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Soco Ops update

PeterGray
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Soco Ops update

#1518

Postby PeterGray » November 7th, 2016, 7:30 am

http://www.investegate.co.uk/soco-inter ... 00084377O/

Production for year likely to be at lower end of previous guidance.

But the good news is: "The TGT Full Field Development Plan ("FFDP") partner discussions are in the final stages ahead of formal submission to the relevant authorities. The FFDP includes additional wells and facilities options to increase total fluid-handling capacity. Final submission to the Vietnamese Government is expected after the upcoming Management Committee meetings next week."

Peter

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Re: Soco Ops update

#2208

Postby emptyend » November 8th, 2016, 2:24 pm

Additional wells are quite a significant point here. I commented elsewhere a few weeks ago that PV had been ordered by the government to raise oil production - and many of us will recall that TGT was touted as a potential "swing producer" field where production could be raised fairly quickly at a relatively modest cost - ie it would make decent money even at $45-50 oil.

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Re: Soco Ops update

#5562

Postby PeterGray » November 16th, 2016, 11:22 am

Another update today:
http://www.investegate.co.uk/soco-inter ... 00093028P/

Main news is that the Chinese have managed to come up with another reason to postpone the Mongolia payment a little longer. Doesn't seem to be any issue that it's due, but CNPC are clearly keen to cross and dot every possible I and T as while they are doing so they can hang on to the cash. I can't see there's any doubt it will get paid, but it may be another month or so.

Also development drilling has restarted on TGT H4

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Re: Soco Ops update

#6163

Postby emptyend » November 17th, 2016, 10:15 pm

...and in today's news, Fidelity have announced a 5% stake.

I don't believe they have ever had a disclosable stake previously and they would seem to have been building their position since the summer, given the relatively low liquidity in the stock.

I believe some capacity additions are planned for mid-2017 at TGT, though these have yet to formally contracted for.

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Re: Soco Ops update

#26823

Postby emptyend » January 27th, 2017, 10:25 pm

Capping off a run of recent days in which trading volumes have been very low, I think today's trading volume of 9,400 shares is the lowest on record.

I'm tempted to wonder whether the low liquidity is due to more people than usual being deemed as insiders and so out of the market. Whatever the case, the long-awaited FFDP on TGT is on a government desk awaiting signing - and the Block 125/6 PSC is also awaiting signing.

I have wondered from time to time whether there will be some sort of "grand deal" for Vietnam, coinciding with the signing of these documents, which should then provide a clear path forward for a buyer with a full-cycle business ready to go. If that is to be the case, there is no sign of it in the market.....but that doesn't necessarily mean it won't be the case: This time yesterday, no-one had a sniff of the Tesco/Booker deal. The City is very very much better at keeping deals secret than retail punters often assume - indeed I'd guess over 90% of takeovers occur without any warning at all.

nb...the above conjecture is almost certainly wrong....but it is certainly puzzling that volumes are so low when long-awaited news is close at hand.


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