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The impatient oversold. Thats how you lose money on AIM.
Hi Peter
They haven't been able to interpret the logs to give a definitive net pay zone. These will come after the flow rates to the horizons .
Lots of dismissive posters today.
Nothing like LGO they would have made a right mess of this.
Leo is controlling this very well in my opinion
ATB:))
Stach
Don't quite understand that - surely, an horizon is the edge of something - I don't think it means the height of the seam so until we know that we don't know whether the flows will be restricted or not
Hi Bamps.No,I have not, I was saying and meant HORIZONS.Them being so narrow,the flows may be very restricted and if so not commercial.Upper stratas are my hope.ATB-Stach
Hi Twosheds
No one can tell what the bottom of any share will be, we'd all be millionaires:))
The only value that can be worked out is from the financial results in September. The Nav works out at 2.7p and should be the base
Proven assets are small, so if this well finds the 11.5m of recoverable reserves it will more than double are reserves but only when they are confirmed as P1,2,3 then you could be looking at 5-6p.
I must admit that talk of 53p with no substance was pathetic and delusional
Hi Stach
You have misinterpreted what the horizons are, they are certainly not the net oil pays
ATB:))
Hi Bamps
Well, at least your summation sounds more hopeful
Morning all
Firstly not to deflate everyone but 2.7p is still the basic value without any potential.
We have nothing proven yet but it's coming.
Quite obviously this well has proven very difficult to complete/log/test and are taking it very carefully.
The seismics have shown 3 layers of traps/horizons.
The logging hasn't been able to confirm with any certainty of oil pays but has picked up the horizons or crusts of sand layers
The top layer is 150' then 300' then 400'.
They are going to perforate just these crusts first, they don't want to find any water packages which could lie at the bottom of the sand on top of the crusts.
They couldn't apply for ministry approval until they knew what they were doing and got on with that before proceeding with the Upper and Middle Cruse.
If you read the Rns carefully they will test these sand packages after flows from the crusts depending on water content.
I'm ok with them taking it slowly as long as it gets the best results
If you're trading you might get caught out cos the Upper levels had the downhole logging and the cased logs, so the information will be far more definitive and could come fairly quickly