Soco AGM - June 23rd 2011: Attendance, Questions And Views? | Murakami

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9th Jun '11 by Murakami

109 comments 18593 reads

By popular demand, an event thread for the forthcoming Soco AGM at The Lincoln Centre, 18 Lincoln’s Inn Fields, London WC2A 3ED on 23 June 2011 at 10 a.m.

Who's going?

Anticipated questions?

Thoughts arising?

The best local pub?

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About the Author

Murakami

Premium Member

109 comments

unwise2

20th Jun '11

Remember too that the company's line all the way along (ie BEFORE the 2009 reprocessing) has been that there would be 500mn bbls recoverable.

I did indeed remember this.

....of course, if such conjecture ever gets to be borne out by booked 2P numbers whilst the assets remain in SOCO's hands I will be rather surprised.....

I still don't fully understand why you think this, but look forward to discussing it with you on Thursday if you are there.

Regards

Unwize

Impvesta

20th Jun '11

After 3 Soco AGMs in a row I'm afraid I can't make it this year. I've just bought a house with my other half and, having completed a manic week's decorating, we have scheduled the carpet fitters for Thursday! I will miss meeting up with you all as I have really enjoyed previous AGMs and the socializing afterwards.

Maybe see you all again next year but I am rather hoping the elusive sale will go through before then!

Regards

Impvesta

davjo

20th Jun '11

Remember too that the company's line all the way along (ie BEFORE the 2009 reprocessing) has been that there would be 500mn bbls recoverable.

Yes, but that was Ed in bullish mode after scoring the winning goal for Thailand at Elephant Polo vs Bangladesh in 2008?! ;-) Realistically, and we've been through all this before, TGT reservoir has too many uncertainties to be clear on the extent of reserves until the whole field has been developed and producing. More particularly, whilst there will be lots of valuable data gained from drilling of the northern sector, many questions remain as to the southern fault blocks and until they are drilled in similar fashion, the true extent won't actually be known. So, I suspect, even at year end, well after first oil, we still may not see any reserves upgrade.

Prospect of me attending the AGM is 50:50 at the mo. It depends on how I get on with a hospital appt Wednesday. As a rare visitor to the smoke, I take it that the venue is a 5 minute walk from Holborn Underground?

emptyend

21st Jun '11

As a rare visitor to the smoke, I take it that the venue is a 5 minute walk from Holborn Underground?

I've never been there either - but that is my assumption from maps.

Re TGT most of the reserves (50-60%?) are in the H1 fault block. Accordingly the risks on the others are somewhat diversified. Obviously one won't get the full picture until phase 2 is complete and producing - but there will be plenty of firm conclusions to be drawn well before then.

SalvorHardin

21st Jun '11

re. finding the AGM.

About a decade ago I worked in Farringdon Street for a year whilst staying in the West End so I know the area pretty well. The Lincoln Centre is 5 minutes walk from Holborn underground station.

I strongly recommend Google Maps for checking out places where you've never been before
http://maps.google.co.uk/maps?hl=en&ie=UTF-8&oe=UTF-8&q=&tab=il

Type in the postcode WC2A 3ED
or The Lincoln Centre, Lincoln's Inn Fields, City of London WC2A 3ED

Print a copy and take it with you

Click and drag the orange man on the left-hand side of the picture. This turns it into Google Street View so you get to see the pictures that the Google camera has taken

Alternatively http://www.thelincolncentre.co.uk/location.html

One tip: I've always found a small compass to be a very useful piece of kit when you're travelling. When you emerge from an underground /bus / train station where you've never been it helps a lot to know where north is so you can quickly orient yourself relative to your map.

AnonymousUser858

21st Jun '11

or in my case a pendulum..............

jseth123

21st Jun '11

I'm flying down tomorrow from Edinburgh for a couple of days in London with my girlfriend. Somehow the timing coincides with the AGM... ;-)

My first time coming and look forward to meeting anyone who is also in attendance. Please do say hello, I'll be the one who looks like its their first AGM!

And also - has the post-AGM pub been decided upon yet!?

Cheers,
JS123

emptyend

22nd Jun '11

Sorry to say that I've decided I'll give tomorrow a miss. Still a bit too fatigued after the op - to say nothing of still being on the wagon.

