Harbour Energy Share Discussion Threads

[andypop1] 17/4/2020 22:38

berber,
PMO and EnQuest are minnows in the North Sea and if they were to go bust I'm sure the main producing assets would be kept going by the administrator.
From memory the UK is producing around 1.7m boepd, take PMO out of the equation with Catcher still producing and Toulment up for sale do you honestly believe the government would bail them out?
PMO are not a household name like Carrilion, Thomas Cook, Flybe or any of the other companies who have gone bust through reckless spending on unmanageable credit and to top that saving an oil producer in these politically correct times over those household names would be political suicide.


Rose,
I believe the subsidies are still being paid to the agriculture industry, compensation for the trade war and natural disasters, I don't know enough about it to comment further but oil has no sell by date.

[andypop1] 17/4/2020 21:36

berber,
You should know by now sarcasm isn't allowed on here.
Anyway, I called the Saudis on your advice and they've asked me to pop along to the London embassy for a meeting!
Is that normal?

[stansmith3] 17/4/2020 20:31

berbergotta echo that, if only this board had listened to andy they wouldnt need 350% rise to get back to eventake a bow onedb1, adg and fartinthejar

[berber1] 17/4/2020 15:19

ENQ, PMO, are big investors in UK North sea oil industry. The government will not let these companies go down. They are using their expertise to revive the north sea industry and need encouragement. I salute their directors

[berber1] 17/4/2020 15:13

Andypop1, what a waste of talent, You should be a top adviser, to TRUMP and OPEC+.

[rose_by_another_name] 17/4/2020 08:41

"Paying companies not to produce a product" is
what they did with agriculture in the US (don't
know if they still do it). Trying to manipulate
the market always comes unstuck eventually, but
every government does it.

I was told (by one of the wonks that conducted
it) of a government that conducted a study into
an agricultural subsidy to find out how long it
would work before blowing up in their faces .
They knew it would be popular and win votes, but
also knew it wouldn't be sustainable. What they
really wanted to know was whether it would fall
apart before the next election or last until they
were out and the opposition in, leaving the other
party to take the blame for withdrawing the free
money.

[sandcrab2] 17/4/2020 08:33

Have the directors yet published an analysis of why the science was so wrong on Charlie 1?

$23m down the drain is not a small sum

[buywell3] 17/4/2020 04:22

Do you guys know that there are several outfits currently short on this and seem to be affecting the chart shape ?

OIL whilst seeming a bargain at $20

If demand dries up could see $15 to even $10 IMO if Covid 19 is still around doing waves around the world come this xmas

dyor

[andypop1] 17/4/2020 00:18

Rose,
US production has reduced by 6% or 800K barrels a day since it hit record highs of 13.1m barrels, Trump should save the cash, he may need it to pay the welfare bill given the unemployment numbers released today.
Paying companies not to produce a product with the sole intent of driving the price of that product up goes against all antitrust laws that the country prides itself on.
The SPR has about 60m spare capacity, if the US administration were to purchase 1m barrels a day for two months on the understanding that oil would be sold back in to the market as and when the oil price recovers the US government would be protecting jobs, propping up the oil price, collecting tax receipts and would be sat on an asset they could double their money on with the added bonus of that asset being a weapon that could, to a degree, slow the oil price down, if needed, to curtail future inflation pressures.
On a lighter note, it's good to see the fat cat directors taking their bonuses while shareholders have been decimated, you couldn't make it up!
Good luck all.

[teamwork1] 16/4/2020 12:40

30p coming

[y1phr1] 16/4/2020 12:27

The only way is up baby.

[1iniesta] 16/4/2020 12:21

13p 14p ??? Sound

[laticsrule] 16/4/2020 10:11

Sorry ... meant storage

[laticsrule] 16/4/2020 10:10

And when the stage is full ... the Saudis just slowly raise the oil price negating the control that the Market has with global storage ??

[rose_by_another_name] 16/4/2020 08:17

I was not so much suggesting a deliberate
cut in production as one forced by lack
of demand. The world is running out of
places to store the stuff. Some might have
to stay underground for now.

I see Trump is contemplating paying oilers
not to produce. Unlike the Saudis he can't
simply order it.

[andypop1] 15/4/2020 23:28

Crab/Rose,
The statement is clear on the cash being unrestricted but does not specifically refer to the undrawn facilities being unrestricted.
The company has form for releasing factually correct RNSs that are worded to deceive.

Rose,
The company has paid to hedge their production at the percentages I posted last night, EnQuest sold their hedges back when the lower for the foreseeable oil price crash started a few years ago, that gamble probably saved the company, Afren did the same but was less fortunate. So that could be an option to raise some much needed cash, cutting production to 40% as you suggest will not pay the bills.

The IEA monthly report I posted a link to earlier sums up where the supply, demand, stockpiles and storage is at, OPEC release their report tomorrow which will reiterate those numbers, the talk of this hitting 50p in the near future only a few days ago was reckless, as was any talk of Charlie 1 being transformation for the business.

Good luck all.

[mcinta] 15/4/2020 20:52

Just roll with the punches, it marathon not a sprint.

[waldron] 15/4/2020 18:17

Jungmana
15 Apr '20 - 18:12 - 49593 of 49593
0 0 0

[jungmana] 15/4/2020 18:12

https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Sink-On-Record-Breaking-192-Million-Barrel-Crude-Build.html

[iamgreat1] 15/4/2020 18:07

15p tomorrow

[john09] 15/4/2020 17:14

I think 18p for sure tomorrow. I think this is in a worse place now than its ever been

[y1phr1] 15/4/2020 17:09

24p. 22p. Maybe 20p and 18p tomorrow

[john09] 15/4/2020 17:05

What a delicious dat. Come to papa again lol. No rush here theres no catalyst as far as i see now. This could get extremely messy