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Vaalco Energy Inc. Message Board

hoponcopper 114 posts  |  Last Activity: Apr 14, 2014 11:24 AM Member since: Apr 25, 2011
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  • hoponcopper by hoponcopper Apr 14, 2014 11:24 AM Flag

    Check out their recent CC. They released lots of Gabon details. The audit is in, 33.4 mmboe recoverable from the two known and the two new discoveries. Harvest et al met with the Gabonese Ministry last week and will again to finalize development plans. First oil mid 16, recovery of investment agreement and rapid ramp up to cash. FSO market soft, rigs available. The outboard play is roundly touted. Panoro want's to sell but they don't need to. They have another more complex play off Nigeria and might not want to try both. Their stake in Dassafu is in a card room and they're very busy.

  • hoponcopper by hoponcopper Apr 8, 2014 12:32 PM Flag

    Filed, pretty tedious stuff but the back and forth between *P and Harvest is well documented. Interesting and clearly shows +Ps interest in the asset. Harvest has other potential buyers and got the deal they wanted. One of the issues that was negotiated right down to the last round was the % of the break up fee. Harvest got it down to 3 1/2 from 5. Just playing poker or the unsolicited offer is a serious possibility. Odd thing to insist on if a company is grasping at straws.

  • Reply to

    At a $100 a barrel, Venezuela

    by softsteal1 Apr 4, 2014 12:20 PM
    hoponcopper hoponcopper Apr 8, 2014 10:37 AM Flag

    Lots of angles but it won't be PdVSA that backs out of the deal imo. They need a partner with cash. They can skip the roughly $100 Million they owe Harvest in declared and undeclared dividends. Their investment profile isn't tops right now. The already do business with +petrol and Argentina is in the Bolivarian sphere. Meanwhile +petrols get up for investment should be relatively small compared to recent deals, the infrastructure at PD is well along and they're already pumping 50k bpd. 100 million barrels in reserve worth well over $1 billion and they get the benefit of Harvests investment in PD which is several hundred millions more. The big question for them is risk as the CEO recently said. The "government" doesn't need to approve the deal. The "ministry" represented by PdVSA must approve to the satisfaction of the buyer. A MOU/definitive agreement will do and PdVSA is a one man band. Could happen very quickly.

  • Reply to

    CC

    by hoponcopper Mar 14, 2014 1:04 PM
    hoponcopper hoponcopper Mar 14, 2014 4:27 PM Flag

    Don't know what you base any of that on. There's more oil on Dassafu than Etame and they're going to spend $300mm there? Harvest isn't planning to develop it, they're selling. Who needs it more than EGY?

  • hoponcopper by hoponcopper Mar 14, 2014 1:04 PM Flag

    All but announced they'd like to offer ~$200mm for Dassafu. I'm sure that's on the table. Not enough imo - I also hold HNR - but it would be a master stroke for EGY. They'd want to go in with the Etame JV to maximize the synergies so they can pay more. $300mm might get it and that would still be a very smooth shot for EGY.

  • hoponcopper hoponcopper Mar 7, 2014 9:20 PM Flag

    The only thing Harvest has done re this is pay China to renew a lease inherited from Benton. Never set a flipper on the property and China will decide who does and not in court.

  • hoponcopper by hoponcopper Mar 7, 2014 9:07 PM Flag

    The Pluspetrol deal will be similar but much better for them. PD is a 50k bbls a day now. This was announced as a done deal a few months ago, PD is next and soon. The instability makes these guys that are already in it hurry up and grab more.

    "Anglo-French oil company Perenco signed a deal on Friday with Venezuela's state oil firm PDVSA to provide $420 million to boost output at their joint venture in the OPEC nation, according to a report. "The daily output of the Petrowarao joint venture, which produces in the east and the west of the South American country, was about 4500 barrels of crude per day, oil minister Rafael Ramirez said according to Reuters.

    "This financing will be concentrated on increasing output at our joint venture to at least 24,000 bpd," he told reporters.

    The deal includes a three-year grace period, the minister said, and will be repaid at a rate of Libor plus 4.5%.

    PDVSA has brought in some $10.3 billion in funding from joint-venture partners to help boost stalled production, shoring up its financing after it cut back sharply on bond issues.

    Ramirez added that PDVSA expected to finalise a financing agreement with Russia's state oil producer Rosneft for $2 billion. He did not provide details.""

  • ""The appetite for Latin America is big," said Carlos Pau, chairman of the private Argentina-based firm Americas Petrogas, at the IHS CERAWeek energy conference.

    Low geological risk, increasing regional demand for fuels and proximity to the Atlantic basin, another consuming market, are among the arguments that companies give for investing.

    Bigger international players that have stayed in Latin America despite contractual risks in Venezuela and Argentina include Chevron Corp, Spain's Repsol SA, Italy's Eni SpA and Royal Dutch Shell PLC.

    But the companies showing the fastest growth in the region are mid-sized ones that reinvest profits locally instead of repatriating dividends - thus avoiding limits on currency exchange in some countries.

    "We take risks. We are working on the second phase of an agreement to buy Harvest assets in Venezuela. Why there? Because reserves are there," Steven Crowell, chief executive officer of Pluspetrol said at the conference.""

    CERAWEEK-Latin America takes oil spotlight despite troubles
    1:24pm ET, 03/07/2014 - Reuters

  • Reply to

    Muted reaction=bullish

    by rightwingtrader Feb 28, 2014 10:07 AM
    hoponcopper hoponcopper Feb 28, 2014 1:22 PM Flag

    Agree, I expected worse. The World Bank facility is earmarked for Gabon. Not Dimba and reduced chance it's Dassafu. N'gongui?

