Takeover Hopefully finally good news as Ophir announce a possible takeover!
Murphy Oil Block 5 An update on block 7 GOM explaining why our block 5 was the most hotly contested block in the recent licensing round. “U.S. oil firm Talos Energy has started drilling of an appraisal well at the Zama field, a two-billion barrel find discovered in 2017.” Offshore Energy Today Talos spuds appraisal well at giant Zama discovery (Mexico) U.S. oil firm Talos Energy has started drilling of an appraisal well at the Zama field, a two-billion barrel find discovered in 2017. Westwood Global Energy Group – 29 Aug 18 Frontier and Emerging deepwater plays of the Gulf of Mexico – will they deliver?... A new Westwood report reviews exploration potential across both the US and Mexican sides of the deep water Gulf of Mexico. best of luck
2 sticks and a balloon but its a win No worries - good try. In another effort to find a light in the long and dark tunnel we are in - beyond waiting for the Murphy well in Mexico in Q1 - there is actually a new glimmer of hope that the Tanzania assets will once again become hot (or lukewarm) property, given fresh discussions between the government and the big operators including our partner Shell: Tanzania ups the pace on LNG project Equinor, ExxonMobil and Shell are among the interested parties Tanzania’s efforts to speed up talks with Equinor and ExxonMobil over of a Host Government Agreement (HGA) to develop an onshore liquefied natural gas (LNG) project suggests a renewed sense of urgency, as the government seeks to ensure the country does not lose out altogether to neighbouring Mozambique as a regional gas export hub. Equinor says it has received signals from Tanzanian president John Magufuli that he wants to start talks with the two companies on the development of a proposed onshore LNG project. Contacts have been continuing off and on for four years, but there seems to be optimism over the chances of progress this time around. The companies hold the license for Block 2, off southern Tanzania, which has reserves estimated at more than 20 trillion cubic feet (cf) of gas in place. Equinor is operator with 65%, while ExxonMobil holds 35%. “Negotiations have not yet started and a timeframe has not yet been put in place. From our side we are committed to contribute to an efficient execution of the negotiations,” an Equinor spokesman told Petroleum Economist. Earlier, this year, it was reported that ExxonMobil wanted to sell its stake in Block 2 so that it could focus its East African activities on its planned LNG project in Mozambique. However, it remains committed to the Tanzanian negotiations at this stage, according to Equinor. Shell keen to participate Shell, which has made discoveries on adjacent acreage, is eager to participate in any export facility. The company and its partner Ophir Energy are developing the Blocks 1 and 4, which are estimated to hold around 16 trillion cf of recoverable gas. “It is our understanding that the objective of all partners involved in the Tanzania LNG project is to have a single, joint project. We share the view that such a joint integrated project will result in a globally competitive LNG project, which will yield far greater benefits for the host country than a small project can,” a Shell spokesperson told Petroleum Economist. The Anglo-Dutch major said it was awaiting a decision from the Tanzanian government on the next steps, but that it was “keen to make progress”. Equinor has not detailed the nature of any talks with Shell, but said it continues “to have a good relationship with the other international companies involved”. Long lead time The export facility, which has been under discussion since 2014, is likely to be built on the coast at Lindi in southern Tanzania, adjacent to the country’s offshore discoveries in its portion of the Rovuma Basin. Across the border in Mozambique, the basin has yielded gas discoveries leading to reserve estimates of well over 150 trillion cf. These are already being targeted by one floating LNG project led by Eni, which is under construction, and two planned LNG export projects, led by Andarko and ExxonMobil. On its website, Equinor suggests the Tanzanian project could take the form of a 7.5mn tonne a year facility, and that it could take around nine years to progress from signing an HGA via a final investment decision to first production. However, the spokesman said it was too early in the current round of talks to provide concrete details about the technical aspects, timing and costs of the project. Tough talking Magufuli’s government has sought to maximise benefits from energy and mining projects for the East African nation over recent years. It has insisted that export projects have a strong focus on domestic infrastructure development, as well as seeking to enforce tight regulation and negotiating greater government revenues. Equinor’s production sharing agreement for Block 2 requires 10% of gas produced to go to the local market, potentially doubling current electricity production in Tanzania. Back in the post-2014 era of low hydrocarbons prices, such requirements deterred investors with curtailed spending budgets from taking the plunge in Tanzania. By contrast, in Mozambique, the government sought to get the LNG sector off the ground by allowing a greater share of the gas from the first projects to be exported, helping to push along the three LNG projects there. Eni’s FLNG project in Mozambique, already under construction, is due to come onstream in 2022, with Andarko and ExxonMobil both targeting first production in the mid-2020s. By contrast any Tanzanian project would seem unlikely to be producing before the end of the 2020s at the earliest, even if the current round of talks is concluded rapidly.
2 sticks and a balloon but its a win Evening Charlie. Fortuna decision not far away. What’s your reckoning… License extension or write off. I’m in for an extension. We cant afford to let this slip away from us and get taken off our hands for cheap. It’s not fair. Production is decent, Santos deal was brave but working. Looking better but look where we sit sp wise. Lets see what happens. Thanks for the links and info. Been off training for an extreme marathon for a month nearly now and just back home for two days. Mountain climbing in the Highlands. Starting to get cold now but I am so fit I could crack a walnut with me buns. Hope you and everybody else brave and mad who persevere with this share a Very Merry Christmas. Baron.
