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abner29

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  1. Futher development, a new listing symbol for NASDAQ is STQNF. Note share quote for STQNF as of 28/3/2018 is US$.036. ASX A$.12-.13 suggesting huge difference. How is this possible?
  2. abner29

    OSH

    Is there any report of OSH facilities and personell re earthquake effects?
  3. With recent recapitalization is it fair to expect a renewed effort on the part of management to energize a program to pursue a long awaited entry into the mineral sands supply system? No doubt financing the effort will ensue. If interested, as outside speculators, do we enter now or await developments?
  4. abner29

    CDV

    Cardinal Resources doing recent financing and with bigtime support by South Africas Gold Fields, a major shareholder. Anyone have thoughts on it?
  5. wonder why Woodside didn't buy the block and retire the shares? Seems a benefit to the Company and its shareholders.
  6. abner29

    OSH

    Any info available re sale of PNG sovreign held shares of OSH being offered for sale?
  7. BHP Billiton, Pemex advance work on deep-water oil discovery in Mexico 6TH MARCH 2017 JOHANNESBURG (miningweekly.com) – BHP Billiton has advanced its exploration and production interests in the Gulf of Mexico by signing a contract with Pemex Exploration & Production Mexico to complete work on the significant Trion discovery. BHP in December successfully bid to acquire 60% of the resource that, once fully appraised, is expected to be in the top ten fields discovered in the Gulf of Mexico in the last decade. Through the agreement, BHP will have participating interest in and operatorship of blocks AE-0092 and AE-0093, while Pemex retains a 40% interest in the blocks. Pemex estimates the gross recoverable resource to be 485-million barrels of oil equivalent. BHP’s bid for Trion includes an upfront cash payment of $62.4-million and an estimated $320-million initial commitment to deliver a minimum work programme, which comprises drilling one appraisal well, one exploration well and the acquisition of additional seismic data. Should BHP Billiton and Pemex agree to progress the project beyond the minimum work programme, BHP will be required to fulfil the commitment to pay the remainder of a $570-million minimum contribution. BHP Billiton would also carry Pemex for an additional $561.6-million on future project costs. Should the project progress to full development and production, both BHP Billiton and Pemex would pay the Mexican government an additional royalty of 4% on revenues. The signing ceremony was attended by Mexico President Enrique Peña Nieto, Mexico Energy Minister Pedro Joaquín Coldwell, BHP Billiton CEO Andrew Mackenzie and Pemex CEO José Antonio González Anaya. Mackenzie noted at the signing that the partnership was an historic moment for Mexico and the beginning of a new chapter in business relations between BHP and Pemex. “It is an honour to be the first foreign company to partner with the people of Mexico in developing their significant petroleum resources for mutual benefit,†he added. Nieto thanked BHP for being Mexico’s partner. “I am certain [this journey] will yield greater development for our country,†he highlighted. González Anaya further added that the agreement constituted a parting of the waters in the history of Pemex. “For the first time, an area assigned during the Round Zero auction, will be progressed in partnership with a world leading company.†EDITED BY: CHANEL DE BRUYN
  8. abner29

