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15/12/2008 Les diificultés des petiites pétrolières

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Ca donne le panorama du tableau de chasse pour un prédateur

http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3AIVE.L&thread=4379895&it=le&action=detail&id=4380141

traduction Anglais/Francais

Oilbarrel article - rien personne ne sait pas mais met les choses dans leur contexte:

Il est difficile de sortir de la ré️cession de parler ces jours-ci. Les prix du pé️trole brut ont perdu environ 100 $ US depuis leur pic de cet é️©️, au milieu des attentes de baisse de la demande mondiale, tandis que les prix des actions ont é️galement chuté️, ré️duisant la valeur des stocks à travers le conseil d'administration.
Un coup d'Å“il au hasard par le biais de titres des journaux nous dit que Rio Tinto est en train de couper 14,000 emplois pour allé️ger le fardeau de sa dette, tandis que les exportations de la Chine ont diminué️ pour la première fois en sept ans que les morsures de la ré️cession. "La demande mondiale de pé️trole chutent, le FT a indiqué️ mardi Dé️cembre 9. Stories from the financial sector make for even worse reading. Histoires du secteur financier pour faire encore pire lecture.

Face à cette dé️gradation de la conjoncture é️conomique toile de fond les petites compagnies pé️trolières essaient de tenir. Ceux qui ont certains de production pour la mé️©️o de la tempête sont peut-être mieux placé️ que les autres. Encore une fois, à grandes dette et peu d'argent dans la banque sont probablement plus exposé️s que ceux avec une plus grande liquidité️ et moins engagements.

Island Oil & Gas boss Paul Griffiths said recently that oil independents must learn to be both “creative and aggressive” if they are to survive. Island Oil & Gas patron Paul Griffiths a ré️cemment dé️claré️ que le pé️trole indé️pendants doivent apprendre à être à la fois cré️atrice et dynamique "si elles veulent survivre. The company raised US$25 million from the sale of its Netherlands business earlier this year, though it is still keen on further asset sales to trim the portfolio and at the same time bump up cash reserves. La socié️©️ a soulevé️ 25 millions de dollars de la vente de son entreprise Pays-Bas au dé️but de cette anné️e, mais il est encore plus vif sur les ventes d'actifs afin de ré️duire le portefeuille et en même temps heurtent les ré️serves de tré️sorerie.

The number of E&P juniors seeking finance in the current climate – including some fairly paltry sums – to maintain working capital illustrates that times are indeed getting tough. Oilbarrel.com has itself reported on many of these fund-raisings, highlighting a pattern that also shows how accessing this cash is becoming ever more challenging. Le nombre de E & P juniors la recherche d'un financement dans le climat actuel - y compris certaines sommes assez dé️risoire - de maintenir le fonds de roulement montre que les temps se sont en effet difficiles. Oilbarrel.com a signalé️ lui-même sur un grand nombre de ces fonds-raisings, mettant en é️vidence un modèle qui montre é️galement Comment accé️der à cette caisse est de plus en plus difficile.

With banks feeling the pain themselves, and some now propped up by the taxpayer, these are not the free and easy lending conditions that they once were. Avec les banques sentiment de la douleur eux-mêmes, et certains dé️sormais soutenus par le contribuable, ce ne sont pas la simple et gratuite conditions de prêt, une fois qu'ils ont é️©️. Moreover, with crude prices crashing down, the oil sector no longer holds the same alluring appeal it once did. En outre, avec les prix du pé️trole brut à s'é️craser, le secteur pé️trolier ne dé️tient plus la même allure appel une fois fait.

Asset sales, farm-outs, even mergers and acquisitions, are all back in fashion, as junior players seek to shore up the defences against the rising tide of gloom and recession. La vente d'actifs, à la ferme-outs, même les fusions et acquisitions, tous sont de nouveau à la mode, en tant que junior joueurs cherchent à renforcer les dé️fenses contre la maré️e montante de l'ombre et de la ré️cession. But with a market now awash with opportunities – and not many buying – it’️sa tough sell. Mais, avec maintenant un marché️ inondé️ de possibilité️s - et pas beaucoup d'achat - c'est difficile de vendre.

