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Yes it’s a bit odd because different timescales have been provided for Egyptian Vulture.
In a previous press release it was quoted as 4 weeks to drill. However the permit application says 39 days (5.5 weeks) and so did the Longboat Admission document. They then said up to 7 weeks in the spud RNS.
4 weeks have now passed so I guess results could come at any time but perhaps more likely in a week or two because I would have thought the estimates included some contingency for delays. Having said that, they could have delays so we will just have to wait and see!
Probably around the end of next week/ start of the following week for Egyptian Vulture if all goes to plan but hard to predict exactly.
Why do we think we will get news from Egyptian Vulture this week RNS States up to 7 weeks for drilling (this will include P & A ops - 1 week max for that) i would guess at least 1 week and probably 2? Mugentind has a 5-7 week drilling window so probably nearer third week of November for that one to annouce results.
https://energyindustryreview.com/oil-gas/oil-gas-discovery-in-rodhette-exploration-well-barents-sea/
I echo those sentiments. We should all going well, get some news from Egyptian Vulture this week (assuming they're all on schedule).
Fingers crossed for a nuce big strike, but TBH, even if they only found half of what they expect it will still be worth ~40p to LBE.
Fingers crossed!
Kistos flying. Having a little in there kept me patient here.
However, as I see it : LBE more likely to x3 bag from currents prices over next 12 months. One good strike and this will motor.
Wish you all luck here. I’ve now transferred all funds across to Kistos where it’s almost 3x bagged in <12 months.
GLA
Yes, I guess that all going well, we'll hear something this week re. Egyptian Vulture. Fingers crossed!
I anticipate our first discovery Rødhette circa 10mmboe will be kept on ice whilst all parties involved agree terms on nearby further exploration drilling to boost the reserves and make the near term production tie-in more viable.
Come on Egyptian vulture!
Regards volume, too early to say, as there could be an accumulated sale in the background. Over the past week I'd been mulling on comment by Whirlaw Stones regards a background seller, and last week having gone back over the trades I have to concur. Timely seller that would be.
More generally, the reaction is what I'd expect - most people content to see what the first 3 or 4 wells bring before significantly de-risking.
Until they review all the data you never know. The fact it was a discovery is a good sign.
As I see it : something better than nothing.
Its not (... yet) the transformational result it could have been.
However : it most likely worth something to someone at current oil prices.
Suspect that the LBE share can ebe sold on for near field production in future.
Looked to me like they were indicating a potential tie-in with Tornerose to the Goliat infrastructure.
Nice to see a discovery but a little disappointing that it’s smaller than anticipated. Clearly not a company maker but the new proposed tax changes are helpful for development projects - with oil at over $80/bbl, 10mmboe might be doable with infrastructure nearby and large tax rebates.
We will see - after the first few well results we might hear a bit more from Helge in terms of the possibilities and plans.
I think in the current market they'll be able to sell that to a near field or put their own production though a near field.
Here's the thing, if they do that, at 10mmboe, it's still worth (at $4) $8m to LBE. Obviously, they have to wait and see what the operator wants to do, but if the operator green lights it then it's a decent outcome for LBE.
I thought the RNS made it sound as though there was a reasonable chance of commercialisation. C.10mmboe isn't to be sniffed at.
prior RNS for comparison:
'The Rødhette prospect is estimated to contain gross mean prospective resources of 41 mmboe with further potential upside to bring the total to 81 mmboe. The chance of success associated with this prospect is 41% with the key risk being related to fault seal and oil column thickness.
Quite a muted RNS for Rødhette. For sure the energy prices will influence the operators decision but I doubt they will spend money on testing it just yet. They will use the data to better understand the area but Rødhette will likely sit on the shelf for some time.
1 down 6 to go!
Usual caveats
Trek
Agree non commercial but promising for other drills.
Buy the drop
Not bad chaps/chapettes,
It's under what they expected, but it sounds like thry think they can still monetise it, which is the key - esspecially with hydrocarbon prices where they are.