Corporate update does not suggest Nur-1 will be drilled..
The Company intends to maintain the organisational capacity to resume drilling its NUR-1 deep well while efforts to obtain financing continue. Negotiations with prospective partners are, however, no longer currently in progress.
No financing !! No drill. Mxp fluffed the drill twice and failed. Cost us £50 million for a hole. Finance this and fail again will be terrible..
Simply will be drilled.......just wait for production to get to 6000+ barrels. The well will take 2 months max to complete as although it is classed as a "deep" at 7250 metres, it has been drilled to 5,500 metres so 1700 metres to go. It will be side tracked and needs to penetrate the salt layer. If there was no salt I think it would take them only 4 weeks. 2 year extension in place until May 2015 on blocks A & E - there are 2 deep prospects Emba A (Nur-1) and Emba B.
NUR-1 license was extended so that Max could try and find a partner to provide funding to finish the drill. This didn't happen so NUR-1 is most probably never going to be completed. The long process to test the finds and put them on production is more to do with Kaz regulations and red tape than anything Max are doing.
What was the point in renewing the nur liecence if they are not gong to do nothing with it. I am sick of max putting wellsnon test and never hearing any results.there should be a investgation into the running of this company.
Just looked at the historic share chart for MXP and back in the day (July 2009) this sp rocketed from 6p to 30p in the space of a single month. Is it fair to say that those halcyon days are long gone and that this AIM dog has had its (never to be repeated) day. (I wasnt involved back then) Any of you guys recall what started off that flurry north for the SP?
At some point it might well be worthwhile. 8.6m in reserves, worth $10pb offsets the $80m debt with not much left over. $10pb is probably a little low when netback is $25-$40.
I reckon they'll be able to firm up more reserves, cut production costs, increase production and get fields onto FFD with time.
Still thinking that the shallow are worth 2-3p long term, but as it's a risky investment you'd probably want to wait until the price has carried on sinking before it's worth that risk. Not a falling knife I'm willing to try and catch myself, now at least.
With respect Robbo, your more than unfortunate foray into MXP, combined with my own unfortunate foray into MXP means that a repeat could be just waiting to happen with RXP. Thanks, but no thanks, ive been burned from fingers to toes on this one and cannot envisage another KAZ oily getting any more of my hard earned.
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