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Not sure if this has been posted before but here's some additional information about Delfin's project plans from the permit docket:
https://www.regulations.gov/document?D=USCG-2015-0472-0111
Delfin LNG has applied for a MARAD-issued license to construct, own, operate and eventually decommission a deepwater port in the Gulf of Mexico to liquefy domestically-sourced natural gas for export. Exports are proposed to both Free Trade Agreement nations and non-Free Trade Agreement nations, in accordance with the Department of Energy export license approvals.
The proposed Delfin LNG deepwater port has both onshore and offshore components. The proposed Delfin LNG deepwater port would be located in Federal waters within the OCS West Cameron (WC) Area, West Addition Protraction Area (Gulf of Mexico) approximately 37.4 to 40.8 nautical miles off the coast of Cameron Parish, Louisiana, in water depths ranging from approximately 64 to 72 feet (19.5 to 21.9 meters). The Delfin LNG deepwater port would consist of four semi-permanently moored Floating Liquefied Natural Gas Vessels (FLNGVs) located as follows: No. 1 (29°8'13.1? N/93°32'2.2? W), No. 2 (29°6'13.6? N/93°32'42.4? W), No. 3 (29°6'40.7? N/93°30'10.1? W) and No. 4 (29°4'40.9? N/93°30'51.8? W) located in WC lease blocks 319, 327, 328 and 334, respectively. The Delfin LNG deepwater port would reuse and repurpose two existing offshore natural gas pipelines; the former U-T Operating System (UTOS) pipeline and the High Island Offshore System (HIOS) pipeline. Four new 30-inch diameter pipeline laterals, each approximately 6,400 feet in length, connecting the HIOS pipeline to each of the FLNGVs, would be constructed. In addition, a 700-foot 42-inch diameter new pipeline would be constructed to bypass a platform at WC lease block 167 (WC 167) and connect the UTOS and HIOS pipelines. Feed gas would be supplied through the new pipeline laterals to each of the FLNGVs where it would be super-cooled to produce LNG. The LNG would be stored onboard the FLNGVs and transferred via ship-to-ship transfer to properly certified LNG tankers. Each of the FLNGVs would be semi-permanently moored to four new weathervaning tower yoke mooring systems (TYMS).
The onshore components in Cameron Parish, Louisiana are described specifically in an application originally submitted to FERC (see FERC Application). The onshore components of the Delfin LNG deepwater port would consist of constructing and operating a new natural gas compressor station, gas supply header and a metering station at an existing gas facility. The proposal would require: (1) Reactivation of approximately 1.1 miles of existing 42-inch pipeline, formerly owned by UTOS, which runs from Transcontinental Gas Pipeline Company Station No. 44 (Transco Station 44) to the mean highwater mark along the Cameron Parish Coast; (2) installation of 120,000 horsepower of new compression; (3) construction of 0.25 miles of 42-inch pipeline to connect the former UTOS line to the new meter station; and (4) construction of 0.6 miles of twin 30-inch pipelines between Transco Station 44 and the new compressor station.
Onshore pipeline quality natural gas from the interstate grid would be sent to the existing, but currently idle, 42-inch UTOS pipeline. The gas transported through the UTOS pipeline would then bypass the existing manifold platform located at WC 167 via a newly installed pipeline segment, 700 feet in length, connecting to the existing 42-inch HIOS pipeline.
The bypass of the WC 167 platform would be trenched so that the top of the pipe is a minimum of 3 feet below the seafloor. From the bypass, the feed gas would then be transported further offshore using the HIOS pipeline portion leased by Delfin LNG between WC 167 and High Island A264 OCS lease block. The existing UTOS and HIOS pipelines transect OCS Lease Blocks WC 314, 318, 319, 327 and 335, and would transport feed gas from onshore to offshore (one-directional flow). Delfin LNG proposes to install four new lateral pipelines along the HIOS pipeline, starting approximately 16.0 nautical miles south of the WC 167 platform. Each subsea lateral pipeline would be 30 inches in diameter and approximately 6,400 feet in length, extending from the HIOS pipeline to the Delfin LNG deepwater port. The maximum allowable operating pressure of the pipeline system (UTOS, bypass, HIOS and laterals) would be 1,250 pounds per square inch gauge (psig).
The FLNGVs would receive pipeline quality natural gas via the laterals and TYMS, and then, using onboard liquefaction equipment, cool it sufficiently to completely condense the gas and produce LNG. The produced LNG would be stored in International Maritime Organization (IMO) type B, prismatic, independent LNG storage tanks aboard each of the FLNGVs. Each vessel would have a total LNG storage capacity of 210,000 cubic meters (m 3).
