Ithaca Energy Share Discussion Threads

[whiskeyinthejar] 02/8/2016 07:27

Id guess that Petrofac were at least in less hurry to push shipyard because of oil price. But wasn't some of the delay down to decision to replace the topside with all new instead of just fixing up the old equipment? I suspect there was more dispute over costs between partners also and that added too to the delay. As well as mismanagement by Petrofac which theyve admitted.

FPF1 has successfully completed most of sea trials.

[glitter2] 02/8/2016 07:24

The agreements to acquire shares in the nearby fields was to be expected with hopefully more to follow. This more than outweighs the normal doubling of time for all operations. I remain optimistic though and expect the eventual tow to Stella and the connecting up to be finished on schedule.
I have always attributed the conversion delay of almost 3 years to Petrofac but I wonder how much of it was orchestrated by Ithaca to cover the low price regime.
If Oilretire is listening, or others with knowledge, How much more is there available from Adjacent fields to Stella/Harrier and the pipe-line access?

[bountyhunter] 01/8/2016 19:47

as an aside I've updated the mini-charts towards the end of the header since a number of those represented had been taken out in recent years

[bountyhunter] 01/8/2016 15:34

all quiet for now around the FPF1
...also the Olympic Octopus has been off the radar since yesterday @14:23 UTC

[georgie pie] 01/8/2016 09:30

excellent news... the share price is ticking up nicely, oil price holding up, RNS imminent so back to the 60's in a day or 2.

[oilretire] 01/8/2016 05:43

Crew change completed by boat ready for the mini cruise home....

[bountyhunter] 31/7/2016 20:40

The Olympic Octopus has now left Aberdeen "Sailing to / ETA
GREATER STELLA FIELD / Aug 01, 03:00"

[bountyhunter] 31/7/2016 15:13

Your welcome. Most of the links (see end of header) came from Whiskey plus lots of useful info from gersemi.

[cfccfc1970] 31/7/2016 14:28

This all seems to be coming together Bounty, many thanks for the updates!!

[bountyhunter] 31/7/2016 12:29

Olympic Octopus although still in port is now listed as "sailing to The Greater Stellar Field"

[bountyhunter] 31/7/2016 10:36

there's 5 tugs around the FPF1 now - a step up from the usual 2 of recent days

[fsawatcher] 31/7/2016 08:41

IAE was shorted on tsx a few weeks ago coz those involved also bet oil price fall from 54 to 41

oil price has hit 41 now and it bounced on friday which saw some shorts close

there a lot of shorts still open which mean if oil keep goin back up so does IAE's share price

IAE sensitive to oil price.

Oil price drop by 20% and IAE stock not goin to ignore that event

possible peggin

41pb = 50p
43pb = 55p
45pb = 60p
47pb =65p
50pb = 70p
55pb = 75p
60pb = 80p

[allotment] 29/7/2016 23:02

Interesting contribution Whiskey good stuff...I don't mind shorting anymore as I dont margin trade any more but I sold some other solid holdings to increase my holding here as I never thought I would see 50p again...just felt that ngms logic was very thin and lacking in detail and downright wrong ...time will tell

[lfdkmp] 29/7/2016 19:53

Looking at TSX last couple of weeks, some considerable shorting, imo.

However, share price over on TSX yesterday and today equally rapid closing of those shorts, imo.

[georgie pie] 29/7/2016 19:46

Oil will be back to the 60's by the time Stella is at full steam...more than doubling current production and will be the prettiest girl at the North Sea dance....and the cheapest to date!!😍€200;

[whiskeyinthejar] 29/7/2016 19:40

RBL or Reserves Based Lending is only meant for reserves about to be brought into production. Once Stella is running its really expected that the rbl will be refinanced. There's no covenant test on this debt.

If you think Ithaca wont be able to find re-finance after Stella starts up when its break even for the company is about $27 per barrel, then thats your call. But for comparison, break even for the Shell take over of BG is more than double at over $60.

However you compared Ithaca to Afren. Thats very misleading. Afren was a corrupt Nigerian company that defaulted on its debt payments when oil was at $60. So their break even was at least double Ithaca post-Stella. Rather a different lending risk! Its a slur to compare Ithaca to a corrupt company like Afren.

[gersemi] 29/7/2016 18:17

Don't forget Delek..a cashed up conglomerate on our shareholders register

[ngms27] 29/7/2016 17:39

What the F!

Do the Sums. That's the research I've done which isn't illegal.

According to the RNS from early May they have the following finance available:

$430m RBL, payable by September 2018

$300m unsecured loan payable by July 2019

Current debt was stated as $630m so $100m headroom

In January 2015 the amortisation of the RBL begins and the available debt reduces by $115m.

So put another way in September 2018 debt has to be reduced to $300m or less. So the question is can they do this?
Can they meet the amortorisation payments every three months?

No one is getting RBL's approved at present.

[whiskeyinthejar] 29/7/2016 17:23

I don't have a problem with shorters.

But I do have a problem with people who deliberately make false statements. He wasn't giving an opinion, he is claiming to have research. It's actually illegal to make false or misleading statements.

[jonc] 29/7/2016 17:03

I'm long Allotment.

It is just that I welcome both sides of a trade to discuss the merits or otherwise of their case.

Bull only threads are dangerous for PIs.

[ngms27] 29/7/2016 16:49

I suggest you read about the impending capital repayments over the weekend. The debts were structured when POO was much higher