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Like I said they haven’t declared volume down there. Couldn’t work out why not
I've not given up on it either, I think down the line after PA results (assuming they are positive) then they will go back in and try to increase flow. Otherwise if ECHO and CGC really didn't believe it was possible then I think it would have been abandoned. Just my opinion!
The mcap is a bit of joke, that’s the MM’s for you.
We will recover soon, just need some positive data
Would agree this well is not written off and will end up being commercial, it may not be a huge contributor but it will contribute, every little counts.
Taking everything into account this has got to be a multi bagger from here, just a case of time.
There's gas down there.
something makes me think they want it to build up more before testing & fracking.
there was another two zones they could have fracked but chose not to, im assuming to save on costs.
0.60 avg flowrate against a 1.0 needed. they frack it again and open up those two zones and I believe they will have that commercial
What has always baffled me is that it was stated the flow rates did not meet commercial levels, although the levels stated are higher than other wells I’ve researched, but we had no data to indicate the actual volume of gas in the reservoir!!!! That is needed for full valuation! Flow is just the speed it can be extracted! I have asked the question but it’s never been answered! You wouldn’t even bother taking this well further if the volume not there!! Any comments please!
"As a result, testing of the shallower Magallenes 60 interval, which was the upper secondary target of the CLM x-1 well, and the Magallenes 40 interval is now under consideration with the objective, in aggregate with the flow rates achieved from the intervals already tested, of seeking to exceed the commercial threshold. These additional sand intervals showed elevated gas shows during drilling and, whilst there can be no assurance that further testing and/or commerciality of the well will follow, further technical work will now be undertaken by the Tapi Aike partners to aid the consideration of whether testing of these additional intervals should be undertaken. In the interim, the CLM x-1 well will be shut in for evaluation and the Well Head Pressure will be measured during this time".
Wouldn't it be great to receive an unexpected RNS to say the other zones have been tested and they have achieved a combined commercial flow rate! I suppose the decision rests with what CGC think of it!
Rns must be close , to let us know plans now going forward , producing more oil again must be on
About time the luck changed around here, but even currently the price is cheap but yes a monster would be nice and a big rerate would be amazing for everyone who has held here, i am a value buyer here as i think its under valued at current price for where they are at now the funding issue is sorted, Lombard look to have stopped or running low anyway. Upside here of 5p is a huge return if things go to plan, but as we know oilers dont deliver all the time, but if you look at current price it doesnt factor anything in here, i dont care about the past i know some are well underwater its the future that brings the rewards
Please lord, PA and next TA well to be monsters ! ;-)
Good to see a rise today. News must be imminent, hope the PA drill comes in commercial, need a good boost
That was my understanding on Lombard too.
The shares within Echo were just a bonus to them. we still owe them the debt which they will make a return on.
short term target is heading over 1p and working on that.
end of year figures due any day now along with 6 month figures.
I did put a post up a few days ago of my thoughts on the company, might be worth reading it again...
well entry is cheap here considering this is a potential turnaround story, been gathering, Lombard provide the opp, they been selling everywhere so not a reflection on any company just there compny focus now is to sell accross the board, this has huge upside potential, one contact market wise says if the get certain things right within the business we could be looking at 25-30m mcap which is huge upside from here and broker target of 5p. Defo worth a buy down here