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Finjan Holdings, Inc. Message Board

orange4yellow 67 posts  |  Last Activity: Jul 24, 2014 1:54 PM Member since: Mar 12, 1998
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  • orange4yellow orange4yellow Jul 24, 2014 1:54 PM Flag

    Good, it's prudent to wait. They can sell 100% of production at $13 per unit to willing buyers. They can wait until everyone else gets comfortable with that transaction. The customers are paying ~$18/unit for imported LNG (including transportation costs)

    New national prices will likely cause outrage, but I think less so now, versus 6 months ago. Egypt recently raised prices and avoided social unrest.

    Lower income families that previously were given one container to buy gas had that increased to two containers a year ago or so, they have more of a buffer when the prices rise.

  • orange4yellow orange4yellow Jul 23, 2014 2:57 PM Flag

    They should have been asking 'how much spent over the past 10 years' ?

    Because spending started in ~2004, I think there is $1.8 billion sunk, or more (the 8000 crore figure over past 5 years is $1.3 billion)

  • orange4yellow orange4yellow Jul 21, 2014 3:17 PM Flag

    So I guess they turned on one of the wells to prime the infrastructure - and need someone to take delivery of the accumulating gas

    No sales price - I assume they have a draft contract with TBD pricing consistent with govt policy ruling expected by Oct 1st

    The table shows the percentage of the partners in petroleum rights in Israel, according to
    the Petroleum Register.

    347 Myra (400000 dunams) Validity 14/07/2008 - 13/07/2015
    * Emanuelle Energy Ltd. 24.1610 %
    Modiin Energy Partnership Limited 19.2820 %
    Emanuelle Energy Oil & Gas Ltd. 19.1610
    IPC Oil and Gas Ltd. Partn. 13.6090 %
    Blue Water Oil & Gas Explor. Ltd. 8.7870 %
    GeoGlobal Resources (India) Inc. 5.0000 %
    IDB Development Corporation Ltd. 5.0000 %
    Israel Land Development Company 5.0000
    348 Sara (400000 dunams) Validity 14/07/2008 - 13/07/2015
    * Emanuelle Energy Ltd. 24.1610 %
    Modiin Energy Partnership Limited 19.2820 %
    Emanuelle Energy Oil & Gas Ltd. 19.1610
    IPC Oil and Gas Ltd. Partn. 13.6090 %
    Blue Water Oil & Gas Explor. Ltd. 8.7870 %
    GeoGlobal Resources (India) Inc. 5.0000 %
    IDB Development Corporation Ltd. 5.0000 %
    Israel Land Development Company 5.0000
    351 H

  • orange4yellow orange4yellow Jul 17, 2014 2:58 PM Flag

    Once the new selling price is established, and the sales agreement is signed - there will be a straight-forward calculation for valuation - so it would be an opportunity to sell ... I don't see any buyers. There is $2.8b sunk, so $280m cost recovery to be had for Jub 10% ... if they can get $350m-$400m, they would prob take it , and the buyer would likely do very well over the next 10 years.

    There is another $1.2b in new wells and infrastructure planned, so Jub being cash poor at the moment, and incoming revs vs new development costs are not going to be predictable ... deeper pockets needed to be comfortable with the next $120m in spending offsetting the incoming revs

  • Jubiliant is attempting to sell, doesn't have a buyer

    business standard
    Kalpana Pathak & Vinay Umarji | Mumbai/ Ahmedabad July 17, 2014 Last Updated at 00:37 IST

    Hari Bhartia-promoted Jubilant Energy is planning to exit one of the six gas discovery blocks in which it has a stake along with other exploration and production (E&P) companies. Jubilant Energy's partners in these blocks are Gujarat State Petroleum Corporation (GSPC) and Oil and Natural Gas Corporation (ONGC), which Jubilant has approached to sell stake.

    "We have been approached by Jubilant Energy. It has offered us its 10 per cent stake in the gas discovery block KG-OSN-2001/3. We, however, are not really considering it," said a senior ONGC official on the condition of anonymity.

