Joe - have already alluded to cost of DL - I think EBD believes he'll do it for love ( don't think cost has been included in the EBD new bod budget!) - perhaps he'll take share options - that'll please jacobile ( mouthpiece for TW ) - he gets apoplectic at the thought of DL's original shareholding cost!
Joe - apologies for exploiting your thread for this rant!
EBD - thanks for showing us how much you know about pulling levers on oil rigs - you can always fall back on the time you bested OAT on the CPR issue - if I remember rightly you claim to have fully understood the issue of P1 reserves and the fact they couldn't be included unless they were fully financed before the emailgate publication- but didn't think it was worthy of a mention to the bb when you were ramping 10p SP haha!
BTW welcome back OAT - enjoy your informative postings - missed that morning coffee thought for the day post!
thanks Joe, I thought you had some technical expertise, unfortunately the bb occasionally gets disrupted by a few egos and some purposely imo just enjoy posting for a response rather than because of genuine investment interest, you know the sorts, so your input is welcome by me.
been a tough period for oilies however first stage of recovery has to start somewhere and here we are with some prospects going forward ;)
Suprised - Field geologist, mineral exploration. spent my days on rigs. I would like to think my posts are still informative, some posts might not be what people want to hear though...
EBD - Unqualified drillers would not be let at the controls of an oil rig. It might surprise you to hear that there is actually some regulation in the industry, and any auld monkey cannot just waltz on site and go balls out on a drill rig. LGO have all their contingency plans laid out in the various CEC's and IPSC contracts.
In regards DL interview that EBD posted - If a driller pulled a lever the wrong way at the wrong time, LGO would not be lumped with the bill. That was a bit of an over simplification of things. Fact of the matter is, shiiiiiiit happens, drilling is a fickle task, wireline logging even more so. Expecting NR to go because of that is tosh.
Swabbing wells costs money. This will boost production on old stripper wells by a few (2-3) bopd (averaged out over a few months) Obviously the payback on this investment is not there at this level WTI, otherwise the banks would have released funds to do so.
Million dollar question that should be answered - At what price WTI does this task become economical?? A lot of stripper wells on goudron...
In Spain, the Lora Concession ("Concession") extension application is proceeding as expected and the application has been referred to the Spanish Council of State (Consejo de Estado) to determine the final legal status of the application. The current Concession runs until the end of January 2017 when its original 50-year term expires. It is anticipated that the Council will review the application in the next 3 months. The Company is optimistic that the Consejo de Estado will support LGO's application allowing the Company to continue production and, subject to funding, to embark on a new investment phase with the security of a 10-year licence term.
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