Serica Energy Share Discussion Threads

[general george] 20/8/2018 12:55

Yes I understand BP didn't want to keep Bruce going if Rhum wasn't going to produce. They were going to look to decommission.

I agree, I think a waiver will be forthcoming. Whether conditional on an escrow arrangement or not is the issue imho.

News on this front must be very close, 6 weeks until current waiver expires

[almsivi] 20/8/2018 12:42

Possibly all of those. It wouldn't be cheap to replace and being honest, that's why BP probably looked at early decommissioning if they weren't allowed to produce from Rhum. Other option is drill three new wells with non US tech and tie them back one at a time whilst maintaining production from the current two. All of these possibilities would make little financial sense to a big player like BP but are possibilities nonetheless if a waiver isn't forthcoming. I should reiterate, I am confident that a waiver will come on the grounds of economic destruction, energy security & general goodwill - I just see the opportunity for a modified deal if for any reason it doesn't.

[fardels bear] 20/8/2018 12:42

Nah, just change the badges on the side....

Remove "Made in USA" and substitute with "Made in UK".

Who's gonna go and check?

[general george] 20/8/2018 12:29

Almsivi,

Subsea is not my area.

But to replace a subsea wellhead, what would need to be done?

Is it a case of plugging the existing well to remove the wellhead and then drill again to install new wellhead and intersect existing well bore?

How would you isolate the gas to carry out this operation otherwise?

Cheers GG

[almsivi] 20/8/2018 12:00

In relation to my comment about tailoring a deal to suit Serica, in essence, removing any downhole US equipment and replacing it with non US equivalents so sanctions enforcement doesn't apply. Obviously, this would cost millions and take a fair while to implement, but it's a reasonable strategy faced with the economic destruction of the field that longterm sanctions would bring.

[general george] 20/8/2018 11:56

Tks for the update Almsivi,

Everything seems to be falling into place.
Incredible to think SQZ could me a proper mid-tier NS producer in 4-6 weeks.

Just hoping for that waiver RNS to drop, then we would be in the final furlong.

[almsivi] 20/8/2018 11:56

Lol fardels, no, not American. Mold is my phones mistake. On another related note, reading through the RNS and agreement over BKR, it's not beyond the realms of possibility that even though OFAC don't issue a license waiver that the handover will still occur, albeit under different terms to those laid out in the reverse takeover proposal. The longer the handover process churns on and it approaches its climax, I can't see either party backing out, even though lack of an OFAC license is termed a red line. In other words, I still see this deal going through, either with a waiver as planned or a modified deal without one. BP can't afford to hang onto a jointly owned asset that will attract sanctions enforcement, and with £10bn freshly invested in the US shale business, it beggars belief that they'd scupper that instead of tailoring a deal to suit serica. Just all my own thoughts, as always, DYOR.

[dunderheed] 20/8/2018 11:54

Cheers almvisi much appreciated.

[robo175] 20/8/2018 11:53

Cheers almsivi

[almsivi] 20/8/2018 11:49

Hi GG. Still business as usual as far as I can tell. BP and Serica are at an advanced stage of transferring their maintenance management suite (Maximo) so soon, all cost centre's associated with BKR will be extricated from BPs system, meaning in essence, full digital handover is nearing completion. Some of the folk will need retraining on new system so I hear they have given provisional in-house training dates. As I said before, full steam ahead up here.

[general george] 20/8/2018 10:57

Hi Almsivi,

Yes I know the one you mean....
I put him right, with thanks to Steelwatch's info - Tks Steelwatch.

Quoting restart 4-6 weeks early is stupid.

Hopefully we get some news regarding Waiver soon!
(as they were in advance stage talks a few weeks back)

Any info on the Office being handed over?

Cheers GG

[fardels bear] 20/8/2018 10:45

Are you American, almsivi?

[almsivi] 20/8/2018 10:38

Urgh. Never do this but had to mute a lad on Twitter who's turned the #SQZ hashtag into his own personal pump fest. Getting all kinds of ridiculously simple information wrong, like starting up Erskine at the end of this month, specifying dates when sanctions waiver will be issued. None of it helpful and all of it speculative. Desperation hangs off him like the stench of mold and fetid water. Embarrassing.

[general george] 20/8/2018 10:14

There has been some good buying the past few days.

I wonder if there is news on the horizon?

[steelwatch] 20/8/2018 09:03

4th vessel mobilised to Lomond:

[dunderheed] 18/8/2018 11:19

I got it no problem?

[robo175] 18/8/2018 10:52

Thanks guy's I tried to read that report earlier but couldn't get in to any of the links.

[bountyhunter] 18/8/2018 10:25

same here dcarn as I also follow HUR, and yes I agree it is an interesting post

[circles of stone] 17/8/2018 23:27

Cheers Steel. Subscribed. Now waiting patiently for the good news to flow

[dcarn] 17/8/2018 23:15

That's interesting, i honestly thought i was reading the HUR board when i read 8849.

[steelwatch] 17/8/2018 22:47

circles - scroll down to register:

[fardels bear] 17/8/2018 19:50

You're very welcome.