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senseman , no truer word, but you forgot to mention how much coal we still have to import each year.
Could be said Politician's the world over! Rest my case, USA were self sufficient in the provision of oil, now they are pendant on Russia.
The mind boggles!
Sunday Times Business article today - industry gossip is Shell exited Cambo 'cos OGA & other regulator late additional conditions - kowtowing to government political popularity save the planet pressure. Significant cost increase and time delay meant Shell exited.
ST article conclusion - gov pressure/actions stupid/ counter productive - UK oil needs will remain, will be imported from overseas with world higher carbon footprint (increased transport) and higher UK financial cost.
Message is that UK regulators bowing to UK politican pressure aint going to be doing HUR many future favours (eg LIncoln unplugging & tieback?)
i agree with article - 2022 will see Brent $100
thanks for compliment, 1616
you're correct - he who opined that the court scam would fail and we would see $80 Brent by Xmas is very dangerous - to canaries and derampers
News here must be imminent, even those telling HUR shareholders to sell here a mere 0.7p, and incredibly prior to a court decision are still so bitter that they just simply cannot let go!
However once again, whenever I see frequent posters here who hold absolutely Zero HUR shares, wether it be Shorters, paid/unpaid de-rampers, or those who are simply way too greedy and are still dreaming to buy in HUR at even cheaper prices..….……………. , all suddenly popping up (and on a Saturday!) while holding no skin in the game but nevertheless looking increasingly nervous with a new proactive HUR BoD now firmly in place, production holding firm, resulting company net cash significantly on the up, and as obvious from their constant deceitful de-ramping nonsense (trying to highlight what the Ex-BoD failed to prove in the British Courts) even at these extreme and purely Ex-BoD driven artificial lowball company valuations, I then realise for sure that this share is going to look absolutely outstanding post recent departure of the incompetent, arrogant, corrupt, value destructive, do absolutely nothing Ex-HUR BoD! And going forward, even a hint of positives here wether on CPR or/and any potential forward planning/funding/JV/M&A/Huge company Tax Credits Utilisation logistical/operational progress (which have suspiciously been non-existent with the Ex-BoD) will drive this currently way undervalued/oversold SP sky high, hence looking very good here with new HUR BoD, and CA clearly buying in big time thereby, highlighting no equity raise concerns, overall significant tailwinds here for HUR to benefit from going forward from these ultra low valuations, all IMHO, DYOR.
Ngr1616, indeed. I am happy to see things working out for HUR. But until an RNS is released reversing the previously RNSd issues with the lower P6 pump then if remains out of service. A situation that's RNSd remains the case until another RNS reverses it. The upper pump trip in June would have led to starting the lower pump had it been available. 100% for sure. They didn't start it. The well was flowed naturally until the upper pump was restarted.
Recent-ish investors here need to realise the incredibly high risk that relates to this stock. Let's hope the company goes on to fulfil some if it's early promise.
Fred - correct.
"The Lancaster field is currently only producing from the P6 well, which utilises artificial lift via an electric submersible pump ("ESP") to support production. In March 2021, pressure variability was observed in the P6 well while utilising the lower ESP, with subsequent investigations suggesting a potential partial obstruction to fluid flow above the lower ESP. Production was restored to prior rates after a well intervention which switched over to utilising the upper ESP in the well. Investigations are still ongoing into the root cause of this issue. Should the upper ESP in the P6 well fail in the future, there is a risk that the lower ESP cannot be restored to full function, in which case the Company might need to flow the well at lower rates."
In the same RNS is the only thing that might save this company. Drilling well P8 in 2022.
Hey, cut the aggression eh? You are both wrong.
"In March 2021, pressure variability was observed in the P6 well while utilising the lower ESP, with subsequent investigations suggesting a potential partial obstruction to fluid flow above the lower ESP. Production was restored to prior rates after a well intervention which switched over to utilising the upper ESP in the well. Investigations are still ongoing into the root cause of this issue. Should the upper ESP in the P6 well fail in the future, there is a risk that the lower ESP cannot be restored to full function, in which case the Company might need to flow the well at lower rates."
Read RNS Number : 1528X. There has been zero news about the lower pump being brought back on line. Reverting to natural flow on P6 when the upper pump tripped in June strongly suggests the second, lower pump is still not available.