Bottom hannahxyz the only token optimism i’ve came across recently… "However, Ophir has not yet given up on Fortuna and there is a ray of sunshine given that Golar LNG is in talks with Chinese yards to construct its modular Mark 2 design FLNG units. Also, these negotiations could lead to a so-called “Chinese solution” that would offer fabrication, financing and potential LNG offtake." Upstream Online | Latest oil and gas news – 16 Nov 18 FLNG comes of age in changing landscape PFLNG Satu and Prelude blazed trail for technology that is now tried and tested
Bottom Good morning, this is my first post here although I’ve been a long term holder of Ophir since £3.35 days and been following the chat for some time. I’ve been in and out several times and currently I’m well under water. This is my worst performing share since Afren (ouch) and against my sensible head I’ve stuck with it and bought some more. I see we are nearly 5% down this morning although poo has had a slight increase so I really have no idea where we are heading at this stage. I think we are due an update in December and Fortuna will probably be marked down (to zero?) but the company should be making decent revenue even at current poo. Does anyone have any words of comfort?
Still planning way ahead Eni holds on to Seadrill drillship off Angola Rig owner also fixes units to Equinor, Petronas, Ophir and others, but stuck in red in third quarter Eoin O’Cinneide 27 Nov 2018 08:27 GMT Updated 27 Nov 2018 08:28 GMT Eni has exercised options to hold on to the Seadrill-owned drillship West Gemini off Angola into the first quarter next year. The Italian major hatched the options for three wells with the ultra-deepwater unit, adding $29 million of backlog in a deal that will see it retain the rig until March. Eni retains options on the unit that could see it hold onto the rig in Angola through May. Seadrill also said on Tuesday that US independent Llog Exploration has agreed a 12-month extension with the ultra-deepwater drillship West Neptune in the US Gulf of Mexico. The deal adds $57 million in backlog, with a dayrate of $155,000. Llog will hold onto the rig until December next year. Malaysian state giant Petronas has taken the ultra-deepwater drillship West Carina for two wells starting next month off Malaysia, adding $27 million in backlog. Petronas will hold onto it until May. Norway’s Equinor exercised the first of two options on the ultra-deepwater drillship West Saturn off Brazil. The deal runs until September at $207,600 a day. The Norwegian was already known to have taken the semi-submersible West Hercules off Norway for two firm wells plus nine options, three of which have already been exercised. US independent Walter Oil & Gas has extended its deal with the semisub Sevan Louisiana for two more wells in the US Gulf, adding around $7 million in backlog. The deal will run until May. UK player Ophir Energy used up its final two options for 2018 with the jack-up West Cressida to keep it in Thailand until November. London-listed Ophir also the first option for 10 wells on another deal with the unit off Thailand, which is set to start in July and run until January 2020. Ophir also has options on the unit until March 2020. Gulf Drilling International (GDI) off Qatar has taken the jack-up West Tucana for two firm wells and three optional wells off Qatar in a deal that began in the third quarter and runs until December next year. GDI has further options on the unit until April 2021. Seadrill, which emerged from Chapter 11 bankruptcy protection on 2 May, said it posted a net loss for the third quarter of $245 million. Operating revenues were $249 million, but operating expenses hit $355 million, while financial and other items were $137 million, further damaging the bottom line. Economic utilisation remained high in the quarter at 98% for floaters and 97% for jack-ups. The company also said it expects adjusted earnings before interest, tax, depreciation and amortisation to be weaker in the fourth quarter than the third. Chief executive Anton Dibowitz said: "Having restructured our business, we are now well positioned to capitalize on the recovery. “The combination of a strong cash position, no near-term amortisation payments or debt maturities and light financial covenants alongside a large modern fleet and continued focus on cost reduction will ensure we remain competitive. “The fundamentals for our industry remain strong and there are improving signs through increased contracting activity, additional supply leaving the market and industry consolidation which should lead to better pricing in the future. “We are already starting to see rate improvements for contracts starting in 2019/20.”
Bottom Coming closer to the 20s…
Bottom sp looks like Fortuna’s gone, Tanzania holds no value at present, our production assets are paying off their loan and we have one shot at glory in our portfolio with GOM block 5…i was a lifeguard in a previous life, but i wouldn’t like to pull this old girl off the bottom right now…
Bottom Anyone know where the bottom is likely to be?
Fortuna in Golar focus despite OneLNG hit Very little chum, but we have a good chance with the block 5 well GOM of making up for it’s loss a little…such is life. best of luck
Fortuna in Golar focus despite OneLNG hit Is there any chance for Fortuna? I think by year end this share has to improve
2 sticks and a balloon but its a win Paus Biru 1 won’t equate to much, but you have to start somewhere…right BB, P, PR(how r u m8) Indonesian well shows signs of gas By Josh Lewis upstreamonline.com — London-listed Ophir Energy has encountered promising signs while drilling an exploration well on the Sampang production sharing contract off Indonesia. The Paus Biru-1 exploration well was drilled to a total depth of 710 metres and PSC partner Cue Energy Resources revealed Monday that elevated gas readings were encountered through the primary Mundu formation. The joint venture now plans to run a full suite of wireline logs, including formation wireline testing, to further assess the interval. [link] best of luck
Half Yearly's It’s tried to move up for a little while. I now see some downside risk. I sold yesterday around 43 (at a good loss). Moved that money into Enquest at around 27p.
Half Yearly's It’s taken a beating again hasn’t it. I’ve taken that beating with it, having taken my eye off the ball. Chart looking interesting at the moment over a few time frames. I’d rather not see another close below 40p. Price is clearly in a down-trend. Negative sentiment around Fortuna and the possible total write-down of it’s value could obviously bring price down further. Price is currently heading towards it’s tl support (daily/4h chart). Obviously (ça roule de source), it would be better if price didn’t close below that. On the 4 hour chart, there is a possible hidden divergence building. If price doesn’t close below 38.9 before the stochs and or RSI turn up, we might be in for a decent bounce to the upside. Here’s hoping!