Member Info for YingTong

Seadog, There are three elements I can think of as to why it has such a large capacity FPSO at the moment. Only guessing of course. OSX3 was built by a yard which was in the original group structure. Within their shipping interests. This may have had an implicit significance in deferred taxation. In effect moving a large amount of capital - which was presumably legitimate capit expenditure - from a higher tax jurisdiction to a lower one. OGpar as they were was originally anticipating rapid production in the region of 100k bopd. Their exploration attempts were generally highly effective. With the collapse of prices in 2008 getting this into production was difficult due to the radically changed economics. It is easy to say with hindsight it is overkill (it is, even with additional development it wont get close to capacity). At the time however it was a good fit with what they expected to achieve.

SBP, With that field they have an expensive deal on the platform. It was built ay high cost withing the group and also leased on expensive terms. Eventually 240k us/day. The group then had its problems leading to the court overseen restructuring. The terms were lowered and paid in equity. The field is currently fairly profitable on this basis but if you browse around the operators site you can see they have other proposals. These are based on lowering platform costs and the expected return is substantially improved. The fpso contract has a walk away close (on both sides) so it is possible to replace it.

They didnt relinquish GHC. PL2002 covered what was previously known as GHC/N/S. On a previous renewal the DNR restricted the area that was renewed based on their interpretation of what was being persued. That is somewhat different different to handing it back.

Quite LT. I can successfully complicate anything. I was just recalling the RNS from the last one which could justify various numbers including 1360. I for one will obviously accept your judgement. You are the piper, and paying.

LT. Glad you are well and have been shaking the sofa. For the purposes of your sweepstake which flow rate arw you going to use for the results? There will probably be a number of different ones.

I will try 235. Charity myaware. https://www.myaware.org

Traverse $10m can be found here:- http://www.blspexp.com/media/PRTraverseFinancialtoinvestinBSE-July12-2013.pdf Assuming it has completed and with the $14.5 (which I think is unconditional) from the link I posted on ii earlier (SB) should give a 24.5 warchest to be going on with; surely enough to cover initial plans.

Could speculate on news being imminent; but based on the press interview re ABT it is approaching the time-frame that Minty gave for confirming finance. Personally I think it is unlikely until the fyne FDP is done, that will be early next year.

I don't think an RNS detailing SPEs permits would be helpful. I think that would look diversionary. It's a GHS update needed.

Or dead cat. I think the drop was overdone. Though I missed the lows I did pick up a Dec Spread at an average of 8.33. On the plus side GHS is the near term asset and hopefully we will know one way or the other in a couple of months. Lots of positive signs there, but there is the constant lack of updates which makes me a bit nervous. The relinquished parts of the licence really had had no development undertaken and were therefore a bit "blue sky". Certainly seems to be buyers back after the initial over-reaction. Fingers crossed it stabilises 9-10 until proper news.

Because we have just lost 90% of our near terms licences. GHC/N were though to be more prospective than GHS and they are relinquished along with the shales in PL2002. We now only have GHC, hopefully coming into production but no update on it for some months and EL1116 - which we have done nothing with and is very speculative. EL1070 lower is totally reliant on SHP getting an SDL for the shales and this is clearly quite some time away and they are having problems raising funds by the look of it. This RNS was pretty dire.