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RCO, ROYALCO RESOURCES LIMITED
nipper
post Posted: Aug 7 2017, 07:21 AM
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In Reply To: dr_dazmo's post @ Aug 4 2017, 08:58 AM

but wait, there's more
QUOTE
Exxon Mobil buys huge Bass Strait gasfield

Oil giant ExxonMobil has secured what could be one the biggest gas finds in Bass Strait — a potentially 2 trillion cubic feet field on the edge of the continental shelf called Dory. It is understood Exxon has contracted a rig to drill in the deep water off the continental shelf in the third quarter of next year, bringing forward drill commitments by a year.

Dory is still an exploration play and needs to be proven up. But work done by Liberty over the past two years has shown what was previously thought a small field could be a giant and sparked excitement at the oil supermajor. The first public allusion to the deal was in Exxon's US earnings report last month, where it said it had captured a "high-quality exploration block" in Australia.

It is understood the acreage referred to was exploration permit VIC/P70, which contains Dory. Government registers show that Exxon agreed to acquire it for an undisclosed price on May 19.
http://www.theaustralian.com.au/business/m...b19577a94b43865



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
dr_dazmo
post Posted: Aug 4 2017, 08:58 AM
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In Reply To: nipper's post @ Aug 3 2017, 09:03 PM

Hi Nipper,
I saw that article last night, and consider it a potentially positive outcome.
I believe it would be better to have smaller operators develop the resources & obtain the royalty, rather than have the resource in the ground with no royalty generated.

All looks like potential upside to RCO.

Cheers
Dr_Damzo



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Always remember the Golden Rule - Those with the Gold make the Rules!
 
nipper
post Posted: Aug 3 2017, 09:03 PM
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QUOTE
Canada's Vermilion Energy is believed to have been in prolonged talks with ExxonMobil and BHP Billiton about buying declining oilfields and exploration and development assets in Bass Strait, off the coast of Tasmania, which have been on the market for some time.

While the assets would have been worth hundreds of millions of dollars in their heyday, sources say Exxon and BHP may only secure about $50 million due to high remediation costs.

Based in Calgary, Vermilion is an international oil and gas producer and entered the Australian market in 2005, buying the Wandoo field, 80km off the North West Shelf. It likes low-growth operational assets with little downside, offering stable production.

Some analysts believe an acquisition makes sense. The Kingfisher field would be the most valuable, sources said. However, separate facilities are required to separate and process the oil.

Chinese private equity investor Fosun has already circled the assets.

BHP and Exxon have owned them since the 1960s and they are the nation's only world-scale oilfields. Since the 1960s, Exxon has produced more than 4 billion barrels of oil from Bass Strait The huge fields still hold substantial gas reserves, attractive to east coast markets.

Last year Exxon started trying to sell 100 per cent stakes. in several production licences. Potential acquirers were thought to be smaller producers prepared to sweat and develop the assets, considered inconsequential for a supermajor like Exxon.
sweat the fields, prolong the payments?





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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
dr_dazmo
post Posted: Aug 2 2017, 12:38 PM
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Hi All,
I note in the recently announced quarterly that Weeks Royalty income from Bass Strait from March qtr production was $160,041 up from $99,474 in the previous quarter & up from $112,241 from the same period in the prior year.
As Longford was only recently fully commissioned, it would be interesting to know how much of the 42.5% increase in royalty income came from increased production & how much from the significant lift in the gas price.

With the Weeks royalty moving along nicely, it would be nice to get some additional tail wind from some of the other interests in the portfolio!

Dr_Dazmo


http://www.afr.com/street-talk/essobhp-bil...20170726-gxivp5

It's a good time to be selling gas in the stretched east coast market. And now the Esso-BHP venture in the Bass Strait has firm proof.

The venture's tender for gas available from its Longford plant - by far the biggest source in Victoria - is understood to have fetched prices north of $8 a gigajoule, about double historical prices.

However, that's still well short of the $15/GJ or so that some manufacturers say they have been offered by suppliers for firm contracts over the 2018-19 period. It may also compare relatively favourably with the average price in June on the Victorian wholesale gas spot market, assessed by JPMorgan at $9.97/GJ.

The Esso-BHP gas is thought to have been sold predominantly to manufacturers in Victoria, who are closest to the supply source. With gas now flowing south from Queensland as far as Melbourne, in contrast to the northwards flow in the previous 18 months or so, some buyers in Victoria have been facing hefty transportation costs from the north.

But several industrial buyers in NSW were left empty-handed after making bids on gas offered in the tender at up to $8/GJ.

As to how much more gas Esso-BHP might make available, industry players hope to get a better idea in an updated gas supply forecast expected from the energy market operator within the next several weeks, in time to help inform the federal resources minister whether to trigger LNG export controls for 2018.

At the same time, AGL Energy is thought to be finalising its choice of site for its proposed LNG import terminal between the three most closely examined across NSW, Victoria and South Australia, with an announcement within weeks.






