Member Info for Tuggy

Ten months from now would be probably spot on , so New Year 2017.

Never interested , did not want to drill second well in SFB and got into bed with Argos, they had to drill Humpback to fulfill their commitments with FOGL . Borders is a dead duck. For the next five years in my opinion .

I think Noble will go down to the Falklands with the Argos directors and secure an extension of the operating licence which expires in November, although a formality a time consuming element of the process of hiring a rig that then has to go through Hand Safety requirements which takes two months. In answer to your question Wordog , Noble will probably schedule further drills on Argos licence and do a deal with PMO and RHK to finish Chatham and other appraisal wells required. All this is going to,take by my reckoning around eight to nine months before spudding Rhea.

Be assured Noble are totally committed to drilling Rhea and the other 52 prospects on the licence. They are like Argos fairly mortified that ER was not fit for business, which means hiring another rig probably cheaper terms and as Luckyman mentioned means they can get two for price of one. It does mean POO should have recovered a little by then and also PMO and RHK nearer to decision on production programme. Noble are very excited with Argos and have no intention of buying Argos out or renegotiating the agreed terms as this was verified by the FI Govt . Nice buys this morning and rise in POO.

This could have fallen more, hardly any volume , as Captain Pedent said on the other board this delay might be a blessing in disguise.Noble want this prospect but are not going to have a possible enviroment disaster on their hands by using a faulty rig. Remember they used ER on Humpback. A potential blow out at this stage would be disaster for PMO, RHK and Argos but more importantly Noble. New and cheaper rig nine months down the road. I know what I would prefer , and POO in better condition !!!

This could have fallen more, hardly any volume , as Captain Pedent said on the other board this delay might be a blessing in disguise.Noble want this prospect but are not going to have a possible enviroment disaster on their hands by using a faulty rig. Remember they used ER on Humpback. A potential blow out at this stage would be disaster for PMO, RHK and Argos but more importantly Noble. New and cheaper rig nine months down the road. I know what I would prefer , and POO in better condition !!!

I think it will take just under a year to secure and go through all the Health and safety practicalities out of the way, but the fact that Noble are still 100 per cent committed to drilling this licence, it would appear that they would not go down there for only Rhea, they would earmark certainly three other prospects before handing over to PMO to finish Chatham. Noble are as annoyed as Argos in the ER business , but I am sure we would want a rig fit for purpose and with the prospect of finding oil with the elements of the rig working properly. Argos and Noble should tie up the extension of the licence which expires in November in the next couple of months. Hopefully the POO will have recovered somewhat, which in turn will move the share more than if we struck oil in today's market. Noble are fully committed to this project have no fear.

I would be careful not to accuse people of leiing , I do not appreciate your boorish behaviour nor do other posters , we are all disappointed , but lets try and behave like gentlemen when a small setback happens. In hindsight with all the problems with price of POO timing might be just right. I am 63 years old and want this to happen as much as anyone but we must be patient a little longer.

They have ditched ER and Noble are seeking another rig, furthermore FIG have given them a further extension. This was always a possibility as I said in my recent posts In the current market this delay is no bad thing. We must be patient I m afraid.

It is now believed that ER is starting Chatham, which was drilled to a certain depth and then plugged, so they could come back to recommision it later. Obviously they are committed to finish the drill and makes it fairly certain Noble will press ahead with Rhea, as the Breach notice has nothing to do with them. Of course it was used as a scare tactic to try and reduce the share price, having said that the POO is slipping again now currently 31.64

I am already a large shareholder and do not appreciate being told to buy shares just to prove my convictions. I am not willing to reveal my shareholding but be comforted by the fact I have bought in three tranches since the float in July 2010.

Quite agree, so few shares for sale , this will turn when they announce spud.

I have actually acknowledged there might be a delay , this drill has already been delayed six months so another six months if as various writers here are correct will not be the end of the world. I am just saying , until Argos or Noble release an RNS something they are obliged to do under the circumstances , this whole sceneio is pure conjuncture . I might add to speculate a price of 2 p in that event , is complete madness especially when POO is moving from the bottom. There are very few PI s holding Argos shares, hence large movement in price on ridiculously thin trading. This share will come good and one would be foolish to bail out now, it has been always a long term bet and it has proved to be , hiccups all along the way. But as yet nothing from the companies themselves.

