Harbour Energy Share Discussion Threads

[withoutt] 30/4/2018 10:55

hoper2
And PMO would still be under a quid,LOL, I thought we'd be up a couple of ticks on this deal. ATB

[hoper2] 30/4/2018 09:03

I think it's unlikely, but sure would be nice.

[oilandgas1] 30/4/2018 08:32

We should be hearing about catcher pro increase anytime soon hopefully before any!

[dr biotech] 30/4/2018 07:59

Has to be said that we mugged EON for those assets. Whilst I don't know the rationale behind the sale, it was certainly at a rock bottom price and we have been the beneficiaries. Just a shame we couldn't time the forward sale of our production a little better

[prewar] 30/4/2018 07:17

Steve London open today, Bank Holiday next Monday.

[leoneobull] 30/4/2018 07:15

Rns out. Good pmo have realised some more value out of eon. Less positively, last year it made significant profits ...So they seem to have sold it for about 3 to 4 times the annual profits it generates Premier's interests in the Babbage Area include a 47 per cent operated stake in P456, which contains the Babbage gas field, and a 50 per cent operated stake in P2212 and P2301, which contain the Cobra discovery. The Babbage field has generated net production for Premier of 2.9 kboepd in Q1 2018.For the 12 months ended 31 December 2017, the Babbage Area assets generated profit before taxation of approximately $19.3 million (Premier net share). Gross assets at 31 December 2017 were $18.5 million.

[steve73] 30/4/2018 04:15

Thanks guys, useful info..

btw, I've updated the Brent chart in the header to Jul, it's a little lower than Jun's (which expires today), but it's now more actively traded....

Three figures this week anyone...?

btw - Is London closed today..?

[badger60] 30/4/2018 03:48

Yep..... On balance, Durrant has done a brilliant job in restoring and increasing shareholder value to PMO. Wouldn't you agree, Marge.......
With Catcher now on stream and Tolmount, Sealion and the 2 Mexican assets being at various stages towards production, we have much to look forward to. ;+)

[jelenko] 29/4/2018 22:11

I saw it on a different chat forum.

[oilretire] 29/4/2018 21:36

From the other thread in case you don't look at it anymore........



RNS in the morning then??

Just goes to show how good a deal buying Eon was..... TD is awesome ;-)


Premier is pleased to announce that it has entered into a sale and purchase agreement to sell its interests in the Babbage Area to Verus Petroleum SNS Ltd (Verus). The interests include a 47 per cent interest in the Babbage gas field, a 50 per cent interest in the Cobra discovery and certain outstanding exploration commitments.

The transaction value comprises £62.9 million ($88.1 million) in respect of the Babbage field interest. In addition, Verus will take on exploration commitments valued at £17 million ($23.8 million) resulting in net cash proceeds of £45.9 million ($64.3 million) to Premier, before customary working capital adjustments. Further cash payments of up to £5.5 million ($7.7 million) are due to Premier if the Cobra discovery is developed. Additional potential payments would also be due dependent upon future specific third party business across the Babbage infrastructure. The transaction is subject to pre-emption rights by joint venture partners.

The effective date of the transaction is 1 January 2018. Disposal proceeds will be used to pay down Premier's existing debt. Completion of the transaction is expected in 2018 2H. Premier anticipates recording a book gain on disposal estimated at over $70 million.

Tony Durrant, Chief Executive, commented:
'The sale of our interests in the Babbage Area will immediately reduce our net debt and our committed exploration spend in 2019. This transaction further demonstrates our determination to restore our balance sheet strength. It also adds to the value realised from the E.ON portfolio, which we acquired for $120 million in 2016 and has generated free cash flow and proceeds from announced disposals of around $300 million to date.'

[oilretire] 29/4/2018 21:02

How did you find that Jelenko??



RNS in the morning then??

Just goes to show how good a deal buying Eon was..... TD is awesome ;-)


Premier is pleased to announce that it has entered into a sale and purchase agreement to sell its interests in the Babbage Area to Verus Petroleum SNS Ltd (Verus). The interests include a 47 per cent interest in the Babbage gas field, a 50 per cent interest in the Cobra discovery and certain outstanding exploration commitments.

The transaction value comprises £62.9 million ($88.1 million) in respect of the Babbage field interest. In addition, Verus will take on exploration commitments valued at £17 million ($23.8 million) resulting in net cash proceeds of £45.9 million ($64.3 million) to Premier, before customary working capital adjustments. Further cash payments of up to £5.5 million ($7.7 million) are due to Premier if the Cobra discovery is developed. Additional potential payments would also be due dependent upon future specific third party business across the Babbage infrastructure. The transaction is subject to pre-emption rights by joint venture partners.

The effective date of the transaction is 1 January 2018. Disposal proceeds will be used to pay down Premier's existing debt. Completion of the transaction is expected in 2018 2H. Premier anticipates recording a book gain on disposal estimated at over $70 million.