Max Petroleum said last week that it was finding it harder than it expected to secure a farm-in partner for its Kazakhstan acreage. Max pé️trole a dit la semaine dernière qu'il é️tait difficile de trouver ce que devrait garantir une ferme-partenaire dans le Kazakhstan pour sa superficie. The company is looking to sell a portion of its equity interests in Astrakhanskiy and Blocks A&E license areas in western Kazakhstan. La socié️©️ cherche à vendre une partie de ses capitaux propres inté️rêts et dans Astrakhanskiy Blocs A & E license zones de l'ouest du Kazakhstan.

Though it has held discussions with potential suitors in recent months it said that it had been unable to complete a satisfactory commercial transaction and could not predict whether or not it would be able to do so going forward. Même si elle a eu des discussions avec d'é️ventuels pré️tendants au cours des derniers mois, il a dit qu'il n'avait pas é️©️ en mesure de remplir une transaction commerciale satisfaisante et ne peut pas pré️voir si oui ou non il serait en mesure de le faire aller de l'avant.

According to analysts Fox Davies Capital the more appealing assets are those that are already delivering production and generating real income “Given very low equity prices, it is currently often more attractive for industry players to farm in to commercial or sub-commercial assets than pure exploration plays,” it said in a briefing note. Selon les analystes de Fox Davies Capitale de la plus attrayants les actifs sont ceux qui sont dé️jà des gé️©️rateurs de production et de revenu ré️el "Compte tenu de l'é️quité️ très bas prix, il est actuellement souvent plus attrayant pour les acteurs de l'industrie de la ferme à commerciaux ou sous-actifs commerciaux de l'exploration pure joue », il l'a dit dans une note d'information.

Dilution of equity on assets has emerged as a key way of raising money, or at least securing funding pledges for future work commitments in the current climate. Dilution de l'é️quité️ sur les actifs est apparu comme un moyen clé️ de la collecte de fonds, ou au moins de garantir le financement des promesses de dons pour les travaux futurs engagements dans le climat actuel.

US-focused Irvine Energy is another that is actively engaged in farm-out talks although it has thrown open the door far wider, hinting that it might be ready to contemplate some sort of merger to reduce its capital spend. États-Unis Irvine porté️ l'é️nergie est un autre qui est activement engagé️e dans l'exploitation des né️gociations même si elle a ouvert la porte beaucoup plus large, suggé️rant qu'il pourrait être prêt à envisager une sorte de fusion afin de ré️duire son capital passer.

It was in the markets recently raising £610,000 through a share placement for working capital to help tide it over into 2009. Il a é️©️ dans les marché️s ré️cemment sensibilisation £ 610,000 par une part de placement pour les fonds de roulement pour aider plus de maré️e il en 2009. A company that does have some production, Irvine Energy’️s problems have been compounded by partner and operator Metro Energy holding back its revenues amid an ongoing row over cost over-runs. Une entreprise qui n'a certains ont de production, de l'é️nergie Irvine problèmes ont é️©️ aggravé️s par partenaire et exploitant de mé️tro é️nergie freinent son chiffre d'affaires en cours au milieu d'un rang plus de coûter plus-va.

Irvine now has about nine months to complete some sort of transaction or face the prospect of dipping back into the markets. Irvine a maintenant environ neuf mois pour mener à bien une sorte de transaction ou sont confronté️s à la perspective de trempage dans les marché️s. It said it would need to raise additional finance within about 12 months if no asset disposals were completed, though of course, lending conditions – and the oil price – might have shifted significantly in that timeframe. Il a dit qu'il aurait besoin de lever des fonds supplé️mentaires au sujet de financer, dans les 12 mois si aucune des cessions d'actifs ont é️©️ accomplies, mais bien sûr, les conditions de prêt - et le prix du pé️trole - peut-être changé️ de manière significative dans ce dé️lai.

