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"There must have been a sound reason to pilot it. Perhaps they weren't expecting good oil shows above the Lower Cruse and would have used the pilot hole for production if there hadn't been oil shows in the Upper or Middle Cruse ."
That is precisely how I've interpreted the results.
Bamps,
Apology not needed - comments made by me or received by others I don't interpret as hostile.
The art of writing anything on here, whether meant kindly, innocently or venemously, can be read a multitude of ways.
Crikey. We've all sent texts to loved ones, who know is dearly, have retorted with "WTF?".
I'm invested here and would love to see us all benefit. I've sold some of my holding but I had to - my bad circumstance dictated it.
Anyway - things are looking good.
The most comparable well drill I've been reading about recently is Ukog 's well at Gatwick, where they drilled a pilot well which had a 12.25" dia bore and then drilled the horizontal section with an 8.5" lined with a 7" casing.
The pilot well was used primarily for geological data to determine where the depth of the horizontal would start from.
Saffron must have given Cerp a good knowledge of the Upper and Middle Cruse
Thanks for the lesson Bamps
Hi Ltid
I've never come across widening a pilot hole before
The rig size can dictate the bore diameter but there a lot of factors deciding the size. Larger diameters are normally drilled first then cased and a smaller dia last especially on very deep wells.
There must have been a sound reason to pilot it. Perhaps they weren't expecting good oil shows above the Lower Cruse and would have used the pilot hole for production if there hadn't been oil shows in the Upper or Middle Cruse .
So now there will be 3 production zones(depending on being commercial) the 17", 12" and 8", whether they will test all 3 now, I doubt it but leave the top 2 for a later date. That's the way the Rns is worded, shall have to read it again.
One other factor on bore size is the down hole pump size
Whatever it's looking good:))
I believe there a couple of factors. Firstly, I think AIM is getting what it deserves. Too may cowboy-CEO’s have caused damage to AIM’s rep. look at AIM: index; gone down sign since end 2018. PI’s have paid the price for reckless behaviours of most AIM-companies, and I think as a result PI’s have learned it is better to invest when the jam has arrived than it is to invest based on jam tomorrow.
If there is truth in the above, that must have an
impact on investment behaviour. Most pi’s are scarred, and will be more prudent. Perhaps apply a wait and see attitude. If that is the case, many potential new investors are probably watching CERP very closely and are waiting for the drill results of lower crude before jumping on board. Depending on the results will are likely to see a small or massive stampede at the entrance of CERP.
The other factor is the selling of Schroders and I assume suppliers who have been paid in shares. They have working capital targets and cash flow concerns too, and will always be likely to sell quickly. Have never been a fan on paying in shares, unless a clause that obliges then to hold for a min of 12 months.
Economic uncertainty mains POO is tricky too.
So, all in all: the environment is not helping in the short term. I do believe that when LK et all, producer the goods, this will attract a lot of investors- large and small ones.
Patience will be required IMHO.
Morning Bamps is it normal to open up a hole to 17.5 " and is 8.5 " the normal dia thinking back to LGO days i dont recall ever seeing the hole size mentioned.
I'm still thinking what an unusual method to drill a pilot hole and then to widen it, must have been a very difficult operation to accomplish. No wonder Leo is saying he was there at the critical points.
If you've ever drilled a piece of wood and then tried to widen it, following the existing hole is very difficult without a pilot bit
I don't think an inexperienced team could have done that operation successfully. Well done Leo
Last trade of the day was at FULL ASK, lets hope for a positive start to the week on Monday, last full trading week before the New Year and then 2020 will be our year. Hope for 20-25p by end of 2020
Hi Grq
It was the RNS I found confusing not what you had posted sorry if that was the impression I gave.
They are continuing drilling into the oil bearing strata when all the casings are in place which shouldn't take too long although it sounds like they've been taking their time to prevent damage to the well walls.
ATB:))
Bamps,
Apologies - I've read it that the 8 1/5" pilot has been drilled to the TD;
"The 8 ½" pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target."
I don't think they are going to continue further.
I read it that they drilled to their "planned" (TD) and they've encountered oil bearing targets (whether that's at TD) or more likely an route within that range.
Again - apologies if we are both meaning the same interpretation.
Either way - it's happy days.
Hi Grq
Good post
The RNS is still slightly vague
My take on it is that they have drilled an 8.5" pilot hole to a planned depth, as in normal drills the drill is normally halted before it hits the oil bearing strata so that the casings can be installed safely. The main 8.5" hole will continue into the target zone down to TD.
The planned depth was not the total depth
Hydrocarbons were encountered at both casing sections before they'd drilled into the main target
All looking good here :))
"The 8 ½" pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target. This provided the Company with the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing, which would allow future testing of encountered oil zones on a successful completion of the well.
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."
Is the tide turning?
We've all suffered a terrible time with LGO (well, those who held from 0.5 up to 6p and didn't sell....).
Our first pilot well is a success. That's a milestone in itself. Countless errors / failures can occur, but they weren't, and then the second hurdle was funding oil bearing zones, which we have.
To further that, it seems we needed to enhance the size of the hole, which the company had the "confidence" to do so. That's encouraging.
And then, they've encountered further oil bearing zones in the secondary target.
So far, we could not have asked for any more from this drill.
Yes - we don't know the pressures as of yet, if it's going to be commercial and flow rates of that, as LLL pointed out, but as he knows, we won't until full testing and completion of the widened hole is done.
LLL has tried to find the weakest of negative amongst a drill that could not have been more positive.
The end results may not be astronomical but, it seems, so far, they will produce.
Of all the drills we've done so far, this has to be the most encouraging of them all.
I noted one poster questioned why the Sp hadn't rocketed off the back of this result, but we aren't in the Aim market of 10 years ago when it would have.
We need tangible results for any gallop north, but as mentioned, this drill is in a massive step in the right direction, and I for one am very happy with this welcome news.
Have a good weekend all.
GRQ.