    Jubilant Energy holds a 10 per cent stake in the Deen Dayal gas discovery block KG-OSN-2001/3 awarded under the third new exploration and licensing policy (Nelp) bid round held by the Government of India in 2003. GSPC is the operator of the block with 80 per cent working interest and Canada's GeoGlobal Resources holds the remaining 10 per cent interest in the block.

    Jubilant Energy didn't reply to an email questionnaire. Jubilant Energy is part of the Jubilant Bhartia Group, founded by Shyam Bhartia and Hari Bhartia. The group is also present in pharma, life sciences and healthcare sectors through its flagship company Jubilant Life Sciences.

    It also operates the Domino's Pizza chain in India through Jubilant FoodWorks.

  • Reply to

    Gujarat government firm seeks $13 gas price

    by slipperydevils Jul 14, 2014 7:06 AM
    orange4yellow orange4yellow Jul 14, 2014 7:55 AM Flag

    there were also articles going back a few weeks pointing to a ~$6.5 price, but that might just be a further negotiating stance against RIL/BP and others that have higher price goals ... maybe $8.5 becomes the compromise

    Regardless, it looks like the price standoff won't get resolved for a few months - with RIL/BP now going to court seeking billions in addl cost recovery, and the new govt seeing the benefit of delaying the consumer outrage once new prices get enacted

  • orange4yellow orange4yellow Jul 10, 2014 9:20 AM Flag

    GSPC's Deen Dayal West gas field-III: Company defends auction

    July 9: Defending the gas price established through the e-auction route, GSPC has claimed that the pricing formula represents an arms length market price that meets all the requirements of price discovery.
    8The discovered price maximizes government's share of profit petroleum, royalty as well as taxes, the company has argued.
    8LNG accounts for almost 28% of the total gas consumption in India. The most competitive long-term LNG contract from PLL results in approximately $13/MMBTU price for the consumers, while spot and short term LNG prices hover in the range of $15 to $18/mmBtu.
    8Even at gas prices as high as $13-18/MMBTU, a large number of customers are buying imported LNG, under long-term as well as spot contracts at Indian LNG terminals. This is a clear reflection of the Indian buyers ability to procure gas at international prices, GSPC has claimed.
    8Accordingly, the proposed formula for sale of gas from the DDW field is a competitive formula adopted for sale of LNG under long-term contracts in the country. Allowing the consumer to quote `V` as either a positive or negative number ensures that the prospective gas buyer bids for gas price that is affordable and competitive for them, the company has claimed.

  • orange4yellow orange4yellow Jul 9, 2014 12:21 PM Flag

    I can't post Part 3 right now

    Overall, odds are increasing that GSPC will be able to get the higher price it wants. It appears current formula price would result in $8.8/mmBTU - given that the approved ramp-up is a modest amount of production, they can certainly sell all of it at $13/mmBTU. -- last month a large amount of LNG was imported at $14/mmBTU BEFORE transportation fees

  • orange4yellow orange4yellow Jul 9, 2014 12:16 PM Flag

    GSPC's Deen Dayal West gas field-II: Proposed formula

    July 9: The e-auction carried out by GSPC was based on the following formula: Gas Price = 12.67% x Brent Crude Oil Price + 0.26 ±V
    8With Floor and Cap of Brent Crude oil price as 65US$/bbl and 110US$/bbl, respectively, Where:
    8V is a biddable component, to be quoted in Positive or Negative numbers, in US$/MMBTU up to 2 decimal points.
    8Brent crude oil prices in price band of 65-110 US$/bbl is proposed as Indian crude oil basket prices. The formula excludes the following:
    --Marketing margin of 10.21 Rs/MMBTU (as on January 01, 2013) with an escalation factor of 5% p.a be applicable from January of each year
    --All taxes, duties, levies on the sale of gas
    --Transportation tariff and any taxes there on as applicable
    8Number of bidders was 37; however they submitted 53 bids. Total volume for which bids were received was 70.15 MMSCMD. Bidders were allowed to modify these bids as many times as they wished to. In all, 234 bids were submitted by all the bidders during the e-auction window period.
    8The entire process of the e-auction was verified by the Independent Auditor, KPMG.
    8As per bids received during the e-auction, the clearing value of biddable component (V) was, discovered as 0 (Zero). The equivalent gas price at V=0 and Brent Crude Oil Price of 110 US$/bbl is 14.20 US$/MMBTU (on a GCV basis).
    8The consortium received a total 34 bids with gas price above 8.50 US$/MMBTU. Total volume received for gas price above 8.50 US$/MMBTU is 35.96 MMSCMD.
    8It is noteworthy that although a floor price of 8.50US$/MMBTU was proposed, the clearing value of V for all segments of consumer bids resulted into gas price higher than floor price of 8.50 US$/MMBTU.

