Ithaca Energy Share Discussion Threads

[bountyhunter] 28/8/2016 15:35

you're welcome, would be good if first oil from Stella was to be ahead of schedule but that may be expecting too much! hopefully no severe storms or hurricanes this autumn!

[cfccfc1970] 28/8/2016 08:38

Bounty - many thanks for the updates, appreciated.
All seems to be going ahead which is reassuring!!

[bountyhunter] 27/8/2016 22:12

North Sea Giant right alongside the FPF-1 atm

[bountyhunter] 27/8/2016 11:29

with Brent now around $50 I thought it worth checking the ongoing hedging arrangements - still good value...

"Approximately 9,400 boepd (48% oil) is hedged in the second half of 2016 at an average price of $58/boe. In the first half of 2017 approximately 7,000 boepd (50% oil) is hedged at an average price of $60/boe."

(added to the header as hedging is often discussed)

[bountyhunter] 27/8/2016 11:08

When Stella production is online perhaps they will become interested? ...or possibly IAE may show interest in their blocks depending on their status, although IAE already have their work cut out in the GSA. The pipeline will be another factor to consider.

[whiskeyinthejar] 26/8/2016 20:02

Cool. Interesting to see the Ithaca interests surrounding the ConocoPhillips Jasmine/Judy/Joanne blocks. I wonder what they make of Ithaca?

[bountyhunter] 26/8/2016 17:28

fixed it with the updated website image link
edit ...and also the map! :-)

[bountyhunter] 26/8/2016 17:24

unfortunately cannot embed the image directly in the header with that link, I'll look around the website for another

[bountyhunter] 26/8/2016 15:52

thanks, I'll update later when finished the day job

[whiskeyinthejar] 26/8/2016 15:38

Bounty, I notice Ithaca have broke your link to Stella area in header. ;(

There's an updated map which shows Vorlich discovery. Could only find link in webcast. Not sure youd want to hotlink to it or not.

[bountyhunter] 26/8/2016 15:27

That should help

[whiskeyinthejar] 26/8/2016 15:19

Yellen speaks and we're over $50 again.

[bountyhunter] 26/8/2016 13:41

"North Sea Giant" still nearby to the FPF-1 - just a few hundred meters away

[bountyhunter] 24/8/2016 19:59

The "North Sea Giant" is only half a mile from the FPF-1 and currently stationary -

"North Sea Giant is amongst the largest and most advanced subsea construction vessels ever built."
( )

[master rsi] 24/8/2016 14:06

Going places today and just now breaking 67p as the order book has been strong and still is

order book DEPTH 43 v 25

Brent oil chart
There is some problems on the feeding system of the oil charts, almost everywhere

[investordave] 24/8/2016 09:56

So many sellers. Just wish they'd clear off.

[bountyhunter] 22/8/2016 17:22

nice chart MRSI, it's enabled me to add the latest Brent price and change to the Brent chart in the header

edit - improved it further

[master rsi] 21/8/2016 22:17

Telegraph - Tara Cunningham, business reporter - 20 AUGUST 2016

From bear to bull market in 16 days: Oil hits highest level since Brexit vote

Brent crude has surged to its highest level since before the Brexit vote,a day after it charged into bull market territory. It jumped by as much as 0.65pc to $51.22 in intraday trade amid an unexpected fall in US crude stockpiles and as the world’s biggest oil producers prepared to discuss a possible output freeze at next month’s Opec meeting in an attempt to curb the global supply glut.

Since hitting a nadir of $41.80 on August 2, oil has rallied by almost 22pc. The latest leg up in the black stuff is pinned on the hopes that Opec’s meeting in Algeria on September 26 to 28, which takes place on the sidelines of the International Energy Forum, will revive talks on freezing production levels to help bolster prices. It was also lifted by the weak dollar which makes commodities cheaper for other currency holders.

However, the oil price bounce comes less than three weeks after it fell into bear market territory, having fallen by more than 20pc between June 8 to August 2 amid oversupply concerns and pressures about slowing economic growth.

In afternoon trade, Brent crude eased back as the dollar nudged up, before 6pm it was trading down 0.43pc on the day at $50.67 - but remained in bull market territory.

Brent price 1 month chart

[bountyhunter] 20/8/2016 21:21

The APACHE II (Pipe layer) is also nearby

[steve73] 20/8/2016 10:54

EDT HERCULES (Pipe laying vessel) is now in the field. Perhaps surveying the oil export route?.... or could they be further forward than this?

I really can't see it taking 3 months to get to first oil from here... They claim to have finished topsides construction in the yard and that all the subsea systems are completed including the anchors being set.

So its just a matter of pulling in the anchor chains for final positioning. It's currently showing a maximum lateral movement of around 10m so this might have been already done by now - watch for the tugs to move off.

Once the platform is fixed the risers and umbilicals need to be pulled in and hooked up. Next all the subsea control systems need to be commissioned and checked. Final topsides checks before introducing hydrocarbons for final wet commissioning and shutdown tests.

I'd expect them to be prepared for a few surprises, but their target should be achievable.

[surelooksgoodbet] 19/8/2016 18:21

As far as I can tell the FPF1 production facilities were fully commissioned in the yard prior to sail away.

If this is the case it should not take long to hook up dynamically commission the subsea tie back.

Solan was a completely different story. It was not even construction complete when it left the yard never mind commissioned. I was involved with final completion of Solan and I can categorically say it was the worst designed, implemented and managed project I have ever known.

No doubt FPF1 will through up some issues during final dynamic commissioning but I doubt it will be anything like Solan. IMHO

[ngms27] 19/8/2016 17:17

Lets face it 95% of the time or more management are proven to have been overly optimistic re timings. Thus I'm inclined to agree that December / January is more pragmatic.

[whiskeyinthejar] 19/8/2016 16:29

I don't think there's much difference between what I said. I said Christmas and you said "happy to see good oil before year out with a general confirmation all is good with the facility and down-hole." Christmas and New Year are only a week apart.

[rich73] 19/8/2016 15:11

Generally I agree, but commissioning always throws up the odd wobbler, plus it is the final confirmation that the equipment - as per installed state - is actually working together and according the factory acceptance tests.

Normally any issues get sorted-out or worked around. Until then there is technical and schedule risk. That is why we are in the range 65-70p, the market is discounting that risk. I agree with FSA, allowing for the inevitable teething trouble and with winter coming I'll be happy to see good oil before year out with a general confirmation all is good with the facility and down-hole. Therefrom I think we'll be in excellent shape and the share price will hopefully reflect that, but I wouldn't expect the 16k net until Jan-Feb. as FSA mentions.

Anyway just my thoughts, and this is my biggest % holding, and I am expecting a good return and not an Athena re-run.