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Ehhh Somm I asked King Edward, "Whats a spud guv" he said "Dont ask me peasant, ask Des Lynam, hes a commentator" haaaaaaaaaaaaaaa 8-))
C.C. with a dozen major operational events taking place between now and Spring Im pretty sure you'll be bouncing around by then on your new Po-Go Stick. ;- )
Somm,
They could drill, you can identify as a toaster, there are a world of possibilities.
We had already agreed to disagree, so happy to do so again.
I reloaded a while ago to sit and wait for spring 2022, on the basis of MJF and South Yelemes at some stage, if it breaks the pattern of the last 11 years and happens thru the depths of winter then that's great, don't pump it that it's going to happen and get all disappointed as I can't envisage what a disappointed toaster looks like ..
C.C.
ALL the caveats you mention are in the RNS and thus far all sidetracks/ Horizontel Wells have been drilled as stated. The point is they have said the could drill before year end givingthem 4 months to prepare the 802 Deep Well before winter sets in - 4 months mate.
We'll have to agree to disagree re rig seller - wait for spike and 19 * million sells thereafter.
BTW a spud is a potato ask King Edward.
I’m with CC on this, there’s been a steady supply of sells, I think the rig seller takes any amount of profit over 2.8 as bonus money.
Somm... this helps put it in context.
To spud comes from the Middle English word, "spudde" meaning a short knife. In oil drilling "spudding" means the very start of drilling on a new well. Check out Infoplease's oil spill glossary, written after the 2010 Gulf of Mexico Oil Spill.
Hi Somm,
As we said last time, neither the previous rig seller nor the current one appears as part of the concert party - they have sold imo, you are welcome to a different opinion but you would need to explain why they aren't included as part of the concert party to convince others.
Well 802 you have read what you want to read, this is the information that has been given to us, copy and pasted in full from the relevant RNS.
Operational plans for the remainder of the year
Note: operational plans are liable to change at short notice. The plans set out below are liable to be superseded for a variety of operational and / or financial reasons.
Before the end of the year we plan to spud a new deep well, Deep Well 802, targeting structures in the Devonian. This will be the fifth deep well at BNG and the second on the Yelemes structure
The well has a planned Total Depth of 5,300 meters and will be drilled using our RT50 rig. As we have already acquired the casing for the well and will be using or own rig the additional costs are expected to be limited to $5 million.
So 'We plan' ( plans can change as per above for a variety of reasons ) spudded before year end, spudding doesn't mean drilling to TD, it means preparing the ground for the drill and putting things in place, then starting the bore hole, workers accommodation, water supplies, heat, food storage, cooking facilities ... then the Carverism continues 'drilling is expected to take 6 months' .. i.e once they start you count to 180 days. My point was drilling to 2500 on MJF is sometimes safe to do with a milder winter as the men don't freeze to death, if the weather turns they wont be drilling past there as the risk of errors and blow outs increases.
What is depends on is 1. cash flow which already seems good enough to cover the cost and 2. the weather - no body knows if it is a harsh winter there or a milder one that may allow some level of operation.
Lets hope they make good progress but nothing is nailed on and careful how you read the Carverisms.
The whole of the BNG field is in a salt dip depression that is dry, so uncomfortably hot in summer and cold in winter, if you remember the videos of a few years back when the workers were beating the foreign workers due to the lady being taken advantage of those videos showed you how tough the working conditions were..
C.C.
You do realise they're driling the 802 Deep Well all the way through winter, dont you?
Rig seller hasn't sold one share mate. imo.
Re Rig seller: At least 2M left by my count .. Not enough to hold back good news, equally enough to start a dip for any negative news especially the way they are steadily unloading.
On the plus side if there is any bad news by next spring they will have shallows horizontally drilled and hopefully South Yelemes approval so its only a 6 month hold from here until it gets interesting as the 2 X shallows, 3AB , Boat Charter should give enough of a war chest for a deep rig to be bought or hired to crack one of these deeps.
They have previously said can operate MJF in winter as give workers special equipment and clothing to stop them from freezing to death but drilling deeps they would perform in better weather, too long shift on staff, poor weather, risk of blowouts on a deep = massive fines, on a shallow much more controllable.
Conclusion, probably dip to 3.2 - 3.6p zone assuming news next week and they unload the rest this week but so what if its good news will cover that in the first 10 minutes of open.
Hopefully it’s the rig seller, it would be ideal to have him/her out before 153 results, good or bad we don’t need a ready seller to increase the fall or dampen the rise.
A nice little worked sell of 500k hence the crooked market. Somebody having direct access as opposed the second class PI.
News before Thursday, right flavour Clive.
Thats more like the proper prices 4.0p-4.1p, its showing us a drop, but it hasnt realy, some of the trades might be in blue now
They aren't sells one of them is a top up from me.. Gl
Gritster,
Gritster, It's automatic and the software will denote anything below the mid price as a sell. The true market price is 4.01-4.13, not the 4-4.4p. Test the market for yourself.
Et al
Very odd market a la Friday and can't sell more than 25k ?? A very false market and i'm half expecting a large sell to be published as the only action available is to buy it...lol
This is a mystery, Gritster, but nevertheless true. Perhaps someone is trying to keep the sp down? Perhaps it is Artificial Stupidity? Obviously you don't get long runs of sales like this without the price being affected and it seems fairly solid at the moment.
Why put them all in as red then ?
They’re not sells, they’re buys. Sell as at 4.01, everything else a buy as per Friday market.
Why is everybody selling today ???. I never get this share