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Irene... I think you misunderstood.
"you just might get it" refers to you finally getting the 2.4p entry price you have been deramping the stock for gwad knows how many months.
I'll spend more time looking for hidden messages in your posts Irene.............!
you saucy thing you............ :)
All the best (wink wink :()
"The Company has now completed the interpretation of the cased hole logging for the Lower Cruse portion Saffron well. The interpretation for the Upper Cruse and Middle Cruse are expected shortly. The logging does not materially alter the Company's previous announcement that the Company has drilled multiple sand packages with high sandstone content and multiple oil shows to Total Depth ("TD"). The interpretation of the logging gives the Company comfort that it should proceed with the completion and testing of the well.
Irene still peeved at not getting in at 2.4p... patience old boy patience - you just might get it... but make sure you have the minerals to follow through :)
Hey Irene..............do keep up hun...........!
x3 on the Bid........... which one..........?
All the best (an NT to buy from the lonely MM on the Ask........ :()
tick up imminent.........!
Concrete results then for the other two layers........... :)
I'm outta my TD when it comes to this drilling/geo/oil jargon...........!
But as the upper and mid results are expected shortly, and could provide a lot more insight, surely ministry approval will not be required for these...........!
All the best (plenty more to this than on first read :)
Hi Chesh
I like the bit when they stated the logging has confirmed their previous announcement that there are multiple oil zones down to TD.
The Upper and Middle Cruse logging will give Cerp a definitive net and gross pay, probably showing multiple zones which could be ill defined in my opinion but this will all be in addition to the P50 estimates.
Bring it on :))
Hi Bespoke
Between the seismics and the logging they can only pick out these 3 small zones for a definitive test. The sand packages between could be 150', 300', 400' to TD.
They've noted it bottom first which is a bit confusing, so the gross pay maybe 850' max they cannot give us an answer at the moment.
To be fair to Leo he did say in the last Rns they would inform us when logging details are complete but this has now been split into 2 with the Upper and Middle Cruse coming soon. Presumably to get the ministerial permissions quicker.
ATB:))
So basically they are testing a zone in the lower cruse 468 feet deep between 4236 and 3768 in 8-10 feet sections. ?
Yes alexia93, and that neatly ties in with "The Company is planning to complete and test the Saffron well in Q1 2020." from the RNS on the 9th Jan..........!
No delay here, Q1 is upto March end isn't it..........?
Bamps, the interpretation for the upper and mid cruse, expected shortly, are these likely to show anything above what they already know? or could more concrete results be expected.......?
All the best.
Nicely put in plain English neon for people like me, couldn't understand why they where only testing only a small section like 16ft
I agree - current SP assumes Saffron is a duster.
Catch people with their pant down... in february or earlier perhaps.
Bespoke
You should have posted both paragraph fully:
"The Company is targeting three (3) horizons for testing. The horizons lie between: (i) 4236 feet and 4244 feet; (ii) 3937 feet and 3947 feet; and (iii) 3760 feet and 3768 feet, respectively. The Company believes that each of these horizons are the tops of larger sand packages. The objective of these tests is to prove an oil filled reservoir. If this objective is met, the Company intends to perforate the larger sand packages to maximise water free production.
The Company has submitted to the Ministry a well test program to perforate and test the well. The Company expects this testing to occur, subject to Ministry approval, in February 2020."
They will be testing 8+10+8 feets faults to:
"prove an oil filled reservoir. If this objective is met, the Company intends to perforate the larger sand packages to maximise water free production."
At the moment market has taken Saffron as a duster hence we are below CERP's nav like Bamps21 suggested. But if saffron starts flowing and reserve can be established then SP will reflect that.
GL
Schlumber definitions:
horizon
1. n. [Geology]
An informal term used to denote a surface in or of rock, or a distinctive layer of rock that might be represented by a reflection in seismic data. The term is often used incorrectly to describe a zone from which hydrocarbons are produced.
2. n. [Geophysics]
An interface that might be represented by a seismic reflection, such as the contact between two bodies of rock having different seismic velocity, density, porosity, fluid content or all of those.
Morning Bamps
Could you give some more info on this section from the rns - “ The Company is targeting three (3) horizons for testing. The horizons lie between: (i) 4236 feet and 4244 feet; (ii) 3937 feet and 3947 feet; and (iii) 3760 feet and 3768 feet, respectively.”
With only ~10 feet between each it was this that threw me, along with a few other words which I am hoping are just part of an under promise, over deliver plan !
To those of you who think that was a very poor RNS I would suggest you study it when you are in a better frame of mind, oh I forgot you want the price lower still.
Carry on then
Agree Bamps. Those who have been on the cerp ride long enough know it like the back of their hands and no longer scream on every decent;-)
GLA
Leo used to give regular interviews to Proactive but I think it's about 9 months since the last one
LEO - How about a positive encouraging cheerful one now
That’s exactly what we want. To ruse and catch the snorters / traders out. Nothings changed and we are still on the cusp of a huge turnaround. I’m sure Leo knew this RNS would sink the SP. Even I knew it would and I’m a novice .. maybe he wants new investors and rid of the old LGO as it has a bad tarnished name !!
Saffron will produce. They’re taking their time for a reason..
Faz
Hi Bamps
I think everything is judged against Leo's initial euphoria when he took over
Hi Twosheds
It was the lack of substance with that price plucked out of thin air.
If you re read my posts I have tried to value the future assets of Saffron and will propel the Nav value a lot higher than today's
Remember every barrel from Saffron is worth at least $50 x 11.5m is a lot of revenue to go after, most oil companies will be lucky to get half that.
Ukog have stated £15-18 for theirs.
To exit on these prices is daft in my opinion, buy today and wait for the next 3.3p. Where else can you make 20% profit every month or 2. I've only been doing it with tiny amounts but lots must be doing it with large amounts, at some point this share will rise and catch people out
Hi Bamps21, I am hoping for a bit lower myself. I must agree with you on the 53p, there are a lot of people on this board who probably ought to be wearing straight jackets.