Totally agree, POO is stablishing around 35 , every company is experiencing a rest bight from the seemingly endless decline , following like a herd Goldman Sachs who incedentily predicted 20 , prices will come back maybe not to old levels ,but certainly around 55 to 60 which makes Fi oil profitable. Noble know this and will steal a march on PMO and RKH who will have to raise huge amounts to get to production , which means dilution big time. I reiterate Argos have a free carry and it's present shareholders will suffer not an ounce of dilution. Think long term , think pension .

Everyone is jumping to conclusions here. Noble are perfectly aware of the intentions of PMO and RHK re breach notice. The rig is still down there , however Chatham now probably mothballed , Noble and Argos will hopefully in a position to inspect the ER and find out for themselves as to whether is is functional to carry out Rhea. If Rhea is a success they were going to send down another rig later in the year to fully appraise it and make the assessment on a production programme. What might happen is if ER is not fit for purpose, they could hire another rig later in the year , something they were intending anyway, but it does mean maybe a six month delay. They will not want to delay as Kyrnrasor said 800000 is a lot of money doing nothing . Having said that I am still of the opinion they will carry on with ER but with strict assurances from the Rig owners, that everything works properly. They did not complain re the only dud of the campaign Humpback, remember it is only PMO and RHk who have served this notice which would be a condition if they were using their insurance policies correctly. If they is a change of plan I am sure we will hear. They are obligated to drill not only to Argos but the FI govt would could of course strip them of the license if there is any huge delay.

Everyone is jumping to conclusions here. Noble are perfectly aware of the intentions of PMO and RHK re breach notice. The rig is still down there , however Chatham now probably mothballed , Noble and Argos will hopefully in a position to inspect the ER and find out for themselves as to whether is is functional to carry out Rhea. If Rhea is a success they were going to send down another rig later in the year to fully appraise it and make the assessment on a production programme. What might happen is if ER is not fit for purpose, they could hire another rig later in the year , something they were intending anyway, but it does mean maybe a six month delay. They will not want to delay as Kyrnrasor said 800000 is a lot of money doing nothing . Having said that I am still of the opinion they will carry on with ER but with strict assurances from the Rig owners, that everything works properly. They did not complain re the only dud of the campaign Humpback, remember it is only PMO and RHk who have served this notice which would be a condition if they were using their insurance policies correctly. If they is a change of plan I am sure we will hear. They are obligated to drill not only to Argos but the FI govt would could of course strip them of the license if there is any huge delay.

Yes PMO have served breach notice, not Noble. Until Noble or Argos state in a RNS that they too are scrapping the drill at Rhea, I think you are just speculating at present. We are not anything to do with RHK or PMO , and shareholders of Argos should not think because they are our neighbours everything they do rubs on us , is in my opinion incorrect. Mondays market movement and buys , certainly indicates Rhea is still game on . PMO and RKH have served notice on the operators purely to make sure they can secure creditable insurance claims for faulty BOP and such like, however , the only real dud out of all the drills was Humpback and who was the operator , Noble of course . So in effect they have more right to grievance than anyone. But they are not as yet serving a breach notice. I rest my case.

Sorry sending same message, now for my reply to trader focus ,essentially rigs are available and cheap, that is not a problem. If there is a problem I am sure the Argos BOD will alert a delay or problem, you are creating a situation which at present does not exist, unless you are a total unaware of how this company behaves, which as a matter of fact always,in the best interest of shareholders. This situation will be resolved , we are not dealing with PMO we are involved with the big boys and it is about time people realise this, take it or leave it.

Noble have signed not only an agreement with Argos but also the FI govt to drill on PL001. This agreement took nearly a year to thrash out , so I don't suspect a faulty rig is going to deter them , delay possibly even if they have to secure another rig. They are not going to stop at Rhea , their are 52 other prospects and with 100 per cent ownership they are not going to sit on the fence. Rhea success will cement this area as a stand alone oil discovery, fully funded not by Argos shareholders. The success will increase Market Cap but the real plus will be the date for production, all I know will be down to the POO. Have faith is my advice take it or leave it.

Noble have signed not only an agreement with Argos but also the FI govt to drill on PL001. This agreement took nearly a year to thrash out , so I don't suspect a faulty rig is going to deter them , delay possibly even if they have to secure another rig. They are not going to stop at Rhea , their are 52 other prospects and with 100 per cent ownership they are not going to sit on the fence. Rhea success will cement this area as a stand alone oil discovery, fully funded not by Argos shareholders. The success will increase Market Cap but the real plus will be the date for production, all I know will be down to the POO. Have faith is my advice take it or leave it.