    OSH

    Delays in LNG projects in Australia to benefit alternate sources such as PNG. Australian LNG Projects Face Delays, Benefiting US Producers Posted by Eric Haun January 26, 2017 Australia's plans for a huge increase in its production of liquefied natural gas (LNGLF) are being dealt a big blow by a series of production delays, as energy companies struggle with technical problems and cost overruns. The country is still likely to become the world's biggest LNG exporter, dispatching about 85 million tonnes a year by the end of the decade, up from 30.7 million tonnes in 2015 and 45.1 million tonnes last year. But the pace of growth is much slower than expected because of snafus and higher-than-expected costs that have delayed plans to start or increase LNG exports from four megaprojects, Gorgon, Ichthys, Prelude and Wheatstone, all along or off the coast of northwest Australia. Now at least three of them, Shell's Prelude floating LNG production vessel, Inpex (I8U.F)'s Ichtys project, and the expansion of Chevron (CVX)'s Gorgon operation, won't begin exporting until 2018 or even later, rather than 2017 as previously planned, according to several sources with knowledge of the matter. Chevron, Shell, and Inpex would not comment on potential delays. It should all be a boon for other suppliers of LNG to Asian buyers, such as utilities in the region. These suppliers can also benefit from higher prices. Traders said that the beneficiaries include U.S.-based Cheniere Energy (LNG) with its facility at Sabine Pass in the Gulf of Mexico, and global energy giant Exxon Mobil (XOM) with its production in Papua New Guinea. Making matters even worse, the producers in Australia are having to go to their rivals to fulfil contracts. "The Australian producers have supply commitments, so when there's production delays they have to buy these supplies from competitors in the spot market," said an LNG trader involved in such deals who was speaking on condition of anonymity. "These guys will make a lot of money filling the gap of Australia's production delays," he said. Awaiting Production Vessel Once completed the four projects will have a combined annual LNG capacity of 36.5 million tonnes. The development costs will total $130 billion. Each one has had to hit the brakes. "All of Australia's recent wave of LNG projects have had cost and schedule overruns compared to expectations," said Saul Kavonic of energy consultancy Wood Mackenzie. The projects being built In Australia are amongst the biggest and technically most challenging ever attempted in the industry. One problem the LNG project developers have pointed to in explaining production delays is that they struggle to find enough qualified and experienced staff. "There aren't many experts and teams with relevant experience who can lead such huge developments. That's contributed to some of the delays," said on engineer who has worked on developing offshore oil and gas projects. At the $35 billion Ichthys project, engineering firm CIMIC this week pulled out of its contract to build the facility's power station, citing cost overruns. Ichthys, which includes a stationary rig and a floating production vessel, was due to start operations between July and September this year, but the power station problem will almost certainly cause more delays and costs. "Any delays to the delivery of the project may have very serious implications for Inpex. Low oil prices have already impacted the financial position of the company," said Tom O'Sullivan, managing director of energy consultancy Mathyos Japan. At Gorgon, which has cost $55 billion to develop and which started operations last year, there are problems in bringing expanded production online. Two sources with knowledge of the matter said that crews working on the expansion phase had to be shifted to repair operational facilities, delaying full completion. Chevron said it would not comment on daily operations. Delays are also expected at Shell's Prelude. The production vessel, the world's biggest ship at half-a-kilometre in length, is currently being built in South Korea. Scheduled to generate cash flow by 2018, one source with the shipyard and another with one of Prelude's LNG buyers said it was unlikely that Prelude would produce any gas before late 2018, maybe even 2019. Potential delays and cost overruns are likely to have a big impact on returns on investment. "On average, Australia's recent LNG projects were forecast to achieve an internal rate of return (IRR) of around 13 percent," Wood Mackenzie's Kavonic said. "They are now only forecast to realise below 8 percent," Neil Beveridge, oil and gas analyst at AB Bernstein in Hong Kong, said that "the returns of many of the projects are going to be low and probably lower than the cost of capital in the current oil price environment." Others Make the Money Beyond adding to already huge costs for its developers, the delays will have a strong market impact. For 2017, they mean a tighter market than initially expected, and prices have already reacted. The Asian spot LNG price almost doubled between June last year and January 2017 to more than $9 per million British thermal units (mmBtu), its highest since 2014. The delays are happening just as new supplies are coming on stream elsewhere. Seven U.S. export projects are currently approved, with a potential to reach 50 million tonnes a year by the early 2020s. "Australian LNG projects will be competing with U.S. projects. Cost efficiency is going to be critical. And here, the Australians have to put in some serious effort," Kavonic said. (Reporting by Henning Gloystein; Additional reporting by Aaron Sheldrick, Jim Regan and Mark Tay; Editing by Martin Howell)
  9. Time to get aboard? The Sprott and John Borshoff interests now taking hold and launching a revival of this puppy?
  10. Anyone have an idea as to the relative location of Horizon Oil properties to the new Muruk discovery by Oil Search/ExxonMobil?
  11. abner29

