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Numbers out:
Crude -6.9m (-4m expected)
Gasoline -6.1m (-2.2m expected)
Distillates +1.6m (+171k expected)
Hi Freddie,
I'd imagine next steps would be;
1.) (if they haven't already) compile some joint G&G/reservoir model of the whole BBK area to work it all out, there has been talk of I think Kraken extending in to Bentley, so who knows the secrets a consolidated model would reveal
2.) Do some concept studies, building on previous work to date about how to solve all the issues as a joint area development, I'd imagine this would highlight the lower CAPEX/early cashflow positive reservoir areas to focus on - spend less CAPEX to earn more cash to develop the rest. You might call it "early production system" or similar...
2a.) Perhaps carry out some (pre)FEED or detailed design work here to firm up the numbers and understand all the topside mods required in more detail
3.) Once they've got this together and have some CAPEX/OPEX numbers, modelled production data etc, I'd imagine they'd open a data room and try to get investors on board. I think Kraken proved that ENQ can do good developments after the Alma debacle. They'd want to get people who don't necessarily bring E&P expertise to the party, but are interested in long term cash flow projects. I wonder if they' get a pension fund involved? Any thongs from any one else?
4.) select partners
5.) drill
6.) ......?
7.) VAST profits
Easy!
Yes, MRC's summary is great - he is a shyster of the greatest degree!
Never ever go near Lenigas!
There was another serial dodger who was involved in Nighthawk energy, I think it was someone Brabben. Also to be avoided in any capacity...
David Lenigas - one name to always avoid.
Like a girl who says "I have gonorrhoea"
Interesting thoughts Aloj.
I’ve never been a holder of an equity which has commenced a buy back.
What are the mechanics of this? Is there an order of precedence for purchasing from? How is the price decided? Would ENQ simply buy on the open market?
Thanks
You do have to wonder what level of truth there is in these OPEC numbers?
Is it actually 6m? How much non-compliance with quotas is going un-reported?
Is there much swing production left?
Can the Saudis really ramp things up to whatever they claim they can (used to be 15m I think?)
Will much extra supply actually enter the market?
Are the Iranians already "cheating" and exporting large amounts via illicit channels?
How many private jets loaded with bullion have flown in to Tehran?
Etc
I want a higher Brent price as much as anyone, but I do worry if it gets too hot, they things could get very messy, very very quickly.
$80-$90 would be immense.
Up 7.7%!
As long as we’ve had the 60p party before then!!
HI Pelle, no mention of production numbers, just that the four wells are complete having started August 2020, drilled using the Noble Sam Hartley, no HSE incidents etc.
Then at the end;
The Golden Eagle area, located about 70 miles north-east of Aberdeen, produced first oil in October 2014.
London-listed EnQuest is buying Canadian firm Suncor’s 26.69% stake in the area.
EnQuest said the purchase would give it additional production of 10,000 barrels of oil equivalent per day and reserves of 18 million barrels.
Almost 8%, happy days!!
Jeez, 7% up before lunchtime is a splendid start to the week!!
FYI Chilting (and other holders), there are currently ongoing initiatives in the UKCS to reduce emissions under an project being driven by the WEF. It's also coordinated by Accenture and involves all the major operators across a number of work streams. There are also other basins running projects under this initiative too.
The OGA is a stakeholder in the initiative too, so it likely plugs in to the transition deal in some way.
I think the early Kraken FDP had fuel gas imported from Norpipe - not sure what happened to that
Cheers
Give us LTHs £1/share and I'd be happy!
Ah thanks.
Maybe so much interest in ENQ the servers as struggling with the visitors to the board...
I have seen a few new messages since 08:00, they have all been and gone.
Are people deleting or is there something nefarious going on?
One question this does raise is what is the future of the GKA hub?
Mallard would have been the likely tie-in point, this will probably move to Cook as that is part of the Anasuria cluster.
Does this mean GKA has a shorten life if it no longer possible to take an eagle tariff? Has anyone ever seen a proposed GKA COP date?
Are you confusing Eagle and Golden Eagle?
Eagle is a tie-back opportunity in the GKA acreage and has been talked about for a while - EQ went sole risk when Dana wouldn't approve the well.
Golden Eagle is the recent acquisition.
I don't think we paid anything for the Eagle acreage.
I've just joined - we're on to Roper Bar already?!
What did I miss?!? Just heard something about a six month turnaround to extend something...
Kraken,
Neil and others are right in this case
The tanks are ~1,100t each, empty and in air.
Full of water they are pushing 3,500t
They are not large empty voids and in reality contain a series of chambers and pipe work. There will ha e been an operation to empty them of what’s known as “attic oil”. That is, oil which will have risen to the highest dome element of the tank by virtue of being less dense than seawater.
The tanks will like have been flushed and then the tops of the tanks will likely have been drilled now and emptied of attic oil to get out the last the mobile oil
I would imagine at this stage in the life cycle the tanks may well have holes in them so a lot of structural assurance and inspection will need to be conducted by divers before any lift. Although I heard the steel on these is several inches thick so pretty sturdy
Cutting them is likely to be a complete non starter. They will likely have inaccessible hydrocarbons, oily sand and other nasties in there (such as NORM) which you really don’t want to release to the environment.
It’s likely ENQ will have considered filling them with Nitrogen or using flotation devices before they found the supports to the central nodes were corroded/unstable.
I would imagine a single lift is the safest way to do. They’ll likely use some sort of simultaneous shaped charges, delivered by ROV to simultaneously cut all supports or maybe timed to swing each tank away from the jacket.
Will certainly be a fascinating project to work on and will require some precise engineering to safely deliver. Remember of BP’s decomm money is being spent, they will likely have some of their best engineering bods involved for assurance. More importantly that money and cost is minor wanting to be attached to a bad job either safety wise or environmentally, especially given today’s BP protests.
Cheers
I should add that I am sceptical that once all other relevant overheads and other costs are spread across the assets, that Thistle (or Heather or EP for that matter) could actually make break even on their own.