  • orange4yellow orange4yellow Jul 9, 2014 10:26 AM Flag

    Gujarat Gas Company Limited
    NSE: GUJRATGAS - Jul 9 3:30 PM IST
    462.00 -13.40 (-2.82%)

    peak a week ago was 536

  • Gas price revision can happen by Oct 1: Pradhan
    CCEA had earlier deferred decision on raising gas prices based on a formula okayed by UPA govt by 3 months

    Weeks after implementation of a contentious gas pricing formula was put off by three months, Oil Minister Dharmendra Pradhan today indicated that gas price revision may happen well before October 1.

    The Cabinet Committee on Economic Affairs (CCEA) had on June 25 deferred a decision on raising gas prices based on a formula approved by the previous UPA government by three months. This was done to hold consultations with all stakeholders keeping public interest in mind.

    "We will hold consultations with all stakeholders and experts on the issue. We have an open mind. The government has taken three months time (to decide on the issue) but a decision can happen even before October 1," he said here.

    The formula, based on a Rangarajan Committee recommendation, would have led to prices of gas, which is used mainly for power and fertiliser production, more than doubling to around $8.8 per million British thermal unit.

    Every US dollar increase in gas price will lead to a Rs 1,370 per tonne rise in urea production cost and a 45 paise per unit increase in electricity tariff. There would be a minimum Rs 2.81 per kg increase in CNG price and a Rs 1.89 per standard cubic metre hike in piped cooking gas.

    Pradhan said the Rangarajan formula had certain anomalies which the new government will look to fix keeping the interest of end-consumers in mind.

    If the Rangarajan formula would have been implemented, power cost would have gone up by over Rs 2 per unit and CNG rates by over Rs 12.6 per kg considering a $4.5 dollar increase in gas rates. Besides, piped cooking gas price would have gone up by Rs 8.50.

    Pradhan indicated that no new expert committee would be appointed for the purpose of review.

    The UPA's pricing formulation had been challenged in the Supreme Court and an FIR is pending in Delhi's Anti Corruption Bureau on th

  • Gujarat Gas spurts about 33% in two sessions
    Capital Market July 2, 2014 Last Updated at 10:54 IST

    Gujarat Gas Company spurted 10.46% to Rs 547.15 at 10:51 IST on BSE after Gujarat Finance Minister Saurabh Patel on Tuesday, 1 July 2014, reportedly said the company and GSPC will be merged.

    Shares of Gujarat Gas Company surged 20% to Rs 495.35 on Tuesday, 1 July 2014. The stock has risen 32.55% in two sessions from Rs 412.80 on Monday, 30 June 2014.

    Meanwhile, the BSE Sensex was up 225.82 points, or 0.89%, to 25,742.17.

    On BSE, so far 8.88 lakh shares were traded in the counter, compared with an average volume of 83,893 shares in the past one quarter.

    The stock hit a high of Rs 578.90 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 504.80 so far during the day. The stock hit a 52-week low of Rs 159 on 7 August 2013.

    The stock had outperformed the market over the past one month till 1 July 2014, rising 33.03% compared with 5.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 88.63% as against Sensex's 13.68% rise.

    The mid-cap company has an equity capital of Rs 25.65 crore. Face value per share is Rs 2.

    Gujarat finance minister Saurabh Patel on Tuesday, 1 July 2014, presented the state budget for 2014-15. The minister said state-owned companies Gujarat Gas Company and GSPC (Gujarat State Petroleum Corporation) will be merged this year, making the merged entity India's biggest gas distribution company.

    In October 2012, GSPC had purchased BG Group Plc.'s 65% stake in Gujarat Gas Company for about Rs 2500 crore.

