RE:RE:RE:AGM Update June 22Ithaca are cautious re delays due to previous shareholder angst and legal threats.
Consequently they are careful about over promising and lettting shareholders know as soon as a delay becomes apparent.
The way I see it:
1. Platform ready for sale away this month.
2. Platform probably won't sail until early July as so many ducks to line up just so before departure.
3. Departure to first oil - probably slightly less than 3 months but plenty of unforseen delay built into that timescale, consequently Ithaca still remain bullish on September first oil.
4. Personally I expect mid July departure and October first oil. The output estimates for Stella are far too cautious based on flow test results, all of which were capped at the flow capacity of the test gear. If Delek wait until first oil and the volumes are say, 30% up on forecasts, then the share price will bound and they will end up paying well over $3. Therefore Delek are likely to bid before first oil.
5. Alternatively, FPF-1 sinks off Denmark and the Titanic vessel is sent out to try and locate the undersea wreck......
Doug