    OSH

    ExxonMobil: New Gas Discovery at Papua New Guinea Well by Rigzone Staff|Wednesday, December 28, 2016 i Exxon Mobil Corporation announced Wednesday a new natural gas discovery in the Papua New Guinea North Highlands, 13 miles northwest of the Hides Gas Field. Exxon Mobil Corporation announced Wednesday a new natural gas discovery in the Papua New Guinea North Highlands, 13 miles northwest of the Hides Gas Field. The Muruk-1 well encountered similar high-quality sandstone reservoirs as the Hides field and was in line with pre-drill expectations, according to an Exxon statement. The well was safely drilled to 10,630 feet, with evaluations currently underway to determine the size of the discovery. “We are excited by the results of the Muruk-1 exploration well, which confirms the presence of hydrocarbons in the same high-quality sandstone reservoirs as the Hides field that underpins the PNG LNG project,†said Steve Greenlee, president of ExxonMobil Exploration Company. “Over the coming months we will work with our co-venturers to better determine the full resource potential,†he added. “ExxonMobil has been involved in exploration in Papua New Guinea since the 1930s. The Muruk exploration success demonstrates the strength of ExxonMobil’s long-term investment approach and reaffirms its commitment to Papua New Guinea,†Greenlee concluded. Drilling operations at the Muruk-1 well began on Nov. 2. The well is located in petroleum prospecting license 402, which covers 126,000 acres. Interest owners in the well are ExxonMobil (42.5 percent), Oil Search Limited (37.5 percent) and Barracuda Limited, a subsidiary of Santos Limited (20 percent, subject to regulatory approval), with Oil Search as operator.
  12. Re prospective interest in SE Asia cheap energy assets. Looks like opportunistic funds available. See article: Private Equity Funds, Former Oil Execs Eye Southeast Asia Energy Assets by Reuters|Jessica Jaganathan|Friday, December 02, 2016 Private Equity Funds, Former Oil Execs Eye Southeast Asia Energy Assets Flush with cash, private equity-backed firms and former oil industry executives are eyeing energy assets in Southeast Asia. Reuters SINGAPORE, Dec 2 (Reuters) - Flush with cash, private equity-backed firms and former oilindustry executives are eyeing energy assets in Southeast Asia as prolonged lower crude prices drive oil majors hungry for cash to divest or seek additional funds. The firms are banking on a rapid rise in economic growth in Southeast Asia - a region ripe with cheaper and smaller oil and gas fields which are nearing production - to boost oil demand and in turn enable them to resell the assets within a few years at a profit. Global investment firms such as KKR and Co and The Carlyle Group are backing Southeast Asia-focused oil and gas companies while at least half a dozen senior oil and gas professionals have left illustrious careers with oil majors to join funds or set up their own companies, industry sources told Reuters. "There is definitely a trend of more private equity firms coming in and looking for good valuations and good opportunities," said Michael Arruda, a partner in Baker Botts law firm in Hong Kong. "(They) are coming in particular as some of the oil majors are going through downsizing and selloffs and they (private equity firms) are looking for the right sized pieces to pick up." Investors are zeroing in on upstream assets in Southeast Asia where economies are flexible and smaller, "digestible" assets are becoming available, said Arruda. While private equity firms have tried Southeast Asian energy previously, at least one of them had to exit after being hit by the plummet in oil prices last year. But lower valuations of oil and gas assets are prompting renewed interest in the sector, said Philip Jeyaretnam, chief executive of law firm Dentons Rodyk. In an Ernst and Young survey earlier this year of 100 managing directors and partners from private equity firms, all of them expected to see more involvement in the Asia-Pacific oil and gas sector, up from 79 percent in a 2013 survey. While long-term fundamentals for oil demand remain robust, low oil prices are putting pressure on the sector, resulting in operational challenges and increasing debt, said Sanjeev Gupta, head of Ernst and Young's Asia-Pacific Oil and Gas division. Industry tracker Preqin says about 17 percent of private equity firms are investing in oil and gas globally and about two-thirds of them have a preference for Asia. WHO'S GETTING INVOLVED While actual oil and gas investments by private equity in Southeast Asia have yet to materialise in significant numbers, more firms are indicating their increased interest and attending deal-making meetings, oil