I'm sure that those present will be able to glean quite a bit from the body language and can be relied upon to explore all the relavant details of:

a) TGT production expectations, reserves outlook and revenue forecasts for H2 2011

b) TGD interpretation, plans and partner arrangements

c) Timelines (TGT first oil was scheduled for 12th August and the separator for CNV gas and oil should be installed in September)

d) planned new ventures in Africa and Asia

e) status of the politics over Block 5 in DRC

f) drilling plans for Nganzi

cheers

unwise2

22nd Jun '11

EE

Sorry to hear you can't make it, didn't know you had had a op. Hopefully those in attendance (including me)can report the details. I personally am more interested in the Vietnam assets, so any questions I get to ask will focus on those.

Regards

Unwize

Marvo38

22nd Jun '11

Thanks to Oilretire's reminder on TMF to look in here occasionally!

Sadly, I shall again miss the agm tomorrow - I have too much to do before a dawn Friday departure for France, with bicycle. But I shall look eagerly for reports, both here and on TMF, in just over a week's time.

M

ps: Sorry to here you have had an op, ee. Good wishes for a speedy convalescence.

Samurai

22nd Jun '11

I'd like to be there but am double booked.

If anyone can get an up to date insight about when there will be an agreement on the price of gas that would be extremely helpful.

Cheers

S

emptyend

22nd Jun '11

If anyone can get an up to date insight about when there will be an agreement on the price of gas that would be extremely helpful.

I checked that fairly recently and they should have all the data they need once the separator is installed - so that suggests to me sometime in Q4 as I think the separator should be in by September. Basically they have been supplying wet gas, so they want a full price for the liquids whereas PV don't want to set a precedent for dry gas prices elsewhere - hence the need to accurately measure the split.

OpeningBat

22nd Jun '11

I haven't seen any mention of a post-AGM pub, so can I suggest the Rugby Tavern in Gt. James Street - it's will be a 10 minute walk from the AGM venue and it's pedestrianised outside so if the pub is busy there will be room to spill outside (and the weather should be OK). Then for those who fancy extending the session there's the King's Arms on Northington Road (less than 5 minutes from the Rugby Tavern) and then The Gunmakers on Eyre Hill Street (5 minutes from the King's Arms). Farringdon tube is 5 minutes from The Gunmakers.

OB

emptyend

23rd Jun '11

AGM presentation now on the website:

http://www.socointernational.co.uk/index.php?cID=101&cType=document

....one of two bits of interest - not the least being an indication of the amount of cash that will be thrown off as TGT comes onstream!

nigelpm

23rd Jun '11

Crikey!

pg15 should make the market sit up and listen!

emptyend

23rd Jun '11

You would think so. $300mn pa of free cash flow (after paying for $100mn of explo expense) isn't to be sniffed at, especially given that assumes zero explo success!

VN worth $3bn+ of anyone's money, IMO......

Isaac

23rd Jun '11

Good AGM - MaDdutch asked his question.....Well done for not allowing my or ee's comments disuade you. But I tell you what MaDdutch the only dividend you will get is the one from the sale of Vietnam......atleast that is the impression I got :-)

Threat of a North Sea tax unlikely in Vietnam as they want to encourage Investment.

TGT is on track......

Isaac

23rd Jun '11

Expectations of TGT reserves still the same as what management originally thought, but no point updating reserves estimates so close to production. They would rather have production and data which would make their theory more credible.

TGD won't be drilled if it is concluded to have a low chance of success after seismic data is interpreted.

They will make a decision on TGD drilling by the end of April.

They will have all the seismic data on TGD interpreted by the end of this year.

TGD decision unlikely to prevent them from selling Vietnam, all they need is a few months of production data & a buyer would be prepared to pay a decent price.

They have had offers for TGD in it's current state.

AnonymousUser858

23rd Jun '11

isaac

what a shame you didn't make yourself known to the rest of us. I've been wondering what you look like....

T

Isaac

23rd Jun '11

Maybe another time RG. :-)

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Soco AGM - June 23rd 2011: Attendance, Questions and Views?

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Murakami

109 comments

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