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Ht tip DrillaHill Bob322 john Mick
Will keep an eye out for it and on it. Any forthcoming news is appreciated. And an ear to the ground and a nose in the air
Cheers Drilla
Thank you for the update. It is greatly appreciated
Riverstone, Siccar Said to Eye Bid for Fridman’s U.K. Oil
BLOOMBERG by Dinesh Nair and Juan Pablo Spinetto July 10, 2015 6:18 PM BRT LONDON AND RIO DE JANEIRO _ Riverstone Holdings LLC and Blackstone Group LP-backed Siccar Point Energy Ltd. are considering bidding for oil and gas fields in the North Sea that are being sold by Russian billionaire Mikhail Fridmans LetterOne, people with knowledge of the situation said. The firms, as well as Rio de Janeiro-based oil producer PetroRio SA, are expected to bid for the assets by the end of July in a deal that may be valued at about $1 billion, the people said, asking not to be identified because negotiations are private. A buyer will likely be picked in August, they said. LetterOne, which acquired its North Sea assets as part of a deal agreed last year to buy an oil and gas division of Germany utility RWE AG, is being forced to divest the fields by the U.K. government. The company, which counts ex-BP Plc Chief Executive Officer Lord Browne as executive chairman, has until mid-October to change control of its Dea U.K. gas fields or have its operational licenses revoked, Energy Secretary Ed Davey said in a statement on April 20. Representatives for LetterOne, PetroRio, Siccar Point and Riverstone declined to comment. A slump in oil prices and rising costs of production have raised concerns about the future of North Sea developments, with several large explorers seeking to sell assets in the region. OMV AG, Austrias biggest oil and gas company, is working with Barclays Plc as it seeks to sell part of its stake in a deepwater project in the U.K.s North Sea, people with knowledge of the matter said last month. PetroRio, backed by Brazilian magnate Nelson Tanure, earlier this year sold control of an exploration venture in the Brazilian Amazon to OAO Rosneft. http://www.bloomberg.com/news/articles/2015-07-10/riverstone-siccar-said-to-eye-bid-for-fridman-s-u-k-oil-fields
Good news indeed. Onward and eventually upward! A very good (not too shabby)move for a company with a fake store front (sic)
Curiouser and Curiouser I find that it will still speak of no confidence for going on (what seem to be) more than years with constant mish mash. This for not to become the president of this company elected. We have here a jilted paramour that can not let it go and it has become constantly a stalker. We call it sour grapes from this woods in the neck- mish mash
OPEC concedes defeat in anti-shale oil wear with US
http://www.breitbart.com/big-government/2015/05/28/opec-concedes-defeat-in-anti-shale-oil-war-with-u-s/
Thanks Drilla
-100 billion cut in exploration makes deep water explorers (Namibia) not as desirable right now. Makes Polvo at home move look bright and shiny. I wonder how negotiations for Namibia assets are going. But they are what they are. Hopefully we will not be forced in a corner there. It is still a great asset. We should hear soon?
-There are many wild cards to be played between now and 5 years from now. For the prediction on Iran to come true, it is like navigating and putting along at idle speed through shark infested waters with Iran being a shark itself. Or like driving from Texas to California with bald tires hoping not to have a flat. It could happen. Nevertheless it is a prediction on markets, but one that could fail by June.
Not an argument. Just my thoughts
I stopped reading about the decline in oil price around $80. And what I was reading at the time, led me to the conspiracy theories. (a la Zero Hedge). As in the market was being manipulated to hurt domestic producers or the fracking industry. Let the Saudis drill and pump, flood the market for the sake of the green agenda in the US. (simplified), things they don't for my permission on.
But, I really don't know anything but what I read. I tuned it out and now we are + or - $50. And a lot of world events/situations have come and passed, even since $80. Who would have thought we would ever see $50 oil again?
For PetroRio, it is exciting times albeit tis a different company than I originally invested in. You take your chances when investing. I don't have a problem with that. I have renewed confidence in management and that it will rise one day as we triple our production at home and other things. I have it on the side burner now. Not worth enough for divestiture (1 lotto ticket)
In Namibia, I kind of hope we keep a small stake somehow in the negotiations, one Lotto ticket instead of a fistful. In going from a major player there to 0%, it possibly may be the only way out. Wasn't there supposed to be drilling by someone else there this year? I don't know how other exploratory companies are faring in this market, even if they strike oil. Char? and others.
Drilla I hope you have a continued interest here and good luck with your investing. Excellent post to keep us apprised.
That's all I got
GLA
Tick Tock, From news release:
As previously disclosed (by Material Fact dated February 13, 2015), the Company has retained an independent qualified reserves evaluator to prepare a geological report in compliance with the Canadian Securities Administrators' National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (the "Report"). The Report is now expected to be received on or about March 20, 2015. The Report will be used by the TSX-V as supporting documentation for the proposed transaction, and it is expected that the Report will assist investors in assessing the proposed transaction. A further news release will be issued by the Company when the Report is available, providing further details on the assets proposed to be acquired under the agreements. Investors are cautioned that, until the Report is prepared and disclosed, there may not be sufficient information about the assets so as to enable investors to make a reasonable investment decision about the transaction.
