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mbatista

903 Posts.

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02/12/19

13:30

Post #: 41747815
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Originally posted by MoneyBags1348: ↑
Reposted from 14/06/19

Before (once again) posting substantiated LNG market releases and other media interview statements, I will post the regulatory accomplishments that were achieved before and after Greg Vesey’s tenure.

Regulatory Accomplishments Maurice Brand versus Greg Vesey:

Maurice Brand (08/14 - 03/16)

08/14 Magnolia LNG -DOE approves changes to Non-FTA countries
12/14 Bear Head LNG Files for US DOE Export Licence
12/14 Magnolia LNG Project Process and Progress with FERC
01/15 Magnolia LNG Project Process and Progress with FERC
02/15 Bear Head LNG Files with US DOE for Export of LNG
05/15 Bear Head LNG Receives the Last of Initial Approvals
07/15 Bear Head Receives DOE Approval of Exports to FTA Countries
08/15 National Energy Board Grants Export License to Bear Head LNG
11/15 Magnolia LNG Receives Final EIS From FERC
02/16 Bear Head LNG Receives U.S. DOE Authorization for Exports
03/16 Magnolia LNG Receives FERC Order

Greg Vesey (12/16 - 06/19)
12/16 Bear Paw Receives Environmental Assessment Approval
05/17 MAGNOLIA LNG RECEIVES FERC NTP
12/18 KBR Increases capacity to 8.8mtpa
03/19 FERC grants 8.8mtpa export to FTA countries
09/19 MOU with DOE (apparently not an accomplishment deemed to be ‘price sensitive’)

Statements made by Greg Vesey and the company:

12/16 “As we finalize LNG offtake agreement efforts”
01/17 “We will be moving to finalize firm offtake agreements in the New Year”
03/17 “No one is horse trading”
03/17 “Forecast FID in July 2017”
03/17 “Confident this is a matter of when, not if”
03/17 “All three projects are in an advanced stage of development”
03/17 “Construction at Bear Head could start by as early as next year”
03/17 “Construction on the Magnolia facility is expected to begin later this year”
03/17 “In discussions for more than three times the 8mtpa capacity of Magnolia”
06/17 “Expected to have the whole facility contracted in the next 6 - 12months”
08/17 “Outlook remains bullish”
08/17 “Likely finish selling remaining capacity at the Magnolia project by the end of 2018”
10/17 “Confident of signing offtake agreements with credit-worthy buyers later this year or early in 2018” 11/17 “We hope to have it done by now to mid to 3^rd quarter 2018”
11/17 “Discussions heavily focused on investment grade and credit worthy buyers”
12/17 “The discussions with potential customers are good”
12/17 “Talking about deals up to 25 m tons just to see what's real and who's going to sign first”
03/18 “There’s ‘real potential’ to get a final investment decision by the end of the year”
05/18 “Demand has taken off”
05/18 “Buyers are willing to sign 20 year deals”
05/18 “Buyers of LNG are no longer balking at contracts”
05/18 “Expected to make that call by the end of the year”
05/18 “Contract talks have picked up significantly this year”
05/18 “When we got back from holidays, the phone started ringing like crazy” 1
0/18 “We remain confident in our ability to reach FID whether or not China participates”

Seven (7) times between March 2017 and October 2018 the company forecast reaching FID, having the whole facility contracted and / or beginning construction by 2018!!!!

Statements made prior to the IDG investment in June 2018 include the following:

“We hope to have it done by now to mid to 3^rd quarter 2018”
“Negotiations (with investment grade counterparties) are advanced”
“Expected to have the whole facility contracted in the next 6 - 12months”
“Discussions heavily focused on investment grade and credit worthy buyers”
“Offtake agreement negotiations are continuing with a number of LNG buyers”
“There’s ‘real potential’ to get a final investment decision by the end of the year”
“Likely finish selling remaining capacity at the Magnolia project by the end of 2018”
“Confident of signing offtake agreements with credit-worthy buyers later this year or early in 2018”

Statements made after the IDG investment in June 2018 include the following:

Previously to IDG investing “we only had access to lower level discussions”

Excuses made by the company in chronological order include the following:

“Global political developments” and “US administration inaction” “Speculative proposals clouding the commercial landscape for buyers” “Low global oil prices” “A global supply glut” “Qatar” “The trade war” “General malaise” “Low spot prices”

Column 1 Column 2
1 EXECUTIVES Base Salary in Australian Dollars
2 John Baguley / COO $573,333
3 Kinga Doris / GC $446,683
4 Michael R Mott / CFO $548,920
5 Joe B’Oris / COO $453,333

Column 1 Column 2
1 NED NED remuneration in Australian Dollars
2 Cavicchi $ 370,217
3 Beresford $ 173,520
4 Bond $ 191,520
5 Moeller $ 232,320
6 Steuert $ 232,320

Apologies for having to post this again. I have removed all my personal opinions from this previous post and left just the facts!

Original post in 14th June 2019, received 'Likes_41' and Great Analysis_16
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Looks good.

Waiting for buyers like all the other projects.

LNG Price at posting: 19.5¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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