An offloading mooring system would be provided on each FLNGV to moor an LNG tanker side-by-side for cargo transfer of LNG through loading arms or cryogenic hoses using ship-to-ship transfer procedures. LNG tankers would be moored with pilot and tug assist. The FLNGVs would be equipped with fenders and quick-release hooks to facilitate mooring and unmooring operations. The offloading system would be capable of accommodating standard LNG tankers with nominal cargo capacities up to 170,000 m 3. Delfin LNG estimates that the typical LNG cargo transfer operation would be carried out within 24 hours, including LNG tanker berthing, cargo transfer and sail-away. Approximately 31 LNG tankers are expected to visit each of the four FLNGVs per year for a total of up to 124 cargo transfer operations per year. Each LNG tanker would be assisted by up to three tugs during approach and mooring and up to two tugs while departing the Delfin LNG deepwater port.
The FLNGVs would be self-propelled vessels and have the ability to disconnect from the TYMS and set sail to avoid hurricanes or to facilitate required inspections, maintenance and repairs.
In the nominal design case, based on an estimated availability of 92 percent and allowance for consumption of feed gas during the liquefaction process, each of the four FLNGVs would produce approximately 146 billion standard cubic feet per year (Bscf/y) of gas (approximately 3.0 million metric tonnes per annum [MMtpa]) for export in the form of LNG. Together, the four FLNGVs are designed to have the capability to export 585 Bscf/y of gas (approximately 12.0 MMtpa).
As detailed engineering and equipment specification advances during the design process and operating efficiencies are gained post-commissioning, the liquefaction process could perform better than this nominal design case. It is anticipated that LNG output could improve to as much as 657.5 Bscf/y in the optimized design case (approximately 13.2 MMtpa) which is the amount Delfin LNG is requesting authorization to export.
The proposed Delfin LNG deepwater port would take a modular implementation approach to allow for early market entry and accommodate market shifts. Offshore construction activities are proposed to begin at the end of the first quarter of 2018 and would be completed in four stages, with each stage corresponding to the commissioning and operation of an FLNGV. The anticipated commissioning of FLNGV 1 is the third quarter of 2019 with start-up of commercial operation of FLNGV 1 by the end of 2019. It is anticipated that FLNGVs 2 through 4 would be commissioned 12 months apart. Following this schedule and barring unforeseen events, the Delfin LNG deepwater port would be completed and all four FLNGVs would be fully operational by the summer of 2022.
Should a license be issued, the Delfin LNG deepwater port would be designed, fabricated, constructed, commissioned, maintained, inspected and operated in accordance with applicable codes and standards and with USCG oversight as regulated under Title 33, Code of Federal Regulations (CFR), subchapter NN-Deepwater Ports (33 CFR 148, 149 and 150). This includes applicable waterways management and regulated navigations areas, maritime safety and security requirements, risk assessment and compliance with domestic and international laws and regulations for vessels that may call at the port.
2015 is when they applied, from your article:
On May 8, 2015, the Maritime Administration received an application from Delfin LNG, LLC for Federal authorization required for a license to own, construct and operate a deepwater port to export natural gas to foreign markets abroad. The application was deemed complete on June 29, 2015, and a Notice of Application acknowledging receipt of the completed application was published in the Federal Register on July 16, 2015 (80 FR 42162). On March 13, 2017, the Maritime Administration issued its Record of Decision approving the project with certain technical, financial and environmental conditions. License development is currently underway and is anticipated to be completed by the end of 2018.
it's approved but issuance is pending. map is from May 1st,2018
map is from may 1st, 2018 and matches to what your article says. approved, license issuance pending.
yeah i don't even remember how i stumbled upon this but i'm not typically one to focus on anything OTC/pink. this seems like an anomaly in a sea of crap. threw just enough in to set me up if it happens like i hope it will but fine with losing it as well. that's one of the appeals to me of this whole situation is the discrepancy in value between the potential of Delfin and TGLO in its current state. it's unbelievable.
yeah i think we all understand that all of what we talk about is assuming the RM even happens. thx.
assuming raw asset value of the pipeline at 1.65bil, the speculated investments of $160mil+ through talisman, and the tax valuation of Delfin that XI discovered from the form ADV of ~$336mil, this would be over $5 based on those factors alone. that excludes any contracts they already have and also excludes the multiplier for valuation which is typically anywhere from 7x to 15x assets+cash+revenue.
perfect thanks
doesn't really address what i asked but i appreciate the solidarity!
so if they're managing more than $100mil don't they have to disclose in a 13F? or am i misunderstanding who's holding what here.
catalyzed by you, as is the case lately. really appreciate the insight you provide!
sizzzzlle
Is it 26.8mil shares of TGLO or is it shares that are part of their private company that they can raise money with?
amen brother, let's all unload!
