19/05-2009 07:59:17: (NEC) NEC - Q1-09 Financial Results
NEC - Q1-09 Financial Results
Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S
OTC symbol "NSEEF") reports its first quarter 2009 results. Production
rates have increased rapidly in the US, while Manati production in
Brazil declined in the quarter, mainly caused by temporary softer gas
demand.
First Quarter Highlights and Subsequent Events
. Production was 3,685 BOE/day in Q1-09 with the decline from 4,223
BOE/day in the fourth quarter primarily explained by lower off-take
from the Manati gas field and the closing of the Coral field. Production
increased in the US, and will continue to increase as more wells come
online and the infrastructure capacity at our tie-in points into
interstate pipelines is being upgraded.
. EBITDA for the first quarter was USD 0.25 million, up from USD -6.8
million in the fourth quarter 2008. This is primarily due to increased
EBITDA contribution from our US E&P operations, reduced general and
administrative costs and reduced production costs from the Coral field
in Brazil that is no longer producing.
. Net loss for the first quarter was USD -2.2 million, compared to a net
loss of USD -25.3 million in the previous quarter. Net financial items
amounted to USD -4.7 million in the first quarter. In the previous
quarter net financial items were USD 1.4 million. The increase in net
financial cost compared to prior quarter is mainly due to that the
effect of the warrants was only USD 0.3 million this quarter compared to
USD 11.2 prior quarter. This effect was partially offset by a foreign
exchange loss of USD 5.8 million.
. In the US, two of the five Herkimer wells drilled in the quarter
showed initial production rates as high as 2,500 - 3,000 Mcf (445 - 535
BOE) per day.
. An additional 1.93 Bcf (~344,000 BOE) of our US gas production was
hedged over a three-year period at 5.72 USD/MMBtu.
. Drilling of the Cravo prospect (BCAM-40) was completed in April, with
the main target in the Sergi sandstone reservoir water bearing. The well
was consequently plugged and abandoned.
. Norse Energy do Brasil in April accepted an offer from Petrobras and
Queiroz Galvão Oil & Gas to take over the company's 18.33 percent
participating interest in block BM-CAL-5 in Brazil (the Copaiba
discovery and Jequitiba prospect).
. During the quarter, Norse Energy Corp. ASA hired Pareto Securities to
act as advisor to evaluate strategic opportunities for its Camamu-Almada
assets, including BCAM-40 (Manati).
Please find attached the first quarter report and the investor
presentation. The presentation will be broadcasted live on webcast from
Shippingklubben in Oslo from 08:30.
For further information please contact:
Anders Kapstad, CFO
Cell: +47 918 17 442
E-mail: akapstad@norseenergy.com
Jonas Gamre, Investor Relations
Cell: +47 97 11 82 92
E-mail: jgamre@norseenergy.comEkstern link: http://www.newsweb.no/index.jsp?messageId=238080
Nyheten er levert av OBI.
NEC - Q1-09 Financial Results
Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S
OTC symbol "NSEEF") reports its first quarter 2009 results. Production
rates have increased rapidly in the US, while Manati production in
Brazil declined in the quarter, mainly caused by temporary softer gas
demand.
First Quarter Highlights and Subsequent Events
. Production was 3,685 BOE/day in Q1-09 with the decline from 4,223
BOE/day in the fourth quarter primarily explained by lower off-take
from the Manati gas field and the closing of the Coral field. Production
increased in the US, and will continue to increase as more wells come
online and the infrastructure capacity at our tie-in points into
interstate pipelines is being upgraded.
. EBITDA for the first quarter was USD 0.25 million, up from USD -6.8
million in the fourth quarter 2008. This is primarily due to increased
EBITDA contribution from our US E&P operations, reduced general and
administrative costs and reduced production costs from the Coral field
in Brazil that is no longer producing.
. Net loss for the first quarter was USD -2.2 million, compared to a net
loss of USD -25.3 million in the previous quarter. Net financial items
amounted to USD -4.7 million in the first quarter. In the previous
quarter net financial items were USD 1.4 million. The increase in net
financial cost compared to prior quarter is mainly due to that the
effect of the warrants was only USD 0.3 million this quarter compared to
USD 11.2 prior quarter. This effect was partially offset by a foreign
exchange loss of USD 5.8 million.
. In the US, two of the five Herkimer wells drilled in the quarter
showed initial production rates as high as 2,500 - 3,000 Mcf (445 - 535
BOE) per day.
. An additional 1.93 Bcf (~344,000 BOE) of our US gas production was
hedged over a three-year period at 5.72 USD/MMBtu.
. Drilling of the Cravo prospect (BCAM-40) was completed in April, with
the main target in the Sergi sandstone reservoir water bearing. The well
was consequently plugged and abandoned.
. Norse Energy do Brasil in April accepted an offer from Petrobras and
Queiroz Galvão Oil & Gas to take over the company's 18.33 percent
participating interest in block BM-CAL-5 in Brazil (the Copaiba
discovery and Jequitiba prospect).
. During the quarter, Norse Energy Corp. ASA hired Pareto Securities to
act as advisor to evaluate strategic opportunities for its Camamu-Almada
assets, including BCAM-40 (Manati).
Please find attached the first quarter report and the investor
presentation. The presentation will be broadcasted live on webcast from
Shippingklubben in Oslo from 08:30.
For further information please contact:
Anders Kapstad, CFO
Cell: +47 918 17 442
E-mail: akapstad@norseenergy.com
Jonas Gamre, Investor Relations
Cell: +47 97 11 82 92
E-mail: jgamre@norseenergy.comEkstern link: http://www.newsweb.no/index.jsp?messageId=238080
Nyheten er levert av OBI.
19/5 2009 09:11 MrWater 0
11512 Hæfter mig ved denne udtalelse:
. During the quarter, Norse Energy Corp. ASA hired Pareto Securities to
act as advisor to evaluate strategic opportunities for its Camamu-Almada
assets, including BCAM-40 (Manati).
