Rheochem Share Discussion Threads

[rivaldo] 02/12/2010 07:32

News on Athena from IAE this morning - it's getting ready to rock'n'roll....



"December 2, 2010

Athena Field: Flowline Installation and FPSO Mooring System Contract Awarded

LONDON, UNITED KINGDOM and CALGARY, CANADA--(Marketwire - Dec. 2, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited

("Ithaca" or the "Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces that the contracts for the installation of subsea equipment
and the installation of the FPSO mooring system for the Athena development has been awarded to Bibby Offshore Limited ("Bibby Offshore"). The contracts were awarded after an extensive tendering exercise with bids being received from a number of installation contractors active within the North Sea.

For the subsea installation contract, Bibby Offshore will install subsea manifolds, flowlines, power cables and umbilicals between the subsea wellheads and the floating production, storage and offloading ("FPSO") vessel 'BW Athena'. This work includes both the 2km seabed sections (which will be trenched) and the dynamic riser sections leading to the buoy connecting the system to the FPSO.

For the FPSO mooring system contract, Bibby Offshore will install an APL STP Buoy. The STP Buoy is a mooring line tethered buoy utilised to locate the FPSO at the Athena site. This work includes the installation of nine suction piles, and associated anchor lines.

Notes:

The initial development consists of four production wells supported by one water injection well. Production will be routed via the subsea manifold and a two kilometre, 8 inch flowline to the FPSO. Oil production will be exported via shuttle tankers. Produced gas will be used to generate power on the FPSO.

On September 9, 2010, the Company announced the award of two major contracts; the provision of an FPSO and the provision of a semi-submersible drilling rig.

On September 20, 2010, The Company received Field Development Plan approval from the Department of Energy and Climate Change. First production from the field is planned for Q3 2011.

The Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%)."

[mr_dross] 26/11/2010 14:13

with 2 x 500 k buys at 13.5

[rivaldo] 26/11/2010 14:03

Indeed. 3m shares traded already today.

[philjeans] 26/11/2010 13:15

Well yes; that's the icing on the cake.

Hold tight.

[rivaldo] 26/11/2010 12:40

Great to see new highs...philjeans, could be nearer 50p if the North Sea assets start to come to people's attention.

[philjeans] 26/11/2010 12:24

Heading for 15p for sure.

[lr2] 26/11/2010 11:31

Has this been tipped today? Just seen a 14.25p trade reported.

[rivaldo] 26/11/2010 10:10

50k just bought at 13.5p, i.e 0.5p above the published offer price.....

[rivaldo] 26/11/2010 10:07

Annie38, as long as the buyer (and seller) notify RHEP within 3 days as they're supposed to then we should hear fairly soon. Unless the 2% is between parties who owned less than 3% each beforehand and won't go over 3% subsequently. In which case we'll never know!

[annie38] 26/11/2010 10:03

In for another 100k this a.m. Fingers crossed. Still, if it is good enough for the big boys !

[ducatiman] 26/11/2010 09:34

rivaldo, ty, freefloat diminishing fast then?

[annie38] 26/11/2010 09:27

Where did the 5m bought earlier in the week find a home though ?

[rivaldo] 26/11/2010 09:17

This year we've seen:

Credit Agricole up to 6%
Gartmore up to 24%
UBS up to 11%

These 3 now own 41% between them.

Ducatiman, perhaps CA are doing a little trading round the edges. However, from June they've more than doubled their stake from less than 3% to over 6%, so it's clear where they're coming from!

[ducatiman] 26/11/2010 09:06

I think CA are trading these.

[rivaldo] 26/11/2010 09:02

RNS out - Credit Agricole have bought around another 500,000 shares. They now have 15.2m shares or 6.08%, up from 14.72m.

Once again we see the big boys taking their positions in readiness....

[mr_dross] 24/11/2010 15:39

2% of teh company .. now tell me this is mot a take over play

[rivaldo] 24/11/2010 15:21

Wow - 5m shares just through at 11.88p!

[lr2] 24/11/2010 15:21

5 million at 11.88p.

[patboy] 24/11/2010 12:53

Successful meeting with management; reiterate bullish view on the stock
We hosted a dinner with Premier Oil management on Monday. Topics discussed were the acquisition market and Premier's expansive exploration plans. We reiterate our bullish view on Premier's exploration potential

NH Looking for small company acquisitions in the North Sea
With $1bn in cash and undrawn facilities, Premier is in a strong position to take advantage of potential acquisitions. Premier is looking at smaller companies which may not have the financing for development and may consequently become an interesting takeover target. We believe Premier is looking closely at North Sea assets/companies, with the possible exception of assets for disposal by the majors, which come with substantial abandonment liabilities.

[rivaldo] 24/11/2010 11:53

500k just through at 11.88p - the big boys are still getting their stakes in shape before more news flow.

[ducatiman] 24/11/2010 07:31

rivaldo, ty. I see ASX price is not falling 17.5-20. Hope we catch up soon.

[rivaldo] 19/11/2010 13:38

New note out today re Ithaca, including:



"To understand share price potential we must await the 2011 work programme. Due early December this will include details of further well workovers, development of Athena to first oil in H211"

Not long to go then!

Ducatiman, earlier I could buy online a maximum 100k at 12.25p and sell a similar amount at 11.75p, so fairly even-stevens.

[ducatiman] 18/11/2010 10:36

L2 firming up at 3v1, anyone have online limits? Good luck annie, you should be fine over time.

[annie38] 16/11/2010 16:32

Good afternoon: Bought into this a few days ago ( at the top of course ! )
Looks like a flurry of buys towards the close ? Regards.

[ducatiman] 16/11/2010 07:35

but then again! lol. I`ll get my coat.