The West Hercules is a harsh environment semi-submersible under contract until January 2017....
Statoil ASA has together with its partners Eni Norge AS and Petoro AS made an oil and gas discovery in the Skavl prospect in PL532, close to Johan Castberg in the Barents Sea.
Well 7220/7-2 S, drilled by the rig West Hercules, has proven a 22-metre gas column and a 23-metre oil column in the Jurassic Tubåen formation, and a 133-metre oil column in the Triassic Fruholmen formation.
Statoil estimates the volumes in Skavl to be in the range of 20-50 million barrels of recoverable oil.
Gro G. Haatvedt, Statoil's senior vice president for exploration on the Norwegian continental shelf: "Statoil puts a lot of effort into proving additional oil resources in the Johan Castberg area in order to make the field development project more robust. We are pleased to see that our efforts are now paying off."
"Skavl was the third of the four wells in the Johan Castberg area we have on our drilling plan this year. The first two wells, Nunatak and Iskrystall, proved only gas, but we know from experience that it takes stamina and persistence to succeed in the Barents Sea," says Haatvedt. "It is also encouraging that we have confirmed a new play model in the area with the oil discovery in the Fruholmen formation, something which will be followed up in future exploration."
Statoil will continue to explore for oil resources in the Johan Castberg area. After completion of Skavl, the drilling rig will move 16 kilometres north to drill the Kramsnø prospect which is the last of the four prospects scheduled to be tested in 2013. The exploration effort around Johan Castberg will continue also in 2014.
agreed, but giving tax breaks to a company to locate in your city or state is one thing, but giving tax breaks that have the effect of encouraging companies to relocate operations and revenue to Ireland, the Caymans, Cyprus or the Marshall Islands is very hurtful to our country. That's what I'm saying.
The FLNG prospects are attractive. I just wish there was some news, especially on Douglas Channel. Nothing out of Exmar either... that I have seen. Must be talking.
The combination 70% GLNG/ 30% GMLP is a big position for me but the secondary is an opportunity to rebalance that a little. The market reaction to GLNG's stronger balance sheet should be good by the next earnings report (take a look at the reaction to Frontline's juiced up balance sheet) but the GMLP picture looks very positive and more transparent.
My vote... Keep the cash on the balance sheet and available to help finance newbuilds. You already get a 5% yield.
You seem to be ignoring tax and regulatory policies that favor the offshoring of operations that produce jobs and the income in foreign lands and then protect that revenue from taxation. Same old same old. He has the geld writes the rules (which is to say he who owns the congress writes the rules) and he who writes the rules gets the geld. It ain't rocket science.
I unloaded a thankfully small stake in Sevan today. 3,000 shares at 81 cents. Hope it works for you if you still have it. It may not be my smartest move but I feel lost on that one so I shouldn't own it.
I also trimmed some of my large GLNG position and put most of it into GMLP which has a much clearer road ahead and could outperform the parent over the next 6 to 9 months... which is not to say GLNG, the parent, will not do well after absorbing the proceeds from the sale of the Igloo FSRU and its charter to GMLP plus the proceeds from the sale of 3 million GMLP units they own. There will be another GMLP later in the year as another chartered FSRU will be dropped down.
WMB has had issues... ethane rejection or whatever... but I see these as the same issues faced by many of their peers... e.g., MWE. But they had a major fire at a Louisiana processing plant about a year ago and it hit the stock hard. the damage was done but they responded by a rebuild and upgrade of the plant which will make if bigger and more profitable in the future so in the long run the result will be positive. I also like the fact that they have large, well-placed projects in the northeast and east which are now and will bring more Marcellus and Utica natural gas to areas where demand is strong and growing. They are also into open season with a JV to build a major gas transmission pipeline from the Marcellus/Utica regions to the Louisiana Gulf coast where they would build an export terminal for natural gas liquids (propane and butane, mostly). The open season ends mid-December so the results aren't in but I would expect it will be many wanting to buy into this capacity.
I noticed senate and house negotiators are about to put out a trade bill proposal. What is the likelihood the politicians will get it right??? I am very pessimistic. I think we'll see a very bad bill that will heap more benefits on the very interests that have been reaping the lion's share of the benefits all along.
