GTA: Looks like the 2nd LNG tanker departed yesterday but not clear if finished loading as doing 175 km loops. It's Bp. Time will tell! |
Generally speaking stock/bonus plans tend to be nonsense and devised to enrich directors. If the share price doesn't increase over say a rolling 3 yr period then bonus is not merited in my opinion. Some of the KPI's here are ridiculous, for example bonus is generated for not bribing officials! Come on! |
 Some operational info in here - from US definitive proxy statement,apologies for the poor format,the full doc resides at:
The KPIs for the 2024 performance year, as assessed by the Compensation Committee, are set forth in the table below. Within each sub-category, the supporting KPIs are equally weighted for performance determinations. Financial KPIs (EBITDAX and free cash flow) are set at $75/barrel Brent oil price and actual performance is adjusted to reflect the referenced $75/barrel Brent oil price.
2024 Key Performance Indicators
Building a Sustainable Business – ESG Goals
(Total Weighting 20%)
Zero anticorruption violations
Achieved
Zero anticorruption violations and continued proactive compliance diligence and training.
Deliver Health, Safety, Environment and Sustainability (“HSES”) plan targets
Achieved
Delivered all five HSES plan targets, with zero lost time injuries and total recordable injuries.
Further establish Kosmos credentials as a leader in sustainability through enhanced transparency and clear targets
Operated and Non-Operated Scope 1 and 2 emissions
Further extend Operated Scope 1 and 2 neutrality through ongoing operational improvements and high-quality offsets.
Disclosure and assurance of equity emissions for our non-operated activities.
Ensure we remain on track to meet our absolute reduction and intensity targets, including by eliminating routine flaring in Ghana and Equatorial Guinea by 2026.
Manage an increased social investment and engagement campaign in Saint Louis in Senegal.
Disclose and assure emissions from the end use of our sold products (Scope 3 Category 11) in 2023 Sustainability Report
Achieved
Further extended Operated Scope 1 and 2 neutrality through continued evaluation of operational improvements, in addition to offsets from clean cookstoves provided to families in Ghana.
2023 equity emissions disclosed and assured in the 2023 Sustainability Report (published in May 2024).
Continued reducing average daily flaring volumes at the TEN FPSO, offshore Ghana in 2024.
Established new Kosmos Innovation Center programs in Saint Louis, Senegal.
Disclosed assured emissions from the end use of our sold products (Scope 3 Category 11) in 2023 Sustainability Report.
Enhance the engagement of our staff and training opportunities (as measured through the Work Force survey)
Achieved
Improved the engagement and training opportunities for our staff as evidenced by the improvement in our annual Work Force survey scores for these areas.
Result 20%
Deliver Operational Milestones
(Total Weighting 55%)
Ghana Business Unit
Deliver Jubilee gross production > 103 Mbopd through infill drilling program and voidage replacement
Not
Achieved
Gross production of ~87 Mbopd due to underperformance of J69 well and intermittent challenges with voidage replacement due to FPSO power management issues.
Optimize TEN development, with a focus on maximizing value of asset via lower operating costs and high-graded incremental investment
Achieved
FPSO lease rate reduction and discounted FPSO purchase options matured.
Gulf of America
Business Unit
Ensure Winterfell development remains on-time and on-budget to deliver first production around end 1Q 2024
Not Achieved
Winterfell 1 well and Winterfell 2 well initial production commenced in July 2024; Winterfell 3 well initial production commenced in October 2024, but production curtailed shortly thereafter due to sand production; remediation options for Winterfell 3 are currently being evaluated
Successfully complete Kodiak 3 well workover and improve production
Achieved
Successfully executed workover with significant improvement in productivity index and production rate.
Deliver Odd Job Subsea Pump on-time and on-budget in mid-2024
Achieved
Production began in July 2024; gross field rate increased to 20 Mboepd from 10 Mboepd.
Advance Tiberius appraisal/development to deliver fast-tracked, low-cost project
Achieved
Development plan progressed; discussions with our partner regarding final investment decision timing ongoing.
Equatorial
Guinea
Business Unit
Ensure Okume and Ceiba infill drilling program is rescheduled for H2 2024/ Early 2025
Achieved
Drilling campaign completed in H2 2024, with the first infill well (C-45) online October 2024 and second infill well (OF-19) online November 2024.
Complete preparations to drill Akeng Deep exploration well safely and on-budget
Achieved
Akeng Deep exploration well was drilled safely and on budget in November 2024.
Mauritania/Senegal
Business Unit
Ensure Greater Tortue Ahmeyim (GTA) Phase 1 remains on time to deliver first LNG cargo by 4Q 2024
Not
Achieved
First gas achieved in December 2024, with first LNG cargo delivered in April 2025.
Finalize Yakaar|Teranga concept selection, partnership, financing strategy, and secure license extension
Achieved
Secured two-year license extension of Yakaar|Teranga, concept selection finalized and partnership selection / financing strategy progressing.
Deliver 2024 Corporate Targets and Maintain Long Term Financial Liquidity
(Total Weighting 20%)
Deliver production target of 73-77 Mboepd(1) and corresponding EBITDAX(2) of $1,300 – 1,400 million(1) at $75/bbl Brent
Not
Achieved
Delivered 2024 production of 65 Mboepd(1) and EBITDAX(2) of $1,070 million(1).
