P71 That's how I see next year panning out. It's my opinion. That's what these boards are for. The company is going to need funding next year and I was looking at the possible options. If I thought it was going to be all doom and gloom then I would have sold up and not be posting on this site. There are some very negative people posting on this site who really should have moved on. Don't get me wrong I am not enamoured as to the way the company has handled things. Holding back on Lewino's horizontal has caused immense damage to sentiment. It gives the impression that the wild euphoria after the 'successful' vertical results were announced was all spin. The fact that it was Dennis McKee of UOS gave it more credence at the time and I think we all thought that was it. The first proven shale well in Poland. The good times were about to commence. But that was a year ago. Perhaps next year it might happen.. . .
. . A new rights issue is a no no at current share price and production is still beyond the horizon, so that leaves selling some of our assets as the only way to raise further money. It would be nice if Barryroe were to go through, or a cash payment for a stake in a Lewino FO. But failing that we have to look at our stake in Pnr. But that would need to be proven up first for it to have any real value. . . Our current drilling with PGNiG should be reporting next week, with Rawicz in early January. Rawicz is probably the more important since it will give us some idea of what Pnr are capable of and a pathway to some sort of production possibly by the end of 2015. They start on Sierkierki in Q1. That could be another pathway to early production. Our other JVs (wisent, Aspect ect) seemed to have slipped off the radar.
I've been involved in the outline planning of an invitation-only Conderence in London in 2015 about the future importance of coal. Oil&Gas are ideal back-ups to other "intermittent" energy sources. Geothermal offers unlimited heat, once the wells can be drilled cheaply enough in the right locations. Solar cell costs are dropping all the time. Oil can be made from coal. Cold fusion is a possibility, but not one to be counted upon! The Saudis have been afraid of alternatives to oil for decades; I don't think their fear is based upon hypothetical bogeymen. Apply modern technology to coal mining and CO2 etc. removal, and it changes its image etc. greatly. In any case, energy is only one part of the world economy. It may become a bit like the industries on which the Trades Union movement and the Labour Party were built: relatively marginal, going forward.
Much of it is complete foolishness, and as you rightly say, back-up costs are a huge problem. But some of it is sensible: hydroelectrics and geothermal are unquestionably good (if somewhat limited by geography and geology) and *some* wind power makes sense (for example, in places without direct power supplies). I've been inv
Yes I was aware of the 'waxy oil' problem, and yes it would increase production costs but not by that much. The waste gas produced on the rig could be utilised as an energy source for water heating to keep costs down. I did read about this somewhere and it was quite successful.
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