TPET drilled a duster in Morocco with their TAO-1 well in the summer and the company is now nearly broke. However, here is one of their investor presentations. I have posted it because it shows the location of various wells offshore and onshore including ours. Some of the wells have made finds and perhaps the best of these was in the Judy Maritime area where a substantial find was made but of poor quality heavy grade oil. It was suggested by TPET that the oil had suffered biological degradation owing to the particular geology at Judy and therefore there was unlikely to be read across to other prospects. However, they also ramped their share price and company prospects so I wouldn't take a lot of notice of that! However, SLE's interests are shown on the maps and there is useful info on the geology. Just for background info and dreaming while we wait! Robby.
I don't even really understand what you're implying.
However I do take your point about there being little point in reading what I have to say about SLE. There's not much relevance really as they aren't the operator. I don't know if you're aware but its Genel running this project, not SLE, so any previous issues with the company are quite irrelevant.
So your post is just more deliberately negative drivel.
About as good as the sell tip we got from Sid at 1.8p last week.
GOOD……Well that clears up why SLE had to put out the RNS that they did and the reason for GENL put out the reason that they did…. So SLE where forced to put out news even though they may not have wanted to at this point……. Can’t do right for wrong sometimes!!
Genel/San Leon/Serica- Down, sideways, up… This morning San Leon and Serica announced that the Sid Moussa well, SM-1 had reached TD and had ‘encountered oil during drilling operations’. Genel then announced that whilst testing was indeed taking place it might be ‘premature’ to read too much into the news. The reasons for the different disclosures are because San Leon and Serica are Aim listed and Genel is not, the latter would probably have preferred not to have put anything out at all. However, Genel as operator are spending north of $20m on the testing so it must feel that it is at least worth the while doing it. Testing this will take 2-4 weeks and with a Capital Markets Day scheduled for the 13th of November, Genel has the perfect target for what might indeed be very good news. All eyes have been on offshore Morocco for some time now and with a couple of dusters so far success here would be a boost for all the players in the area. After the announcements the Genel price fell, San Leon’s remained unchanged whilst Serica’s rose 11%, try explaining that away…
Little point reading what you have to say about SLE. You already told us you recently made a significant top up at sub 1.9 and that you can't wait to sell at 3p......Explains why you want to see everything as rosy at the moment.
In the past we have seen very different reactions from you when your motives have obviously been different.
Yes a disappointing response to our SP, but since I'd pencilled it in as a 'not going to happen'. Look forward to Genel's further updates. It's going to take Lewino and/ or Barryroe to shift this share price off where it is now. The other stuff going on is peripheral. So the sooner OF announces a spud date for Lewino the better, with or without a FO. On top of the cash to hand he has a drawdown facility available so he can't say he hasn't the funds. It's not what he's doing is killing this company, it's what he's not doing. . It is almost a year since we had the good news re Lewino's vertical flow rates.
London, 20 October 2014 - Serica Energy plc (AIM & TSX: SQZ) confirms that the SM-1 well in the Sidi Moussa block offshore Morocco has reached a total depth of 2,825m MDBRT (measured depth below rotary table) and encountered oil during drilling operations. Preparations are underway to perform cased hole testing.
Serica has a 5% working interest in the Sidi Moussa block. Its partners are Genel Energy (Operator) and San Leon Energy.
Tony Craven Walker, Chairman and CEO of Serica said, "We are at a very early stage and the presence of hydrocarbons in this frontier block will require further evaluation. At this stage it is premature to make any definitive technical interpretation. The planned well test is being designed to achieve this objective as far as possible and an update will be released once these operations are concluded."
Above RNS from Serica.......As any sensible person who is not driven by ulterior motives can see and as their CEO states. PREMATURE very early stage to make any difinitive tech: interpretation. In other words encountering oil(whatever that means) is very different to announcing a commercial oil find..IMO your not likely to hear anything more from this for yonks-- IF ever, forget it, at best its miles away, seen it all before many times, keep the wheels rolling.
They put a brake on the rise by the RNA they put out . Had they not used the word premature in their RNA we most likely would have seen a decent rise here. Anyway I used the opportunity to top up so thanks to them. To go ahead with a £22m testing programme they must have a good enough reason to do so.
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.