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Always remember the Golden Rule - Those with the Gold make the Rules!
 
dr_dazmo
post Posted: Jul 24 2017, 12:07 PM
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From BHP Quarterly:

Major development projects

During the year, the Bass Strait Longford Gas Conditioning Plant was fully commissioned and is running at design capacity, enabling full production from the Turrum and Kipper fields.





Natural gas – Production for the 2017 financial year declined by 10 per cent to 668 bcf.

Divestment of our Pakistan gas business in December 2015 and lower Onshore US gas volumes as a result of deferred development activity for value, were partially offset by strong performance at Bass Strait and Macedon and increased LNG volumes at North West Shelf.






Cheers

Dr_Dazmo







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Always remember the Golden Rule - Those with the Gold make the Rules!
 
dr_dazmo
post Posted: Jul 5 2017, 03:31 PM
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In Reply To: dr_dazmo's post @ Jul 3 2017, 01:09 PM


ASX-listed Sams Creek Gold owners sell to newly incorporated Condamine Resources
Monday 3rd July 2017


The owner of the Sams Creek Gold Project, which sits atop what could be New Zealand's biggest undeveloped gold deposit, is selling its controlling stake in the project to a new company poised to list on the Australian stock exchange.

ASX-listed MOD Resources has sold its 80 percent holding in Sams Creek Gold to Condamine Resources for A$3.8 million, but will retain up to a 15 percent stake in Sams Creek once Condamine completes a planned initial public offering this year. Melbourne-based OceanaGold Corp, which operates the Macraes gold mine in Otago, holds the remaining 20 percent.

MOD has been looking to sell its holding in Sams Creek since January 2016, when it engaged investment bank PCF Capital Group to divest all or part of its holding. In the last quarter of 2016, it was granted a four-year extension to the exploration permit covering the deposit.

Condamine, which plans to release its prospectus in August and list in the December quarter this year, describes itself as a "gold exploration and development company focused on opportunities in New Zealand."

"With a rapid pathway to commercialisation and potential bolt-on exploration opportunities, Condamine aims to become a significant gold producer in New Zealand driving long-term value for shareholders," it said. "Condamine has an underground mining strategy to minimise environmental impact, to selectively mine, and deliver high-grade feed for processing."





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Always remember the Golden Rule - Those with the Gold make the Rules!
 

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dr_dazmo
post Posted: Jul 3 2017, 01:09 PM
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In Reply To: dr_dazmo's post @ Jul 3 2017, 11:12 AM

http://www.modresources.com.au/sams-creek-gold

Sams Creek has an existing JORC 2012 compliant Mineral Resource containing approximately 1.0Moz gold (announced 9 October 2013). The resource estimate was prepared by Golder Associates Pty Ltd. The resource has not materially changed since it was last reported in an announcement to ASX on 9 October 2013. However, on 18 September 2015 MOD announced the results of a review of high grade mineralisation contained in 58 drill hole intersections within the Mineral Resource (Refer Interpretative Sketch Cross Section Figure).

The known gold mineralisation at Sams Creek is contained within a porphyry dyke with an average width up to 30-35m in the Main Zone deposit. The dyke can be traced 6km along strike within the Sams Creek permit area and extends into the 100% owned Barrons Flat permit area which directly adjoins Sams Creek. It should be noted that the Sams Creek porphyry dyke does not always contain gold mineralisation.





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Always remember the Golden Rule - Those with the Gold make the Rules!
 
dr_dazmo
post Posted: Jul 3 2017, 11:12 AM
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Hi All,
There may possibly be some movement on the Royalty from with the Sam's creek project being sold by MOD into the Condamine Resources IPO.
RCO hold a 1% Gold OOR.

Cheers
Dr_Dazmo

MOD Resources Ltd (ASX: MOD) is pleased to announce that it has entered into a binding Share Sale Agreement (SSA) to divest its Sams Creek Gold Project (Sams Creek Project) in New Zealand to Condamine Resources Ltd (Condamine), for a total consideration of A$3.8 million (Sale). Condamine is a newly incorporated company that intends to complete an IPO to list on the ASX during this calendar year.



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Always remember the Golden Rule - Those with the Gold make the Rules!
 
dr_dazmo
post Posted: Jun 7 2017, 07:44 AM
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http://www.afr.com/business/energy/gas/eas...20170605-gwl6jt

Fresh supply shock hits east coast industrial gas users

Fresh evidence has emerged of the supply shock hitting industrial users of gas on the east coast, where shortages have driven up prices to levels some cannot afford.Short-term gas prices in the March quarter were double the levels of a year earlier, driving a 16 per cent drop in the use of gas outside power generation or to fuel the new Queensland LNG ventures, according to the latest analysis from consultancy EnergyQuest.

"Gas supply is so tight that demand contraction has not restored market balance and prices remain high," EnergyQuest chief executive Graeme Bethune said.

"There is a large move away from gas and a real possibility of closures."

The drop in the local use of gas was seen most severely in Victoria and Queensland, where industrial users such as Glencore have been warning that high energy prices would cause plants to shut down.

Short-term prices averaged $9.95 a gigajoule in the first quarter, well above most contract prices and spot Asian LNG prices, according to EnergyQuest. At the same time, LNG exports from the east coast are flattening out, with slightly less gas exported from Gladstone in the March quarter than in the previous three months.

