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Some issues that might arise. http://www.drillingformulas.com/know-about-swabbing-and-well-control/
You may have missed this: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=NCT&ArticleCode=8jqkt25t&ArticleHeadline=Shoats_Creek_Update
Is RC the prick going to deliver anything on time and give us some value??!!
The real slim shady please standup; As there is a ragged band that follow the footsteps of the investor on this bb. Then it need to be constantly reminded that NCT invite new investors to the shares party, as big as an stadium named glowing WOK; What has not been mention in the invitation letter, that there be a meal cooked on the ground of believes not exactly for the new investors, but for sure made as of the new investors present who are comfortably numb with foolish fun as expression of these face’s with feint mimicry quietly looking for the seat provided by the invitation letter as VIP lodge illusion within the glowing wok. So the distortions as its presentation upon entertainment program the new investors may learn that; In Mexico there be no free market as controlled prices by Pemex will use NCT till 2018 at minimum production at full expense’s as there were oil leaks on the Tabasco wells; Northcote Energy 20 April 2016 - Initiating fully funded plan to complete remediation facility in Comalcalco, Mexico in 90 days Louisiana - “Additionally, the Lutcher Moore #8, #12, #16 and #17 wells have been plugged and abandoned”
Agree - as RC says " focused on driving production growth"....could have a whole stable of nodding donkeys at SC creek by Christmas!
The LM19 RNS might get delayed a bit: The decision to undertake this initiative was made due to the potential to add meaningful reserves and production at low cost. Initial results from this initiative are expected in the near term. "A successful recompletion will potentially add several drilling locations to the inventory of viable Frio drilling locations at the Shoats Creek Field." (This is the important bit. If they want to RNS that then the NOMAD will want evidence. IMHO this bit is by far the most important. Each new drill target is circa 100 - 250 bopd and EUR 120k - 200k. Several: more than three? Four/five we are talking 800k - 1mil barrels, that is a lot for NCT. It would mean that there really is a lot more oil at SC than the 2014 Aminex indicated). Northcote will have a 20% working interest (‘WI’) and 14.4% net revenue interest (‘NRI’) in the well. The squeeze (cement job to isolate the Frio formation) is complete and the operator intends to perforate and swab the well this week. (If this bit is true and it has worked then the well is probably already producing. The swabbing is not a big deal. I have posted previous links on swabbing) Updates as to the economic viability and sustainable production rates from the well will be forthcoming in due course. (Sustainable; they might wait a few days for the well to settle down as per LM20. In that case they had issues about getting the well to produce reliability with a decent water cut). If the recompletion at LM19 works out okay, I would prefer them to do the other workovers before drilling LM21/LM20 or least do them at the same time. IMHO DYOR
Again, disappointed that Randy has not the courtesy to respond to BB.
means potentially 3 flow test news this week , Aje x2 and LM19 - could be a good week : )
yes, I expect sometime this week - the LM19 recompletion was well advanced when NCT announced last week, i.e. "The squeeze (cement job to isolate the Frio formation) is complete and the operator intends to perforate and swab the well this week"
would have thought the recompletion is nearing completion - maybe hear something this week?
Glib - on the MXO bid situation there will in effect be a different bidder - the JV is no longer - MXO will be going it alone - it was Geo who failed to come up with the necessary finance and the CNH know that. Stefan Olivier wouldn't be saying last week that they are going alone on next round if MXO were to be excluded - wasn't he having breakfast with the MX Energy last week....imo From my understanding Dr Hon has been a longer standing shareholder in MXO so yes that makes sense.....introducing investors yes, but 3 with neatly 25% of MXO.....cannot rule out an ulterior motive, they guys are so wealthy they could have MXO for starters...
I do not think it can be argued that the warrants should not be awarded because the agreement with GEO fell through. That could potentially have happened even after the warrants vested if the SP had gone over 2p. They may no longer have an agreement but I am hopeful that they will be awarded something in the 2nd round of bidding which may happen before the SP reaches 2p. That is of course IF they are allowed to bid - I read a post querying if the rules allowed them to as they failed to finance a successful bid from round 1. I have still to look into that - I was surprised this was not raised in the recent podcast, although SO did say they intended to go it alone in the next round. That makes it sound as though nothing is prohibiting them but confirmation would have been good. The Chinese question I believe is more straightforward than other speculators seem to think. Dr Hon is a consultant of MXO I believe, so why are people so surprised when the investors he recommends or finds come from his neck of the woods? I think it more likely they are investing in Dr Hon's opinion rather than a takeover attempt.
