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One of your better poems to date, Peter. I am confident even better ones will follow :-)
You can do better than that LLL surely ??!!
"Leo, as always, says just enough to let you believe whatever you want to. He knows that some of you will run with this and gradually the ramps will become more and more outrageous. "
And so it begins ;)
Bamps21
Yes, it seems you were absolutely spot on, well done! :)
Well I did assume something right they did stop to evaluate the Upper and Middle Cruse and sounds like others with good gas pressures.
Over a 17" dia hole that's big then down to a 12".
Continuing with the pilot hole they are not at the Lower Cruse yet.
Feel mighty relieved at the moment what a xmas present this is going to be, loads of oil means big asset, big asset means a higher Nav leading to a higher sp :)))
Irene - if all else fails how about more moronic questions -here's another - were you the guy who stood up and berated Bill Gates at the Microsoft AGM for not buying more ?
Irene - I'm surprised you want to talk about buying as you appeared unusually stimulated by the 30k sell yesterday at 2.75p - someone has bought a 20k slab at 3.34p this morning plus overwhelming smaller buys - do you think that buyers agree with your forecast of 0 bopd.
Abysmal trolling Krapp - at least LLL tries to put some meat in the sandwich !
Irene, are you asking for financial direction, why not have a punt here yourself, or are you just sticking to your short position, did you get burnt as well?
Nice to see the trolls searching for a crumb of negativity in the RNS, sick buckets all round in the office this morning Irene?
That's why Schroders were selling.........
I believe this is a very good update
Summarised
1. Encouraging results to date.
2. The 8 ½" pilot hole was successfully drilled to the planned depth.
3. Hydrocarbon bearing zones were encountered within the tertiary target.
4. Rhe Company now has the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing.
5. This allows future testing of encountered oil zones on a successful completion of the well.
6. Whilst drilling the 12 ¼" section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures.
7. Careful measures taken to ensure the wellbore is in a stable condition whilst continuing to drill.
8. The Company is currently drilling ahead the main 8 ½" hole section with which it is planned to reach our prognosed Lower Cruse primary target.
9. On achievement of the TD (Total Depth) criteria the Company intends to log and perform production testing of the well, as appropriate.
10. The Company will update, when appropriate, as drilling continues.
Supplementary
1. The drilling of the Saffron well is progressing towards our total depth target and we have been encouraged by various oil and gas shows throughout the drilling campaign.
2. Leo has been at the rig-site during the critical phases of the well campaign and continue to supervise day to day operations.
3. The knowledge of the formations and rig systems gained so far from drilling the Saffron well is being applied to the final stages as we reach the primary target.
4. This will also prove valuable information for the future wells within the Southwest Peninsula including any development drilling.
“Drill cost probably increased”
Horse ****...
You must have a problem understanding what “continuing as planned” means...
Lk is making sure this hole is right because all subsequent drilling operations will be based on this first hole.
Once the different pressure formations are safely dealt with the true well drilling begins towards the target depth and reservoir....seems textbook drilling to me
If we work on the assumption of $50pb equates to £38pb how many barrells predicted.
SP 3.15 with a MC of £27m at the moment
Been watching the last AGM interesting to note oil @ $60 PB = $50 to CERP
Its a fair point LLL but not sure if its that material so not my main take from this RNS. Each to their own "main takes" lol
yes and it will cost Billions and will be delayed like Brexit. HS2 will be up and running before they get the oil out of the ground. Again... SHUT UP , You're Embarrassing !!!
My main take from this is that the drill cost has probably increased from original estimates. Whether or not the end will justify the means we will only know when there is a definitive analysis of the results.
So making the hole wider and dropping the casings in are just for a laugh then, what's wrong LLL, burnt your shorts?
Enough to say its not duster thou, don't you think ?
There's very little information in that RNS to suggest that this will be commercial. Leo, as always, says just enough to let you believe whatever you want to. He knows that some of you will run with this and gradually the ramps will become more and more outrageous. How many feet of oil pay was encountered? Long on suggestion and short on fact. I expect another long delay before further news.
A good update especially for those who were worried about a duster. It means we have longer to wait before full results are known but as stated in a previous interview, LK will not release anything until he is absolutely sure the information is correct. It appears the drilling has taken longer than he expected but I don’t see anything in the update to cause concern, in fact just the opposite, I see guarded optimism.
Great update, and to the point. Patience will bear fruit!
GLA