    Gujarat Gas, the natural gas distributor, is a subsidiary of GSPC Distribution Networks (a part of GSPC Group) that holds 73.7% equity stake in the company, while GSPC is a parent company of Gujarat State Petronet (GSPL) that was set up to complement the efforts of GSPC.

    On a consolidated basis, Gujarat Gas Company net profit declined 16.88% to Rs 49.27 crore on 0

  • Reply to

    Indianpetro GGR/GSPC dispute commentary

    by orange4yellow Jul 8, 2014 10:43 AM
    orange4yellow orange4yellow Jul 8, 2014 3:23 PM Flag

    It's proportional. GSPC/GGLR/Jub all earn revs at the same pace - the block partnership cost recovery will get to 100% before GGLR earn cash flow, due to initial cash flow going to pay down carried interest

  • Reply to

    Indianpetro GGR/GSPC dispute commentary

    by orange4yellow Jul 8, 2014 10:43 AM
    orange4yellow orange4yellow Jul 8, 2014 1:55 PM Flag

    I think all exploration and development costs are carried. The carry is earned down by production revenue

  • Indianpetro is re-running its commentary today:

    Carried Interest Agreement between GSPC and GGR: GSPC is clearly in the wrong when asking to forfeit rights of GGR

    July 8: GSPC's attempt to take over the 10% stake of GeoGlobal Resources (GGR) in the block KG-OSN-2001/3, on the ground that the latter had forfeited its rights after it did not honor cash calls, is not turning out to be easy.
    8A perusal of the original Carried Interest Agreement signed between GSPC and GeoGobal shows that GSPC is in fact obligated to "carry" GeoGlobal`s stake in the block under all circumstances.
    8Even though GSPC wants GeoGlobal out ostensibly on the ground that it has not honored cash calls for development of the Deendayal discovery, the agreement is clear: "the non-operating party, GGR, shall be carried for 100% of all of its share of any costs (by GSPC) during the exploration phase prior to the start date of initial commercial production".
    8However, all of GGR's share of any capital costs for the development phase will be paid back to GSPC without interest from the income generated by GGR from the block, and repayment of these costs shall be prorated over the forecast production life or ten years whichever is less.
    8What is more, the Carried Interest Agreement also mentions that "no amendment to this agreement shall be valid and binding unless set forth in writing and duly executed by the parties".
    8Clearly, GGR seems to have a water tight agreement with GSPC that calls for carrying the formers stake in the block. GPSC has been petitioning the petroleum ministry to terminate GGR's rights in the block but provisions clearly do not allow for this to happen.
    8The east coast shallow water block is being operated by GSPC with 80% stake. Jubilant Enpro Ltd and GeoGlobal Resources are the other two partners which hold 10% stake each.

  • orange4yellow orange4yellow Jul 7, 2014 1:27 PM Flag

    Interesting that another month has passed, and no word on the new pricing implementation

    At this point, maybe it'll be announced at the end of July, as a 60-day lead time notice for October 1st price increase

    The exploration firm that is hurt the most by the delay is RIL/BP - they are delivering significant quanitities now, at the low price

  • Reply to

    Another Jubilant Energy Funding Agreement

    by slipperydevils Jul 2, 2014 6:21 AM
    orange4yellow orange4yellow Jul 2, 2014 6:50 AM Flag

    Jubilant's controlling family is providing further funds from one of their investment vehicles. Interest rate would be deep into junk territory if it were a dollar based transaction - but inflation in the rupee is very high, so 15.5% isn't all that bad. I guess it was easier to just loan the firm cash versus having additional equity issued, and paying for it

  • orange4yellow orange4yellow Jul 1, 2014 7:05 AM Flag

    4000 barrels of oil per day? BOPD ? I think they meant they produced 4000 barrels in test production

  • orange4yellow orange4yellow Jun 30, 2014 4:49 PM Flag

    Right - details of the ONGC transaction regarding transfer of 6% PI from GGLR, (1) funds exchanged Y/N (or other consideration) (2) how much (initially, and/or revenue-based progress payments) (3) if in any way they funds were transferred to GSPC as operator, to be distributed to GGLR (and are therefore also being held up)

3.4175-0.0325(-0.94%)Jul 25 3:24 PMEDT

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