What the team behind us would look like is any bodies guess.
I'm in the process of concocting an e-mail to Nick Cooper asking him if he'd join us on this BB at some point. That would be tricky and time consuming but it could work if we asked questions, posted here, so they could be read and replied to (at some later date). Would be good for everyone and get a debate going.
Any other daft ideas welcome.
The Oil Man is optimistic for the future, keep the faith CH.
Maybe its just more patience required all round but like the Tanzania scenario lack of progress doesn't bode well. I'm trying to take some solace in E/G being further down the road to fruition.
Tanzania is out of our hands a bit. Does their Gov. need their peas toed, you bet they do or they'll allow us and our partners to miss out, like P says Mozambique are stealing a march on Tanz. whats the hold up?
Gulf of Mexico looks a good bit of business with sound partners who on their own maybe can't compete with the majors for licenses but together we can find a way forward, acquiring further blocks in the many licensing rounds coming up over there. I'm friendly with a party chief, who took part in some of the biggest seismic gathering contracts ever carried out anywhere in the GOM and that was a while ago, so they must have a lot more licensing rounds to go as they continue to open up and release the data.
Its weather for snowmen and snowballs down here long may it continue.
Hope I get a good title when I take on my new role along side you and P. Need to rename the old girl too.
Cant understand what's happening in Tanz, I know its not a core part of the business at the moment but any movement there seems to have stagnated. Same seems to be happening in a few of the other o&g shares I hold in Africa. AEX are waiting for a 25 year license but its taking a lot longer than it should. I think companies have seen the rather rapid rise in the Poo and are holding back from making any hasty deals.
Our tanz asset needs to make a return soon. Totally agree with you both on that. Not all but some.
I'm not getting weary yet, but I would get that drillbit going In the GOM though.
I've 6 inches of snow outside, can only mean one thing.
its a hard one to figure out...i won't be happy without a return for the poor long suffering pi's from any monetisation of assets. If its used for further exploration and development of E/G then i would like to see us with a whole new license portfolio, board and bigger share of the E/G asset split.
The board made a pigs ear of the last 20% we monetised...you, me and BB could make a better pigs ear of it...
Of course news of the E/G FID being signed tomorrow and all is forgiven...a bit...still need funds post 2018.
Ophir provides a trading update for the year ended 31 December 2017 ahead of the publication of audited financial results on 7 March 2018:
Nick Cooper, Chief Executive of Ophir, said:
"Ophir has reached financial stability. We ended 2017 in a strong financial position with increased gross liquidity and considerable discretionary capital available for investment. A proportion of this is earmarked for the Fortuna project but we still retain capacity to invest elsewhere in our portfolio to generate significant cash flow growth.
"Our core Asia business is delivering solid, profitable growth. Our 1bn boe of discovered resources offer asymmetric upside and our under-levered balance sheet provides the means to deliver."
2017 Performance (numbers are estimates and remain subject to the year-end audit)
· Daily production from the Bualuang and Kerendan field was broadly in line with the guidance provided in mid-2017 and averaged 11,700 boepd (guidance: 12,000 boepd).
· Net cash from production (before working capital adjustments) was in line with guidance at $89 million (guidance: $85 million). On a unit basis this equated to $21 per boe.
· Opex was $12 per boe reflecting the low breakeven characteristic of our Asian production base.
· Capital and investment expenditure (before working capital adjustments) was below guidance at $104 million (guidance: $160 million). This was predominantly due to the deferral of the start of investment into the Fortuna FLNG project to 2018.
· Capital expenditure was allocated as follows: production and development 47%, pre-development 15% and exploration and appraisal 38%. The majority of the pre-development was in respect of Fortuna. The majority of the production and development spend was comprised of spending on Bualuang infill drilling and Phase IV ($31 million) and Kerendan 3D seismic programme ($13 million).
· Total liquidity at year-end was $427 million, some $67 million higher than the previous year:
o The Group completed a refinancing of its reserve based lending facility during 2017. Following the year-end redetermination $204 million is currently available under the facility and remains undrawn.
o Gross debt at year-end therefore solely comprised the $107 million Nordic bond.
o The Group closed the year with net cash of $117 million
o The full year 2017 liquidity ratio (gross debt: EBITDAX) was 1.0 with year-end gearing of 7% (gross debt / gross debt + equity).
2018 Guidance/Outlook (numbers are forward looking estimates)
· Average daily production is expected to be level in 2018 at approximately 11,500 boepd with all of the production assets expected to produce at similar rates to that in 2017. The estimate takes into account the continuing unpredictability of offtake nominations from Sinphuhorm.
· In late 2017, the Group hedged approximately 27% of its 2018 production. The Group purchased, with a zero cost structure, a Brent swap at an average $59.68/bbl and a call at an average price of $68.08/bbl, both for 3,200 bpd.
· Underlying cash flow from production (including Sinphuhorm and before working capital adjustments) is forecast to be approximately $90 million at an average Brent oil price of $57 per bbl. On a unit basis this equates to $21 per boe.
· Opex per barrel expected to be $14 per boe, marginally up on 2017 due to planned workover wells on the Bualuang field and some maintenance work at the Kerendan field.
· Capital expenditure (before working capital adjustments) is expected to be approximately $150 million. Around 70% of this is expected to be spent on production and development with major areas of expenditure being Bualuang Phase IV ($30 million) and Fortuna ($65 million).
· Gross liquidity is currently forecast at $320 million:
o The Group expects to end 2018 with a marginally positive net cash position.
o The Group is currently considering options to refinance its outs
I nearly stopped breathing when I logged on and saw we were 98.95% down.
