Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
have a look at the operational update of ghana from kosmos energy. you will see already confirmed stronger performance on the ghana fields and expected gross increase of 15-20 000 bopd (with tullow saying 16 000 bopd estimated before). the completion of the drilled jubilee producer should be imminent as rahul mentioned a 30day completion time per well. refering to the kosmos update the water injector at jubilee should be online later in Q3, which I assume will be mid august if everything goes as planned. it sounds like it was going planned to date, as they still think that even the next still to be drilled jubilee producer will be online before year end. and keep in mind the rig will have to drill and complete a TEN gas injector before that.
to summarise... 71 000 bopd jubilee gross production in q2 and 35 000 bopd TEN production in q2 already exceeding expectations.
Jep I do have the same problems. in the rns it said you can login as guest without the ability to ask questions without login data, but there doesnt seem to be such an option. a pitty... would have loved to watch it live.
now think of tullow to finance another 3,3 billion alone for its former 33% stake in uganda plus eacop stake....! more or less the same funds will be needed to develope kenya... you have to be MAD to do that in such a jurisdiction! get out there...
I think it wont be enough. the original plan was 8000 bbls per well, now planned to change the pumps to do 12 000 per well. I think it wont be a problem nor highly cost intensive to add additional water pumps. considering cpf 1 and 2 in all cost around 24mio it just looks to be peanuts compared to a horizontal well that costs around 12-14mio alone....
In the mid 2020 presentation they planned 80 000 bopd water handling, now they already upped it to 100 000.
Hey viable,
They are currently working with 2 water injector wells. the next one to drill will be the 3rd one, but only the 2nd they drilled on their own. the other one was a former producer gran tierra energy drilled but was converted to a wi 1,5-2 years ago.
water cut seems to be between 75-80% atm ( at least at the 4h well they recently changed the pump. It's lifting 12 000 instead of 8000 bbl of liquids a day. the water cut rose from 76% to around 80% with pumping higher volumes.
but as they are able top handle additional 4000 bbls of liquids a day atm it shows you that the current 2 working WI are enough to handle all water. but after next well another one seems to be needed!
lets hope tullow manages to develop a good field development plan, sell 2/3 of their stake plus a carry on the rest or sell it off completely. Tlw just cant spend the capex required to develop such a landlocked discovery (same like uganda) in such an unstable corrupt country. many bumps in the road will occur... Better get a carry for sth to have in 3-4 years but not to have to spend capex on or completely opt out and get 300-400 Mio for it instead of getting problems and bills...
whatever slift. debt will be reduced to nearly 2,2 billion then. liquidity up to 1,1billion. easy payback of covertibles, defeating the opportunistic try by a major holder to turn them into equity. I hoped tullow would have taken the riskier path in hindsight, by not selling EG. but all of their decisions were made on the back trying to prevent dilution of shareholders. that gives me trust..! I will stop talking about the value dumping move of the EG sell now. it's gone, nothing to discuss or change now. but if oil price and uganda FID didnt come in we would have needed it against this opportunistic aproaches...
https://www.panoroenergy.com/wp-content/themes/Avada/cision/releasesingledetail.html?releaseIdentifier=27ED9BEAD200E769
so effectively tlw sold EG to panoro for 30mio. I still cant see the value accretive thing about that transaction nor can I even see it short term... what made tlw agree this low price at oil prices of 60-70$? and why did the major shareholders approve this transaction? I really dont get it.
happy, I think you need to go back to calculations again, as it is still wrong what you say. if you say 2 shares become 3 shares (as you calculated 1,4bln goes up by ca 700mio shares to 2,1bln shares in total) they would issue 700mio shares in total for 0,36 which gives them 250mio new equity. far away from your 1bln calculation. anyway, IR always said rights issue is not even on the table. you know why? because dilution has to be so big to get any substantial funds. remember rahuls 10mio options... he has absolutely no interest in diluting. tullows position is far stronger at current oil price and after the sales than before when they didnt do it.
Lemming, that doesnt help. We sell oil and oil is usually paid in us dollars. we pay our staff mostly in pounds I guess and the rent for uk buildings etc will be more expensive but the main costs for rigs, field operation etc will still be paid in us dollar. as said it will stabilize the avg oil price at some % higher because its reletively cheaper to other currencies to buy oil. the best would be if you lend money in turkish lira and are paid in euros :)
Both bonds due in 2022 (650mio) and the one due in 2025 (800mio) are in us dollar!
your assumptions could come true if the us dollar falls hard as this will result in a higher oil price because it gets cheaper for foreign currencys to buy oil.
It's clear that the shorts must be buying back shares today, sp rises super strong atm. it's not only the brent effect now. everyone knew this will move fast once it starts. it's about to go soon when we finally get good news...
Hey slift, it depends if they drill in TEN or jubilee what you can download with 89mio(plus saved capex). they said that costs per well will be around 60mio now. In jubilee they have to pay 1/3 and in TEN roughly 1/2. so 3 wells in TEN for 30mio wi each or 4,5wells in jubilee for 89mio in my calcs.
when I read about ppl like you holding 12mio shares and beetham 50-60mio I more and more get the impression that my last conclusion that ppl on this board are not able to influenece the outcome of the EG asset sale vote is wrong :)
slift what exactly do you mean with 200-250mio refinancing costs?
Bw
jeah slift I understood your point. and we both know you are right. the question is, will OP stay above 57$\bbl in the next 18 months? I guess yes, but who knows :) and yes I would love if the big shareholders would cancel the EG sale by voting no, but it's not in our hands. the fee of 2mio wouldnt be that high. I never was a friend of selling assets of our non operated portfolio as these were always good ones, generating good cash flows in the past often better managed than our own operated projects... and it is a diversification in risk ofc... so maybe they will be able to secure the rbl and bond rematuring and after that with a high oil price it will be possible that enough say no. Lets see :) what is the end day of voting for or against the EG sale?
bw.
I really dont know what you are argueing about... this deal is done, accept it. half of the shareholders wont say anything and more than half of the big ones will say yes. and then it's done. small shareholders like us wont decide that! Im with slift that in the long term it would be better to keep it. but I guess sometimes you have to do decisions that hurt but in the end you are able to focus on the core. big companies always get ineffective the bigger they get. I really dont care anymore. we wont influence this.