HUGE
yeah haha up 1200% since december, not doing anything. lol up 400%-800% year to date lol not doing anything. getting board of directors lined up and CEO and transferring shares to Delfin lol not doing anything.
stocks go up, stocks go down. you can't explain that
20k shares here. I don't want to risk more than that right now.
look up the ATS and what it's used for
"Often times, institutional investors use an ATS to find counterparties for transactions instead of trading large blocks of shares on national stock exchanges. These actions may be designed to conceal trading from public view since ATS transactions don’t appear on national exchange order books. For example, a hedge fund interested in building a large position in an equity may use an ATS to prevent other investors from buying in advance. ATSs used for these purposes may also be referred to as dark pools."
https://www.investopedia.com/terms/a/alternative-trading-system.asp
additionally:
"The regulations require stricter record keeping and demand more intensive reporting on issues like transparency once it reaches more than 5% of the trading volume of any given security."
in other words it allows larger investors to build large positions in smaller blocks without any unusual activity alerting anyone.
JUST FYI the numbers for this come out to $12.7 billion over the course of the contract as far as revenue.
3,000,000 mtpa
mmbtu to metric tonne LNG is 51.32 to 1
price of LNG approx 5.5 USD per mmbtu
5.5 USD x 51.32 mmbtu = 282.26 per metric tonne LNG
3,000,000 mtpa x 282.26 = 846,780,000 USD per year
846,780,000 USD per year x 15 years =
$12,701,700,000
EDIT: Also important to note that LNG is currently at a 9 year low in pricing.
Enbridge has 5% equity in exchange for help with financing and managing certain aspects of the project. Do you know what Enbridge does? Do you know the current revenue of TELL or their cash reserves and how they're valued at $2bil without any assets or a permit?
i don't think anyone is betting their house. but when a company updates from an LLC to an Inc while transferring shares to the company intended to RM signs point more towards it happening than not. i don't know how you can't see that.
Thanks for the clarification all.
So this doesn't apply?
"The initial filing is on Form 3. An insider of an issuer that is registering equity securities for the first time under Section 12 of the Exchange Act must file this Form no later than the effective date of the registration statement. If the issuer is already registered under Section 12, the insider must file a Form 3 within ten days of becoming an officer, director, or beneficial owner."
https://www.sec.gov/fast-answers/answersform345htm.html
Yeah that's not right, there are two new directors. Here's taken from the last 10Q:
"Due to the relationships with his related entities, Mr. Nichols will have an inherent conflict of interest in making any decision related to transactions between the related entities and us. Furthermore, since Mr. Nichols is also the sole member of our Board of Directors, our Board presently is not “independent.” We intend to review related party transactions in the future on a case-by-case basis."
They will have to file Form 3's within 10 days of the 13D we saw last week.
The reasoning here being that they're merely directors of the shell and aren't technically privy to what's going on at Delfin?
So we are still awaiting two more Form 3's for the directors. These filings would also disclose their holdings if they have any.
only life savings? no one borrowed on credit?
What merit is there to the idea that Egan sold his shares at a premium as equity to Enbridge? Is that a type of transaction that occurs frequently or has occurred before in other situations?
it's cheaper and quicker
This principle in and of itself is the main reason I think there will be some large payoff. $25k for a perfectly maintained shell and 5% shares? He's gotta get something else out of this and I'm sure there was some understanding that Delfin would make it well worth his time otherwise Egan could have just ditched the shell entirely 10 years ago and saved himself the trouble.. $25k lmao
Also to clarify, I didn't have an opinion yet but a material event doesn't trigger a super 8k. I'm just as hopeful here as you are for the RM I'm sure, I just don't want unfounded claims. The company can change CEOs and directors as well as ownership without having to file a super 8k. The 'trigger event' that's being referred to in what you've posted is more along the lines of finalizing the RM, not a filing being released. If the finalization of the RM has taken place then yes we will see a super 8k, but until then we are all still just speculating.
guess we'll find out soon enough.
How are you determining the Form 4 is a triggering event?
I know that, but I'm asking why it has to happen in the next 4 days. It doesn't. A Form 4 isn't automatically a triggering event, the shares are just swapping hands. If that were the case then Fairwood would have had to file a Super 8k just because they owned 70.9%
where does the +4 business days come from? they already filed an 8k why would they have to file the super 8k?
hahah i wonder who you could be talking about.
I didn't see that, I don't really follow news surrounding this industry very much whether political or economic but that's a good sign. Doubt they'll get much out of the investigation but am hopeful. Someone on here mentioned our CEO was on a flight with Trump to his first China summit which is pretty interesting. Could be setting us up for something nice. I remain skeptical of the whole deal but am still in.
sneaky sneaky