Blingybird - yes plenty of comment on those ultra rich Chinese investors getting close to 30% stake in MXO - at which point a mandatory offer would need to be made. Stefan Olivier was at pains to point out that they are not connected - hmmn not convinced myself. If MXO becomes the subject of a take over any previous contracts entered into will need to be honoured by the new owners, so I would expect the MXO Participation Rights and Warrants to be safe. Imo
Just quick question Reading today in press re mxo and large build up of shareholding by Chinese and 3% more and a possible takeover target How does this affect nct with future Mexico participation rights etc and warrants Still not heard from randy Hopefully update soon on sc and bopd and future wells coming to production
I wonder what your agenda here is..........LOL http://www.lse.co.uk/member-info.asp?nick=DD77
I'm with you on this and appreciate your comments, always good to get well reasoned discussion on a board
Well let hope the new chinese investors have imput on how to approach any new bidding activity in Mexico. After the misjudged partnerships of the last bidding round alot of lessons need to be learnt and if it hadn't been for their 5% interest in Aje MXO could have been dead in the water. SO has stated there initial aim is to "go it alone" -well if he gets the right advice (and chinese backed money) our warrants will be resurrected and become pretty valuable I guess .........
Just posted this on MXO board, but still very relevant here. Interesting comment on bidders overpaying. Very helpful EY document - produced after the last onshore Round; plenty on offer onshore over the next couple of Rounds. In Friday's podcast SO has stated they are currently researching 17 blocks. "Development blocks will still be mostly located in onshore areas (70% of all blocks), as mature fields could be turned around and start/ increase production much more quickly than, say, deepwater. But instead of being spread broadly evenly across all rounds, Rounds 2-4 will account for 144 out of the 169 onshore blocks on offer. " http://www.ey.com/Publication/vwLUAssets/ey-navigating-mexico-upstream-2016/$FILE/ey-navigating-mexico-upstream-2016.pdf What wasn't apparent at the time was that most of the bidders were ex-Pemex contractors (including Geo). I guess with Geo now kicked into touch, MXO maybe disadvantaged going forward (unless Sergio Lopez was the guy running the last bid) "R1C3, offering 25 mature fields, was intended to attract independent companies, notably Mexican. The government, indeed, viewed this bidding process as the firrst stepping stone for the emergence of domestic E&P industry. Being onshore, the blocks are relatively easier to operate, and many have seismic data and some degree of infrastructure in place, so existing elds could be turned around relatively quickly with appropriate enhanced recovery techniques. Moreover, the financial and operating requirements were much laxer than the first two processes. For the government, which had previously declared that a 20% award rate would be acceptable, the December results exceeded all expectations: all the blocks on offer were awarded, often with high bids (raising concerns, though, that some winners may have overpaid). Of the 22 winners (either stand alone or in consortia), 16 are Mexican companies, most of them Pemex contractors aiming to graduate into full- own E&P players."
No you are incorrect NCT as a owner of Shoats Creek are responsible for environmental reinstatement, SCDI are acting as a contractor. NCT own 70% of SC they are solely responsible for that 70%. As said it is not complex.This thread has clearly exposed how little you know about the process. I could not care less if you have filtered me, running away after losing a discussion shows a lot about your lack of character. You dragged up a old discussion and after being embarrassed have spat the dummy. Your hot air will not be missed by me.
If your going to fly out can you pick us up some duty free smokes pse. Ta
Clearly you are unable to grasp the concept of orphaned wells. Please provide an example where state funds have been used to plug and abandon a well on a licence that has a current operator. "The Louisiana Oilfield Site Restoration Program was created in 1993 within the Department of Natural Resources to address the growing problem of unrestored orphaned oilfield sites across the State. Orphan wells are abandoned oil and gas wells for which no viable responsible party can be located." NCT are responsible for SC. It is not complex
big timber multi tasking, 2 birds one stone springs to mind : )