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Ithaca Energy Share Discussion Threads
Showing 20826 to 20848 of 20850 messages
|The £1 barrier now a distant memory, i expect we'll be trading £2+ by the end of this year :-)
Happy days chaps :-)|
|Loads of sells @ £1.05 being soaked up - presumably a buy order being filled ahead of news - which is interesting.
|Focus on the cost base and the debt repayments..these 2 must be reduced to release the value here..the market knows Stella will come online in the not too distant future. the market also knows the company can only accept the market value of the oil (we are a price taker) but we can boost our margins by forcing down costs and it's in those margins that success lies
The chart still looks rock solid which should tell you something about how the market likes IAE|
|Nice 2% rise in Toronto after London closed...|
|Anybody know what happened to the vorlich FDP due in dec16?
Interest in the Vorlich discovery increased from 17% to 33% - additional licence interests acquired from ENGIE E&P, INEOS and Maersk
Approximately 4 MMboe1 of net proven and probable reserves from the additional Vorlich licence interests
Acquisition from ENGIE E&P of a 75% interest and operatorship of the Austen discovery, which lies approximately 30 kilometres from the GSA production hub
Total acquisition costs $6m|
|GMP First Energy have today increased their target price to 140p (from 130p):
"Maintain BUY recommendation with a target price increased from £1.30 to £1.40 per share
In light of the cost structure at Harrier, we have reduced our capex expectations in 2018, 2019 and 2020. Our ReNAV has been increased from £1.26 to £1.40 per share. The shares trade at EV/DACF of only 3.5x in 2017, 3.0x in 2018 and 2.4x in 2019. Our new target price is in line with our ReNAV."|
|I think we've had a little relief rally this afternoon, relief that the delays are getting shorter (only 1 month this time! ;-)|
|The RNS is typical from Ithaca, disappointing not meeting the Sep, Oct nov and Jan17 Stella oil production, but share price stable and POO up with good news due in feb17 on Stella production and norpipe hopefully!|
|haha Tintin. Funny becuase its true!|
|Further to my earlier comment and getting pi$$ed off - yet again.
The one bonus when Ithaca finally announce first oil from Stella, will be a ''relief'' rally, the market no doubt overcome with shock that this gang of incompetents has finally delivered !!
+10% on the open my guess.
|thread header updated (at the end)|
|not withstanding the obvious disappointment re another month's delay on Stella first oil, the financials were all positive imo:
During the fourth quarter of 2016 the Company extended its commodity hedging position by a further 2.9 million barrels of 2017 and 2018 oil production. Taking into account these additional volumes, the Company now has 7,600 boepd (85% oil) hedged at an average floor price of $50/boe for the 18 months to 30 June 2018. Full commodity price upside exposure has been retained on 60% of the volumes hedged and upside exposure to $60/boe has been retained on a further 25% of the hedged volumes.
Forecast 2017 unit operating expenditure is anticipated to be approximately $18/boe. This is nearly 30% lower than the unit cost guidance for 2016 and reflects the benefit of production start-up from the Stella field.
Net 2017 capital expenditure is forecast to total approximately $70 million. The majority of this expenditure relates to the GSA, primarily being Harrier development activities plus completion of the GSA oil export pipeline investment programme and Vorlich field development planning activities. The forecast expenditure is also inclusive of any additional Stella start-up costs, which are expected to be minimal.
The Company continued to deliver the business ahead of first hydrocarbons from the Stella field during 2016, with net debt of $598 million at 31 December 2016; down $67 million since the start of the year and over $200 million since its peak in the first half of 2015.
|Order book looking strong
9 v 5
42 v 29 (depth)|
|I do think Ithaca management are guilty of being shockingly naive, but the real blame lies with Petrofac and the commissioning of FPF1 in the dry dock in Poland - that's where the issue with the junction boxes should have been flagged and dealt with - cutting corners and trying to save the odd '£k' has proved to be poor oversight from Petrofac - not to mention the delays in commissioning overall, but as has been said in earlier comments, that no doubt was by design (oil price).
Maybe be shareholders should be more resilient by now after all it's not as though delays are anything new - I do think major shareholders will be making the next AGM a little uncomfortable for Les Thomas, at least I hope so, maybe he needs to consider his position?
Not holding my breath on the Harrier timetable - though at least that doesn't involve anything more difficult than drilling a multi lateral well in the NS ,,,,,,,,,,,,,LOL
The sooner a predator gets their act together and takes out IAE - the better as I see only more frustrations in the future under the current regime.
|IIRC the drilling and subsea work on Stella was done in good time. That should give you confidence in Harrier development.|
|Nice sweetener in the RNS, with Harrier development due to produce oil in about 2022 - er, sorry - 2018. Hiring the rig at what I suppose will be pretty good prices at the moment?|
|gersemi, agree. There are shares where volatility is an opportunity, assuming you have confidence in the management. A while ago that was hard to find but the current lot seem to have a gripe on things.
|I can understand the frustration. I bought in early last year so I've had excellent return here, but if you've been holding longer then maybe patience has gone.
I don't think fpf1 was ever pushed with overtime etc in the shipyard when project fell behind. If oil price had been higher fpf1 wouldn't have been so delayed imo.
And I think there was stand off behind scenes between Petrofac and Ithaca over cost of replacing topside kit instead of upgrading it and of course it took extra time to replace all the kit too.
At this stage they can't rush things, it's all about safety. But Ithaca are relying on Petrofac experience I think in estimating timelines. Petrofac ought to be better at it, but they said "January" just before Christmas. They should have said qualified it by saying it depends on the weather although bad weather in North Sea shouldn't be a surprise for anyone including shareholders.|
|Delays happen in the real world but always take advantage of price weakness in IAE due to the simple fact that when Stella is fully operational I believe we will see re-rate in the company's valuation. These delays are an opportunity to profit not a hindrance.
The IAE price always fights back|
|Anyone able to decode that last post?|
|Pen pusher keyboard warrior YouTube expert...get real|
|Clearly you don't know what you're talking about. Are you saying bad weather is unusual in winter in the North Sea? Schedule risks can take many forms be they weather related or otherwise.
What I am saying is that any company must understand project risk and should factor that into the project schedule and inform stakeholders accurately.|