remarkable that the average bopd in both Q1 and Q2 was exactly the same at 529 bopd. What are the odds of that? Also it is surprising given they reported in the Q1 report that "Three of the fleet of six drilling rigs are fully operational and drilling ahead". On average it takes LGO about 14 days or so to drill a well to c. 3000-3500ft, so with three rigs going at it RRL should have drilled at least another 6 wells, and at very least 4 more wells (they drilled four in Q1). The question then is how on earth is it that the bopd average is the same figure in Q2 as in Q1? Especially as those four wells drilled in Q1 were only just brought online. I mean they have been bringing on alot of new wells since they took this acreage in 2012, at least 20 +, and all in the 80 - 150 bopd initial production range, so clearly there is a very fast drop off rate hence the downward trend in oil production from what was 1200 down to 529.
This would imply that RRL need to simply stop drilling new wells at South Quarry and Morne Diablo and save the cash - these wells simply aren't producing or looking like they can pay back the initial investment, and it looks like SQ is getting really mature as a field - if they can't even sustain initial production levels for three months from drilling then what is the point? I mean, to use a comparison, LGO drilled their first new Goudron well and it came online at 240bopd and is stable at present above 200 bopd. The technology used by both RRL and LGO is the same, so this clearly says something about RRLs 'Worldclass' assets. They should simply do a field wide beam pump exercise and workovers and try to stabilise it on the current wells. They should save their cash for the Beach Marcelle (very near Goudron so presumably similar in geology and capable of 200 bopd wells), St Marys and the Niko Farm-in which look like much better virgin prospects, and frankly, less utterly shagged.
Anyway. Malcy is usually right so we will see what he thinks RSR has up his sleeve but as above, the current producing assets look drilled to death on this data.
Yes, I do. A tough customer with a good vocabulary. Mum was head secretary to one of the 'Nobs' in Beechams Research back in 1948. Ace shorthand typist, still can, too. She was repremanded by the management for hitting her daft 85 years old boyfriend in the face becuase he annoyed her. Probably knocked over her glass of milk! Used to be only me that got the whacks! She can blame it on 'Dementia' and get away with it. She's only a tidler @ 5' 3" Nice old folks home though. It's just like Fawlty Towers inside!
LOL. Yes, met many TV personalitys and Pop stars including the late Davy Jones. Always liked the guy. Even Del Shannon. Shot himself in the noggin. Me and the lads were good 'mates' of 'Darts' (Daddy Cool) 1970s. Went to many concerts as 'support' Rock & Roll dancers when in the smaller Marquee's. Got quite an audience then and got the 'non' dancers dancing. I was a bit more flexible in those days, especially after a few beers. Must off now. Mum wants me up at the old Coffin Dodgers home. Best go as she's getting on a bit, so have to do my duty! (87) Toodle-oo.
It's funny how people mis understand the real personalities of people they dont know in real life. For instance, some people might think you are an obnoxious, argumentative xxxx oh, hold on a minute!!!
very normal slow slide during an interim period with no news. Fractious arguments and bickering of the kind we are seeing today are also entirely characteristic of such periods, when the possessed and the dispossessed seek the ascendency.
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