While the federal government has responded to the crisis and is working to put in place a Domestic Gas Security Mechanism by July 1 that could forcibly limit LNG exports from Gladstone, manufacturers are still worried prices won't fall to affordable levels.

Dr Bethune said the government initiatives are welcome but he takes issue with the general view that the Queensland LNG projects - specifically Santos's $US18.5 billion GLNG venture - are to blame for the domestic supply woes.

He noted that much of the gas developed to supply GLNG was never intended for domestic use, meaning the actual net "draw" on local supply sources is "quite modest".

While 59 per cent of the gas going into GLNG is acquired from gas producers that aren't in the GLNG venture, the draw on domestic gas may be as low as 16 per cent and falling, EnergyQuest found.

Dr Bethune said that in a worrying sign for the domestic market, the surge in domestic prices is not translating into investment in new supply because of the still-weak crude oil price.

"As a result, there is a risk that the problems on the east coast are long term, not short term," he said.

EnergyQuest puts insufficient gas development at the core of the problem, with the slumping oil price derailing an $800 million project to expand Santos's Moomba plant, and causing NSW coal seam gas projects to be ditched or slowed.

That means that the projects that have proceeded, such as ExxonMobil's $5.5 billion Kipper-Tuna-Turrum venture in the Bass Strait, haven't been enough to allow supply to keep up with total demand.

Meanwhile, Australia's LNG industry continues to break records, with export revenues reaching $5.789 billion in the March quarter, up 32.7 per cent.

That was despite a slight dip in volumes from the December 2016 quarter, to 12.9 million tonnes, as lower output from the North West Shelf venture and Shell's QCLNG venture offset rising output from Chevron's Gorgon LNG. Queensland's LNG exports have been flat since September 2016 amid increased political pressure on the three ventures to keep the local market well supplied.

EnergyQuest cut its forecast for 2017 LNG production by 5.2 per cent to 54 million tonnes but still expects output to be up 20 per cent on last year. Annual export revenues could surge 42 per cent to $25.4 billion.






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Always remember the Golden Rule - Those with the Gold make the Rules!

Said 'Thanks' for this post: crooky  
 
dr_dazmo
post Posted: Jun 6 2017, 10:03 AM
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I thought I'd seen just about everything!

http://www.theage.com.au/victoria/floating...605-gwkx67.html

Floating offshore gas hub proposed to tackle Victoria's energy supply crisis

Victoria is angling for a massive floating liquefied natural gas import facility to allow the state to buy gas from overseas to help tackle a serious supply crisis.

Despite the state's potentially enormous gas reserves in Bass Strait, and Australia's position as one of the world's largest exporters, the Andrews government is understood to be in active talks with energy giant AGL to build a floating LNG import terminal close to Melbourne, possibly in Western Port.

The terminal, which would supply the east-coast gas grid, would allow Victoria, NSW and South Australia to import lower cost gas, potentially from the US or Western Australia.Premier Daniel Andrews is expected to press the plan at a Council of Australian Government's meeting on Friday, along with a new proposal to help prevent local manufacturers and households from being denied access to cheaper gas because of big export contracts to Asia.

The state government is understood to have offered to "fast track" the environmental and planning approval process for the facility, which would be likely to cost $200 to $300 million, although the decision would ultimately lie with the Commonwealth.

Victoria is believed to be seen as a favourable option, partly because it is located between NSW and South Australia, which would lower pipeline costs, and partly because, unlike NSW, it already has significant storage capacity at the Iona plant, near Port Campbell in the state's south-west.

The idea of the new import facility was first floated by AGL chief executive Andy Vesey in November last year.

At the time, the idea that Australia, soon to be the world's largest LNG exporter, would need to import gas was dismissed.

But with some businesses in the southern states reportedly being quoted as much as $20 a gigajoule this year, up from as little as $4 a gigajoule in 2015, the idea is gaining traction.

Industrial gas users in Japan – which is the largest buyer of Australian LNG – pay much less, about $12 a gigajoule.

The global price is now even lower than the price that has been contracted by LNG producers to supply the Asian market, thanks to a significant oversupply.

The idea of the new terminal would be to buy LNG for south eastern Australia at the lower global price.

Energy Minister Lily D'Ambrosio said there was something "seriously wrong" when Australia gas was being sold in Japan for a lower price than businesses were being charged for it in Victoria.

University of Melbourne Climate and Energy College research fellow Dylan McConnell said releasing new gas supplies into the Victorian market was unlikely to influence short-term prices for industrial users because new supplies could take a long time to development.

Governments also needed to consider that some consumers were shifting away from gas due to new household technologies that relied on electricity, Mr McConnell said.

He argued that some households were withdrawing from gas in favour of new electric technologies, including induction cook tops, electric hot water and heating and rooftop solar.

The Australian Energy Market Operator has also raised doubts about whether new supplies would translate to lower prices, citing the increased cost of sourcing new gas and the "geological challenges of extraction".







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Always remember the Golden Rule - Those with the Gold make the Rules!

Said 'Thanks' for this post: crooky  
 
 


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