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https://twitter.com/asxsv/status/1485359822518501379?t=pqUZvHSEnNnXTmUTt_tfgQ&s=09
And it literally drops a minute later.
Not good. Uncommercial.
Strange that it says the well will be left in a safe condition. Not plugged and abandoned.
As good as!
well thats it all over
It will be interesting to see what ADV’s RNS says. That’s very short and blunt by CVN and swiftly moves onto their next project. No mention of what went wrong etc. I still think there has been a big row between ADV and CVN. Looks like they are saying we will leave the well safe and you can do what you like with it if you want to take it further but we are out.
yup uncomercial oil
a duster after all
And those of you who spouted nonsense trying to get others to buy last week...shame on you
Amin, hardly the time for paternalistic comments is it!
Love their craic disappointing for cvn and shareholders no mention of the disappointment for adv and shareholders only pumped 20 mil into it . Ah well at least they have other prospects to look forward to unlike ourselves
I can’t see how LP recovers his reputation from this didn’t he have to convince one of the board members for a while a go to get in on this
Car3y....behave yourself. I lost six figures on this stock. I have seen since last Wednesday stupid bottom feeder scum give false rays of home to people who were emotionally dry.
It was over from Wednesday .
Disgusting behaviour
Unfortunately I think that is just their way of saying it will be plugged and abandoned - they’re the operator and responsible for doing so, and just the terminology they’ve used. Unfortunately it looks as though any recoverable oil was already produced via Buffalo-7 and the water which caused the issues there and was the reason for it only producing for a very short period of time is present on the section Buffalo-10 has intersected (not a huge surprise unfortunately, given the depth it was intersected at). Will be interesting what ADV say in the morning.
I would expect ADV’s RNS tomorrow morning to address next steps from its perspective and contain comments from LP. Unfortunately, the unthinkable/improbable has happened with Buffalo 10.
Still can’t get my head round how this has gone so horribly wrong without even a comment or an explanation
All that is left is the hope that there is some way to proceed with one of the other deals even if that means share consolidation and a large raise. Like Amin I’ve written off my six-figure sum.
The question is now, is the company shutting the doors or are they or are they prepared to move on and release the details of the other plans they had and how they plan to fund it?
If they RNS tomorrow and it’s a carbon copy of the CVN one I’d be very angry. If they explain in detail what has happened and that they have basically had their eye wiped by CVN but they are prepared to turn things around then that at least shows that they are wanting to do right by the shareholders. Basically I see it as the future of this company hangs on what they say tomorrow and how it’s said.
If they don’t wind it up then there is always hope for the future but it could take a very long time to recoup some or all of the big losses, for anyone who didn’t sell that is. Other companies have hit dusters and still been able to continue, it may take years to sort though (if it all)
@Burt
I hope they’ve been using the last week to formulate some kind of plan as they probably realised this was not commercial on Tuesday night. However my expectations are quite low
its a cash shell huge tax losses
"Car3y....behave yourself. I lost six figures on this stock. I have seen since last Wednesday stupid bottom feeder scum give false rays of home to people who were emotionally dry.
It was over from Wednesday .
Disgusting behaviour"
Totally agree, utter vultures.
well it was fun whilst it lasted!!
lost £5000 for taking a punt!
expensive PUNT.
now i have the whole year to make it back. guess what it will put me back to sqaure 1, £0 profit when do make £5000 this year.
Still won’t believe it until an rns drops.
If this is the way carnarvon break news then we are better off without them.
They are a much larger company than us.
It may well be deemed to be residual and uncommercial to them but may not be to us.
We await news from our ceo.
Uncommercial to them maybe but not a duster.
A duster is a dry hole.
No comment as to how much oil is in place.
Even a couple of million barrels if it can be extracted cheaply enough should generate interest from another company.
"If they RNS tomorrow and it’s a carbon copy of the CVN one I’d be very angry. "
Doubt they will say much more, they'll probably be some blah blag about working on new deals, but it'll all be confidential so unless they have one finalised you won't hear anything else.
"Uncommercial to them maybe but not a duster."
The operator has just told you its dead - its over.
Unfortunately ‘residual oil’ basically means what was left over and couldn’t be extracted previously - by Buffalo-7 - and it is often mixed with water which flood the reservoir and replaces the oil that was recoverable (which also ties in with Buffalo-7 producing for a brief spell before rates dropped off and water cut rose to a level where it was no longer economical continue, and it was abandoned).
The licence covers a large area.
Can we not sell it on to someone who is prepared to drill in another area of it.
Hope an rns will drop tomorrow and explain things much more.