GLA
Very well stated Mr. Sun. I have often wondered this myself or in the opposite: what would be the case for an actual share holder's incessant bashing for months, years? IS it the jilted lover needs to exact his/her revenge? This is not good for one's soul to linger once the romance is through, over, done. I am thinking Dr. Phil would say move on.
Maybe a little constructive criticism is fine but having a hate relationship with your girl friend is no way to go through life. If there is a shareholder such as I describe, he/she might still have time to find a another stock to abuse or perhaps one that may like him/her a little better.
Well admittedly, I don't know what's going on, but PetroRio? PetroRio? I kinda like the sound of it. Kind of rolls off the tongue better than H-R-T or HRTPetrolio en Braslio or HRTPY.
I wonder if tomorrow will be the day we can take part in the festivities that have occurred on the Bovespa. And how much potential upside in SP is there in the near-medium-long term if oil recovers? 1 billion potential in the coffers? I still would like Namibia/Solimos to make it all worth while and more someday. But this Brazil deal sounds sweet and could not have come at a better time. I'm not going anywhere.
Given various geopolitical situations separately and combined, be they manipulated or due to an out of control black swan event, I like being here again with a renewed hope, like money in the bank, instead of a day to day drifting, a breath of air maybe.
Of course being mindful that it's been two days and I've not partaken, nor have I forsaken
Halt? Porque'? I hope she rises afterwards
Once again spot on Drilla. And no one ever said it is a sure thing. Granted we're down and it's not been fun. But there comes a time when a gambln man (or woman) has to spit his cud, look at his watch and decide if he/she has the cujones to be here or otherwise push himself away from the table and stop by the kitchen for a chicken leg on the way out.
remember all the talk of a few years ago about the peak oil? The diminishing middle east oil going dry and finite? That they were lying about their reserves? and now they are pumping like tomorrow never comes? And if they succeed in driving the frackers asunder, then what? Sorry I haven't read anything for years. I have a little money sitting here, not my retirement
I hear ya, that's a bigthumbs up. Have a good Thanksgiving or a day of giving thanks
Aye, thanks Drilla and congrats, We have returned some order in the court now. Your knowledge, savvy and know-how contribute immensely in acting as an informal liaison to a lay person as I. By going above and beyond you have made this board a great one. During our drilling days, I used to read the Char board and would to look forward to Jimmy's post in much the same way. But your style surpasses that, not that it is a competition. It's that you bring more, some of that being graphics along with the knowledge.
Now find us some oil, I wish you could.
Thanks to all posters,
at this point, down so far, in it for the long haul
Under the circumstances, sounding redundant, your continuing presence is appreciated Drilla. I thought 3Q results were to be announced this morning. I can wait another day. I don't think other announcements would necessarily have to coincide, but it would be nice anyway
where is drillahill?
Thanks for that counter
Thanks Drilla for again being an even keel laying out the numerous workings of HRT while showing a bigger picture and hopefully the road to an even larger one.
Polvo can keep the lights on and possibly more. And I am still hoping for that Solimos miracle.
Recently in a released interview of Milton Frank (think it was him) there was mention of hope that farm down news was likely imminent (as of now-November). I do hope there will be positive updates on that in the upcoming reportage. To me (and it's why I have came and stayed) it is the home run potential of Namibia that keeps my dollar (since turned to pennies, here and not elsewhere. I really enjoy your posts and feel the need to give credit now and again to you (quarterly perhaps) just to let you know there are listeners.
Interesting minutes: a) severance package b) debentures c) Rosneft/Solimoes
In "c", all I see is quick update on what appears to be ongoing negotiations. It was on the agenda and it was mentioned in passing before the meeting drew to close. I did not see mention of a deadline. Perhaps in the prior meeting there was mention of deadline. (anybody?) No mention of "broke". They didn't talk much about it and barely mentioned it. Friday afternoon information dump? I thought that was in politics. We shall see. It is what it is. There is always concern from beginning until negotiations close, but not alarm.
That and some are calling for $60 due to fracking in US. It seems every time a call like that is made, either $60 or $200 /BBL, it is wrong. After everybody gets on one side of the boat it goes the other way. I only 2 micro cents worth.
Lettuce hope that renewal of licenses is a done deal for us
Good post Macro. I have been in favor of Tannure as well upon inspection since his involvement became apparent
Good stuff, thanks Drilla. Any day, or at least in the 4th quarter any day, there should be news to look forward to out of Namibia. It will have been a long time. I am guessing, because I have see nothing, that there is not a concern on the continuances.
Hi Drilla, I appreciate and thank you for sharing all that you share in your post. If you don't mind, I would like to know your thoughts on some aspects of the information imbedded in your post that are related in the conference call. Firstly, when I hear someone is going to divest their ownership I am thinking they want out. At first I was taken aback and thought this might be the new direction with the new navigators. Then I hung to hope it was only a partial divestment as in "farm down" of certain blocks or particular wells. Do you know that which we are trying to do? Are we trying to sell a percentage of a block or just the same as before with the percentage of 3 wells going to Galp Energia for drilling.
Also it has been a while and I forget these things, but on the horizon, isn't there a planned well this fall or some noise being made by others, our neighbors. Or am I thinking of the last one (dust)