Incidental stuff

In reply to kenobi, post #1151

This loophole could allow some of Congo's most pristine ecosystems to be ravaged by oil exploration."

My understanding was that the areas the Soco was likely to be looking at were not particularly pristine.

I don't think you can really declare vast areas of a country "National Parks", large swathes of which are not pristine, and then complain when local governments decide that they have to balance development  of the economy with the needs of conservation.

Hi peterg,

Understand the interims aren't due for a while...are you aware of any drums beating re (a) sale of Cabinda and (b) spudding of H5.....which I thought were both now due/overdue ?

ATB

In reply to peterg, post #1155

My understanding was that the areas the Soco was likely to be looking at were not particularly pristine.

Peter,  it's not really our place to tell other countries how to protect or not their national parks is it ? 

surely the non pristine nature of some of these areas indicate that government have already been balancing development in the area.   Its a fact of life that many people live in the park,  indeed very many people make a living from the lake,  which must be part of their concern.  It could well be that some of the most pristine areas are in the part we're talking about surely,  even if other areas are far from pristine. 

block V is 7,500 sq km,   there is plenty of space there for pristine and otherwise.  Hopefully there will be room for compromise.  The Congo is a huge area,  oil exploraion might only take a tiny part of this space while bringing benefits.  to the people of the congo.   It's not in our interests as soco shareholders that there is this much opposition to oil exploration,  but perhaps it's good that some put the case for presevation just as other put the case for development.  /Hopefully a comprise will be found. 

K

In reply to extrader, post #1156

No none. The drums failed to beat when I asked about Cabinda a few days ago. Which I'm assuming means there is no news. I'm sure we will hear about both once there is something firm to say.

In reply to kenobi, post #1157

Peter,  it's not really our place to tell other countries how to protect or not their national parks is it ? 

No it's not, which was my point! But that must surely also apply to Global Witness who are complaining in the article you linked to that the govt may decide for itself what sort of activity goes on in their own parks?

Peter

Peter,

I would say it would be for the people to decide, and the government to do what the people want. It cannot be argued that there is no opposition amongst the people living in the area to oil exploration. It's a matter of putting both sides and making a decision. I cannot see that there in no way some exploration would be done without damaging the enviroment. I don't know how close to the lake on the Uganda side the oil installations are, but it may be possible to drill from the side of the lake to reach oil underneath (for example), which would surely reduce the risk of an accident which could damage the lake which provides a living for a lot of people.

Not sure how much weight the people living in this area carry with their government, and of course, I'm sure your view that it's for the government to decide will prevail. They will weigh up the potential pros and cons for themselves and decide. I'm pleased there is someone pushing the environmentalist view, and hope that a solution which takes this into account can be found.

K

In reply to anteos, post #1153

Not Interim Results, but I'm expecting a Management Statement - there was one on the 16th last year...

FT story today of an interview with ENI's CEO:

“Exploration success is the key to our future. That is the best way to protect profits in the event of lower oil prices.”

The main targets Mr Scaroni identifies for future exploration are in Asia. Eni is the largest international oil company in Africa, by production, and it intends to remain there, including in countries such as Egypt, Libya and Algeria that have been hit by the instability and violence that followed the Arab Spring.

However, the countries where Eni is now most interested in expanding include Vietnam, Indonesia, Myanmar and Pakistan, Mr Scaroni said.

As I've said since they first entered Vietnam, there is quite an encouraging fit  ;-)

I play tennis at a club which has a member who is a Director of Premier Oil and I engaged him in conversation at the ballot for the Wimbledon tickets on Friday. He declared himself completely ‘out of touch’ with developments at Soco.

He declared that he was unaware of the announcement to return capital to shareholders, the testing of the FPSO for higher volumes, or the plan to drill H5. For someone at the top of his profession a complete absence of knowledge about a competitor didn’t ring true to me.

Tom

In reply to TomKe, post #1163

Hi Tom,I suspect you'll recall that I told you he was "out of touch" on previous occasions when he was "misguiding" you on the matter of SOCO International (LON:SIA) 's assets.
  ;-)

A factor in being 'out of touch' could be because Soco's Vietnam's assets have more actual and potential newsflow than Premier's. As Arsenne said "everyone thinks they have the prettiest wife at home".
Premier had a P&A last time I spoke to him in Sept 2012 and from the way he spoke about it the result had hurt.
http://www.premier-oil.com/premieroil/media/press/exploration-drilling-update-chim-sao-north-west-appraisal

Anyway very off-topic and so he will never be mentioned again.
Tom

In reply to TomKe, post #1165

A factor in being 'out of touch' could be because Soco's Vietnam's assets have more actual and potential newsflow than Premier's. As Arsenne said "everyone thinks they have the prettiest wife at home".

My final comment on the topic is that every oil company on the planet thinks its assets are better than it's neighbours ........ until the point that drilling results (or production experience) prove things one way or the other.

I've no view on PMO's assets in VN - but I think that SIA's are starting to speak for themselves and demonstrate their quality..

Talisman and PV haven't been dragging their feet.

http://www.investegate.co.uk/talisman-energy-inc---an26-/bus/talisman-energy-announces-first-oil-from-hst-hs---/20130522070000Z5422/

two wellhead platforms which have been tied back to the existing Te Giac Trang FPSO.
Gross production is expected to reach 15,000 bbls/day once the facilities are fully commissioned.

Let's hope the work to further increase  the FPSO throughput is successful and quick.

Does anyone know how the gross production would be divided between the partners in the event of capacity limitations/bottlenecks at the FPSO? Specifically come the end of June with FPSO capacity assumed still to be at 60,000 bbls per day and Talisman able to produce 15,000 bbls per day what FPSO capacity is left for SOCO?
S

Paid link which I can't read - headline and a few words:

Soco & CNPC in running for block A

The turmoil in Central African Republic in recent months hasn’t blunted the enthusiasm of oil companies to explore CAR’s sedimentary basins.

http://www.africaintelligence.com/AEM/oil/2013/05/21/soco-cnpc-in-running-for-block-a,107960668-ART

ED

In reply to Samurai, post #1168

Does anyone know how the gross production would be divided between the partners in the event of capacity limitations/bottlenecks at the FPSO? Specifically come the end of June with FPSO capacity assumed still to be at 60,000 bbls per day and Talisman able to produce 15,000 bbls per day what FPSO capacity is left for SOCO?

Talisman have a contractual right to produce 15kbopd (if they can, or for as long as). Anything remaining is for TGT, Soco's share being its normal entitlements of that.

Peter

In reply to Samurai, post #1168

I have the impression that Talisman have priority for their 15,000 but I'm unsure where I got that idea. I could be wrong so maybe someone else can comment.

In reply to peterg, post #1170

Thank you! Lets hope that the JV can squeeze a significant improvement in capacity beyond 60,000 bbls per day.


S

Help please. Forgive me for asking the same question twice!

I am in my French home and left the wall chart with the AGM details behind in England. Since I will fly back for the AGM, I want to be sure to get to the meeting at the right address, day and time.

Having made strong requests for a dividend at the last 2 AGMs, the least I can do is thank them.

MD

MD

As per http://www.investegate.co.uk/soco-international--sia-/rns/annual-report---accounts-and-notice-of-meeting/201304091445029379B/

"The Company's Annual General Meeting will be held at The Royal Institution, 21 Albemarle Street, London W1S 4BS on 13 June 2013 at 10.00 a.m."

Regards, Martin