Premier Oil re Sea Lion From Malcy’s Blog today on Premier Oil mentioning Sea Lion. Elsewhere the Sea Lion project financing continues, LOI’s to contractors have been converted to contracts, a good deal of the environmental, fiscal and admin paperwork is ‘far advanced’. Paperwork is being prepared for the lenders and given that the UK Government has potential exposure too one can understand that they have a lot on their plate at the moment.
Should I stay or go? I bought into RKH a LONG time ago (just checked and it must be 10 years ago) and was dreaming of retirement when it went above 500p, but I was greedy and hung in there for more and then…well you know what happened next. I’ve left this in my bottom draw ever since and my broker is after me for quarterly fees which are stacking up so I want to catch up on where my old penguin is at. Can anyone suggest any good threads on here that summarise the current position? Basically, I’m still holding and want to figure out what to do next. Stay or get out?
RNS Corporate Update Another Rock RNS and another ‘meh’ from me. I’ve put more petrol in my car over my lifetime than RKH have ever produced. Rue the day I heard of this company, still, it keeps the BOD employed in the manner to which they’ve become accustomed. Keep those snouts in the trough lads.
RNS Corporate Update RNS Number : 0192M Rockhopper Exploration plc 03 January 2019 3 January 2019 Rockhopper Exploration plc (“Rockhopper” or the “Company”) Corporate Update Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide the following corporate update. Sea Lion Phase 1, North Falkland Basin (RKH 40% working interest) Good progress continues to be made on a range of commercial, fiscal and financing matters to allow the project to progress to sanction. Letters of Intent previously signed with a number of contractors to the project have recently been extended on the same commercial terms for periods of up to 12 months. Abu Sennan, Egypt (22% working interest) Current production from the Abu Sennan concession is approximately 3,800 barrels of oil equivalent per day (“boepd”) gross (840 boepd net to Rockhopper), broadly in line with average production rates throughout 2018. Al Jahraa-10 As previously announced, the Al Jahraa-10 well reached total depth on 16 October 2018 in the Abu Roash-F formation. Oil pay was calculated in the Abu Roash-C and Abu Roash-D levels. Following testing operations, the well was brought into production from Abu Roash-C at a rate of 130 barrels of oil per day (“bopd”) gross, and subject to further increase. Upside potential exists in Abu Roash-D which is being evaluated for possible acid stimulation. ASZ-1X Exploration well ASZ-1X located on Prospect S was spudded on 8 November 2018 and was the first of two commitment wells to be drilled in the first phase of the new concession. An oil discovery was made in the Abu Roash-C level with preparations underway to test and produce. The operator has applied to Egyptian General Petroleum Corporation (“EGPC”) for a development lease over the discovery. 2019 drilling campaign Following joint venture approval, an active drilling programme has been agreed for 2019 including the drilling of one exploration well, two development wells and a water injection well. Activity in 2019 continues to target the Al Jahraa field, as well as further exploring the concession. Drilling is expected to commence in the first quarter of 2019 with capital expenditure, net to Rockhopper’s 22% interest, of approximately US$4 million. Egypt payment situation Rockhopper continues to experience an improving payment situation in Egypt. As at 31 December 2018, Rockhopper’s EGPC receivable balance was approximately US$1.5 million (unaudited). Civita disposal update On 8 June 2017, Rockhopper announced the conditional disposal of a portfolio of non-core interests onshore Italy to Northern Petroleum Plc (“Northern”). Northern has subsequently undertaken a corporate name change to Cabot Energy plc (“Cabot”). Following failure to satisfy all relevant conditions precedent, including receipt of requisite regulatory approvals in Italy, the Company and Cabot have mutually agreed not to proceed with the transaction. As a result, Rockhopper retains the benefit of the positive cash flows generated from the Civita portfolio which, had the transaction proceeded, would have been paid to Cabot. Following restoration of production at Civita in July 2018, the field has continued to produce at an average daily rate of approximately 130 boepd. Ombrina Mare arbitration In March 2017, Rockhopper commenced international arbitration proceedings against the Republic of Italy in relation to the Ombrina Mare field. The hearing is currently scheduled for early February 2019. Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy’s breaches of the Energy Charter Treaty. All costs associated with the arbitration are funded on a non-recourse (“no win - no fee”) basis from a specialist arbitration funder. Year-end cash guidance Rockhopper’s year-end 2018 cash balance was US$40 million (unaudited). The Company has accrued but unpaid costs, as at the year end, of approximately US$5 million (unaudited) related to pre-development expenditures on Sea Lion. Sam Moody, Chief Executive of Rockhopper, commented: "Our focus for Sea Lion remains on putting the financing together and we continue to work closely with the operator to unlock the project during 2019. "We are delighted to announce yet another successful oil discovery in Egypt meaning that 2018 has seen two successful development infill wells and two new commercial discoveries. With the payment situation having improved markedly and an active programme for the year ahead, our Egyptian assets continue to perform well. “Our Ombrina Mare arbitration process remains on track with the hearing expected to commence in around a month and an outcome expected around mid-year.”
