Looks like we might get the rig as soon as we are ready for it.. Unless luckoil find some work for it!.. Certainly a case of watch this space!
"" supermajor Total has been forced to suspend its challenging Brulpadda-1 wildcat off South Africa for mechanical reasons, writes Iain Esau. Ocean Rig’s Eirik Raude semi-submersible had been drilling the probe in Block 11B/12B but is now off location because mechanical problems were discovered that relate to “the deterioration of the fairleaders”, said a spokesperson.
The well was suspended short of its target depth.
Industry sources said subsea conditions were difficult with current speeds as high as 11 metres per second.
Sources suggested that Eirik Raude and its riser systems were unable to handle these challenging conditions but this was denied by Total.
“The Eirik Raude and its riser system have proven their validity for work in such challenging sea and current conditions,” said the spokesperson. The weather window closes on 31 October so Total does not have time to repair the rig and re-enter the well.
Total’s spokesperson said: “Repairs of the fairleaders in a sheltered harbour will take a few weeks while at the same time the drilling period is constrained by weather and current conditions with the favourable (period) ending on 31 October.”
As a result, Total has released Eirik Raude and will use another rig to re-enter Brulpadda-1.
“Eirik Raude is committed under another contract next year so it won’t be able to... re-enter the well,” said the spokesperson.
Upstream understands the rig is now is off Namibia en route to the Ivory Coast where it may work for Lukoil.
The spokesperson denied suggestions Total — which is evolving a new exploration strategy — wants to pull out of Block 11B/12B.""
Funny ,that. My mate could have paid his mortgage off on the six quid peak, was on holiday, came back, didn't sell, held on for it to go back up.......and is still holding now BUT he is confident it will. Maybe not to six quid in a hurry, but up it will go. My theory is if you are holding at £2.70 then you must be confident it's going up so if you have funds just do it , why not make money on the way back up to £2.70 instead of just getting it back? I myself ,on my mates advice will put a bit in here for next year (if HH does the business in the next couple of weeks).
at the moment there's 2.5% short on rkh ,Numeric Investors LLC 1.20% ↑ 0.11% 2014-10-08 , GSA Capital Partners LLP 0.70% ↑ 0.09% 2014-10-01 , Oxford Asset Management 0.59% ↓ -0.10% 2014-09-11 . . it's interesting that all was closing positions until mid sept and then the first two started to increase there short position at end of sept . will have to keep an eye on any change over the next few weeks as we get closer to rig being sent on it's way to falklands. i'd like to see a quick move back up and catch the shorts out napping but more often than not they are ahead of the game ( somehow :-) ) . . is 70 the bottom ?
Firstly I'm not invested here, but am in oilers and looking to get in next year, which is not too far off. I was speaking with one of my customers today who works for JP Morgan, he told me to sit tight, as the market will rectify. People won't really start investing until drilling starts and flow rates are established IMO, it will just be speculative punting until that point. I heard that RKH should be massive in 2015, and I will hopefully research further in the coming weeks. I would love to know what peoples honest thoughts are about the company are, especially if they are LTHs. My mate bought his house outright after the last big surge, so hope that it will reap the same fruits once I decide to get in!
A little birdie told me 2015 Falklands is gonna be huge, but it could be one of many companies that strike the gushers. Will be researching more in the coming months and tucking pennies aside, but as far as i know there is no massive rush.
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