production from grid average electricity will be above that from natural gas with CCS well beyond 2030”.
https://ec.europa.eu/info/sites/default/files/iogp_-_report_-_ccs_ccu.pdf
I am all for the decarbonisation of the planet in which we reside and we all look to our “Leaders” for the correct route in decision making but for the greens to promote the “green Hydrogen agenda” when the blue Hydrogen scenario is more environmentally friendly simply to promote their personal or political agenda is morally wrong.
I do hope this information is known and can or will be be used to further our energy proposals for Ireland and safeguard the future of generations to come.
AIMHO of course.
GLA
Wacky
Many thanks for your kind words, Nic, Sefton & GRH, all for the greater good.
Adon30.
You put forward a valid point on wait and see for the results on the drill of MOU1.
I would argue the possible follow up wells in quick succession are because of the following factors.
1. The confidence of the BOD that commercial gas will be found.
2. The time and money spent on forward engineering of the asset for quick monetisation.
3. Rig availability.
My view is that Commercial volumes of gas will be found and we in order to have a commanding position in Morocco will have to move quickly to beat all others.
I notice you used the term "exploratory drill", I would beg to differ.
The mud logs and samples from the GRF1 well drilled by ELF in 1972 are the evidence that thermogenic gas is present in the area and most importantly GRF1 well is an offset well drilled to test the outer extremities of the reservoir's, Elf were prospecting for Oil but when Gas was found the well was logged and abandoned.
Where we are drilling is the sweet spot of the combined stacked reservoir's where if Oil had been found, would have been the location for Elf's follow on or appraisal well.
So we are not really exploring, we are drilling the real deal and that is why this prospect has always been tagged as "Drill ready",
I've posted this before but it is a fantastic read and explains why Paul and the BOD are so confident.
http://www.fastnetoilandgas.com/~/media/Files/F/Fastnet-Oil-and-Gas/financial-and-other-reports/cpr-report-pathfinder.pdf
AIMHO of course.
GLA
Wacky
Nicely played Paul,
A good marker for the market.
GLA
Wacky
Hi all,
This article was posted on the Trinity board,
Well worth a read, more information which may suggest a tie up in some form with Trinity Exploration.
"Strategically, using 3D seismic data could be a gamechanger for Trinity in identifying strategic bolt-on acquisition opportunities offering potential to enhance reserves and production".
https://www.investorschronicle.co.uk/ideas/2021/05/04/profit-from-the-commodity-boom/
AIMHO of course.
GLA
Wacky
Good morning Sefton,
I hope you are well,
I agree our projects are of critical importance.
My cryptic post from some time ago,
Law
Gatekeepers
Construction
Kingdoms
Desert
Empire
That may start to make sense to some now.
GLA
Wacky
Hi findme,
Yes agreed the bpc bod would/are be in comparison to monty pythons dead parrot saga.
Hi Nic,
Venezuela could be looking for a way back to the world stage and as a gesture of goodwill have made moves in that direction, who would be their friends though, the Americans or the Chinese ?, all to play for in this worldwide game of chess.
https://www.google.co.uk/amp/s/www.independent.co.uk/news/world/americas/us-politics/venezuela-gives-us-oilmen-house-arrest-in-gesture-to-biden-venezuela-bill-richardson-joe-biden-donald-trump-maduro-b1840563.html%3famp
AIMHO of course.
GLA
Wacky