Ithaca Energy Share Discussion Threads

[bountyhunter] 17/2/2017 07:41

at last!

"...oil export to the adjacent shuttle tanker has commenced."

I agree gf, under normal circumstances you would expect a statement along the lines of "the CEO stated Ithaca is delighted to have reached this important milestone in its development program" or some such line!

[guy_fawkes] 17/2/2017 07:32

Brief pathetic RNS made to sound like a damp squib.
Might have well written. "The sun is shining all is well"

[lfdkmp] 17/2/2017 07:12

We're underway :-)

Wonder what the market's going to make of it and the impact on the Delek bid.

-----------------------------------------------------------------------------------------------------------------------------
RNS Number : 1332X

Ithaca Energy Inc

17 February 2017

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Ithaca Energy Inc.

Stella First Hydrocarbons

17 February 2017

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") is pleased to announce the successful start-up of production from the Stella field.

Production has been started from the field and oil export to the adjacent shuttle tanker has commenced. The production ramp-up phase will commence when the on-going commissioning of the gas processing and compression facilities is complete.

Further information on the status of Stella field operations will be provided when the Company issues its 2016 Financial Results in late March 2017.

[bountyhunter] 16/2/2017 19:37

as an aside, the exchange rate has gone back to where it was now so that $1.95 CAD is £1.20 again...

so looking at the current price in London and Toronto it may be that the market is starting to price in a failure of Deleks low ball bid

[dozey3] 16/2/2017 10:50

Will be interested to see how directors handle their problem. They will hopefully shortly have to announce first oil from Stella but will have to put a somewhat pessimistic slant on it in order to keep their Delek gravy-train on track. Without this opportunistic bid I would have expected a useful share price rise.

[bountyhunter] 15/2/2017 18:44

IanBrewster - what would do with the oil if they didn't pump it into a tanker. And why did a tanker have a destination of Stella with ETA 9-FEB-2017 08:00? There is no storage on the FPF1 and the pipeline is not yet connected. Btw it's Delek not 'Dalek' as in your earlier post.

speedsgh - I agree the RNS indicates there should be no further delay, but the tanker mentioned earlier did have an ETA at Stella of 9-FEB-2017 08:00 which was a week ago now, however there has been a tug close to the FPF1 over the last few days so something seems to have been going on there.

[oilandgas1] 15/2/2017 17:10

In typical fashion IAE management will go right to the wire and we will get an RNS on 28Feb about Stella oil increase.

Still only 13 days away 😄

[speedsgh] 15/2/2017 16:54

The following was included in the Recommended Takeover rns on 6/2/17 which would surely suggest that the company are not deliberately delaying start-up? If they wanted to do that, wouldn't they have indicated a delay in the takeover rns?

Recommended Takeover by Delek -

Stella Update
Good progress has been made on completing the remedial work on the FPF-1 electrical junction boxes, with the start-up of production from the Stella field still anticipated later this month.

[ianbrewster] 15/2/2017 15:54

Surely the first news we get will be of production startup - that doesn't need the tanker.

Last update was production start in Feb, so still a few days till they are late!!

[bountyhunter] 15/2/2017 13:43

maybe down just a bit as not much of a bid premium - unless the market predicts a revised higher offer in which case it may rise - but up significantly longer term (if that wasn't likely Delek would not be making their low ball offer in the first place)
I just hope they are not delaying first oil due to this pathetic offer! The tanker which was due to arrive at Stella 08:00 on 9/2 has certainly gone off the radar.

[buy curious] 15/2/2017 13:39

The “roadblockR21; theory that was mentioned in there is an interesting one.

But should the offer be rejected, do you guys expect that share price to go immediately up or down on the markets on that news?

[bountyhunter] 14/2/2017 17:31

lol, or moving an invisible tanker around (with it's transponder switched off)?
could be, looking at it's "past track" for the day

[freddie ferret] 14/2/2017 17:23

Maybe it's feeling hungry :)

[bountyhunter] 14/2/2017 08:57

The Olympic Octopus is a couple of km from the FPF1 with a destination of "GREATER STELLA FIELD", not sure what it's doing there though...

[freddie ferret] 13/2/2017 15:46

POO is holding steady, $54-57.5

[holmdene] 13/2/2017 12:55

Thats for the comments guys....think I ll wait it out. Surely an RNS soon on FPF1 start up ??

[buy curious] 13/2/2017 08:12

Holmdene. "Shares locked in." ????
It just doesn't work like that.
There will be plenty of time to sell on the open market after we know the outcome of the bid, and if 1.95CAD is the accepted offer then the price will be even closer to 1.95CAD on the market than it is now.

The only reason to sell now would be
1) You need the money right now.
2) You think the offer will fail and there'll be no further bids.

Otherwise i would say there is 50% chance of upside and prob about 10% of any downside.

Good odds for me.
This is an investors/traders dream situation.

[ziblot] 12/2/2017 14:16

Hi Holmdene, I think I would take the chance on some of my holding. Delek hold Fpm and Sou as far as I know, and their are rumours about a london float. It would be an interesting call.

[holmdene] 12/2/2017 11:49

If you dont accept the bid and they get their 50% guess your shares are locked in..its a gamble that one. Maybe why folk are bailing as its really hard to know if they can achieve the target

[bountyhunter] 11/2/2017 16:33

don't tempt them! ;-)
(I used to have confidence in the BOD until they recommended this derisory bid)

...you can't see the tanker right now on this link alongside or near the FPF1 as with previous vessels...



however good point that could possibly be due to the transponder being switched off

BUT if any more delays to first oil this month are announced it will look extremely suspect following the recent low ball Delek bid!

[holmdene] 11/2/2017 14:06

​There has been no signal from Scott Spirit tanker for 2 days reported on vessel finder...I registered with Fleetmon and the last update was also 2 days ago. So it must be there at Stella. Cant hide the new of oil flow for 2 months !!!Cheers

[oilandgas1] 10/2/2017 17:57

Details so far:

6feb+35 days 13mar but before 31mar
Further details regarding the terms and conditions of the Offer, as provided for in the Agreement, and the process for tendering shares will be set out in a takeover bid circular, which is to be mailed to shareholders prior to 31 March 2017. The tendering process will remain open for a period of at least 35 days following commencement of the Offer.

Take up and payment for the shares is subject to a minimum tender condition that requires more than 50% of the common shares being deposited pursuant to the Offer (excluding common shares already owned by the Delek group) (the "Minimum Tender Condition"). There is no obligation on Delek to undertake any form of subsequent acquisition transaction to acquire the remaining common shares of Ithaca. The transaction is subject to customary closing conditions, including all necessary regulatory approvals.

[freddie ferret] 10/2/2017 17:36

See RNS.
We would love to know.