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Ann: Triangle Awarded Half Share of Significant UK Gas Field, page-9

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Mikey74

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03/11/23

15:05

Post #: 70715382
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Originally posted by Mitchdon: ↑

Hey @Mikey74,

I posted this yesterday on the qtrly thread but worth putting it here on the correct thread now! Yes a ton of work was done by CNOOC including 3D and appraisal wells prior to their relinquishment in 2020. ( Works summary attached)

I have the full report and would love to get it into the hands of a Geo on HC but can't upload it. My e-mail is [email protected] if anyone wants an e-mail copy.

Don

Hey @SlipPickdon't think you are missing anything and I agree it probably should be price sensitive. Four reasons to like this deal for TEG

1. Our partner is Ithaca Energy. Not sure how our 25m MC company ended up with Ithaca but they are a major player. ($3bn MC, 28 fields in production, production of 75.8k boe/d) Someone else will know the connection, probably via Conrad or Mike?

2. we are in the first round of 27, of a total of 115, licenses to be offered. These first blocks are "in areas prioritised because they have the potential to be brought into production more quickly than other assets."

3. There is 10 years worth of seismic, including 3d, appraisal wells drilled etc. by CNOOC prior to their relinquishment in 2020

4. The UK government Energy Profits Levy provides a massive capital incentive to fast-track these projects. Qualifying capex spent between now and March 2028 attract a 90% capital allowance. Literally spend $100m on capex get $90m back! (admittedly there is also a 75% windfall tax on revenue until March 2028) Existing producers, like Ithaca, need to spend capex to offset the windfall tax.

So typical of Conrad, under-promise and over-deliver! While the focus, rightfully, is on L7 and EP437 this might be a case of TEG being in the right place at the right time!

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Hadn't got to that thread before posting, but thank you for providing the additional information, appreciated.

TEG Price at posting: 1.9¢ Sentiment: Hold Disclosure: Held
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Ann: Triangle Awarded Half Share of Significant UK Gas Field, page-9

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

Medallion Metals kicking off 15,000m drill run at Ravensthorpe gold play

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

Vulcan appoints investment bank and M&A veteran to board

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

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Ann: Triangle Awarded Half Share of Significant UK Gas Field, page-9

Top Stories

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

Medallion Metals kicking off 15,000m drill run at Ravensthorpe gold play

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

Vulcan appoints investment bank and M&A veteran to board

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

Utah authorities sign off on Anson's lithium extraction plans at Green River

Featured News

Buyers (Bids)

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