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Msg  450119 of 468203  at  9/22/2022 4:41:57 PM  by

Naamkat

The following message was updated on 9/23/2022 12:19:15 PM.

 In response to msg 450075 by  TVR
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Re: VET- Corrib Expansion Drlilling Costs & Prospects

Great research TVR.
 
I spoke with VET IR on Tuesday and asked (amongst a number of questions) whether he could follow-up on the discussions held between Dion Hatcher and the Taoiseach (the Irish Prime Minister), Michael Martin.   It wasn't clear (just rumoured) last week that this discussion happened nor when.  It is now clear that it did happen on July 26th.  
 
These were conversations about extending Corrib's life at least 10 years and possibly as much as 30.  That could only happen if offsets are eventually farmed-in upon (OT, darn, another preposition lol). 
 
 
I'm sure they in some fashion wrapped this conversation (and legitimately so, who would spend $300-500m (my ballpark est.) to extend the field 3-5 years, they need a goodly bump in RLI) around the recently announced green initiative sited at their Bellanboy gas plant (I suspect a blue hydrogen project unless Ireland pulls a bag of wind power out of their ass, umm, so to speak lol).
 
 
Clearly, VET has reminded Ireand that they need VET not the other way round (although I'm sure the sell was for mutual benefit, which is entirely the case). 
 
VET IR says that - for now - all they're hearing is pending legislation is about 2022 profits ONLY, and that they could live with the modest WPT hit contemplated on the +20% (of 2019-2021) provided tax pools are honoured. 
 
The Irish PM knows that whatever his government decidse to do will have to maintain incentive for VET to not take its bat and ball and go home.
Regards,
Naamkat 
 
P.S.  also asked about Croatian production schedule. AND registered my dismay over the poorly worded news release stipulating, ostensibly, regular dividend being limited to 10% of mid-cycle cash flow.  Requested this be reviewed with Dion if the message wasn't what was implied (that we're capped at $0.75-$1.00/sh).   Recommend other long term holders pick up the phone and press, they seemed to listen.
 
 


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450127 Re: VET- Corrib Expansion Drlilling Costs & Prospects coolreit 2 9/22/2022 4:59:59 PM




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