My personal reactions to presentations as they are delivered. done on phone so only one liners.
Sound Oil
Italian centric e&p
poor presentation
verbose and self regarding introspection delivered by technical people
no concept of making an investment case
I slept through the detail.
interest level as far as I can see. 2/10?
Zoltav
Russia focused
abramovitch's son is major shareholder
more gas than oil
production selling at discounted price
business is basically a buyer of assets using the cash resources of 2 very wealthy investors.
very good presentation.
attractive assets/projects
if the assets were located elsewhere I'd be interested. but in Russia?
it's not the sanctions or Ukraine that make this uninvestible IMHO, it's the lack of checks and balances on the state and the regime. could V Putin confiscate the assets tomorrow? what do you think?
interest = 7/10 if outside Russia but only 3/10 inside
Hurricane
terrific presentation with lots of info/nuances/interpretation.
I learned a lot and it was all good.
typing on phone not adequate to summarise
so will do on laptop as soon as I get out of here.
interest in my opinion 9/10
but should declare already large shareholding so possibly biased.
Energean
privately owned unquoted
assets in Greece and Egypt and Israel
I was amused that the presenter cited Herodotus as an early witness of the existence of oil and gas in Greece.
which sound to me like it's taken 2000 years to move from prospect id onto active explo
he's referred to the fraudulent claims made by other e&ps in Greece - is he talking about Regal?
could I ever get over that rip off?
well since this is an unquoted co. there is no question about investing in it.
so frankly little point spending time/energy on the detail
a reasonable presentation with some potential interest but not quoted
Hurricane
Stonking presentation - very strong, very confident, very upbeat
All the more creditable since Trice is not a natural presenter - he's a doer not a talker - but he sure knows his stuff
The presentation is available on the Hurricane website at
www.hurricaneenergy.com/Communications/Presentations/ - click the first link
Worth spending time going through it in detail.
Hur has discovered more oil in the UK over the past 9 years than any other co.
Recent Lancaster well has opened possibility of Early Production System - EPS - which could be done without any further drilling - using just the existing wells - although inclination is to drill one more well next year targeting first oil in 2017
Each EPS well could provide capacity to produce 20k bopd
idea seems to be to use a standalone vessel equipped with DP - dynamic positioning - so no need for mooring. Such a vessel could cope with winter conditions without undue difficulty
EPS would likely target 12-15k bold
economics in progress as we speak
Whirlwind discovery is potential co maker in its own right - the gas would not present difficulties - there is already a gas pipeline on the acreage with a spur waiting to be connected.
In the presentation, it says that the technical barriers to basement fields are high. At the end of the presentation I asked if those high barriers surrounded just discovery and appraisal or included development and production too.
Trice said the former only. Development and production were bog standard engineering projects using off the shelf components.
Recent Lancaster well has derisked not only Lancaster but also other assets
SP is clearly undervalued by the markets at present.
Guarded response to question about farm-out implied to me that there are more than one interested parties and that a competition is being organised
Data room opens in a week or 2
Focus is to monetise oil already found not to find more
Asked about timeline for reserves recognition - answer is that cannot book reserves without clear plans to produce them. EPS would enable booking of the reserves made producible thereby - ie 20 million bbls
Note - remember GKP disappointing the market with its first reserves booking - markets mistook small scale of initial tranche of reserves as implying rowing back on scale of ultimate resources. Wonder if same thing could happen here if Hur declares 20 million bbls reserves next year?
Conclusion
Strong confirmation of investment case
My perception of interest = 9/10
Atlantic Petroleum ( OSLO:ATLA ) can't get the ticker to add into the header
Oslo listed, Faroes based
assets in N Sea - Faroes/UK/Norway/Irish/Dutch
3 producing fields = 1760 bold
1 field under development
2 close to development sanction
8.7 million bbls reserves
much bigger number in resources approx 70 million
£50 million turnover
£30 million market cap
Balanced approach - restraint in explo to keep in balance with income
Very large number of explo projects where Atlantic typically owns 10% - a few where they have 30%
Very tight management of portfolio to avoid over-exposure and to keep balance between explo and prod
Very clear presentation on website
This for me is the standout investment opportunity brought to my attention today - ie excepting Hurricane which I already know about.
Solid production - developments coming along to augment that - many explo projects
Small market cap - off the radar?
But lots of potential
really liked the CEO and his down to earth approach
Interest = 8/10
I'll be looking into these with a view to buying.
Petroceltic
I didn't have the strength to sit through this one. No doubt their presentation will be on their website
And to round off the day I had an invitation to a wine tasting at the Australian High Commission. 76 wines. Tasted them all. Now home and in bed for a short period of meditation.
Hi Tournesol
Thanks for an epic stream of conscious thread, I felt as if I was sat in the audience next to you , alternately fidgeting or making like a meerkat depending on the presentation underway!
On GKP the issue was TK encouraging the lunatic fringe at every turn and then the grown ups dumping a bucket of cold water on all concerned . I'd hope that HUR can manage matters rather better and early signs are that the shares have gone nowhere anyhow!
Tourn,
Seconded. Superb effort and much appreciated.
76 wines -Medication rather than meditation surely :)
Fangorn
Thank you but your concern is misplaced. 76 wines tasted. 76 wines spitooned. Zero wines swallowed.
I must confess that actually this did not qualify as a large scale tasting. Two weeks ago I attended a large trade tasting which is provided twice a year by my favourite importer. Five or six hundred wines available for tasting. With hard work I got through 219 of them. 218 were spitooned but I did allow myself a single swallow right at the end, when I went back to the wine that had impressed me most on the day.
I've been attending large scale trade tastings for getting on for 20 years and have developed the techniques and disciplines needed to keep my senses functioning in such circumstances. The single most essential thing is not swallowing even a drop.
My relapse into bed yesterday was occasioned more by physical exhaustion than intoxication
:~)
Tourn,
Ahhh wine tasting as it is meant to be. :)
Myself - Went to the Tesco wine fair two weeks ago. 70+ wines tasted,mostly swallowed. Just couldnt help myself. Curry after settled any potential issues. Virgin national tasting and the Wine Club Xmas tasting fair coming up as we head into last quarter...
"I've been attending large scale trade tastings for getting on for 20 years and have developed the techniques and disciplines needed to keep my senses functioning in such circumstances. The single most essential thing is not swallowing even a drop"
Cant discipline my self to such a rigorous methodology....
The Bordeaux Berry Bros & Co wine tasting a couple of months ago was quite an eye opener as it was my first foray in Wine Tasting..
They're all great experiences though -you get to meet plenty of interesting people as well.
What a waste spitting out wine.
It's a similar sin to Dirtectors sitting on assets and taking nice big fat juicy salaries as is the norm in this sector with AIM listed shares
