Member Info for WhirlawStones

Looks like the Maersk Intrepid has moved / is being moved about 20 miles to east of where its been for last few weeks. Various tugs and supply ships assisting with the move. Presumably they are now at the Oswig site and so hopefully they will be spudding the well v soon.

Can anyone confirm if the Maersk Intrepid platform is at the site of the Oswig well? It has been in the same position for a week or more, according to vesselfinder. Currently on site also is the Island Clipper supply ship.

Lack of liquidity killing the share price when IIs want out

So now we know the main driver of the decimated share price. Axa have sold just shy of 3 million shares, going from 5,300,000 (9.4%) holding to 2,400,000 (4.24%). And not done yet by the looks of it.

So they bought 500,000 of these shares at 100p and the rest at 75p. All sold for a loss. They buy in at 75p, big style, for the exploration funding, and sell out before its even completed. Why.
These "blue chip investors" are not exactly helping widely shareholder sentiment at the moment.

"My hope is that they can come up with something for production, because the fact is, the total risk load of their current plan re. exploring, is a lot higher than what it would have been of they simply bought production." Perhaps true mozzabezza however remember the drilling campaign has cost them £8.1m, so with a barrels-found value of at least £30m so far, the exploration campaign should really be seen as ultimately value generative should it not? Regardless of even what happens in the final three wells. Not that this is currently reflected in the share price of course, quite the opposite, although it seems to move (mostly downwards) on such tiny volumes.

Interesting point you made about the job and that it could mean the company are intending deals which would bring operatorship. Hope so.

this time for a Safety and Sustainability Manager, to be based in Stavanger.

In the meantime I maintain the hope that after 2.5 yrs of waiting some production and or development deals are imminent, in addition to the very small farm in deals seen so far. Remember that the company stated in 2019 that deals would like be in the region of US$10-US$500 million, so I maintain hope that a larger deal may one day be announced that is way more significant than what they have executed up to now.
The fact that they are recruiting shows that they are still confident in their long term prospects, even it's just taking a lot longer that we anyone hoped to make any progress, which is reflected in this dire current share price.
The founders and management also have awards tied to share price increases that at current share prices are nowhere near being met.

Oh and this matter of them keep saying that the price of production deals is currently not attractive. So does that mean the eventual buyers are all fools, but this company has the wisdom to know better? If so this is also not reflected in the share price, suggesting that the company may have to put up, and pay the current asking prices. A bit like buying a house, for how long do you hold back from buying, in the hope that prices will fall one day? In the meantime you could have been paying a mortgage for the last three years whilst youve been sitting on your hands.....

Reckon Helge must have accidently got his timings out by a month there then, as why would you be reporting on a well only 7 weeks into a potential 14 week programme?

News should be end of June for dry hole or mid July if discovery, by my calculations.

I base this on the spud RNS, which states that drilling should take "up to 14 weeks", and the info provided from another Equinor operated exploration well, which suggests we would wait longer for news in case of a discovery.

"Equinor has received consent from Norway’s Petroleum Safety Authority (PSA) for drilling the exploration well 30/3-11 S in the Poseidon prospect, production licence 1104 in the North Sea, using the 6th gen deepwater and harsh environment semisub Deepsea Stavanger. Drilling is expected to take 76 days in case of a dry hole, or an extra 18 days if a discovery is made."

Also, I believe the trades yesterday were both large buys and sells. And I took that as a net positive, meaning someone willing to pick up Blackrock sales.

Selling pre drill results has been mentioned and fretted about here for every well of this campaign, no different if well results prove to a success or failure, but gets brought up and fretted about every time, like a broken record.

For some reason (reducing exposure to oil and gas ?) Blackrock have been selling down, creating a major drag on share price here for a long time now, seems like they sell into every rise, and sometimes keep on selling when price no longer going up. Comes across as dumb, and short sighted, and incredibly frustrating for punters like us, however as long as the company don't start diluting at these prices i am not worried, and happy to continue to hold and add as funds allow.

Good write up in Energy Voice, with some new insights about their thinking and the benefits of the proposed Norwegian tax changes.
I got the feeling in the interview from the recent Q&A that they are closely looking at something in the UK, and this seems to confirm that.

https://www.energyvoice.com/oilandgas/norway/402680/longboat-takes-stock-ahead-of-company-maker-cambozola/

A beaming Helge is clearly happy with the way the exploration campaign has gone so far. Despite this all taking a long time (for those of us who have been here since 2019-20), as someone who is not in a hurry and happy to see this play out over the coming years, I do think that when we do end up swapping things for production it should end up representing by far the cheapest way for us to acquire production, considering how little they paid for the exploration deals. And ultimately that should be great for the share price long term.

Also, does anyone believe that the recent discoveries could make it easier to borrow money to acquire other assets, if they want to go that route? Kind of like collateral, even if value not fully understood, there is clearly a great deal of value there, so would the banks take that into consideration when lending to Longboat?

Anyone else got some explanations as to why Blackrock see the need to continually depress the share price?

If Cambozola comes in at mean target that equates to 40 million barrels to Longboat, equals around 160million USD value.

Considering current market cap, cash plus well results to date, seems like Blackrock's activity could be creating the mother of all undervalued shares.

Has anyone been able to submit a question? I see not option to submit a question on the investor meet dashboard..
"Shareholders registered to attend are invited to pre-submit questions online via the Investor Meet Company dashboard up until 09.00 BST on Thursday 7 April 2022 "

So Blackrock have sold at least 538855 shares, at a loss.
They did the same at 80p, selling at a loss, pre-raise, keeping share the price suppressed, with the subsequent raise at 75p.
I don't get it, how is this supporting the company. Hope someone brings this up at the meeting.

Bingo

The most recent online presentation they addressed the dilution concerns for when acquiring production assets stating "there are lots of examples of raising at a premium". So for we can live in hope on that matter. They surely wouldn't be looking to raise at these lowly levels where the mcap is under £30m, would they?

Faroe's 17.5% stake in the Fenja field was sold to Suncor for $54.5 million (including tax) in 2018.
What price to buy it back now?

I believe Longboat moved to larger premises recently, however surely they must be v interested in getting their hands on these assets. It seems such an ideal fit, exactly the kind of thing they have stated they are interested in, in terms of both the assets themselves, where they can add value with their existing knowledge, and the deal size.