Mon ikke de kommer nærmere ind på omstændighederne under præsentationen her kl. 08.30.
. During the quarter, Norse Energy Corp. ASA hired Pareto Securities to
act as advisor to evaluate strategic opportunities for its Camamu-Almada
assets, including BCAM-40 (Manati).
Mon ikke de kommer nærmere ind på omstændighederne under præsentationen her kl. 08.30.
19/5 2009 09:30 MrWater 011513 Fra rapporten:
In Brazil, our organization has been scaled back to half the number of people, and the company currently employs 13 people.
This is in order to focus all our efforts going forward on our Santos assets.
In Brazil, our organization has been scaled back to half the number of people, and the company currently employs 13 people.
This is in order to focus all our efforts going forward on our Santos assets.
19/5 2009 20:28 Hegu 011582 Fra Platou d.d.
Lower costs and higher prices outweigh weak production
· Quarterly net loss was USD 2,2 million, this compares to our estimated loss of USD 9,8 million.
· Average production for the period was 3685 boepd or a massive 1800 boepd below our estimate, the discrepancy primarily related to lower than expected Brazilian gas demand, which again affects Manati volumes.
· OPEX and G&A were USD 8,5 million below our estimate as Coral stopped producing in December and accounted for a higher than estimated share of OPEX. Exploration costs were USD 2,5 million higher due to the Cravo well.
· Prices both in the US and Brazil were higher than expected due to hedging and stronger Reais respectively.
· Presentation focus was primarily on US production, the ongoing divestment plan in Brazil and funding.
· US production is well ahead of schedule for 2009 and is currently at close to 10 000 mcf/day. Infrastructural de-bottle necking is currently being undertaken, which could bring year end production up to 25 000 mcf/day.
· The divestment of Brazilian assets seems to have attracted more than expected interest. We estimate a sales price of close to USD 200 million for Camamu-Almada assets.
· Compared to previous presentations, Norse seems less concerned with funding issues, we share their view.
We reiterate our Buy recommendation and NOK 5,5 target price for Norse Energy.
Lower costs and higher prices outweigh weak production
· Quarterly net loss was USD 2,2 million, this compares to our estimated loss of USD 9,8 million.
· Average production for the period was 3685 boepd or a massive 1800 boepd below our estimate, the discrepancy primarily related to lower than expected Brazilian gas demand, which again affects Manati volumes.
· OPEX and G&A were USD 8,5 million below our estimate as Coral stopped producing in December and accounted for a higher than estimated share of OPEX. Exploration costs were USD 2,5 million higher due to the Cravo well.
· Prices both in the US and Brazil were higher than expected due to hedging and stronger Reais respectively.
· Presentation focus was primarily on US production, the ongoing divestment plan in Brazil and funding.
· US production is well ahead of schedule for 2009 and is currently at close to 10 000 mcf/day. Infrastructural de-bottle necking is currently being undertaken, which could bring year end production up to 25 000 mcf/day.
· The divestment of Brazilian assets seems to have attracted more than expected interest. We estimate a sales price of close to USD 200 million for Camamu-Almada assets.
· Compared to previous presentations, Norse seems less concerned with funding issues, we share their view.
We reiterate our Buy recommendation and NOK 5,5 target price for Norse Energy.
19/5 2009 21:29 MrWater 011586 Tak for det Hegu.
Omkring $200m var også mit konservative gæt, men jeg må da indrømme at jeg gerne ser en en budkrig
Såfremt at den nævnte salgspris opnås, tilsvarer det hele børsværdien pt!
Omkring $200m var også mit konservative gæt, men jeg må da indrømme at jeg gerne ser en en budkrig
Såfremt at den nævnte salgspris opnås, tilsvarer det hele børsværdien pt!
20/5 2009 13:33 Hegu 011657 Enig Water og forøvrigt to spændende trigger som nu venter forude:
Salget af Manati og JV-partner i USA.
Med venlig hilsen
Hegu
Salget af Manati og JV-partner i USA.
Med venlig hilsen
Hegu19/5 2009 23:12 adamjus 011598 Også tak herfra Hegu,
Synes mange forlader fra NEC i disse tider, måske i jagten på hurtige stigninger andetsteds, hvilket i bund og grund er forståligt nok, de store tab mange har måtte indkassere taget i betragtning. Sætter stor pris på din kontinuerlige tilvejebringelse af seriøse faktuelle nyheder. Med den fokus ledelsen udviser må casen efter idagbetegnes som usvækket.
Synes mange forlader fra NEC i disse tider, måske i jagten på hurtige stigninger andetsteds, hvilket i bund og grund er forståligt nok, de store tab mange har måtte indkassere taget i betragtning. Sætter stor pris på din kontinuerlige tilvejebringelse af seriøse faktuelle nyheder. Med den fokus ledelsen udviser må casen efter idagbetegnes som usvækket.
