Given that there is going to be no meaningful revenue for the forseeable future even if Lewino is successful, how is Fanning going to fund this ongoing humongous haemorraging of cash to maintain all the non-performing assets and operational/ admin costs? EOG manages to do it on less than 5mio pa of earned income which includes all the directors' renumeration and has Kosmos who is contracted to spend $200mio farmed in to develop their Irish assets which have an est 2bn bbo and are currently having the recently completed 3D seismic survey evaluated . It looks like more dilution (again) is on the way for long suffering SLE shareholders, if Fanning can continue to rely on Tosca etc. to stump up more cash. Say 30mio quid @ 2.5pps = another 1.2bn shares....happy days........
Thankyou for enlightening us with your post below. So 70mio quid disappears just on the maintenance of non-performing assets, including Fanning's exhorbitant renumeration package.......god help us...... SLE should be renamed the DHSS.
December 02nd, 2013 4:06pm Posted In: Natural Gas, News By Country, Poland
FX Energy, PGNiG Proceed with Lisewo-2 Well in Poland Source: FX Energy Source: FX Energy US-based FX Energy reported that the Lisewo-2 well in Poland, which as drilled to accelerate production from the Lisewo structure originally discovered by the Lisewo-1 well, would be completed for production prior to further testing.
‘A total of 27 meters were cored at the top of the reservoir which showed excellent reservoir quality and gas saturation similar to the Lisewo-1 well. Planned operations call for completing the well for production,’ reads the note released by the company on Monday.
The two wells are located in the concession where the Polish Oil and Gas Company (PGNiG) is the operator with 51% working interest. FX Energy owns 49%.
Last week, San Leon announced is successfully executed two vertical hydraulic fracture stimulations in the Lweino-1G2 well, while ConocoPhillips and 3Legs Resources agreed to proceed with further drills to assess the flow rate of the Sasino shale in Northern Poland.
going over the EIA document and got to page 3 on Poland and was looking at the OOIP and OCIP(Oil & Condensates) For the oil bearing fairway of the Baltic Basin they are saying 42.2 million barrels oil per square mile and 12.8 million barrels condensates, total 55 million barrels per square mile.
Braniewo is 257, 654 acres which turns out to being just about 403 square miles. Now I am not saying this is all oil bearing land, but we could be looking at a 1/4 or 1/2 oil bearing. If the whole area is oil bearing at 55mb/sq mile it comes to some 22 billion barrels of oil. I don't know how much of the land EIA uses as a standard for being productive but they seem to be quite low in their estimate for the basin at 14 billion oil and 10.6 billion condensates. and recoverable at .7 billion and .53 billion. San leon states this is a billion barrel recoverable so I am guessing EIA is giving low estimated ammounts for the basin. The depth here is very much in line with the Bakken and other oil bearing unconventional formations in the States. I see that they use 4% as recoverable, this is going to be low as now in the Bakken with waterflooding and CO2 flooding they are thinking they will recover close to 25%. I think Wisent knew what they got into as they had already drilled a vertical and one horizontal into the formation.........atb links
where did you get 70mill from?..how much do you think it costs to keep wells that have been already drilled safe etc etc etc???.peanuts I suppose!!,its not just security that costs,there is a lot of associated costs with gas and pressure checks,these are specialised workers and safety is paramount!!...then there is seismics on other licences/in other countries..then there are payments for the concessions ..albeit not massive but costs anyway..then there was the water and security management at scincy..then there is payments to schuie at chezslaw..UOS at lewino..sle did the 1st frac at rogity before wisent came in........all this costs money..its the oil&gas industry which costs huge ammounts..all the cores that were sent to USA costs.....everytime...to have a geologist come from USA every two weeks Costs.....to have 3d re design work on wells costs..lawyers costs...the top geologists working for sle costs..infact all sle workers costs....so really to answer your question I aint got a clue........but something I do have a clue on is that people like you nelly who carry one bringing personal accusations on a person namely Oisin Fanning seem to go missing from these boards, as you can "dis" a company, but to go personal is another matter..look through the annual statement of accounts to see where the money has been spent instead of being a nelly nellen,
I don't know what hes spent 70mio quid on this year, and nor does anybody else by the sound of it. He got 40mio from AUL in January and has since diluted shareholders again to raise another 30mio. Where has it all gone ? You know him much more intimately than most who post here so you've told us before, thats why i'm asking you the question. Going by his past well publicised iffy track record, I just hope that Fanning doesn't think that the 70mio quid can be viewed as a personal "Anglo Irish Bank home loan" revisited........
All I said was that was 7 days. Yes meaning since the last RNS which in they the (company ) (above the lower frack interval is now being removed, and the well completion installed. This work will take 7 to 10 days. The Company then plans to finish the clean-up of stimulation water, and perform a prolonged flow test using 2-7/8" tubing to quantify the gas flow rate and well potential. We will report these results in due course. So i am only stating fats from the RNS someone say they have no even started so i asked if he new that for fact. So maybe there might be no news or maybe if it looking good they might give another little update with some positivity as the mm a sore playing around with the share price.
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