and gas lawyers told Reuters. So far, Mandala Energy, a southeast Asia focused oil and gas company backed by KKR is one of few to have invested. It will invest almost $180 million for a 35 percent stake in the Lemang production-sharing contract from Ramba Energy's subsidiary PT Hexindo Gemilang Jaya in Indonesia last year, according to Mandala's website. KKR declined to comment on its oil and gas investments, while Carlyle Group did not respond to Reuters' request for comment. Private equity-backed firms typically budget about $100 to $200 million for each investment and are looking for assets either in production or close to production they can exit in 5-10 years, the oiland gas lawyers told Reuters. Bill Lafferrandre, who recently retired from ConocoPhillips after 31 years to co-found exploration and production firm Sea Dragon Resources, said it was a "great time" to acquire assets. "The quality of assets that are in the market are improving...and buyer and seller expectations are coming more into balance now as prices have stayed lower for quite a bit longer," he said. Lafferrandre is currently looking to acquire upstream oil and gas assets in countries such as Indonesia, Vietnam and Thailand, using funds from private equity and other investors. He estimates there are more than 50 attractive oil and gas assets in the appraisal to development stages, and sellers' expectations of asset prices have come down by 25 to 30 percent in the past year. Global private equity firm Warburg Pincus opened an office in Singapore this year to explore opportunities across Southeast Asia, while Warburg Pincus backed-AAG Energy, private equity funds Global Natural Resource Investments, Blue Water Energy and Kerogen Capital are looking to invest in the region, industry sources said. AAG said it submitted a bid to acquire certain oil and gas assets but did not specify if these assets were in Southeast Asia. Warburg Pincus declined to comment while the other companies did not respond to Reuters' request for comment. At least half a dozen senior management staff at oil and gas companies, including Lafferrandre, Paul Blakeley who spent more than 20 years at Repsol-owned Talisman Energy Inc and Geoff Freer, who was with Mubadala Petroleum, are also looking to raise funds to invest in the energy space in the region, according to their LinkedIn profiles. (Additional reporting by Anshuman Daga; Editing by Lincoln Feast)
  13. Nipper, It's doubtful that O&G will be replaced by the green alternatives in the next couple decades although who knows? Even coal usage won't be completely ended. Natural gas appears to be plentiful and cheap. PNG has attraction as an LNG supplier for its geographical access to Asian markets. Players like Total and Exxon see the attraction, making sense to them so why not us? The valuation metrics re HZN assets in PNG suggest that it should have attraction as a takeover candidate given its current SP and otherwise a long term play on its maturing PNG assets.
  14. Quite a comprehensive and illuminating exposition of the Horizon Oil status and outlook. Obvious management and board feel the share price has been severely depressed by instos and public shareholders lack of understanding how current and projected production income from the Beibu and Maari sources will adequately amortize HZN debt. Independent valuation of HZN assets suggest a valuation multiple of the current SP. Further, prospects for the PNG holdings provide dramatic opportunity for corporate success. An outside source would seem to confirm this as evident to ones viewing the detailed presentation of Oil Search November Investor Visit as issued earlier today. It can be accessed at: http://www.stocknessmonster.com/news-item?...SX&N=985598, or off the Oil Search website file. The combined efforts of super majors ExxonMobil and Total, with partners, to further expand and grow oil & gas production in PNG detail the inclusion of HZN already defined and prospective holdings in these expansion efforts. Of course, this massive LNG expansion will take time to come on stream, but the future for HZN cannot be underestimated. Current and prospective shareholders with patience should be amply rewarded. As a shareholder of long standing (admit being major underwater) I'm encouraged by current prospects.
  15. Note the large reduction of shareholdings in DYL by Paladin. Perhaps positive in light of new controlling interest by Sprott Financial with former PDN CEO John Borshoff now CEO at DYL. Suspect a reverse split in DYL equity considering current of over 2 billion shares. Would suspect a larger than 1 for 10, perhaps even 1 for 100. Thoughts?
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