  • Reply to

    New Gabonese tax

    by investprotect Feb 24, 2014 4:13 PM
    hoponcopper hoponcopper Feb 24, 2014 10:49 PM Flag

    Vaalcos partner just settled for $400mm, the initial claim was for a Billion. Addax appealed, lost and paid up with a smile. Total will skip the appeal, negotiate it down and pay. This is money legitimatly owed to Gabon it appears and so far has had nothing to do with Etame. It's a good thing for Vaalco as the onshore play would be waiting on this getting resolved.

  • Reply to

    Guess Date/Hour of Dimba Well Results.

    by sonny27696 Feb 21, 2014 7:32 PM
    hoponcopper hoponcopper Feb 23, 2014 7:56 PM Flag

    Well that's what the CEO said so... Based on the rhythm I'll say if they announce tomorrow it'll be fairly flat. We have a working system, still evaluating. I'm looking for a bigger deal based on the results which could (already has) delay a full disclosure.

  • Reply to

    To long for TD

    by softsteal1 Feb 21, 2014 8:34 AM
    hoponcopper hoponcopper Feb 23, 2014 7:43 PM Flag

    TD has a very specific meaning tied to the exploration contract all over the world. This is the total depth allowed for the main bore. They would have hit that weeks ago. You'll find a 12/8 spud date on RIGZONE. They are sidetracking - no "TD" there - and the sidetracks are about what they find. Harvest drilled a sidetrack on their last well until the rig contract expired. They claimed a stuck tool. In that syn-rift area they're looking for a new source so they'll look.

  • Reply to

    Nothing on Dimba

    by hoponcopper Feb 18, 2014 10:06 AM
    hoponcopper hoponcopper Feb 18, 2014 8:06 PM Flag

    My ears are made of the same tin, they have an active system at Dimba. Also the most positive view of on shore I've heard since the JV was announced. They're down to arguing about the percentage of the exploration lease they have to give back to move on. That's a short argument when Total weighs in. I think they have been playing cool; because they have much bigger deals, because they want leverage in Diaba, because they are looking at other leases and because they wanted EGY to give up operatorship. First I've heard that they're doing the latter and not for nothing. The revolver is tied to investment in Gabon, looks like they're moving forward on shore also.

  • Reply to

    I am not sure

    by softsteal1 Feb 18, 2014 2:26 PM
    hoponcopper hoponcopper Feb 18, 2014 3:06 PM Flag

    Better by yards than his predecessor in general but noting not in the last presentation. A nice push off point for the new plan and himself. Not at TD on Dimba yet? I think he was using the term loosely, they must have hit TD weeks ago. Still sidetracking I guess and this is why they never did release the spud date. Mentions a planned for 'discovered resource acquisition to leverage whats been done in Etame the last few years', not a quote. A broad reference to 'success in Etame' perhaps but also fits a move into Dassafu to a tee. That would be literally what they would be doing in Dassafu. GL

  • Reply to

    Nothing on Dimba

    by hoponcopper Feb 18, 2014 10:06 AM
    hoponcopper hoponcopper Feb 18, 2014 10:57 AM Flag

    What I mean is they wouldn't not mention it during the presentation and then announce it afterwards unless it's bad news. Not suggesting lack of interest at all - they will be asked and I'll be listening.

  • hoponcopper by hoponcopper Feb 18, 2014 10:06 AM Flag

    Bad form to announce during a presentation and short shrift during the breakout.
    Looks like they're not ready to discuss it but there will be questions. Anybody got a drift on this?

  • Reply to

    HNR

    by oechman Feb 11, 2014 10:36 AM
    hoponcopper hoponcopper Feb 17, 2014 9:55 AM Flag

    Totally agree. The Vitol deal was there only IF they were forced to make it. They announced its cancelation and the new PD deal in the same PR. Harvest had offers to farm out in Dassafu mid year but all required they have cash to invest going forward. Harvest is a new company now with $40MM in the bank and no debt. The profile change puts those deals back on the table. Btw, Gerry spoke at length early '12 mentioning HNR specifically in terms of expansion. In fact the presentation had a slide showing the new 3D. It was cut off at the Etame Dassafu border but he pointed out anyway that many of the prospects were on the Harvest side. He also pointed out the structural trends and Harvests' recent strike. He's a goofy dude but that wasn't just him rambling imo. GL

  • Reply to

    Reports circulating of Pluspetrol deal advancing

    by museloser Feb 14, 2014 2:53 PM
    hoponcopper hoponcopper Feb 14, 2014 3:25 PM Flag

    Nothing more than that headline on the Benzinga news streamer. 200k shares bought ran it up nearly 10% in minutes. No info on whether or not the boys at B have run this by BlueBalls though so, caution.

  • Reply to

    HNR

    by oechman Feb 11, 2014 10:36 AM
    hoponcopper hoponcopper Feb 12, 2014 4:42 PM Flag

    Compare the EGY Coucou prospect with the HNR Mucombo Combined prospect. Page 11 of Harvests latest presentation.

  • hoponcopper by hoponcopper Feb 10, 2014 1:50 PM Flag

    Can't recall a company not even announcing the spud of a well until it's drilled. Looks like they spud 12/8. They would have had results by the 1/8 PR. Super tight because deals are on the table. EGY/Total with Gabon, Dassafu on the block. Look at the joint 3D EGY did with HNR. If they hit the syn-rift there's a major prospect that sits on the border, 90% on HNRs side. They may have hit only Gamba but based on the secrecy It looks to me like they hit oil.

EGY
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