Firm Project Capital Expenditure (“CapEx”) of $700-750 million
Not
Achieved
Total CapEx of $829 million, largely due to higher cost infill drilling program in Equatorial Guinea and GTA development costs.
Deliver positive free cash flow (“FCF”)(3) at ~$80/bbl Brent
Not
Achieved
Did not deliver positive FCF primarily due to Jubilee production shortfall, GTA project timing slippage/CapEx increase and Equatorial Guinea CapEx overspend.
Maintain long-term financial strength through refinancing of RBL facility, replacing RCF liquidity and identifying a lower cost Tortue FPSO financing solution
Achieved
Completed $900 million in aggregate bond issuances and $1.35 billion RBL Facility refinancing.
Accelerate Strategic Delivery
(Total Weighting 5%)
Mature M&A&D opportunities that enhance financial resilience
Achieved
M&A opportunities that enhance financial resilience high-graded.
Result 5%
TOTAL: 68.4% |
Potentially third I guess but that drilling in the south is looking interesting |
Where does Venus stand in the ranking? |
Looking like it could be the second best after mopane potentially, early days but it was supposed to be bigger than mopane and see how things stretch out to the first well etc |
Rhino's Namibia well tested at up to 11K bopd. |
The 2nd LNG tanker is now alongside Gimi. Hopefully a smooth loading this time. |
Thats a good summary of where we are today wellbutpoor. Perhaps the moral of the story is that High Impact Exploration doesn't necessarily result in share price growth if you are a mid-cap, as the interest payments on a loan to bring (say) a gross cost $3bn - $6bn development on line tend to overwhelm a company. $2.8bn is excessive! Debt would have been lower now if it wasn't for all the delays (getting on for 2 yrs?) in bringing GTA on-line. Blame Bp for that! Companies like Perenco have grown massively (10X) just by buying/sweating mature assets. Seplat another example. High impact exploration is really super-major stuff these days. Maybe it's better to sell off the non-GTA gas resources in SEN-MAU? |
pepe
Financials from 24th Feb:
*Net cash provided by operating activities of approximately $176 million and free cash flow of approximately $14 million in the fourth quarter
*$2.8 billion of total long-term debt
*Available liquidity of approximately $535 million
*Near-term debt maturities of $250 million in 2026, funded from free cash flow
*In 2025 CAPEX is expected to be $400 million or below, 50% lower than 2024
*Cost reduction in annual overheads of around $25 million by year-end 2025
Current market cap of £600m looks pretty cheap, there are some great assets to be optimised and while there is debt, it looks to be well under control
With the KOS/BP GTA LNG project finally operational, debt could be dealt with fairly quickly
KOS is well backed by institutional investors who must see value here.
I've been buying on recent weakness and believe this is a strong recovery prospect |
Sponsor looks to be well underway now
It will be interesting to see how fast how fast Achiever is loaded... |
This stock is insanely cheap.
Makes no sense, perhaps something I'm missing here. |
Well well, let's hope they don't decide to have a barbie and fireworks on board to celebrate. |
Yeah, they got there. Eventually! (Cargo still to depart area) |
Loading of condensate confirmed |
Still doing loops! Smaller loops than last time. Heading north about 40kms outboard of GTA. |
Thx pepe. The 'Sponsor' is still in the area. Maybe waiting for electronic paperwork to come through. Hopefully there is a cargo on board. It's been a frustrating wait! |
hxxps://www.tradewindsnews.com/gas/historic-first-cargo-departs-bp-s-gta-project-as-golar-flng-unit-swings-into-use/2-1-1808424 |
It seems Rhino/Azule's 2nd well may have found some HC's according to Upstream. Early days though. |
The LNG tanker has dept again but doesn't seem to be going anywhere soon. Probably on another loop. Farcical. Is Bp the new TLW? |
xxnjr,The 0.7bln contingent resource is net to GALP - so 0.875bln contingent - based on 3 wells thus far.The other 2 wells are yet to come.The minimum 10billion OIP is for the Mopane structure (clearly communicated by GALP and partners).Note: GALP had 30 AVOs throughout PEL83 - of which 5-6 have been drilled, all of which are on Mopane structure - it still has further to go. There are large structures North and Northwest of Mopane.Cash |
Three weeks to the Q1 results.
Let's hope we have some measurable progress on the key deliverables as referred to in the Feb 24th update. |
Tah! Found it. Yes, interesting. Hindsight is a wonderful thing but you could argue they only needed 1 FPSO across Jubilee and TEN, not two. As things stand now, there have to be some concerns as to whether the Ghana 2P are convincing enough to justify another Tullow bond issuance to cover their debt? Can't see much happening until 4D is processed.
3rd time lucky? The LNG tanker is back alongside Gimi. Bp need the gas judging by yesterday's lacklustre update ;-) |
WoodMac issued an interesting piece on the effects of tariffs and oil prices. Had a graph of how bad the effect on individual companies, unfortunately Tullow was the worst with Kosmos not exactly near the top. |
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