“Anyone claiming or suggesting they are now relying on one pump is lying and scaremongering”
DiveCentre, Great and well outlined post, spot on!
"what is the status of the back-up pump?"
Look back for an RNS where the lower pump was taken off line for suspected blockages. The upper pump was brought on line. There has been nothing whatsoever about the condition if the lower pump since then. I think it's safe to assume it won't run.
When the upper pump tripped a few months ago, the lower pump was NOT brought back on line. The well flowed naturally until the pump was restarted. There was another RNS saying the upper pump was restarted after and electrical fault. There has been no further RNS about the lower pump.
Hence, the strong evidence is that the one producing well is relying on a single sub sea pump for production. If there was a second pump available, it would have been used when the upper pump tripped.
Why am I posting? Because there's a lot of people here now who aren't aware of the operational history of the sub sea pumps, and they don't realise how risky the present operation is. The evidence is that the company is one pump failure away from disaster.
I’m sure you are well aware that both wells have dual ESP’s installed. For the thicko’s that means that each well has two pumps. The Company have given no information on the individual use of the pumps so we do not know if they are running one only or alternating.
RNS 08/10/20 Current production is c.14,500 bopd on natural flow.
RNS 18/12/20 The 205/21a-6 well is currently producing at c.12,300 bopd on artificial lift.
RNS 10/06/21 On 8 June 2021, the electric submersible pump ("ESP") in the P6 well tripped causing the well to be shut in. The well is currently on natural flow while the cause of the trip is investigated and the ESP's electrical system is tested ahead of an attempt to restart the ESP.
RNS 11/06/21 On 10 June 2021, the Company announced that the electric submersible pump ("ESP") in the 205/21a-6 ("P6") well had tripped on 8 June 2021, causing the well to be temporarily shut in on precautionary grounds prior to restarting the well on natural flow while the cause of the trip was investigated. While these investigations continue and ahead of an attempt to restart the P6 well ESP, the Company has decided to maintain the P6 well on natural flow at a rate of 9,000 - 11,000 bopd subject to surface conditions and settings in order to fulfil the minimum lifting quantity for the next Lancaster lifting which is scheduled for the week commencing 14 June 2021. Further updates will be given in due course.
RNS 16/06/21 Further to the announcements on 10 and 11 June 2021, the Company is pleased to announce that it has successfully restarted the electric submersible pump in the Lancaster 205/21a-6 ("P6") well.
What this tells us is that the ESP in 6 was not used until sometime between 08/10/20 and 1812/20. When in June 2020 it tripped out the well continued to produce under natural flow and the ESP was subsequently restarted. The Company has not reported any failure of the ESP prior to 10/06/21 and subsequent to the restarting they have said nothing to suggest that one or other of the pair of pumps has suffered a critical failure.
Anyone claiming or suggesting they are now relying on one pump is lying and scaremongering.
what is the status of the back-up pump?
HUR has a back-up pump
So b*gger off
You seem intent on painting a dire picture.
Yes one of the pumps tripped and the issue was resolved. Whilst offline the well continued to flow at a slightly reduced rate. As to an earlier failure I have no recollection of this. If you can back up that claim please give the date of the RNS advising of the failure or a reliable source.
canetois .... What's wrong with a gentle reminder.... There's enough nonsnense on here, If you don't like ....just create your on little BB for you and all the other sheep, you keep swapping wild guesses and stories about T/O...the untold riches of WOS.... The share price being 5, 6, 7 10..15p next week...end of the month...pick a date... Shorters getting burnt... the never ending dross . You're as well listening to the fairies at the bottom of your garden .....or Womans Hour on R4
For God's sake Fred, we're all well aware of that risk. So what's your agenda for laying it so heavily on a plate for us, bugger off.
Good to see the finances of HUR looking much more positive after the previous management debacle of trying to give the company away to bondholders. The stock has increased now from about 0.8p so a huge profit for anyone brave enough to buy then.
But, and there's always a but. This is a company with one producing asset that is just one subsea pump breakdown away from going out of business. We know that one of the pumps failed a good while ago. The remaining one tripped and was off line for a while too. Fortunately, it was a topside problem which got fixed. Lucky.
The risk to the company of losing the one remaining pump is off the scale. The company is just one subsea production pump failure away from armageddon? I have seen nobody here consider that risk. Thanks.