Member Info for xxnjr

Gogadget,

"Dussaffu contingent payments to start imminently as 40k bpd targeted at end of 2024."

Surprised that Rahulesque upside made it into the presentation. The agreement with Panoro says "Potential additional contingent consideration of up to US$24 million in aggregate may be payable once production commences from the Hibiscus and Ruche discoveries (which is expected in 2023) and the average daily production associated with the developments related to the Hibiscus and Ruche discoveries is equal to or greater than 33,000 bopd over any 60 day continuous period." That excludes Tortue's 7 wells . H&R has 6 wells. Rahul agreed to a really dumb deal where only half of the wells on the block he sold count towards contingency payments.

It was a 2024 drill. The period being reported on is 2024. Despite your extract the well has been written off as uncommercial.

The gas is a byproduct of producing oil. It is not really stored on the FPSO. Unless a little bit stored for power? The rest of the gas is either re-injected, flared, or sent ashore to a GNPC/GNGC gas processing plant for processing and storage. There will a volumetric meter somewhere, either exit of FPSO or onshore entry gas plant to measure gas volumes to be invoiced to GNPC/GNGC at $3/unit (mcf?) as agreed.

Sorry should have read bopd last 2 lines

The RNS was very clear

"Group working interest production expected to average 50 to 55 kboepd as previously announced, including c.6 kboepd of gas." In other words those number include Gabon.

44 to 49 Kbopd without the 6K gas.

34 to 39 Kbopd without the gas and 10K from Gabon.

The RNS was very clear

"Group working interest production expected to average 50 to 55 kboepd as previously announced, including c.6 kboepd of gas." In other words those number include Gabon.

44 to 49 Kboepd without the 6K gas.

34 to 39 Kboepd without the gas and 10K from Gabon.

StanleyPro,

Possibly no need to notify as Rahul no longer a director?

"Rahul will step down from the Board on 14 February 2025, however, to ensure a smooth transition, Rahul will be available to the business until his notice period ends on 5 June 2025."

RM CFO is down about £10K on his £29K buys

Rahul (the options king) is down about £164K on his £453K of own money buys.

Ps...... LoL!!!!!

You could say the directors haven't a clue what they're doing!!!!!

Been away. I see zee German has been buying. RG had 22m shares before joining tullow. And he's bought about 4m shares since. But he needs to buy more! As he's under water by about 425K on the 4m.

Doing better than Jeremy Wilson (retired director). His £220K buy is down £204K!

Flav, the way I think about it. There's TLW's view. There's the E&P industry's view. If you spend 5 yrs trying to farm out an exploration block without receiving any interesting offers then the E&P industry's view is probably more pertinent.

Tman75,

Note 8. Intangible exploration and evaluation assets [on p25 of yesterdays results PDF]

Don't get me wrong as we may just have turned a corner with the Gabon sale which hopefully opens up a pathway to a refinancing which might be a catalyst to a higher SP. But I just would like to highlight some of the write offs to territories that are often discussed here on this BB.

Argentina -$38.8m as "No further activity planned following unsuccessful farm-down efforts."

Côte d’Ivoire (524 & 803) -$15.5m as"No further activity planned following unsuccessful farm-down efforts."

Gabon (Simba) -$10.3m as "Uncommercial well costs written off."

Kenya -$145.4m as "Delay in farm-down and extension of Field Development Plan review period."

It does appear to be all about Ghana. Sounds like you can wave goodbye Argentina/Cote d'Ivoire. The Simba well was uncommercial (not that it matters now). And there's only a very very faint flicker of light from Kenya.

It really is all about Ghana now and the refinancing. (Unless there's a miracle China farm in to Kenya. Perhaps unlikely)

I asked Matthew in IR about this a while back. His reply

"As we stand the annual net TLW cost of the TEN FPSO lease is c.$130m. In 2027 this drops to c.50% of that, then continues to tail off to licence expiry in 2036."

Completely agree. Richard has brought integrity, openness and honesty.

Haven't been able to say that for quite a while.

And it's good to exit Perenco operated assets given their somewhat chequered history with safety and oil leaks, for example 300,000 bbls escape from Gabon storage tanks a few years ago. Had it not been for the retaining mounds that lot would have ended up in the ocean

Releasing the RNS the day before results might suggest the results themselves tomorrow won't be shockingly terrible?

Oh sorry Super, hadn't totally read SA. The answer is no additional wells from this cash as there's a covenant in the 2026's to the effect that any cash from major asset sales be used to pay down the debt as part secured on the assets being sold.

Rig will come from Namibia. Currently drilling a well for Azule.

$300m is not bad. And if any TAX was due to Gabon from 2024 oil sales then that might be included in the deal

"Total cash consideration payable of $300 million net of tax."

if so, deal is effectively more than $300m before TAX if you see what I meean.

Good point. they could prioritise paying off the glencore