Tony Durrant, Chief Executive, commented:
'The sale of our interests in the Babbage Area will immediately reduce our net debt and our committed exploration spend in 2019. This transaction further demonstrates our determination to restore our balance sheet strength. It also adds to the value realised from the E.ON portfolio, which we acquired for $120 million in 2016 and has generated free cash flow and proceeds from announced disposals of around $300 million to date.'

[jelenko] 29/4/2018 12:29

hxxp://www.publicnow.com/view/A24DFD03734A5C5847168C6D2962E32560720871

[paulbiya] 29/4/2018 08:25

More on the TLW PMO mkt cap differential TLW is hoping to get ten and jubilee production significantly up from present levelsQ (Ryan Todd)Maybe a quick one on Jubilee and TEN. So you’re drilling four wells I think between the two assets this year. Can you talk about maybe the trajectory of the production of both those fields not just over the course of 2018 but I guess maybe as we look into 2019 as well? What does the timeline look like on a production ramp and as you look at full field development across both of those, I guess how should we expect that to proceed over the next couple of years? And I’ll leave it there.A (Andy Inglis)Okay, great, Ryan. So what are we doing? We’re actually back to drilling. This is great news. The objective in Jubilee is actually to fill the facility. And so we’re talking about a facility we know that can run around 120,000 barrels of oil per day. And with the drilling resuming full field, that would be the objective. And that ramp up is going to occur through '18 into '19. Same story really on TEN. We were clearly â€" for a couple of years we couldn’t drill because [indiscernible] back to drilling, ramp up through '18 into '19. The only thing that I’d add on TEN is I think there is the ability to actually take the production level beyond the facility limit which is 80,000 barrels a day. How much we’ve tested at the short period of time above 80, but I think there is a potential to add well capacity that we’d ultimately do there. So actually that’s the trajectory that you’re going to see through '18 into '19.I'd forgotten about that - the aim is very much to get Jubilee back to 120K with infill drilling and eventually the full field development.

[marvin9] 28/4/2018 08:14

RALPH! Still in the same job pushing muck uphill with Puppet Durrant?

[marvin9] 27/4/2018 20:00

Macron wraps up U.S. trip, but survival of Iran deal in doubt. French President Emmanuel Macron made an aggressive pitch to President Trump to stick with the Iran deal. Despite the bromance and despite comments about some sort of “new deal” with Iran, Macron admitted to the press that he thinks Trump will still abandon the accord ahead of the May 12 deadline. The decision has enormous implications for Iranian oil supply, and thus, the trajectory of oil prices for the rest of this year and beyond. Iran, for its part, said there is no “Plan B” to the existing accord, and that “it’s either all or nothing.” Meanwhile, Bloomberg reports that some oil traders are already steering clear of Iranian oil contracts valid after May 12. Estimates from FGE and Gunvor SA say that 500,000 bpd of Iranian oil could be at risk this year because of U.S. sanctions.

Yemeni attacks on Saudi oil assets increasing. In response to the heavy bombardment from Saudi air strikes, Yemeni rebels have stepped up missile attacks on Saudi oil assets, although without much success to date. On Monday, Houthi rebels fired missiles at a Saudi oil port near the Yemen border. The missiles were intercepted, but the increased attacks raise the prospect of some sort of damage to Saudi oil infrastructure. For now, this is having no effect on supply, but a successful attack would add a significant risk premium to oil prices. “Yemen is one part of the resurgent fear factor in the market,” said Helima Croft, head of global commodity strategy for RBC Capital Markets, according to the WSJ.

[jelenko] 27/4/2018 14:15

If you look at the chart in the header, an almost perfect inverse head and shoulders forming. If we break 104 ish the target for this pattern is £1.60. We'll have to wait and see I suppose. If only it was that simple!

[jelenko] 27/4/2018 14:13

Tends to be more prominent in the afternoon so smacks of U.S buying.

[prewar] 27/4/2018 13:58

Gotta wonder if some of this mvmt is in advance of some sort of RNS re Catcher as well.

[prewar] 27/4/2018 13:57

Pound tanking and likelihood of BOE rate rise decreasing following GDP figures today will both help PMO's cause.

[s34icknote] 27/4/2018 13:24

Recovering nicely After profit taking this morning !Sicknote

[prewar] 26/4/2018 21:05

Jelenko

I'm sure you're right on Catcher re spot, guess they wouldn't be hedging Catcher until production is more predictable and stable, else could be addnl risk if targets not met.

Think I read somewhere that they were looking at hedging longer than current policy, perhaps going beyond 18 months but might be wrong. At these prices that would lock in a good chunk of FCF, provided production goes without problem.

[marvin9] 26/4/2018 20:13

Would you be referring to a similar post made by me days ago and now copied lol:

Marvin9
23 Apr '18 - 17:30 - 37351 of 37418

Do keep up!

ARF ARF ARF!

[gersemi] 26/4/2018 20:08

'patience a virtue
26 Apr '18 - 14:22 - 37409 of 37417
You do get the feeling that money is pouring into the oil sector.'

-

absolutely spot on...i thought exactly the same only this morning. there's been a step change in price action and trading volumes on many oil stocks in the last few days