20/5 2009 13:31 Hegu 011656 Fra Pareto:
Company Update Price when published(USD): 0.54
20 May 2009
BUY High Risk
Bloomberg: NEC NO (rating changed from BUY)
Reuters: NEC.OL Target Price (USD): 1.10
Sector: Energy Market cap (USDm): 195
Style: Growth Analyst: Thomas Aarrestad / Steffen Rødsjø
Financial Details of 20 May 2009
Print version (pdf)
Financing solution in sight
Financing shortfall significantly reduced since last report. Ongoing asset sale and debt restructuring initiatives should fund the remaining requirements - Upgrade to BUY (HOLD)
Norse Energy reported EBITDA of 0, better than our USDm -2 estimate due to a non-cash fair value adjustment of natural gas forward contracts
Production at Manati was lower than expected. This was due to lower industrial demand (mainly fertilizer and power production). Production has increased again in 2Q, and we expect it back at normal level later this year
After the 4Q report we estimated a 2009 financing shortfall of some USDm 50-60
Since then the company has secured a USDm 10 short term loan from Sector Asset Management
Further, capital expenditures and other commitments have been reduced by USDm 15
We also believe the company is very likely to get the its targeted USDm 15-20 increase in the reserve based bank loan after strong operational performance the last months with production increasing from ~1,000 boe/day to ~1,800 boe/day
With that, the remaining uncertainty only concerns some USDm 10-20 financing requirement
The company expects to sell its Camamu-Almada assets (Manati). We estimate the value of this at some USDm 150. Further the company has received bids for its US pipeline assets (we estimate value of some USDm 15-20)
Finally, restructuring of its Brazil debt could prolong the amortization schedule and remove 2009 amortizations
In our view, these initiatives should be sufficient to solve the remaining financing requirement. We therefore upgrade the share to BUY (from HOLD), reflecting the significant pricing discount to underlying asset values. TP up to NOK 7 (from NOK 3)
Company Update Price when published(USD): 0.54
20 May 2009
BUY High Risk
Bloomberg: NEC NO (rating changed from BUY)
Reuters: NEC.OL Target Price (USD): 1.10
Sector: Energy Market cap (USDm): 195
Style: Growth Analyst: Thomas Aarrestad / Steffen Rødsjø
Financial Details of 20 May 2009
Print version (pdf)
Financing solution in sight
Financing shortfall significantly reduced since last report. Ongoing asset sale and debt restructuring initiatives should fund the remaining requirements - Upgrade to BUY (HOLD)
Norse Energy reported EBITDA of 0, better than our USDm -2 estimate due to a non-cash fair value adjustment of natural gas forward contracts
Production at Manati was lower than expected. This was due to lower industrial demand (mainly fertilizer and power production). Production has increased again in 2Q, and we expect it back at normal level later this year
After the 4Q report we estimated a 2009 financing shortfall of some USDm 50-60
Since then the company has secured a USDm 10 short term loan from Sector Asset Management
Further, capital expenditures and other commitments have been reduced by USDm 15
We also believe the company is very likely to get the its targeted USDm 15-20 increase in the reserve based bank loan after strong operational performance the last months with production increasing from ~1,000 boe/day to ~1,800 boe/day
With that, the remaining uncertainty only concerns some USDm 10-20 financing requirement
The company expects to sell its Camamu-Almada assets (Manati). We estimate the value of this at some USDm 150. Further the company has received bids for its US pipeline assets (we estimate value of some USDm 15-20)
Finally, restructuring of its Brazil debt could prolong the amortization schedule and remove 2009 amortizations
In our view, these initiatives should be sufficient to solve the remaining financing requirement. We therefore upgrade the share to BUY (from HOLD), reflecting the significant pricing discount to underlying asset values. TP up to NOK 7 (from NOK 3)
20/5 2009 13:39 Hegu 011658 Hej Adamjus,
Jeg kan selvfølgelig også blive fristet af gevinster andetsteds, men syntes at det er værd at blive i NEC, fordi det eventuelle frasalg i Braslien og og meddelelsen om en eventuel JV-partner i USA bør kunne give en "monsterstor" stigning i kursen. Rent teknisk ser aktien iflg CHjort også rigtig god ud.
Med venlig hilsen
:)Hegu
Jeg kan selvfølgelig også blive fristet af gevinster andetsteds, men syntes at det er værd at blive i NEC, fordi det eventuelle frasalg i Braslien og og meddelelsen om en eventuel JV-partner i USA bør kunne give en "monsterstor" stigning i kursen. Rent teknisk ser aktien iflg CHjort også rigtig god ud.
Med venlig hilsen
:)Hegu
20/5 2009 16:22 collersteen 011698 Generelt synes jeg det ser fantastisk ud fremadrettet..... Og det er primært USA - Brasilien har ikke meget forstand elelr styr på.
Herkimer kører man selv og man er nu gået igang med at opbygge en selvstændig shale-gas organisation til at udnytte Utica og Marcellus. Med alle de selskaber der skærer ned på brønde, boringer m.v. pt. er det nok muligt at gå på strandhugst og få fat på et par eksperter. Derefter får man en JV-aftale i stand og så kommer der turbo på shale-gassen.
Personligt ser jeg meget frem til en JV-aftale.... fordi der kan ikke undgå at komme nogle seriøse tal på bordet omkring det fremadrettede potentiale og indtjeningsmuligheder.
Herkimer kører man selv og man er nu gået igang med at opbygge en selvstændig shale-gas organisation til at udnytte Utica og Marcellus. Med alle de selskaber der skærer ned på brønde, boringer m.v. pt. er det nok muligt at gå på strandhugst og få fat på et par eksperter. Derefter får man en JV-aftale i stand og så kommer der turbo på shale-gassen.
Personligt ser jeg meget frem til en JV-aftale.... fordi der kan ikke undgå at komme nogle seriøse tal på bordet omkring det fremadrettede potentiale og indtjeningsmuligheder.
20/5 2009 16:59 JensHorka 011703 Kan kun finde dette som potentielt kursdrivende nyhed: EOG har boret en marcellusbrønd med 3MMCF
http://www.upstreamonline.com/live/article178810.ece
Men spændende at se: hvis vi lukker over 3.68 idag er vi over MA200 :)
http://www.upstreamonline.com/live/article178810.ece
Men spændende at se: hvis vi lukker over 3.68 idag er vi over MA200 :)
20/5 2009 18:20 Hegu 011712 CHjort spåede i sidste uge i chatten, at der ville komme en stor stigning d. 20. Den mand er bare genial.
Med venlig hilsen
Hegu
Med venlig hilsen
Hegu20/5 2009 18:31 JensHorka 011713 Fandens altså, jeg solgte lidt ud i mandags - har været ude af loopet alt for længe, så kan jeg sgu lære det, men der er stadig mere end 3/4 tilbage :)
må lige tage et kig på Dr. Hjorts indlæg een gang til - men så er det vist også slut for idag.
må lige tage et kig på Dr. Hjorts indlæg een gang til - men så er det vist også slut for idag.
