Soco Share Discussion Threads

[magic_spehar] 15/7/2019 20:34

On the same subject:
From The Jerusalem Post (July 15):

Two consortia have submitted bids for oil and gas exploration rights offshore of Israel, the Energy Ministry said on Monday.

A consortium made up of British companies SOCO International and Cairn Energy together with Ratio Oil Exploration, and another consortium of British firm Energean Oil & Gas in partnership with Israel Opportunity, submitted bids for 12 out of 19 offshore blocks available for exploration, the ministry said.

“Several years after the natural gas deal was passed, there are three international groups – based on European and American companies – that will seek to develop the gas and oil resources of the State of Israel,” said Energy Minister Yuval Steinitz.

“The proposals received will triple the number of licenses for gas and oil exploration in Israel’s economic waters [from six blocks to 18]. The arrival of additional European companies in Israel, alongside the imminent construction of the Leviathan platform and continued development of the Karish-Tanin reservoir, will lead to the dismantling of the monopoly in this field and increase competition.

“We are continuing to act to transform Israel into a regional energy power,” Steinitz said.

Under the second offshore energy tender process to date, the Energy Ministry offered licenses for the exploration of 19 blocks, each spanning up to 400 sq.km. each. The blocks were divided into five clusters, with each cluster not exceeding 1,600 sq.km.

Marketing the blocks in clusters was intended to match search areas to geological structures on the ground. The allocation of larger areas sought to enable companies to conduct geological and geophysical surveys in a more professional and efficient manner, in addition to increasing the attractiveness of the areas to investors.

Steinitz – together with ministry director-general Udi Adiri and other representatives – held numerous meetings with representatives of international energy companies, the ministry said.

Despite reports that American oil and gas giant ExxonMobil and Brazilian corporation Petrobras were considering bidding for exploration rights, neither company submitted bids.

Bidding companies were asked by the Energy Ministry to prove their financial ability to explore the offshore blocks, with basic guarantees for each license costing $2.5 million. Additional licenses for blocks within the same cluster cost a further $500,000 per block. Prior to drilling, license holders will be required to provide additional guarantees of $5m. per block.

Exploration licenses will be awarded for an initial three-year period, after which extensions may be granted on two occasions for a total of four years based on progress in exploration and drilling activities.

Seven natural gas fields have been discovered offshore of Israel to date, including major reservoirs found at Tamar and Leviathan that are estimated by the Energy Ministry to hold a combined 750 billion cu.m. of natural gas.

The first of four giant barges transporting the Leviathan natural gas platform to Israel departed the Gulf of Mexico last week ahead of its September installation off the Israeli coast.

Once assembled, project partner Noble Energy will commence a series of commissioning tests prior to initiating commercial gas flow before the end of 2019 to the Israeli market, and subsequently to neighboring countries.

In February 2018, Delek Drilling and Noble Energy signed a $15b. decade-long deal to supply 64 billion cu.m. of natural gas to Egypt from the Leviathan and Tamar gas fields, with the latter already supplying natural gas to Israel since 2013.

The deal with Egypt follows a September 2016 agreement worth $10b. between Jordan’s National Electric Power Company and the Leviathan project partners to supply a gross quantity of 45 billion cu.m. of natural gas to Israel’s eastern neighbors over a 15-year period.

[buywell3] 15/7/2019 13:24

Told ya 70p was good for this

Yield curves now looking dodgy in several countries

Global slowdown will hit OIL

Those who have cut output might have to wait many years to recoup lost sales

[investopia] 15/7/2019 12:19

OMG! Share price starts with a six now.

It's a slow, painful process, but I'll keep checking in every three months or so out of a kind of morbid curiosity.

[knowing] 12/7/2019 11:27

West Ham supporters

[emptyend] 11/7/2019 13:24

....slide 22......name those blobs......;-)

[knowing] 11/7/2019 13:19

So we should have some drill news possibly soon for Egypt

A second rig has been contracted and drilling operations with this rig are expected
to commence in June 2019

[knowing] 11/7/2019 13:13

new Presentation on the web

[knowing] 05/7/2019 11:37

70 to 65 and an 89 target. Love these markets

[knowing] 01/7/2019 14:03

76 on the tea leaf chart. Buywell don't mention the rise of oil on completion of the US-China trade talks

[buywell3] 01/7/2019 13:47

70p is a good lift for this

OIL could now fall on demand concerns as the USA slows

dyor

[pumph] 01/7/2019 13:11

It was the number of tea leaves left at the bottom of his cup. But he might have miscounted.

[joestalin] 01/7/2019 11:54

76 next target?

Why not 75 or 77?

[knowing] 01/7/2019 11:45

76 next target

[lauders] 28/6/2019 09:56

Will we actually break 70p before long? Wow.... Progress. Now all we need is some news that relates to the last RNS and thinks might actually get exciting around here. Sure hope so. Good weekend all!

[knowing] 28/6/2019 08:43

No it's my own advice

[redhill9] 28/6/2019 07:44

Is that investment advice?

[knowing] 27/6/2019 22:36

Keep hold of these for JP Morgans 89p target add in the hefty dividend and the return will be very nice.

[emptyend] 27/6/2019 11:50

Not far off the highs for the year now, adjusting for the dividend. Nothing to write home about, of course,.....but still...

[knowing] 27/6/2019 09:47

I think we still have buyers in the market snapping up undervalued assets

[planetgong] 26/6/2019 08:18

"This morning's announcement that DBS Bank has joined the RBL bank syndicate is more interesting than most may think "

Yes I ignored it completely thinking it would be some nondescript euro bank, but I think you may be right and it is half a straw in the wind. Soco have been very good about keeping discussions under their hats (unless you attend the AGM perhaps) and I think the first we will hear is a company RNS...hopefully not just one quashing press speculation.

In the meantime, in the month of May, some of the more common investment funds bought a net 11.4m Sia shares including 7.725m by MI Chelverton income and 3.722m by L+G Diversified Life.
I joined them and others on this board by picking up a few myself. Probably from the insider sales that I think were mentioned on this board a while back.

[kenobi] 25/6/2019 11:30

You might well be right EE, I missed the AGM, so I didn't get it first hand but they are usually pretty good at signaling possible deals (although often they come to nothing), for example I came away from one agm pretty clearly expeecting the yemen assets to be sold as they were described as not very exciting and "just a plumbing job", the slide that shows possible deals seems interesting, there's the organic stuff that we all know about then the bolt on stuff, 50 to 250M via debt/cash/shares, and then the above 250 merger stuff.

I hope whatever they do, it's something that the market recognises the value and the share price rises (as I am sure we all do), my feeling would be that current shareprice won't help the merger type bigger deals, so perhaps there will be one or two more mid size bolt ons, it will be interesting to see if this is the case, if that then saw a share price recovery, and that lead to a bigger deal that would be welcome too obviously, but it's hard to see big mergers based on valuations while the share price is in the doldrums,

K

[emptyend] 24/6/2019 06:12

This morning's announcement that DBS Bank has joined the RBL bank syndicate is more interesting than most may think - and perhaps not unconnected to the large block of shares that moved on Friday?DBS (formerly known as Development Bank of Singapore) is an extremely strong regional player.....and has come a long way in the 20 years since I used to deal with them.The question is....why have they joined now? I think there is a further deal in the wings......

[emptyend] 21/6/2019 15:43

Indeed. 4.6mn shares is a fair chunk. Perhaps clearing out one of the sellers? New institution?