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Cvn threw the towel in yesterday.
Game over
A company actually stated 'risk / reward'?
It's not actually a thing and certainly not a term that's used by professionals.
Hopefully they're just using it so that layman can understand their reasoning.
The 12 metre column has still to be confirmed.
They were expecting about 80.
Must still be a few million barrels of oil to extract.
They have stated that the amount of oil in place can be quite small and still be viable to develop.
Extraction and other costs are about $40 to $50 a barrel so at current oil prices still a nice profit to be made.
After spending all this time money and effort imo they will not give up on this project easily.
If viable carnarvon and ourselves should be producing oil next year as they using the floating barge and storage system.
thanks for clarifying. and, well, speaks for itself really. got some golden tickets myself.
Robbed from Parob on other BB
Some were wondering about the 15M trade and whether it was a buy or sell.Align Research just posted this on twitter:The 15m print at 0.6255p was us putting our money (as ever) where our mouth is in these buying the stock. At this market cap ahead of a new RNS the risk/reward we see as skewed to the upside. We were bidding for more actually but not filled.Bodes well for today together with closing price action yesterday.hTTps://twitter.com/alignresearch/status/1484422614277836802?s=21
Well, well, well, pardon the pun, but what do we have here then!? Bad news imho would have been dropped today via RNS imho, this is starting to look as though it’s better then we were first lead to believe, could be a big winner.
Crazy how that so many have sold yet the full testing is yet to be deployed. imo the sp level is very atractive now to the risk reward and what might come out in the next few weeks.
Be interesting to see.
That was always the plan Pitlick, the rig was only to be used to drill the well and then plugged. Extracting the oil was to be done without a rig by "Floating production and storage", (FPSO). It's then an asset.
I've been looking at the 3d Seismics done by DUG, still cannot see how they could've missed the attic.. somethings amiss hence the delay in analysis.
Of course, regardless of how much oil is found, whether non-commercial or even if it is in commercial quantities, Carnarvon will be taking the rig away to another drilling location, and oil production won't take place for another 18 months or so.
No RNS from Carnarvon this morning in OZ. I’d say they are still logging and working things out. No news is good news eh?
Interested to hear the next chapter in all of this. I don’t think it’s over. Even if worst case there is 1-2 million barrels extractable that could be $80-160million worth. All depends on what the flow rate is too.
bots, completely agree. People have abandoned ship too early, the next rns should of been when they jumped ship in my opinion lol.
Can you paste the article as not signed up?
Primary reservoir was lower than expected and net oil column not yet confirmed.
https://www.upstreamonline.com/exploration/timor-leste-offshore-drilling-results-are-inconclusive/2-1-1148566
Seems the market has JUMPED to an emotional conclusion based on fear and negative pumping. But at this SP, the risk reward is highly attractive.