20/5 2009 18:44 JensHorka 011716 sad og gravede og det eneste jeg kunne finde var captainB's tråd
http://www.proinvestor.dk/index.php?p=debat&postid=9572
Men kan nu se at du skriver det var i Chatten han har skrevet det - man skal bare lige kigge den anden vej en måneds tid eller to, og så er man hægtet helt af... tsk tsk.
nå. men ellers er lader det til at være et meget hyggeligt forum i har strikket sammen herinde, glæder mig til at blive mere fuldbefaren herinde. God dag herfra
JH
http://www.proinvestor.dk/index.php?p=debat&postid=9572
Men kan nu se at du skriver det var i Chatten han har skrevet det - man skal bare lige kigge den anden vej en måneds tid eller to, og så er man hægtet helt af... tsk tsk.
nå. men ellers er lader det til at være et meget hyggeligt forum i har strikket sammen herinde, glæder mig til at blive mere fuldbefaren herinde. God dag herfra
JH
21/5 2009 12:05 Hegu 011767 Nyt fra miljøfronten:
Environmental Firm Finds Marcellus Shale Drilling Activity had Minimal Impact on Total Dissolved Solids Found in Monongahela River Last Fall By: PR Newswire | 20 May 2009 | 02:46 PM ET Text Size PITTSBURGH, May 20, 2009 /PRNewswire via COMTEX/ -- A study completed by international environmental engineering and consulting firm Tetra Tech, Inc., revealed that natural gas development was only a minor contributor to elevated levels of Total Dissolved Solids (TDS) in the Monongahela River last fall.
Tetra Tech found that the primary TDS load in the Monongahela River came from abandoned mine discharge, which was realized in high sulfate concentrations.
Drilling activity accounted for approximately seven percent of the total TDS concentrations detected in the Monongahela River in October 2008 and decreased to less than one percent by December 2008. Increases in river flow rates and reductions in discharges from abandoned mines appear to be the most significant factors that contributed to the reductions in TDS concentrations between October and December 2008. Changes in TDS levels associated with restricting the discharges of drilling wastewater at municipal wastewater treatment plants along the Monongahela River were negligible compared to these other factors.
"The results of the Tetra Tech study clearly indicate that natural gas drilling activity contributed only minimally to the total TDS concentrations in the Monongahela River," said Lou D'Amico, Executive Director of the Independent Oil and Gas Association of Pennsylvania and member of the Marcellus Shale Committee Executive Committee. "Natural gas development does create some wastewater in the form of salt water and the industry has a long-term plan to address treatment and disposal approaches in conjunction with the Pennsylvania Department of Environmental Protection." According to the U.S. Environmental Protection Agency, TDS in drinking water can be traced to a number of potential sources, including naturally occurring minerals in water, sewage, urban run-off, industrial wastewater, and chemicals used in the water treatment process, as well as the piping used to convey the water. TDS minerals are actually added to distilled drinking water in some commercial water operations for quality assurance and to enhance the taste.
In late summer/early fall 2008, PADEP began to detect unusually high levels of TDS at points along approximately 70 river miles of the Monongahela River, beginning at the West Virginia border to the confluence with the Youghiogheny River. During its investigation, PADEP suggested a number of possible sources, including the natural gas industry. In October 2008, PADEP directed municipal sewage treatment plants to reduce the amount of natural gas flowback and produced water received for treatment.
Tetra Tech reviewed a variety of flow and water quality data, including the U.S.
Geological Survey Monongahela River gauges and PADEP's comprehensive water quality data set, as part of its study. Tetra Tech found the daily and monthly average flow rates in October 2008 were much lower than historic flow rates. The DEP issued a drought watch in November 2008 and the U.S. Army Corps of Engineers minimized releases of water from reservoirs in the watershed per their drought release schedules in the same time period. PADEP's water quality data showed that TDS concentrations were as high as 900 parts per million (ppm) in October 2008 and decreased to approximately 200 ppm in December 2008.
"The report concluded controlled drilling discharges to the river could occur without exceeding water quality limits during most of the year when low-flow conditions do not occur," said Steve Rhoads, President of the Pennsylvania Oil and Gas Association and Marcellus Shale Committee Executive Committee member.
"This is supports the belief that Pennsylvania has ample drilling wastewater capacity for many years, while the industry develops and perfects other long-term solutions." The TDS found in the Monongahela posed no threats to health or safety, but did cause some inconveniences for residential and industrial water customers. A long-term statistical trend analysis indicated that there has been no statistically significant difference in the mass loadings of TDS in the Monongahela River over the past seven years.
The complete Tetra Tech report can be found on the Marcellus Shale Committee website, www.pamarcellus.com.
ABOUT THE MSC Formed in 2008, the Marcellus Shale Committee represents the oil and gas industry in Pennsylvania on matters pertaining to the acquisition, exploration, drilling, and development of the Marcellus Shale natural gas resource and provides a unified voice before all state, county, and local government or regulatory bodies. The committee, sponsored jointly by the Pennsylvania Oil and Gas Association and the Independent Oil and Gas Association of Pennsylvania, includes independent producers with historical expertise in the Pennsylvania oil and gas fields and national companies dedicated to bringing their industry experience and resources to achieve common goals.
Environmental Firm Finds Marcellus Shale Drilling Activity had Minimal Impact on Total Dissolved Solids Found in Monongahela River Last Fall By: PR Newswire | 20 May 2009 | 02:46 PM ET Text Size PITTSBURGH, May 20, 2009 /PRNewswire via COMTEX/ -- A study completed by international environmental engineering and consulting firm Tetra Tech, Inc., revealed that natural gas development was only a minor contributor to elevated levels of Total Dissolved Solids (TDS) in the Monongahela River last fall.
Tetra Tech found that the primary TDS load in the Monongahela River came from abandoned mine discharge, which was realized in high sulfate concentrations.