Black Rock Oil & Gas has been searching for partners for much of the year when things started to turn sour. Black Rock Oil & Gas a é️©️ la recherche de partenaires pour une grande partie de l'anné️e où les choses ont commencé️ à tourner au vinaigre. It has now entered advanced talks with one unnamed suitor for a possible equity subscription. Il est maintenant entré️ dans des né️gociations avancé️es avec un anonyme pré️tendant possible pour un abonnement d'é️quité️. The company has a portfolio of assets in the UK and Colombia, selling an Australia property earlier in 2008. La socié️©️ dispose d'un portefeuille d'actifs au Royaume-Uni et de la Colombie, l'Australie vente d'un bien plus tôt en 2008.

These are desperate times, however, with managing director John Cubbitt lending just £2,500 to the company on December 10 to keep the wheels moving while talks continue. Ces temps sont dé️sespé️©️s, toutefois, directeur de la gestion de John Cubbitt prêt seulement £ 2500 à la socié️©️ sur Dé️cembre 10 à garder les roues en mouvement alors que des né️gociations continuent. This is not a large amount of money in the E&P business – not even on the High Street – so discussions will need to crack on if the company is to progress its upstream agenda. Il ne s'agit pas d'une grande quantité️ d'argent dans l'E & P d'affaires - même pas sur la High Street - si les discussions devront se fissurer si la socié️©️ est à ses progrès en amont ordre du jour.

Another small US-focused company, Empyrean Energy, raised £500,000 recently to top up its cash position as it matures its flagship Sugarloaf project. Un autre petit-Unis entreprise spé️cialisé️e, Empyrean l'é️nergie, a soulevé️©️cemment £ 500.000 au dé️but de sa situation de tré️sorerie comme il mûrit son projet phare de Sugarloaf. At the time, CEO Tom Kelly cited the “particularly challenging” prevailing capital raising markets. À l'é️poque, Tom Kelly, chef de la direction de la cité️ "particulièrement difficile" qui pré️vaut marché️s de capitaux.

Again, this is not really a great deal of money to fund exploration activities – where the cost of drilling a well can run into the many millions of dollars – though it will keep the company moving into next year. Encore une fois, ce n'est pas vraiment beaucoup d'argent pour financer les activité️s d'exploration - où le coût du forage d'un puits peut fonctionner dans les millions de dollars - si elle tiendra la socié️©️ en mouvement l'anné️e prochaine. Luckily for Empyrean, its well costs are not as grand as those earning a living in the more costly deep offshore. Heureusement pour Empyrean, et ses coûts ne sont pas aussi grand que ceux qui gagnent leur vie dans le plus coûteux offshore profond.

These are hard times for all, and with banks unable or unwilling to lend freely, oil companies would do well to heed the advice of Island’️s Paul Griffiths. Ce sont des temps difficiles pour tous, et avec les banques incapables ou refusent de prêter librement, les compagnies pé️trolières feraient bien de tenir compte de l'avis de l'î️le de Paul Griffiths. That is not to say that financing is not there for the right projects or for larger well-heeled sponsors. Cela ne veut pas dire que le financement n'est pas là pour le droit des projets ou pour de plus grands bien-nantis auteurs.

The project financing market has also been severely squeezed but for the likes of BP and Shell there are always ways of delivering. Le projet de financement de marché️ a é️galement é️©️ gravement pressé️ mais pour des clients comme BP et Shell, il ya toujours des façons de fournir. Indeed, one of the beauties of being a larger enterprise, with strong production and cashflow, is the prospect of self-financing. En effet, l'une des beauté️s d'être une grande entreprise, avec une forte production et les flux de tré️sorerie, est la perspective d'auto-financement.