Rick Santelli, the media yapper, said the bond market took a ho hum response to the job numbers. Goldman or somebody also put out a 3-year forecast of GPD growth... about 3% per year through 2016. More of the same... slow and steady growth (tortoise) beats rapid growth (hare).
I first bought the original KMI back in 2003, before KMP, and it has been one of the best. I think Richard Kinder is a brilliant man whose interest are closely aligned with shareholders. I now have a large position in KMR/KMI combined. I'm not sure where I'll go with it but am considering reducing KMR and holding onto the KMI because of its C-corp GP status with interests in both the Kinder and El Paso MLPs and the incentive distribution rights. I am sorta concerned by its large size which means they face the same problem as the oil majors... they have to do big projects to maintain significant revenue growth. Not that they can't do it but it has to be a big one to move the needle and that limits their opportunities. That said, one would expect major acquisitions may still be part of the revenue growth picture but the days of big dividend/yield increases may be over. That is certainly the case for EPD, yet most analysts I am aware of consider EPD to be a first choice for any MLP portfolio. Me, I prefer the smaller GPs... WMB, OKE and TRGP, where a couple of big projects can really have an impact on revenue growth... and dividend increases. If I take money out of KinderMorgan, that's where some of it will go.
My take on timing is a bit different. I think of December/January as being a high point for the MLPs because a good cold snap can put a dent in natural gas storage and increase transport. I have not studied it closely but I generally look for the lowest MLP prices in the late winter/early spring timeframe.
Trust me to get it wrong.....
The Golar LNG Partners secondary offering is 5 million new units issued by GMLP and 3 million units currently held by the parent, Golar LNG Ltd. (GLNG). So, not dilutive and a plus overall.
My ARCC/HTGC comparison was really just for discussion. I plan to accumulate all my BDCs over the next several months so it didn't seem to make any sense to do a zero sum deal.
Meanwhile, both Golar LNG and Golar Partners announced SPOs. OK with the GMLP thing as it will support a distribution increase. The GLNG offer is about 3 million shares so it is mildly dilutive. Can't say I'm thrilled with that one... I won't be buying as I am heavily weighted there already. But ya gotta do what ya gotta do. The next couple of quarters will be rocky but the balance sheet will be solid. I hope the market recognizes that but not likely until the next earnings report. John Fredriksen must literally have nerves of steel.
It wouldn't surprise me if Carl Icahn did an spo with CVI prior to another acquisition. But I have no idea if that makes any sense.
I was looking at the yahoo 5-day chart. Today ARCC gained early and the RSI hit 80+ in the morning. The price held in the 18.30 range most of the day and then dropped to 18.20 with the RSI going to around 50. HTGC hit an RSI of 80+ late Tuesday and promptly sold off this morning. If I had made the trades around 1:00 I would have had a gain, for what that's worth.
It occurred to me that the math and software geniuses who write the programs for program trading are all using some combination and weighting of the same variables and market indicators, hence they are all biased in the same direction, like a school of tuna. The most significant thing that gives them the edge, one over the other, is the speed at which they react. Clearly, computer trading should be regulated within a system of restrictive boundaries. Why should only the people who can afford these systems have this advantage?
OK, so today, ARCC has a nice gain and the RSI hit 80 early. Now the RSI has dropped to ~50 presumably on some selling.. but the price has held.... so, a bullish sign it could go higher?
HTGC price and RSI were high a few days ago, then some news of a bankruptcy of one of their portfolio companies hit (not a big loan, $10 million), now the price drops but the RSI is mid-range after starting the day between 20-30. Price hanging low. What now?
I caught the ACMP secondary. I sold that one last April. No room for it now. Well positioned system but dividend too low, I guess. Up more than 20% since I sold it. I was trying to diversify out of MLPs at the time. Bad idea. I like WMB the best right now... KMI & Co. have really been taking it on the chops. They definitely have lost their premium pricing but I will stick with both KMI and KMR
Yahoo message board glitches seem to be the new normal.
The SDLP secondary was priced at $29.50. A 5% discount to the previous closing price. That seems to be the going rate. Be nice if it would close above $30.
I added shares of Calumet Refining (CLMT) today after the open... $29.96 for a 10.2% yield. I had made up my mind to fill out my position when it got to that level.