Drilling activity accounted for approximately seven percent of the total TDS concentrations detected in the Monongahela River in October 2008 and decreased to less than one percent by December 2008. Increases in river flow rates and reductions in discharges from abandoned mines appear to be the most significant factors that contributed to the reductions in TDS concentrations between October and December 2008. Changes in TDS levels associated with restricting the discharges of drilling wastewater at municipal wastewater treatment plants along the Monongahela River were negligible compared to these other factors.
"The results of the Tetra Tech study clearly indicate that natural gas drilling activity contributed only minimally to the total TDS concentrations in the Monongahela River," said Lou D'Amico, Executive Director of the Independent Oil and Gas Association of Pennsylvania and member of the Marcellus Shale Committee Executive Committee. "Natural gas development does create some wastewater in the form of salt water and the industry has a long-term plan to address treatment and disposal approaches in conjunction with the Pennsylvania Department of Environmental Protection." According to the U.S. Environmental Protection Agency, TDS in drinking water can be traced to a number of potential sources, including naturally occurring minerals in water, sewage, urban run-off, industrial wastewater, and chemicals used in the water treatment process, as well as the piping used to convey the water. TDS minerals are actually added to distilled drinking water in some commercial water operations for quality assurance and to enhance the taste.
In late summer/early fall 2008, PADEP began to detect unusually high levels of TDS at points along approximately 70 river miles of the Monongahela River, beginning at the West Virginia border to the confluence with the Youghiogheny River. During its investigation, PADEP suggested a number of possible sources, including the natural gas industry. In October 2008, PADEP directed municipal sewage treatment plants to reduce the amount of natural gas flowback and produced water received for treatment.
Tetra Tech reviewed a variety of flow and water quality data, including the U.S.
Geological Survey Monongahela River gauges and PADEP's comprehensive water quality data set, as part of its study. Tetra Tech found the daily and monthly average flow rates in October 2008 were much lower than historic flow rates. The DEP issued a drought watch in November 2008 and the U.S. Army Corps of Engineers minimized releases of water from reservoirs in the watershed per their drought release schedules in the same time period. PADEP's water quality data showed that TDS concentrations were as high as 900 parts per million (ppm) in October 2008 and decreased to approximately 200 ppm in December 2008.
"The report concluded controlled drilling discharges to the river could occur without exceeding water quality limits during most of the year when low-flow conditions do not occur," said Steve Rhoads, President of the Pennsylvania Oil and Gas Association and Marcellus Shale Committee Executive Committee member.
"This is supports the belief that Pennsylvania has ample drilling wastewater capacity for many years, while the industry develops and perfects other long-term solutions." The TDS found in the Monongahela posed no threats to health or safety, but did cause some inconveniences for residential and industrial water customers. A long-term statistical trend analysis indicated that there has been no statistically significant difference in the mass loadings of TDS in the Monongahela River over the past seven years.
The complete Tetra Tech report can be found on the Marcellus Shale Committee website, www.pamarcellus.com.
ABOUT THE MSC Formed in 2008, the Marcellus Shale Committee represents the oil and gas industry in Pennsylvania on matters pertaining to the acquisition, exploration, drilling, and development of the Marcellus Shale natural gas resource and provides a unified voice before all state, county, and local government or regulatory bodies. The committee, sponsored jointly by the Pennsylvania Oil and Gas Association and the Independent Oil and Gas Association of Pennsylvania, includes independent producers with historical expertise in the Pennsylvania oil and gas fields and national companies dedicated to bringing their industry experience and resources to achieve common goals.
21/5 2009 13:16 adamjus 011778 Hej CHjort,
Dette chart er jo for "the chosen few", har du mulighed for at sætte et par ord på, vil så nødig misse din genialitet (citat Hegu)
På forhånd tak
Dette chart er jo for "the chosen few", har du mulighed for at sætte et par ord på, vil så nødig misse din genialitet (citat Hegu)
På forhånd tak21/5 2009 14:07 CHjort 011781 Det er en tidligere tråd m. lidt charts.
Bemærk at jeg har anvendt MA 18-45-100 (Første chart) og ikke de mere traditionelle 20-50-100!
Under TA fanen, har jeg forsøgt at oprette en hel del tråde om TA, så der er da' lidt til de stille stunder.
Bemærk på dette chart er MA50 endnu ikke gået op igennem MA100.
Da vi jo egentlig godt vil være med inden det sker og ikke efter, så kræves der en del analyse og overvågning. For hvad er det egentlig der sker i aktien. Hvem er aktive og hvorfor?
Bemærk at jeg har anvendt MA 18-45-100 (Første chart) og ikke de mere traditionelle 20-50-100!
Under TA fanen, har jeg forsøgt at oprette en hel del tråde om TA, så der er da' lidt til de stille stunder.
Bemærk på dette chart er MA50 endnu ikke gået op igennem MA100.
Da vi jo egentlig godt vil være med inden det sker og ikke efter, så kræves der en del analyse og overvågning. For hvad er det egentlig der sker i aktien. Hvem er aktive og hvorfor?
21/5 2009 14:52 lessismore 011784 Hej Hjort
Må man spørge hvordan du har forberedt dine charts inden du lagde dem ind?
mvh.
Må man spørge hvordan du har forberedt dine charts inden du lagde dem ind?
mvh.
hej lessismore. Charts kan du lægge ind ved at klikke på vælg arkiv nedenunder. Vi har en hjælp sektion i bunden, hvor du kan finde vejliedning og tips....
Youtube får du ind på PI ved at kopiere HELE urlen over i dit svar/indlæg.
Youtube får du ind på PI ved at kopiere HELE urlen over i dit svar/indlæg.
21/5 2009 15:46 lessismore 011794 Tak og beklager. Tag venligst hensyn til min alderdom. (Frit cireret fra Benny Andersen).