These are issues facing Tullow Oil which, though it is a strong producer with decent income and cash in the bank, still needs to generate substantial funding to get its giant Jubilee offshore development in Ghana off the ground. Ce sont des questions auxquelles Tullow Oil, qui, si elle est un producteur de revenu dé️cent et de l'argent à la banque, a encore besoin de gé️©️rer des ressources financières substantielles pour obtenir son gé️ant Jubilé️©️veloppement offshore au Ghana du sol.

Other Africa-focused companies further down the chain perhaps face greater challenges. Autres pays d'Afrique axé️ sur les entreprises en aval de la chaî️ne peut-être ont plus de difficulté️s.

East Africa-focused Artumas Group recently highlighted cost containment among its core priorities in its Q3 results at the end of November. Afrique de l'Est axé️ sur ARTUMAS GROUP ré️cemment mis en é️vidence la maî️trise des coûts parmi ses principales priorité️s dans ses ré️sultats T3 à la fin Novembre. Gasol plc, which is rolling out a gas business across West Africa, is also in talks with a strategic partner to raise around £3 million for working capital to help it through the next 12 months. Gasol plc, qui est le dé️ploiement d'un gaz d'affaires à travers l'Afrique de l'Ouest, est é️galement en pourparlers avec un partenaire straté️gique pour é️lever autour de 3 millions de livres pour le fonds de roulement pour l'aider à travers les 12 prochains mois.

Aminex plc, which is progressing upstream projects in Kenya and Tanzania, could provide something of a model in its change in emphasis during the past year or so. Aminex plc, qui progresse en amont des projets au Kenya et en Tanzanie, pourrait fournir quelque chose d'un modèle dans son changement d'orientation au cours de l'anné️e é️coulé️e. While the company clearly has its heart set on these high-impact prospects, it has also targeted the US for some easy, near-term production to get the cash flowing. Si la compagnie a clairement mis son coeur sur ces haut-impact perspectives, il a aussi ciblé️ les États-Unis pour certains facile, à court terme la production pour obtenir l'argent qui coule.

There is nothing creative or aggressive in this strategy, just a bit of common sense by keeping the home fires burning while saving the bigger fish for later on. Il n'y a rien de cré️atif ou agressif dans cette straté️gie, juste un peu de bon sens en gardant la maison feux qui brûlent tout en é️conomisant le plus gros poisson pour plus tard.

Voir le profil de l'utilisateur http://maurel.forumactif.com

2 Version anglaise le Mar 16 Déc - 15:44

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Oilbarrel article - nothing anyone doesn't know but puts things in context:

It is hard to get away from talk of recession these days. Crude oil prices have lost about US$100 since their peak this summer, amid expectations of falling global demand, while equities prices have likewise tumbled, slashing the value of stocks across the board.
A random glance through newspaper headlines tells us that Rio Tinto is cutting 14,000 jobs to ease its debt burden, while China’s exports have dropped for the first time in seven years as the recession bites. “Global demand for oil to plummet,” the FT reported on Tuesday December 9. Stories from the financial sector make for even worse reading.

Against this deteriorating economic backdrop smaller oil companies are trying to hold on. Those with some production to help weather the storm are perhaps better placed than those without. Again, those with large debt and little cash in the bank are probably more exposed than those with greater liquidity and fewer commitments.

Island Oil & Gas boss Paul Griffiths said recently that oil independents must learn to be both “creative and aggressive” if they are to survive. The company raised US$25 million from the sale of its Netherlands business earlier this year, though it is still keen on further asset sales to trim the portfolio and at the same time bump up cash reserves.

The number of E&P juniors seeking finance in the current climate – including some fairly paltry sums – to maintain working capital illustrates that times are indeed getting tough. Oilbarrel.com has itself reported on many of these fund-raisings, highlighting a pattern that also shows how accessing this cash is becoming ever more challenging.

With banks feeling the pain themselves, and some now propped up by the taxpayer, these are not the free and easy lending conditions that they once were. Moreover, with crude prices crashing down, the oil sector no longer holds the same alluring appeal it once did.

