I was interested to know how long we would have to wait for clarification of the Nervesa result & quote James in his reply to a further email;
"Our plan is firstly to finish our technical plan of which stimulation techniques, in which order and for how long. Then we need to get the equipment on site (doesn't take too long) then perform the operation(s). Then, if successful complete clean up and test. It will be a matter of a week or two I would guess – not days before an outcome would be known". He went on to say that they did have this issue with the first well.Also, that they did not want to overplay or underplay our progress on an asset. He did say "we have gas, which is good"
So it's not a case of a further month or months to find out; just a week or two. Which probably means I will have no nails left & will have to be admitted for various forms of rehab!
If we need to stimulate the well,we will perforate a diffrent section of the reservoir to enhance the flow followed by an acid wash. All that smoke people had seen and thought it to be a flare would of been the wireline unit hopefully. So if they need to run back in hole to re perforate a different zone all the kit should be rigged up on site. The only thing we would need is the acid wash equipment.
As announced on 20 May 2015 the Company identified gas shows in multiple intervals in the Upper Miocene San Dona Formation. The Company has now successfully perforated and completed seven intervals in the lower section of the reservoir where the most significant gas shows were identified.
Initial gas flows have identified that multiple perforated intervals (between 1929 and 1988 metres depth) are indeed gas bearing, but are however of relatively low permeability.
Clean-up operations are underway and, similar to the first Nervesa well drilled in 2013, are expected to continue for a few days. After the clean up the Company will decide whether to initiate a well test directly or to utilize stimulation techniques beforehand.
b33661............I agree with your 11.40 post, I think perhaps JP has put himself in a very awkward position do to the timing of the OO. He probably simply does not know what the outcome will be, even if he has a hunch it will be commercial. The dilemma is, sing from the roof tops and then if it is unviable he loses a bucket full of integrity and upsets a lot of investors, especially after is new pay deal. On the other hand he can be conservative (what we got today) and offer you the chance to retract your allocation. Integrity is kept but the share price takes a major hit as everyone thinks we have a duster. The more I think about it, the more the days worries have been caused by the timing of the OO. It should have been done after N2, we had enough funds in the bank for Tendrara. Maybe he has been a bit too cute by trying to deflect the OO with positive news at N2 and its all gone a bit Pete Tongue.
Hi Must admit I sold 75% of my holding this morning, wasn't going to but then when it dropped below 18 I thought it might carry on down into the 16s . Typically it then came back up lol , i am glad to see the share coming back up although I am out of pocket !
I think, initially most thought, here we go. Panic sets in and the finger can't hit the sell button quick enough. Also, the savvy will have known this, sold up knowing they can buy back at the intra day low. The mm's also know this and will have had field day. Nothing is guaranteed either way as yet. Personally I'm sitting holding firm, each to their own and good luck whatever you all decide. Lets not forget Tendrara either, good news but I would have liked to see it delivered on another day, the feel good factor and sentiment (price rise) has been swallowed up by N2 worries. The potential there dwarfs anything Nervesa has to offer.
I love the line at the bottom of the trade screen "Buys and Sells are calculated on the difference between the trade price and the current mid price. As such, they can occasionally be incorrect". Only occasionally, my backside, it normally depends on how many porkies the market manipulators want to tell. I hope the 900k trade was a buy, Joe is usually on the ball with the trades, that's a pretty big sign of confidence. I wonder if JP's brother in laws, best mates, Uncle has heard something we haven't, wink wink.
On 21 May 2015, the Company announced the publication of a circular (the 'Circular') in respect of an open offer to eligible shareholders (the 'Open Offer'). The latest time and date for receipt of acceptances under the Open Offer, as included in the Circular, is 11:00 a.m. today. The Open Offer has, to date, received a strong response from eligible shareholders.
JP must now know how many shares have been applied for, most probably well oversubscribed. He doesn't officially know if N2 will be commercial but is very confident. He releases an RNS which states low permeability, which he fully expected. The weak fly the nest and his long term faithful get to hoover up the warrants. A long shot I know but a theory non the less.........
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