The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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So aduk
It may be chugging along at 10500 bbls/day
But how many bbls/day does it cost.
That is what is the net income from those barrels after costs (expressed in barrels).
Nigwit,
"Eh!? Have you not read the bits about the reservoir and the water and stuff?"
Yes, of course. And I don't believe it, because it has not been compiled by a 'competent person', and (more pertinently) provides no compelling evidence for the conclusions reached.
I am not stupid, nor ignorant of the fact that some earlier estimates of the WoS Fractured Basement reservoirs' potential may have been over-optimistic. However, ther's well six still chugging along, producing 10500 bopd or so.
I use the expression 'chugging along' ironically, of course.
AK "However, in this instance and the case of Hurricane Energy, there is absolutely no sign of such failure. Other than the failure of the new BoD to progress the company and thus increase value for shareholders (one of their implicit duties) and thereby justify their own salaries."
Eh!? Have you not read the bits about the reservoir and the water and stuff?
Tuxedo8
"no evidence that bod explored various funding, farmout nor M&A options with also huge tax credits here for utilisation"
Nor is there any evidence that since the 'new BoD' installed themselves, that they have done anything proactive to try to expand the company through further exploration or development of existing assets. In fact, they've done quite the opposite.
I think that most (or a lot) of people who invest in AIM - listed O&G shares are aware of the risks involved, and the sometimes speculative nature of such 'investment'. If not, they should be. Sometimes such ventures can fail, but that's the name of the game.
However, in this instance and the case of Hurricane Energy, there is absolutely no sign of such failure. Other than the failure of the new BoD to progress the company and thus increase value for shareholders (one of their implicit duties) and thereby justify their own salaries.
Personally I'm terribly wary of using the word 'criminal' when describing the situation in emails to various media, for the simple reason that I'm not a lawyer of that speciality, though am aware that if making accusations of criminal action which are rejected can backfire on oneself very badly.
However, there is something very fundamentally WRONG in what Hurricane's BoD is trying to do, to the detriment of shareholders, and to the benefit of bondholders (of what nationality ?) and this requires investigation at the highest levels. And for that reason I feel that petitioning (by whatever means) for an adjournment of the May 21 'hearing' is justifiable, until such investigations have taken place.
And the CPR low case warned of water breakthrough in the event that the OWC was higher in the structure …..
“How is it possible that an independent assessment carried out in 2017 is able to produce in place volumes for Halifax amounting to 5,143 MMstb (best estimate), up to 9,043 MMstb as a High case, when only a few years later, without any more wells having been drilled on the discovery, its volumes essentially disappear from the radar?”
Because in those "few years" they actually got data from the oil and water flows from the reservoir. Real data, not an estimate. The estimates were wrong and there data is right.
It's the difference between looking at a racehorse at 1 yr old when you're basing a lot on opinion and the same horse at 3 when its run a few races. In this case it's one for the knackers yard
Please email Mr Alistair Carmichael
Email: carmichaela@parliament.uk
Phone: 020 7219 8181