Asset sales, farm-outs, even mergers and acquisitions, are all back in fashion, as junior players seek to shore up the defences against the rising tide of gloom and recession. But with a market now awash with opportunities – and not many buying – it’s a tough sell.

Max Petroleum said last week that it was finding it harder than it expected to secure a farm-in partner for its Kazakhstan acreage. The company is looking to sell a portion of its equity interests in Astrakhanskiy and Blocks A&E license areas in western Kazakhstan.

Though it has held discussions with potential suitors in recent months it said that it had been unable to complete a satisfactory commercial transaction and could not predict whether or not it would be able to do so going forward.

According to analysts Fox Davies Capital the more appealing assets are those that are already delivering production and generating real income “Given very low equity prices, it is currently often more attractive for industry players to farm in to commercial or sub-commercial assets than pure exploration plays,” it said in a briefing note.

Dilution of equity on assets has emerged as a key way of raising money, or at least securing funding pledges for future work commitments in the current climate.

US-focused Irvine Energy is another that is actively engaged in farm-out talks although it has thrown open the door far wider, hinting that it might be ready to contemplate some sort of merger to reduce its capital spend.

It was in the markets recently raising £610,000 through a share placement for working capital to help tide it over into 2009. A company that does have some production, Irvine Energy’s problems have been compounded by partner and operator Metro Energy holding back its revenues amid an ongoing row over cost over-runs.

Irvine now has about nine months to complete some sort of transaction or face the prospect of dipping back into the markets. It said it would need to raise additional finance within about 12 months if no asset disposals were completed, though of course, lending conditions – and the oil price – might have shifted significantly in that timeframe.

Black Rock Oil & Gas has been searching for partners for much of the year when things started to turn sour. It has now entered advanced talks with one unnamed suitor for a possible equity subscription. The company has a portfolio of assets in the UK and Colombia, selling an Australia property earlier in 2008.

These are desperate times, however, with managing director John Cubbitt lending just £2,500 to the company on December 10 to keep the wheels moving while talks continue. This is not a large amount of money in the E&P business – not even on the High Street – so discussions will need to crack on if the company is to progress its upstream agenda.

Another small US-focused company, Empyrean Energy, raised £500,000 recently to top up its cash position as it matures its flagship Sugarloaf project. At the time, CEO Tom Kelly cited the “particularly challenging” prevailing capital raising markets.

Again, this is not really a great deal of money to fund exploration activities – where the cost of drilling a well can run into the many millions of dollars – though it will keep the company moving into next year. Luckily for Empyrean, its well costs are not as grand as those earning a living in the more costly deep offshore.

These are hard times for all, and with banks unable or unwilling to lend freely, oil companies would do well to heed the advice of Island’s Paul Griffiths. That is not to say that financing is not there for the right projects or for larger well-heeled sponsors.

The project financing market has also been severely squeezed but for the likes of BP and Shell there are always ways of delivering. Indeed, one of the beauties of being a larger enterprise, with strong production and cashflow, is the prospect of self-financing.

These are issues facing Tullow Oil which, though it is a strong producer with decent income and cash in the bank, still needs to generate substantial funding to get its giant Jubilee offshore development in Ghana off the ground.

Other Africa-focused companies further down the chain perhaps face greater challenges.

East Africa-focused Artumas Group recently highlighted cost containment among its core priorities in its Q3 results at the end of November. Gasol plc, which is rolling out a gas business across West Africa, is also in talks with a strategic partner to raise around £3 million for working capital to help it through the next 12 months.

Aminex plc, which is progressing upstream projects in Kenya and Tanzania, could provide something of a model in its change in emphasis during the past year or so. While the company clearly has its heart set on these high-impact prospects, it has also targeted the US for some easy, near-term production to get the cash flowing.

There is nothing creative or aggressive in this strategy, just a bit of common sense by keeping the home fires burning while saving the bigger fish for later on.

Voir le profil de l'utilisateur http://maurel.forumactif.com

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