Any thoughts on our recent rise. Were not due any EG announcements this soon are we.?
POO's probably the culprit, but that is a big jump on such low volume for us recently. I do take it we finished 4p up today.?
iii... get a grip please. And the Royal Bank wants me to go online with my hard earned and then sends out an icecream van into my community to tidy up what customers it has left. The internet : Handy but not so dandy.
I remember through the mists of time that we wanted to extend block R into block 6 only to be gazumped by the greedies, didn't we also target oil on block R but came up dry?
Still to be classed as commercial bit like CNOOC's find adjacent to our new block 24 ...which doesn't bode well and the E/G gov. looking increadingly desperate for revenue(playing hardball with operators)
We hope that commerciality will be established at Avestruz-1 and look forward to seeing more developments in the areas surrounding Block B.
Kicking the Chinese into touch is at least a decision being made and a less, whats the word, ropey, partner has been found to move this forward.(maybe PR can fill us in with the sometimes ropiness of Chinese business practices)
Like the poster alluded to some time ago all aspects of the deal will be in motion, so far along the line now that the green light will see the levee of industry burst on this project...or maybe not.
I agree with Hub this deal does look too good not to happen...eventually.
courtesy of subseastu 12/5/17 :
"Just tipping my toe back in the water after slamming shut my AIM shares and letting them sit for a few years. Couldn't bear myself to look at them...., now in my mid 30's a little older and wiser.
Just came from a FPSO conversion in Singapore to West Africa. 18 months for conversion followed by 3 months tow from Singapore.
The subsea scope will be running concurrently with at least a portion of the installation scope occurring next year. Due to the lead times of these components the contract would have been signed sealed and delivered long before now. Based on this they should be on track for 2019 start as per their website guidance.
The upstream development will consist of 17 development wells over four phases. In the first phase, up to first gas in 2019, four wells will be drilled. These wells will be drilled pre-first gas and a minimum of two wells are required to achieve the 2.2 mmtpa plateau. These production wells in the Fortuna and Viscata reservoirs will be simple well competitions and tie-backs. The gas will be produced from these wells via gathering flowlines, manifolds and risers to an external turret of the FLNG facility
Will dig in a little moving forward and revert accorindgly. Need to check wholesale gas prices.. "
Thought it was going to be a difficult process to complete in the time frame but looking as though it will be fast tracked early next year. At last!
18 December 2017
Ophir Energy plc
Fortuna FLNG Project Update
The following is an update on the status of the Fortuna FLNG project ("the Project"), Equatorial Guinea.
Further to the release on 23 November, Ophir, together with its partners in the Project, have decided to prioritise one of the alternative funding solutions that would see a leading Asian bank provide funding of up to $1.2bn, on similar commercial terms to those agreed earlier this year with the group of three Chinese banks. These discussions are at an advanced stage and whilst significant progress was made towards closing out the financing in December, it has not proven possible in the limited time available. These discussions are now continuing into the New Year. Upon confirmation of the financing the Project will proceed to a Final Investment Decision.
Furthermore, Ophir is collaborating with OneLNG to confirm a prompt start to Fortuna Project.
Nick Cooper, Chief Executive of Ophir, commented: "We are now focusing our efforts on closing out the prioritised solution and remain confident of commencing the Fortuna project in early 2018."
You don't want a copy of my notes, imagine the years of research your going to miss out on .
I know a lovely cottage outside Lairg for rent. Battery power, warm, no signal, no tv. You've got to work for your supper, stove only. Really relaxing, I go there to come back to earth. Pop in for a Highlanders Cuppa next time your in the region.
3.5p today, not seen that for a while. PD's on to something.
DCTA... part of my hedge. Twitter, don't : why does it even exist.
Got a small kitchen sink involved in VRS, my only main worry is we are in AIM but we are behaving ourselves. So far. Cant wait for the next few updates, exciting times.
No more bar humbug schlo, that's your new years resolution. Have a good one too.
I'm very interested in new technology companies , small ones that think outside the box. Most get gobbled up and their tec never used. VRS could be on the cusp of something big, its product could be used in just about everything in the near future. Then look at who will develop it into their products , the investment chain is growing rapidly. The competition, small at the moment, is growing too. I've hedged my bet there as well.
Not really a ramp, just trying to give the bb something to look in to that might be of value. Got a few more minnows of sort that I'm looking at but me thinks i'll leave that for a later date.
It's too quiet here, I do hope there's a big light at the end of this tunnel.
The total capex to first gas is circa $1.5bln to $2bln. Ophir's share is roughly $150m to $200m.
I can't see how Ophir would struggle to raise $200m so perhaps the protracted nature of talks with the Chinese (known to drag their feet) rests with Golar and Schulmberger, the majority partners.
The recent weakness of the US dollar will not have helped the chinese banks.
The positive in this is that they have a plan B which is advanced and that's good management. The negative is that it's going to drag on another 3 to 4 months by the looks of it.
That said, it does look like an outline or revealing of the finance deal will be aired in a few weeks time.
The 'control' over the OPHIR sp of late suggests to me that Ophir's $150m to $200m share is likely to come via CB's rather than senior debt. Not ideal as CB's are notorious for hedging / doing arbitrage on the equity. As I said a few weeks ago, the sp is likely to be pinned here until a deal has been concluded.
That said, assuming the chinese were hedging too, we could see some invisible 'shorts' being closed as they finally concede and back out of the deal. Of course, conversly, the chinese may get a jog on now as the rns is very clear... mid dec is plan B.
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