21/5 2009 15:23 Hegu 011791 Aktien har længe været i en akkumuleringsfase i området 3,40-3,70, hvor større aktører som f.eks. Argo, dygtigt har formået at tømme de små private investorer for aktier. Stigningen i går ser sund ud, da 10 % ikke indbyder til den allestørste gevinsthjemtagning på den følgende børsdag. Den næste stigning kommer nok fra de små private investorer og vil nok ikke være speciel holdbar. En konsolidering omkring kurs 4 vil være sundt før videre opgang.
En eventuel yderligere stigning i den kommende tid kan være båret af investorenes fælles viden om, at der med stor sandsynlighed snart kommer nyt fra salg i Brasilien, JV i USA og positiv udtalelse fra miljømyndigheder omkring Marcellus.
Trods stor gældsætning, så er NEC efter min mening, en af de allerbedste cases på det skandinaviske børsmarked.
Med venlig hilsen
:)Hegu
En eventuel yderligere stigning i den kommende tid kan være båret af investorenes fælles viden om, at der med stor sandsynlighed snart kommer nyt fra salg i Brasilien, JV i USA og positiv udtalelse fra miljømyndigheder omkring Marcellus.
Trods stor gældsætning, så er NEC efter min mening, en af de allerbedste cases på det skandinaviske børsmarked.
Med venlig hilsen
:)Hegu
22/5 2009 13:12 collersteen 011846 Her lidt om en deal der blev lavet nede i Barnett som jo godt kan betegnes som Shale-gassens moder. Ganske betryggende at se en gigant som ENI er på vej ind i shale-gas. Før eller siden må majors også strømme ind i St. Lawrence og i Marcellus. Man tør jo næsten ikke tænke tanken hvis NEC laver et JV med en af de helt store majors. Det ville være fantastisk. Nåh, men indtil da må vi jo blot sidde og vente på at
- gasprisen modnes
- gasforbruget modnes og øges med hjælp fra Obama og Pickens
- teknikken modnes endnu mere og shalegasforekomsterne valideres 100%
.... før eller siden vil der blive rift om de acres som de små minors sidder på og så vil jeg tro at den enarmede viser "3xbar" i vinduet og topspillet går igang.....
Jeg har tid til at vente.
Handlen:
http://www.qrinc.com/corporate/news/press/2009/51809%20KWK%20Transaction.pdf
Om ENI:
http://www.eni.it/en_IT/investor-relation/main-data/consolidated-financial-data/selected-consolidated-financial-data.shtml
- gasprisen modnes
- gasforbruget modnes og øges med hjælp fra Obama og Pickens
- teknikken modnes endnu mere og shalegasforekomsterne valideres 100%
.... før eller siden vil der blive rift om de acres som de små minors sidder på og så vil jeg tro at den enarmede viser "3xbar" i vinduet og topspillet går igang.....
Jeg har tid til at vente.
Handlen:
http://www.qrinc.com/corporate/news/press/2009/51809%20KWK%20Transaction.pdf
Om ENI:
http://www.eni.it/en_IT/investor-relation/main-data/consolidated-financial-data/selected-consolidated-financial-data.shtml
22/5 2009 13:57 JensHorka 011849 Spændende deal collersteen, kan se at der er tale om 131 bcf proven + 96 bcf probable + possible.. Og det betaler ENI så 280 mio $ for. dvs 1,8 mia NOK
til sammenligning er NECs markedsværdi ca 1,4 mia NOK ved kurs 4... Og Herkimer estimeres til ca 500 bcf
God weekend herfra
:)
til sammenligning er NECs markedsværdi ca 1,4 mia NOK ved kurs 4... Og Herkimer estimeres til ca 500 bcf
God weekend herfra
:)
22/5 2009 14:09 collersteen 011850 Meddelsen fra ENI har lidt flere oplysninger. Det er reelt kun 13,000 acres der er i dealen, sådan som jeg læser det. Resten er en ret til at deltage i fremtidige leaseholds.
Jeg sidder nu og overvejer om aftalen om ikke "udveksling af teknisk info" er et tegn på at ENI har kig på andre shale-områder i USA, for det er da godt nok ikke meget de har i USA. I hvert fald på hovedlandet. Produktionen i GulfofMexico har vel også peaket eller hvordan ligger det der?
San Donato Milanese (Milan), 18 May 2009 - Eni has executed a strategic alliance with Quicksilver Resources Inc., an independent US natural gas producer, to acquire a 27.5% interest in the "Alliance" area, located between the cities of Fort Worth and Dallas in Northern Texas.
The Quicksilver leasehold interest in Alliance covers an area of approximately 13,000 net acres (53 square kilometres), with production from unconventional gas shales located in the Barnett Shale formation of the Fort Worth Basin, at an average depth of 7500' (approximately 2,300 meters). Quicksilver will retain the 72.5% interests and operatorship of the alliance properties.
The alliance will foresee a mutual technical exchange between the two companies, particularly in drilling and completion technologies and geophysics. Eni will also have the right to 27.5% participation in additional future leaseholds that Quicksilver may acquire in the "Area of Mutual Interest" around Alliance covering approximately 270,000 acres (1,092 square kilometres).
The agreed price for the cash transaction is $280 million, with an effective date April 1, 2009 and closing expected by mid June. The acquisition will give Eni recoverable net reserves of 40 million barrels of oil equivalent (boe), of which 23 million boe are proved and 17 million boe are probable and possible reserves, at an implied cost per barrel of $7.
In 2009, Eni's net production share from the acquired assets is expected to amount to an average of 4,000 boed, growing to approximately 10,000 boed in 2011. The development plan for the Alliance area foresees additional drilling and completion of approx. 300 wells by 2013 and Eni's share of the development capex is estimated in $210 million ($37 million in 2009).
The gas shale play is one of the fastest growing unconventional plays in the US and has become a major element of the domestic gas production. This deal allows Eni to progress its strategic plan of growth and portfolio balancing in the US, via the acquisition of valuable low risk/long life producing assets, as well as gaining experience to support the exploration of high potential unconventional gas opportunities worldwide.
