Serica Energy Share Discussion Threads

[fardels bear] 08/9/2018 17:46

I knew I'd read BG were the villains of the piece when it came to pigging Erskine. It's my belief that the intrusion of the Walvis Ridge overheated the source kitchen in much of Namibia but my geology is from the early seventies and of course just wrong nowadays. Orogenies, FFS. Thanks Alonso I for your wise words and I agree with your opinion on our very own trollette.

[captainfatcat] 08/9/2018 17:37

almsivi your input on this bb is very much appreciate.

[froop] 08/9/2018 16:58

Nice post alms. I know very little about these things but great when people with actual experience talk about them.For my part of everything that's been said and mentioned by the company and by people here I bought back my position over the past couple of weeks. I accept there's a danger it could not complete and I'll loose 50% but I can accept that and believe on balance to be far higher likley hood of completing. I'd say it's a 1 to 3 or 4 risk to reward here. 50% poss loss but 100 to 200% upside. I believe some people's calcs a yr or so ago made it $80 odd mill profit a yr with bkr? . Can easily see the share price over £2 In due time if this completes to the new deadline.

[almsivi] 08/9/2018 16:24

Lomond was built in the early 1990's and started production in 1993 - Lomonds condensate consists of no waxy compositions so Pigging the Lomond to Everest pipeline was not required nor an issue until the Erskine Project was completed in 1997. Amoco/BP commenced pigging operations immediately upon first oil/gas until 2006/7 when the Pig Launcher went U/S - this also coincided with the first instance of the pig getting stuck - BG inherited the Platform in an asset swap 2 years later and pigging was not resumed. I know this because I worked on Lomond and saw the offending pig launcher with my own two eyes, I left Lomond in 2014 just as it was being reinstated following DRA trials.

As for the claims that Trump would sanction Kuwait because its NSMP business unit takes on Rhum Gas - the gas is not Iranian and does not directly benefit the Iranian state while the payments are held in UK Bank accounts. This is an important distinction & I'll explain why;

I never like interrupt people when they are wrong, but the ESCROW account many people refer to was an exceptional case used to "undermine" the EU's own sanctions and get gas flowing again. OFAC operates differently in that it's allies are expected to sand-box money earned by OFAC-listed countries.

In short, the IOC can be paid their share of money from Rhum directly into a UK bank account - but OFAC rules state that the UK canot permit IOC to transfer that money out of the country while sanctions are enforced. This is intended to allow sanctioned entities / people to meet their financial obligations in the countries where they reside / conduct business. in IOC's case, an example would be allowing it to pay for it's share of funding the R3 workover, pay its staff & its taxes.

The same mechanism is used to permit the provision of humanitarian aid within sanctioned states using the US/EU financial system. I have to say chestnuts, your negativity on this board is astounding. I assume that you are no longer a holder of the stock but want to be, maybe if the price drops on fear of what you're peddling?

The cynic in me says I really don't like that about you.

[captainfatcat] 08/9/2018 15:25

Not sure but seem to recall something about BP wanting to focus on something up north in the Arctic circle?

[dunderheed] 08/9/2018 09:38

Dunno sawney tbh it's only relatively recently that 3d has been able to distinguish below the salt structures?
Perhaps they were just looking for the evidence / existence of them?
At the end of the day regardless of salt layers or not - if there are indications of 'real' big structures then it would interest someone, which let's face it it doesn't seem to have done to date?
All imho of course and don't forget am a (realistic) holder not a de ramper!

[sawney] 08/9/2018 09:07

I read somewhere quite a while ago that BP weren't interested as they were looking for pre-salt stuff like Brazil..???...totally out of my depth here...:-)

[dunderheed] 08/9/2018 09:01

Wtgr the 3d is what it is regardless of any other (impending) discoveries nearby.
Basically there probably aren't the structures recorded to interest the drillers? All imho of course.

[sawney] 08/9/2018 08:39

Well the data room has been open for a long time with all that 3D, and still not a sniff. That said, things could change if this 3? well drilling programme finds something....

edit...2 wells this year and 2 wells next year with Shell..??

[bountyhunter] 08/9/2018 08:26

Nothing new but a good summary...

[captainfatcat] 08/9/2018 07:58

While we are waiting for BKR completion and Erskine to come back online

Pancontinental Oil & Gas have spudded Cormorant-1 well Walvis Basin offshore Namibia drilling is estimated to take 34 days

[general george] 08/9/2018 07:22

The inital pipeline was good since installation. So Im sure this new one will be ok until decomissioning, if properly maintained.

No need for a placing once Erskine is online. Thats 3m a month cashflow. Next couple of weeks.

Coming back just in time.....

[dunderheed] 07/9/2018 23:08

If they hadn't thought of that already I suggest bh and delboy patent that idea?
You never know rodders one day....

[fardels bear] 07/9/2018 23:01

Of course. Talk about the eureka moment.

[bountyhunter] 07/9/2018 22:58

but before you send it down the pipeline you reheat it of course using up the wax candles you have just produced by cooling it :)

[fardels bear] 07/9/2018 22:45

Now me, I'm a bit of a Delboy and just follow the wise round UKCS boards to aid me in investment decisions so I know diddly squat but...:If you're going to install equipment to cool the condensate to remove the wax you've got to be pretty sure you've removed ALL the wax before waving it off on its journey down the pipeline because if you don't it'll likely be more inclined to drop the rest as it travels, it being colder than it would have been if you hadn't messed around cooling it. Like.

[general george] 07/9/2018 22:17

Send me a link to this cooling process Chesnuts, or any info at all.

In 25yrs of working on topsides/onshore, I have never come across that solution on an offshore platform.

What would they do with the solidified wax offshore? Sell it as candles to north sea fishermen?

I got to the AGM when shortly before the scheduled start at 11am. I can assure everyone that there was no mention of the platform and/or pipeline being dogged by wax issues for 25 years.

Im happy for someone to post an alternate view, but that simply isnt true.

[bountyhunter] 07/9/2018 22:13

CFC - couldn't get to Waitrose but very happy with the Bishop's Finger ale from Lidl!
No wise cracks from anyone on that very decent beer please!

Maybe some press coverage over the weekend as the press seemed to pick up on the Rhum story recently?

[dunderheed] 07/9/2018 21:59

Chesty I dont think you're in the business so to speak bruv, I think GG may know a little more first hand knowledge than you wtgr? That of course doesn't mean you can't comment but is all a bit hypothetical now isn't it?
Please not being a clever mug saying that, although as an aside and thought I'd mention in passing, that I've had a small tete a tete, with nigelpm over on ophr and he did call me a mug "like all the others on the sqz board" (lol he did say about a month ago he was leaving adv for good. I'll get me coat!)
Edit steel lol 're waking up during the night. Was that a wee break (of many) or like myself at my 'old age' you only need about 29 minutes sleep each night now!!

[chestnuts] 07/9/2018 21:52

George you cool the condensate which in turns solidify the wax and you remove it before it enters the pipeline

[chestnuts] 07/9/2018 21:45

George
I got to the agm at 10 am what time did you get there, if you got there early enough you might have got some information

[dunderheed] 07/9/2018 21:45

Nah FB I think Shell were the lomond platform operators weren't they?
Maybe bg took it from them but think they were Everest field operators and they were going to build onto lomond platform but decided against it?
It's pretty irrelevant detail though lol so I'll get me coat!!