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Most aim oilers are waiting for farm in partners, their share price reflects this, when a farm in or finance package arrives they spike on anticipation of drilling. However Bor has a discovery, so would any farm in be seen as a spike to potential drilling, or if we get a farm in would this share spike to higher levels because we would go direct to production (I am ignoring the process of discovery evaluation). What I am trying to say is we normally see 100-300% prices rises on a farm in pre-drilling, however if there is already a discovery there would we expect a much bigger price rise?
Argentina is a major stumbling block, I do not think any major would farm in ,. If we say no majors(exxon/Valero/chevron/BP/Shell/Lukoil/total, none of the Mining companies BHP/Rio Tinto/Glencore and none of he Chinese companies Sinopec etc) it becomes a shorter list but there are still other opportunities such as Noble farming into Fogl. macri is more savvy and business friendly than his predecessor, but still I cant see him openly agreeing to drop the Argies claim to the falklands, that would create too much hostility at home for him. The list id shorter but there are still plenty of opportunities.
There is a lot of chat on here about Sea lion and PMO, but not much with regards to Noble. Since the RKH/Fogl merger do Noble still have farm in agreements in place with Fogl and by default RKH, I have not seen or heard any noises about Noble re-visiting the falklands, could Noble be a catalyst for share price growth in RKH before Sea Lion/PMO?
Thanks Poodle. If Noble are pulling out of SFB, that is not exactly good news for BOR. Question then is why has Bor been rallying over the past few weeks, I got the impression that maybe 1-2 bottom fishers bought in at 2pence and this helped the rally but maybe this is some kind of p+d....what do you think?
Reading the half year report, with regards to Farm Out it states "Prevailing industry conditions have slowed our progress in securing partners. However, various options are currently being pursued." The BOR board have never taken me to spout rubbish like a lot of AIM oilers, interesting choice of language from them, I guess they are exploring other finance/JV options but of course we don't know how far these could have progressed.
Board dead... Well, it seems they have done a better job than fogl or gkp who over spent and bankrupte bankrupte companies. What can you suggest the BOD do, w and wai for crude to recover or or farm in partner to come along...if they ever do?
It is a gas condensate discovery a long way from anywhere in the south Falkland basin, it is a deep water well, the Argentinians/Brits did/have political disputes over the island, crude oil is just recovering from $28/bbl lows to $50/bbl and at the moment as things stand as far as we Know Bor have no debt, have the licenses but have no further money to explore/validate the discovery and have no farm in partner....
Just bought some more Bor, tidly ammounts but am back in. an absolute punt here, I am no ramper but Uk-Argentina relations now better with macri in power (opens up Chevron/BP/Exxon/BHP/Glencore/Repsol/) and others to a potential farm out partnership and logistically it may help. Oil slowly on the rise, haven't got the balls to go big. lets see what happens
Condensate is chemically similar to gasoline, you can even put it direct into an engine but it is wrth a lot less than crude in remote locations. It has half the density of crude nearly and it is a volatile semi-gaseous product so very hard to transport. Even at destination it is expensive to refine into products like gasoline.