In the US, Eni owns lease interests in 565 blocks (392 in GoM, 173 in Alaska) and is among the Gulf of Mexico leading producers with a daily net production in excess of 100,000 barrels of oil equivalent (60% operated).
http://www.eni.it/en_IT/media/press-releases/2009/05/2009-05-18-Eni-signs-Quicksilver-Resources.shtml
Jeg sidder nu og overvejer om aftalen om ikke "udveksling af teknisk info" er et tegn på at ENI har kig på andre shale-områder i USA, for det er da godt nok ikke meget de har i USA. I hvert fald på hovedlandet. Produktionen i GulfofMexico har vel også peaket eller hvordan ligger det der?
San Donato Milanese (Milan), 18 May 2009 - Eni has executed a strategic alliance with Quicksilver Resources Inc., an independent US natural gas producer, to acquire a 27.5% interest in the "Alliance" area, located between the cities of Fort Worth and Dallas in Northern Texas.
The Quicksilver leasehold interest in Alliance covers an area of approximately 13,000 net acres (53 square kilometres), with production from unconventional gas shales located in the Barnett Shale formation of the Fort Worth Basin, at an average depth of 7500' (approximately 2,300 meters). Quicksilver will retain the 72.5% interests and operatorship of the alliance properties.
The alliance will foresee a mutual technical exchange between the two companies, particularly in drilling and completion technologies and geophysics. Eni will also have the right to 27.5% participation in additional future leaseholds that Quicksilver may acquire in the "Area of Mutual Interest" around Alliance covering approximately 270,000 acres (1,092 square kilometres).
The agreed price for the cash transaction is $280 million, with an effective date April 1, 2009 and closing expected by mid June. The acquisition will give Eni recoverable net reserves of 40 million barrels of oil equivalent (boe), of which 23 million boe are proved and 17 million boe are probable and possible reserves, at an implied cost per barrel of $7.
In 2009, Eni's net production share from the acquired assets is expected to amount to an average of 4,000 boed, growing to approximately 10,000 boed in 2011. The development plan for the Alliance area foresees additional drilling and completion of approx. 300 wells by 2013 and Eni's share of the development capex is estimated in $210 million ($37 million in 2009).
The gas shale play is one of the fastest growing unconventional plays in the US and has become a major element of the domestic gas production. This deal allows Eni to progress its strategic plan of growth and portfolio balancing in the US, via the acquisition of valuable low risk/long life producing assets, as well as gaining experience to support the exploration of high potential unconventional gas opportunities worldwide.
In the US, Eni owns lease interests in 565 blocks (392 in GoM, 173 in Alaska) and is among the Gulf of Mexico leading producers with a daily net production in excess of 100,000 barrels of oil equivalent (60% operated).
http://www.eni.it/en_IT/media/press-releases/2009/05/2009-05-18-Eni-signs-Quicksilver-Resources.shtml
5/6 2009 14:07 PGR 013003 Hmm... Er det så godt eller skidt? Ikke mange kommentarer der er efterlagt.....
5/6 2009 20:04 Kenddinvare 013029 Foreløbig er det OK.
Du ser den nedre trendlinie, der kan forventes at danne bund det næste stykke tid.
Den støttes nu af alle MA'er (MA10 kom med ved dagens luk) og de ligger bortset fra den nedadgående MA200 i stigende forløb og med de korterevarende højest.
Pt ligger den bund omkring 3,65 og om 15 børsdage vil den være omkring 4.
Dette kan afspejle, at man venter på positivt nyt fra USA.
Men der er også en stor modstand omkring 4, hvilket også en periode har kunnet ses med store daglige salgsblokke i 3,9 op til 4,1 (4,25).
Inden for nogle uger må der komme en afgørelse med om kurven bryder dette trekantsområde op eller ned og det kan ske med stor kraft.
Prøv om du kan lokke nogle brudtargets ud af en mere befaren TA-sejler.
Du ser den nedre trendlinie, der kan forventes at danne bund det næste stykke tid.
Den støttes nu af alle MA'er (MA10 kom med ved dagens luk) og de ligger bortset fra den nedadgående MA200 i stigende forløb og med de korterevarende højest.
Pt ligger den bund omkring 3,65 og om 15 børsdage vil den være omkring 4.
Dette kan afspejle, at man venter på positivt nyt fra USA.
Men der er også en stor modstand omkring 4, hvilket også en periode har kunnet ses med store daglige salgsblokke i 3,9 op til 4,1 (4,25).
Inden for nogle uger må der komme en afgørelse med om kurven bryder dette trekantsområde op eller ned og det kan ske med stor kraft.
Prøv om du kan lokke nogle brudtargets ud af en mere befaren TA-sejler.
5/6 2009 20:49 CHjort 013034 Her er så et multi-chart- daily-weekly-monthly.
Der er dem, som mener at et target kan udregnes v. at man måler fra bunden at den "Ascending Triangle" (2.50,-) og lægger samme beløb til brud-linien. (4,-) det betyder så et target på 5.50,-
Der er dem, som mener at et target kan udregnes v. at man måler fra bunden at den "Ascending Triangle" (2.50,-) og lægger samme beløb til brud-linien. (4,-) det betyder så et target på 5.50,-
6/6 2009 11:51 Kenddinvare 013055 Så er Q1 præsentationen kommet som pressrelease
http://feed.ne.cision.com/wpyfs/00/00/00/00/00/0E/FE/68/wkr0011.pdf
og jeg har fået lidt tid til at kigge på den.
I længere tid har jeg haft svært ved at forstå at kursen har kunnet holdes nede som om den vellykkede start på udvinding fra Herkimer var næsten uden betydning. Jeg har derfor ligget langt i forventning om at virkeligheden ville være så markant at skepsis og mistænkeliggørelse ville forsvinde.
