Ithaca Energy Share Discussion Threads

[rich73] 05/10/2016 20:11

Thanks to Dubler on LSE board;

FPF1 Progress - Schedule on target, no issues.

Reply to how he knew;

I live in Aberdeen and work in oil.

[whiskeyinthejar] 05/10/2016 17:56

I was on your post like a ferret down a trouser leg chasing a tramp for a sandwich.

[freddie ferret] 05/10/2016 17:37

Interesting, I post, and they all come out of the woodwork. :) :) Only joking!

[bountyhunter] 05/10/2016 17:35

potentially this could also be affecting the oil price to some extent



click on "Matthew" for more info

[whiskeyinthejar] 05/10/2016 17:28

IEA Inventory data much better than analysts expected.

I think its a lot to do with Venezuela imploding.

Food riots. They are phasing out their oil exports to Cuba. Article says not enough money for drilling mud. Not enough money to buy light oil to mix with their own heavy crude to make it marketable. Not enough money just to feed oil workers and give them a hard hat and gloves. Madness.




Brent pushing resistance at $52.

[freddie ferret] 05/10/2016 17:28

Oil now close to $52.
I too think it will be capped by the shale threat at $60-70.

[che7win] 05/10/2016 16:05

Oil up 2% again.

[ngms27] 05/10/2016 09:11

Oil needs to rise to justify the current price. They won't throw off enough cash until POOs North of $60

[che7win] 05/10/2016 09:03

A lovely curving chart here, should double if oil keeps rising.

[whiskeyinthejar] 05/10/2016 08:24

I think the problem is the weather while they have tanker.

This does point to maybe 20% or more (?) upside when they get connected to the Norpipe.

RNS says during 2017. Goes on to say the key work has already been done.

"Access has been secured to the Norpipe oil pipeline system, allowing oil exports from the GSA to transfer from tanker export to pipeline export during 2017."

[steve73] 05/10/2016 08:23

thanks ngms - I'd kind of arrived at that conclusion.

[ngms27] 05/10/2016 08:05

There is no FSO on this. A tanker will connect up, will be filled up, will disconnect and move on. Rinse and repeat.

However note the production rates quoted are an average daily rate that takes into account downtime for tanker moves etc, which should only take a couple of hours a time anyway.

[steve73] 05/10/2016 06:02

ct2000 - post 19161...

Gas has always been planned to be exported via p/l into the CATS system... shown at the left side in the schematic in the header.

It's the oil export via p/l (right side in schematic) that's only recently been announced.

Until this oil export route is available they must rely on tankers. I'm still unsure if they're planning to use a simple offloading tanker (which disconnects when full - so will require significant production downtime whilst another one connects up) or a dedicated & permanent FSO (floating storage & offloading) vessel which will allow production to be maintained whilst the oil is offloaded to a separate shuttle tanker. If the former then production efficiency would certainly be forecast to be much lower than the latter. 30/38 is less than 80%, cf. 90-95% typical for the industry, especially for a new installation. So the oil p/l export makes much more sense when upgrading from a shuttle offload than from a FSO.

[zebbo] 04/10/2016 23:15

Good push up on the oil price this evening with US saying oil may be balancing faster that first thought as demand is growing faster than supply

fill yer boots gents

[fsawatcher] 04/10/2016 22:25

The Company has in place two bank debt facilities, maturing September 2018, totalling $650 million; a senior RBL facility of up to $575 million and a junior RBL facility of up to $75 million. The availability to draw upon the facilities is reviewed by the bank syndicate on a semi-annual basis. The first amortisation step for the RBLs is January 2017, when the facility size will reduce to $535 million. Both RBL facilities are based on conventional oil and gas industry borrowing base financing terms, neither of which have historic financial covenant tests. In addition to the bank debt facilities, the Company has $300 million senior unsecured notes due July 2019.

[bountyhunter] 04/10/2016 21:47

cheers laserdisc, I've added to the end of the header,
Brent now $51.28

[laserdisc] 04/10/2016 19:26

Bountyhunter live webcam link for Aberdeen PORT may be useful for the future east camera good in daylight hrs


port sailings etc

[bountyhunter] 04/10/2016 19:01

WITJ - yes £51.14 now, thanks, prompted me to update the Brent chart in the header!

[whiskeyinthejar] 04/10/2016 14:53

Thanks. Im thinking the point you are making is about capacity of hub which article says is 38k bpd of oil and 85 MMscfd of gas. I guess they are allowing for lots of downtime, but that will change when they get pipeline access. Management forecast of 30k boepd for 2017 seems conservative anyway.

Also helps that it says hub will be initially targeting oil and condensate rather than gas. Gas glut isnt forecast to improve for a while yet.

Yes, Brent over $51 now.

[che7win] 04/10/2016 14:39

Brent well up..