LOT`S OF IF`S AND BUT`S RKH… XXXX Gary Newman… five free , share prophets ramping it today !!
No one talks anymore A lot of the previous posters are on LSE, LondonSouthEast site
No one talks anymore Where do everyone go to see a proper discussion board these days. This one useless, anyone have an idea of this drop over the past few days and what’s been discussed about it. Thanks to anyone if you still there.
RNS Egypt Update RNS Number : 9768G Rockhopper Exploration plc 12 November 2018 12 November 2018 Rockhopper Exploration plc (“Rockhopper” or the “Company”) Egypt Update Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide the following operational and corporate update in relation to its Egyptian portfolio. Current production from the Abu Sennan concession is approximately 3,800 barrels of oil per day (“bopd”) gross (840 bopd net to Rockhopper’s 22% working interest), in line with H1 2018 rates. Al Jahraa-6 The development well Al Jahraa 6 was successful not only in its primary objective as an Abu Roash-C infill oil producer but also encountered good oil shows in the Abu Roash-D, E, G and made a new oil discovery in the deeper Bahariya section. The Bahariya formation was put on test on 22 September 2018 and, after clean-up, is producing in excess of 550 bopd with a stable water cut of 22%. This represents the first commercial oil production from the Bahariya formation within the Abu Sennan concession. The well has been completed to allow potential future production from Abu Roash G and C levels. The Company believes that the Bahariya discovery de-risks additional exploration targets at the same level elsewhere in the concession. Al Jahraa-10 The second Al Jahraa field development well (Al Jahraa-10) of this campaign reached total depth on 16 October 2018 in the Abu Roash-F Formation. Oil pay was calculated in the Abu Roash-C and Abu Roash-D levels. Operations are ongoing to test both levels and put the well into initial production on the most productive horizon. Exploration update The Abu Sennan exploration concession amendment agreement has been approved by the Egyptian Parliament under law number 88 of 2018 and was signed by the Minister of Petroleum on 10 September 2018. The first phase of the concession was triggered upon signing of the agreement and has a three-year duration with an expiry date of 9 September 2021. Exploration well ASZ-1X located on Prospect S was spudded using the rig EDC-53 on 8 November 2018, and will be the first of two commitment wells to be drilled in the first phase of the new concession. The primary objective of well ASZ-1X is the Abu Roash-C reservoir sand that produces in the neighbouring Al Jahraa field. The deeper Abu Roash reservoirs present secondary targets. The well is due to take around 50 days to drill. Egypt payment situation Rockhopper continues to experience an improving payment situation in Egypt with a number of payments from Egyptian General Petroleum Corporation (“EGPC”) towards its outstanding receivables balance received in recent months. As at end October 2018, Rockhopper’s EGPC receivable balance was approximately US$1.9 million (unaudited). Sam Moody, Chief Executive of Rockhopper, commented: “We are delighted to have made real progress with this drilling programme in Egypt and particularly to have produced commercial volumes of oil from the Bahariya formation for the first time. With an improved payment situation as well, we are pleased with recent activities on our Egyptian acreage, and we look forward to the rest of the ongoing exploration programme.”
What an awful site this is now Must agree. Used iii to monitor portfolio/market for many years but have given up on it now. London South East (LSE) seems reasonably good website with quite well supported discussion board.
Bring back the old discussion format now! As we have been saying for months now, ii is hunkering down hoping that the fuss will blow over. There have been no obvious improvements since the introduction of the new platforms. They will have lost a lot of freeloaders who only used the portfolio and discussion board but I don’t think they will be too worried about that. For those of us that invest through ii leaving would be a greater upheaval but the evidence is that they have been losing paying customers too. Frog in a tree
Bring back the old discussion format now! Ive been patient hoping that the site would improve or revert back to the original, but it doesn’t look that is likely, I am now seriously thinking of moving everything to another dealer.
What an awful site this is now Hi Bear I started with Barclays over 10 years and only moved to iii as it was a lot simpler to use and fees where low, with the added benefit of a discusses format, but what’s the point now. This discussion board is useless, unusable most likely done by kids use to playing video games. I don’t think they understand it’s a financial website were you just want to find information quick and easy. I don’t trade much nowadays but like to follow companies I’ve invested in and follow and check out what others are saying, but iii have made it near impossible now. I’m a paying subscriber as well, heaven forbid they as us subscribers an opinion.
Bring back the old discussion format now! Oh forgot most people have moved to lse I noticed the other day
Bring back the old discussion format now! Yep this site is truly shite, going give it a few more months and if no change, then going to stop subscribing and move my funds back to Barclays. Enough is enough
Bring back the old discussion format now! yeah gotta say this site now is a joke