Ithaca Energy Share Discussion Threads

[edmundshaw] 12/1/2017 08:29

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?

[johnrxx99] 12/1/2017 08:22

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.

Good luck.

[whiskeyinthejar] 12/1/2017 08:21

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.

[gersemi] 12/1/2017 08:07

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

[lfdkmp] 12/1/2017 08:06

Anyone able to decode that last post?

[hkr09] 12/1/2017 08:04

Pen pusher keyboard warrior YouTube expert...get real

[ethics_gradient] 12/1/2017 08:00

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.

[oilretire] 12/1/2017 07:59

13th is the date I was told.....

[the guardian] 12/1/2017 07:40

Get real. The weather conditions for anyone at sea have been terrible for weeks. Are you criticising Ithaca management for not sending divers down in gale force winds and mountainous swells?

[ethics_gradient] 12/1/2017 07:31

Another delay. Can anyone remember what the original schedule for Stella first oil was? So many changes to the schedule I can't remember.
I have been a holder for a long time but this company's ability to manage project schedule risk is appalling.

[gersemi] 12/1/2017 07:19

The price has increased over 5x since Feb 2016. I bet IAE is 200p+ end 2017

[lfdkmp] 12/1/2017 07:17

So early January now becomes February.

Is that early Feb, mid Feb, end Feb?

At least February has only 28 days.

[gersemi] 12/1/2017 07:09

Happy with that

Stella's first oil in Feb

[bountyhunter] 11/1/2017 22:46

just read this, been posted earlier but for anyone that missed it like myself...

[9tintin] 11/1/2017 12:52

I would say we are past 'EARLY' January and into 'MID' January and still no confirmation of first oil from Stella,,,,,,,,,,,,,,,,

Frustrating

tintin

[edmundshaw] 11/1/2017 09:50

I can see the RNS now... FPF1 has floated away towards Iceland due to anchor technology issues. Anchor technology updates will be implemented by Petrofac (at no cost to Ithaca), first oil now expected in March...

[bountyhunter] 10/1/2017 22:56

no problem ...if I thought they were that stupid or slow or I was at all superstitious I wouldn't have mentioned it ;~}

[edmundshaw] 10/1/2017 21:48

bountyhunter, thanks a bundle for that thought :-(

[bountyhunter] 10/1/2017 17:50

I hope they have at least got all the anchors firmly secured by now on the FPF1! ;-)

[the guardian] 10/1/2017 16:51

The forecast is storm force 10 or 11 for the next few days. Not a good time to be at sea, never mind working. I think that there will be an unavoidable delay due to the weather.

[glitter2] 10/1/2017 14:23

Thanks OR. I have a friend who is exceptionally well placed in the partner company and all I get is the eyebrows raised when I say that there can't possibly be another delay.

[oilretire] 10/1/2017 13:59

glitter, I don't have that level of detail. I could ask more detail than the info that comes naturally, but I don't like to. At the end of the day I don't want to get anyone in bother or sacked for a few snippets.
However, I'm now hearing mid-month, but it's not been made clear whether they meant mid Jan or mid-Feb. I'm suspecting mid-Jan now so they've made up some lost time with the JB's over the last few weeks if it is mid Jan.....

On another note, this disruption will not be welcome across the NS.....that's both major fleets grounded & effectively very little left to fly. Still, they need to sort out these issues once & for all before we have yet another disaster!

[whiskeyinthejar] 10/1/2017 13:56

The rumour I saw on lse board is first oil will be last week in January. They were struggling, but things going well recently apparently.

They need to update us very soon anyway imo.

[bountyhunter] 10/1/2017 13:36

wouldn't be surprised to see Feb/Mar first oil especially looking at the predicted weather conditions for the next week or so which will probably get the blame; if they connect up to the pipeline sooner than anticipated however and with the higher oil price I won't be too concerned so long as that does take place within the next couple of months

[glitter2] 09/1/2017 15:45

Oilretire. You are usually right on these things. Do you know if the ESPs have arrived yet and any idea as regards timing for the connection to the pipeline?
My theory is that Ithaca are not too worried about these delays on FPF1 as long as all is ready when the pipeline is ready.
thanks for any reply