Yes the sites for Pad 6 + 7 are already plotted, and provisional clearing of the site is ongoing. I believe that Pad 6 may now be a 6 well pad and not 5 wells, but that is yet to be confirmed. Permissions pending is the status, and hopefully if we can start the building of Pad 6 before the end of June, we will be on target for the rig move off Pad 5.
Very interested in Pad 5, and really looking forward to the first well result from this pad. As you know, this Pad 5 is way out there in complete virgin territory, GY-275 and GY-295 are the only wells near it, and they are virtually right at the end of the historical well boundary.
Many thanks for the correction, I should have looked into it further before putting that foot note and summary about NR share holding average. I blame it on a long week, my wife would blame it on me getting old haha.
We have not put any new wells on to production for 4 months. Back at the end of January the SP was around 3.2p. Since then to the downside we have raised cash and will no doubt have experienced some declines. To the upside we have seen WTI start to recover and as we know have the next 22 wells fully funded. I could type a whole load of stuff to the upside but we know all that anyway.
So for me, on balance I am extremely happy to be at >3p. Contrary to the views of the traders I think we will remain and consolidate above 3p before next production / CPR news.
Also for me, I am realistic to know that declines will have taken place as they ALWAYS do on any well anywhere in the world. But having said that we still have 4 free flowing wells and all wells will have plateaued now.
In June we will put 3 new C-Sands wells on to production and will have completed 12 re-completions. Before the end of 2015 we will also put another 9 C-Sands wells on to production and hopefully add 6+ Goudron Sandstone wells to the mix.
I am extremely excited about the future of LGO and personally I really don't think we could be in a better place.
The post from last night were a great read. If we do have a individual accumulating (which I also believe we have) then he or she has uplifted around 23m shares this week alone at a average of 3.20, costing the buyer around £738k. Knowing how these large portfolio holders work, he / she has another £250k worth to buy to get a million pound investment into LGO.
Why invest this amount of money at £100m market cap? he / she is fully aware of what is to come and how much this company will grow this year and the next. NR is putting in bigger sales tanks to increase capacity from 2750 barrel holding to 12,750 barrel sales tank holding, NR is increasing the current 30 well program to 60 wells, NR is going to operate a second rig to drill GS wells alongside the current C-sand wells, NR is fully funded for this year and most likely next year. Conclusion - accelerated growth.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.