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I've had my fingers burned here too many times to get starry eyed. The roller coaster is on the up which is great but there are still risks. The potential here is, as it always has been, fantastic but the managements ability to realise that potential is not a given. Back in December I managed to convince myself that CASP had turned a corner but geopolitics rained on that parade. My other oiler is now approaching 70KBOPD and the SP is mid 50's so we have a way to go here. An end to the war in Ukraine would give us a lift even though sanctions are likely to stay in place for years. 10p would be an amazing result based on where we have been so I don't see us getting there in 2022 unless there is some sort of take-over? I'm not sure how the 2021 numbers will shake out nor how the market will view them. POO was still in the doldrums in Q1 last year but the recovery was steady right through to YE.
Dollops of disappointment have been part of the picture here over too many years so while I'm more optimistic than I was following the stinker RNS I'm staying realistic. I'm still not topping up as that seems to be the kiss of death for the SP. One day Rodney I'll make some serious money here!
All IMHO GLA
Anywhere near the 3s and the piggy bank is ready, after that last RNS, potential boat charter/sale more drills and side-tracks coming up and a dividends scheme announced I will be buying more, to build and oil producing company takes years, yes we have been here years, and we are going to get our pay back
Morning Badge, yep, saying it as I see it but hey, we all have our opinions, that’s what makes the market. Those who lumped in from the lows deserve to make a few quid for taking on the risk and they are still 125% up if holding stock. As you say, down to Casper to do their bit, the market will do the rest.
You’ve done your best Kk! Let’s just let the numbers do the talking from here.
https://m.uk.investing.com/commodities/crude-oil-urals-spot-futures-historical-data
Urals spot last couple of days has spiked and average is over $82 over last month whereas April was in the low 70s.
We can talk Casper’s prospects up but there’s only a few of us doing so. Clive needs to execute the PR campaign effectively and no better time to do it when revenues approaching $100m at current production levels.
FY accounts out next week or the week after depending on Auditors and we’ll get a handle on true numbers. Current prod Rev at $80+ for export, probably still 65% and $25+ for domestic. Costs ? depends on operational activity but we’ll soon know how things have improved.
I have enough stock, I suspect so do many others but this is a raving buy down here and can’t stay down for long if Clive gets the word out. Just need WHI to get on it, get the penny bloggers on it, Motley, Investors Chronicle, Penny Stocks, Proactive etc. A few investor calls, get on AudioBoom etc.
Sit back and enjoy the ride. If it drops back to mid 3s, going to have to have another rude not to moment ;)
CC that begs the question. Where are all the rigs we bought. We have enough to drill south yelems, mjf and a deep at the same time. Are they using parts from one rig to keep another going?
Somm,
The horizontal drilling is suiting the smaller shallow pay zones. much smaller intervals than the 70-100m payzones from the deeps. A5 was the most promising well and that is the well that promised much. I believe they've messed it up and maybe another vertical is the solution there as opposed to side-track. They need help with the deeps and they just need a breakthrough moment on one, that's why we're all here, not for the shallows.
Now they have cash, maybe they can cancel farm out deal and go alone, they need additional reserves so why give this opportunity away for a chunk of cash, they don't need it now.
Cash gives them options, that's why i'm anti divis now. What if other blocks are available ? cash gives them the ability to build the asset base. Paying divis now, wrong call, spend the cash on a few more rigs, get the best skills on the market to convert the first deep, that's the 'rocket' moment that propels sp towards £1.
In a fantastic place financially, how many AIM cos are priced at x multiples and haven't produced a penny of revenue, there are loads. Casper fundamentals are strengthening and the cash generation gives them loads of options.
The sp is disconnected from value and Clive has a real opportunity to get the PR machine going, starting with FY21 accounts.
I'd rather they drilled three MJF and Yelemes shallows at the same time ... 600 - 1400 BOPD is the same as a deep for dividends.
Bookable reserves deeps are better but lets have some money flowing first then work on the deeps from a position of strength and free cash flow.
A few years ago I reckoned CASP wells could be pumping 12K+ bopd - I'm still very much of that mind.
If only they could do horizontal drilling in the shallower parts of the deeps around the 3,500m-4,500m mark, may be they'll give it a go when the do the new sidetrack on the A5 Deep Well after the 802 Deep Well has been completed?
The Board is also pleased to report that production from Well 153, which commenced production earlier this week, has increased to approximately 1,000 bopd. Taken together with the production expected from the existing South Yelemes wells the production capacity of the shallow structures on the BNG Contract Area is now approximately 3,000 bopd. Taken from December update?
Add 142 at 1400 bopd that's 4400 so we're well on our way.
New Well 151
After some early challenges, production from New Well 151 began in November 2020, with oil flowing naturally at rates of 70-80 bopd. Testing continues with management targeting production of approximately 150 bopd.
New Well 141
At Well 141 we are working to install a pump in the well and management are targeting production of approximately 200 bopd.
Both of these and South Yelemes can drive CASP well over the 5000 BOPD before year end .....