En af de ting, der sikrede min overbevisning var at det så hurtigt lykkedes at etablere en pipeline, så jeg så ikke væsentlige restriktioner på det punkt. Det gør jeg nu.
Prøv at kigge på kurven på side 16!
Der er tydeligt restriktioner og så lyver produktionskurven endda noget om væksten, der ses bedre på side 5 og som i starten af Q1 blev holdt tilbage af lav boreaktivitet og senere i kvartalet begrænset af målerkapaciteten.
Titlen på siden er midlertidig infrastruktur flaskehals, men med målsætninger ved årets slut ses det at 5 boringer pr. kvartal nemt kan sørge for at fylde op og næste år skulle vi gerne over 10 boringer pr. kvartal og i 2011 over 20 boringer pr. kvartal. I løbet af 2-3 år skal der alene fra Herkimer være infrastruktur til at sende 4-5 gange så meget på markedet som målsætningen for det opgraderede system ved årets slutning.
Men ikke nok med det. Der er i disse tal ikke indregnet nogen startende produktion fra Marcellus, Utica og andre lag som jo ligger præcis under de samme acres.
Helt centralt for værdistigningen er altså muligheden for at udbygge infrastrukturen i tilstrækkeligt omfang og tempo !!!!!
Er Dominion, Tennesee og Nyseg interregionale lines overhovedet store nok til at modtage de kommende mængder fra NEC ?
Kan der blive problemer med jordejere ved udvidelser ?
Hvor store omkostninger kommer det til at medføre ?
Kan en JV-partner overhovedet speede denne proces op?
http://feed.ne.cision.com/wpyfs/00/00/00/00/00/0E/FE/68/wkr0011.pdf
og jeg har fået lidt tid til at kigge på den.
I længere tid har jeg haft svært ved at forstå at kursen har kunnet holdes nede som om den vellykkede start på udvinding fra Herkimer var næsten uden betydning. Jeg har derfor ligget langt i forventning om at virkeligheden ville være så markant at skepsis og mistænkeliggørelse ville forsvinde.
En af de ting, der sikrede min overbevisning var at det så hurtigt lykkedes at etablere en pipeline, så jeg så ikke væsentlige restriktioner på det punkt. Det gør jeg nu.
Prøv at kigge på kurven på side 16!
Der er tydeligt restriktioner og så lyver produktionskurven endda noget om væksten, der ses bedre på side 5 og som i starten af Q1 blev holdt tilbage af lav boreaktivitet og senere i kvartalet begrænset af målerkapaciteten.
Titlen på siden er midlertidig infrastruktur flaskehals, men med målsætninger ved årets slut ses det at 5 boringer pr. kvartal nemt kan sørge for at fylde op og næste år skulle vi gerne over 10 boringer pr. kvartal og i 2011 over 20 boringer pr. kvartal. I løbet af 2-3 år skal der alene fra Herkimer være infrastruktur til at sende 4-5 gange så meget på markedet som målsætningen for det opgraderede system ved årets slutning.
Men ikke nok med det. Der er i disse tal ikke indregnet nogen startende produktion fra Marcellus, Utica og andre lag som jo ligger præcis under de samme acres.
Helt centralt for værdistigningen er altså muligheden for at udbygge infrastrukturen i tilstrækkeligt omfang og tempo !!!!!
Er Dominion, Tennesee og Nyseg interregionale lines overhovedet store nok til at modtage de kommende mængder fra NEC ?
Kan der blive problemer med jordejere ved udvidelser ?
Hvor store omkostninger kommer det til at medføre ?
Kan en JV-partner overhovedet speede denne proces op?
6/6 2009 20:40 jantt 013073 Jeg må indrømme at min tålmodighed med udviklingen i NEC`s aktiekurs har fået mig til at sælge 80 % af min beholdning.
Efter et år siden jeg købte NEC første gang er mit tab nået en grænse hvor jeg må prøve noget nyt.
Jeg har derfor købt DNO istedet, men kursen der er heller ikke som jeg forventede.
Synes den norske børs lever sit helt eget liv.
Efter et år siden jeg købte NEC første gang er mit tab nået en grænse hvor jeg må prøve noget nyt.
Jeg har derfor købt DNO istedet, men kursen der er heller ikke som jeg forventede.
Synes den norske børs lever sit helt eget liv.
8/6 2009 16:14 CaptainB 013153 Kenddinvare: Nec har tidligere kommunisert til markedet at de har muligheter for å utvide kapasitet på rørledninger. Dette ble gjentatt på Q1.
Økning kan komme i form av at rørledningen N/S gjennom Necs områder fullføres ved at Millenium og Dominion kobles sammen (dette krever kapital til å kjøpe RoP). En kan også øke trykket i gjeldende rørledninger. Dette krever investeringer i komprimeringsutstyr.
Slik jeg ser det, Nec er fortsatt et fint bet dersom en tror de kan løse sine finansielle utfordringer. Teknisk ser jeg små eller ingen begrensninger.
Økning kan komme i form av at rørledningen N/S gjennom Necs områder fullføres ved at Millenium og Dominion kobles sammen (dette krever kapital til å kjøpe RoP). En kan også øke trykket i gjeldende rørledninger. Dette krever investeringer i komprimeringsutstyr.
Slik jeg ser det, Nec er fortsatt et fint bet dersom en tror de kan løse sine finansielle utfordringer. Teknisk ser jeg små eller ingen begrensninger.
9/6 2009 02:46 Kenddinvare 013193 Tak Captain. Det fremgår også af præsentationen, at man kan øge.
Min bekymring går på hastigeheden og prisen herfor. Da de jo netop ikke bare er den reelle fordobling i år, men også fordoblinger hvert af de følgende som er nødvendig.
Har du nogle tal og tidshorisonter ?
Min bekymring går på hastigeheden og prisen herfor. Da de jo netop ikke bare er den reelle fordobling i år, men også fordoblinger hvert af de følgende som er nødvendig.
Har du nogle tal og tidshorisonter ?
