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We all had a choice Redirons - many have fled to the hills at a considerable loss.
Some, including me, have taken the immediate loss on the chin. I will reserve judgment, based on the "large discovery of condensate", the analysis of samples from the HRZ" and te fact that we have incurred NO drilling costs. I would also like clarification regarding PMO's 60% WI.
Watch this space!
Jiddy, you're full of it. At least brombarb has the decency to retreat . Premier bailed, which says a lot. My account, like all, decimated. Their is still hope. Let's see where exactly we stand tomorrow.
Some excellent posts on here today - thanks MrMartini, Blingybird,Shaa,Kip, TodayistheDay and of course Jiddy. If I can just add another reason why it might be worth waiting until the fat lady sings - my other current AIM investment saw me start at 1.28p and then a major (Newmont) waked away and of course the SP bombed and the world seemed over. After awhile and some redirection another major appeared (Newcrest) and the SP is now 5.28p and climbing with multi bag prospects. So who knows 88E may explore a new track and do something similar. Like many have said PB was excited about something and thag might be just around the corner. I'm not ready to quit until I'm 100% sure the great man got this one wrong but each of us needs to make our own minds up - i just know that from doom and gloom there is onlh one say things can logically go and i hope this is as true for 88E as it is for my other AIM investment. VGLA and if you have your health you have everything!!
Arabian, do you have any knowledge of the condensates mentionrf in the RNS. With the TAPs being clogged with heavy oil, the ethanol rich condensates are worth a premium as they help the flow. Obviously we will get an official analysis in a few weeks but if you have an earlier interpretation, we can get in or out sooner..
Given yesterday's news and COVID-19, I now believe that it is imperative that the company cut's it's Cost base. I would expect an Announcement at the AGM tomorrow or shortly afterwards.
was wondering about Lefkosia? he went wissing before the £0.002 party.... no sign that I could see.... may be has fallen to the CV ?
Consider it done - you must like talking to yourself!
can break=can't break.
Phrontist, I was thinking the same Exxon has this $3 Billion plant where they do the same, Its 72 miles away. I initially was ruling it out as I was thinking as a guestimate that pipeline would cost 1 million per mile ? but when you look that they produce 10,000 barrels a day. thats only 4 gallons a second.
Our field would be smaller. So you could get away with a lot lesser pipe.
As long as no one can break it and have it leak all over Akaska, which wouldnt be good.
12.11 - yes it has been overlooked. When it supposed to be an appraisal well flow testing an existing oil discovery, the only things that really matter are that no flow test is being carried out and the FO partner has walked away due to it not meeting expectations.
Need more detail on it to really make an informed decision, could take some time for that, but hopefully the team is working flat out to provide this.
Wolves.. Premier have their own issues at the mo with debt.. results of court case pending etc etc. There is more than meets the eye to pmo ditching this. Not all bad for 88e.
That's what I am waiting for Kip, if not the AGM, then a Proactive podcast.
It does say a LARGE discovery - DW will be talking to Gas experts after analysis of the samples.
You will be OUT now then - no need to post here anymore!
Jiddy I think that was overlooked by many yesterday. Hopefully Dave will explain in detail in Agm what this could mean for us.
Yesterday's ANN "Charlie-1 Confirms Large Condensate Discovery in Torok Formation"
Be very interested to know just how big tbis condesate find is.
Thanks Phrontist.. Glad to see you are still bere albeit licking wounds like rest of us.
Is that a catch question wolves2211?
If we had found Oil, how would we have transported it?
Think you will find it connects to TAPS
The Point Thomson reservoir holds an estimated 8 trillion cubic feet of natural gas and 200 million barrels of natural gas condensate, a high-quality hydrocarbon similar to kerosene or diesel. Point Thomson gas represents about 25 percent of known gas resources on the North Slope.
ExxonMobil brought Point Thomson online in April 2016 with production facilities designed to produce and reinject (cycle) 200 million cubic feet per day of gas and produce up to 10,000 barrels per day of natural gas condensate. The condensate is transported by a 22-mile pipeline which connects into the Trans Alaska Pipeline System.<
Neversat, DW says to you:
If condensate is commercial then the audience is not just producers on the slope"
He simply means, 'commercial condensate' will be in demand from a wider variety of companies beyond our local North Slopes operators.
I think the reason is, a commercial, large condensate resource will support a pipeline connection from Charlie-1 area to nearest condensate pipeline elsewhere. Maybe using 1 ft diameter plastic coil piping, pretty low cost to buy and lay.
Phrontist
11.51 - TAPS runs right through the middle of our acreage
Thanks. Gas condensate not to be sniffed at. Literally.
Remember the days when there were lots of talk about the Chinese looking at the North slope with reference to gas. Hmmm
That is why I mentioned OSH yesterday - their core business is LNG.
9.50 - Thanks Kip, so we've got the whole acreage to put back on the table without any complications of diluted ownership. That would certainly be good news and hopefully DW will be clarifying further soon.
Just been looking at Exxons website, they describe gas condensate as "a high-quality hydrocarbon similar to kerosene or diesel." And its transported via TAPS. So some glimmer of hope that its not as bad as first seems, still some potential, just a different type of liquid hydrocarbon than the oil we were expecting, and not something PMO is interested in.
https://corporate.exxonmobil.com/Locations/United-States/Alaska/ExxonMobil-Point-Thomson-reservoir
And a bit more on Condenstates
https://www.mckinseyenergyinsights.com/resources/refinery-reference-desk/condensate/