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One more. Why is Alkaid not producing for a quick $ 5 million dollar investment? Rather than a $20 million new well.
Ally
I wonder what the lead time is on an oil refinery?????
You all that are attending the meeting know my recent questions. On top of that Texas? If they have 400 feet of vertical(130 m) There is absolutely no need to go horizontal.
Why did they only perforate 6feet?
Why were Vision never questioned on what they were doing for well after well?
Why did PANR not have a drilling supervisor watching them in a 50/50 JV?
Lots more but I am sure you all have your own.
Ally
Yep tax credits re the special oil exploration tax break went to the bank pre Pantheon.
GG, I am pretty sure the tax credits were not included in the deal. That is GB owners keep them. It’s been discussed on the boards before, I believe it did come up at the AGM.
Regards your previous point won’t make the presentation as in Norway/Denmark that week.
I would be keen to understand work required to prove waterflooding is suitable for Alkaid/Phecda and Talitha. When this is confirmed recovery rates will go from 10–15% to 30-40% (180-270Mbbls to 540-720Mbbls). From what I have read I believe Pikka/Willow always refer to the higher numbers.
GG I believe we should. What I’ve not been able to find is the balance of outstanding tax credits for GB at time of acquisition. But I believe we should have inherited onto our balance sheet. They’re only eligible for certain exploratory costs, bit given the $200m+ spent I’m guessing we’re due some....
hey george, same for me, I wont be able to make london but I am looking forward to reading details as they come through. It was good to hear a confident and robust tone. ATB
Get your questions ready George!
George, she still has all the duty?????? Free shops to go through!
GL
Ally
As I understand it Ice roads would need to be built each year and therefore trucked production could only happen during winter months. Given the Alkaid well is at the edge of the reservoir and is believed to have lower recovery rates you would imagine it makes sense to start again from the roadside.
The net pay is a strange one and seems to be much larger than Pikka (~100-150feet net pay) and Willow (~42-72 feet net pay).
Cost them $4m+ just for the ice road and test this year. The expensive drilling and another ice road was done by GB who five years ago were coining in cash via that Alaskan tax rebate scheme which was abruptly cancelled.
Back in 2015 Pat Gavin the then Ceo of GB was talking about producing and trucking but that’s when they were financially robust.
Hi,
if the approval is complex how did they drill it in the first place? It is already drilled so how can Capex be expensive?
Ally
Marmaris I believe that the reason Alkaid 1 is not being put in production is it will need complex approval and significant Capex as it is located in “Virgin” ground.
The horizontal wells apparently do two things, firstly enable higher recovery but secondly mean that they can be put in production at will without the environmental oversight required for virgin ground or the significant Capex involved.
This is why they now distinguish the Alkaid and Talitha near pipeline acreage because it can be fast tracked due to the brownfield status of the Dalton highway.
Pantheon for a change got luckily!
IF they have 400 feet of vertical pay, why do they need to go horizontal. They only perforated 6feet????????????. Alkaid 1 if it is as good as they say should be up and running. A rig for 2 weeks to drill the cement, run a completion and perforate say 200 feet and there is a live well ready to produce. Cost 5 million.
We have no income. Every well we have is shut in or producing F... all. This one is a banker according to the BOD. Why leave it?
Ally
Ally, there are no plans to re-enter Alkaid 1 though. According to presentations next 2 Alkaid/Phecda Wells will be horizontals from the roadside.
Obviously I can not add any drilling experience to the debate, but that is what the board has indicated. Of course everyone can make up their own mind if they believe it or not.
88E is going through the mill at the moment. Sheesh.
Let's hope we handle things a bit better here and get something transformational which permanently shifts the share price.
I do not know if I will bother again. It costs me about £600 for flights and hotels. We shall see if it is back to December or will it change again this year?
Ally
In lawless London can a director buy or sell shares with news immanent? NO. So we have no news coming for how long?
Yes indeed, calmly building a stake. It may even be the same person who has previously been adding in ca. 200k chunks but that is pure supposition on my part. And of course it doesn't really matter.
Exciting though and adds confidence.
More quiet and subtle slotting in of large buy orders, no fuss, no commotion, no attention drawn. Except by me of course.
I am assuming here (per last RNS) it is still shut. Thanks.
Anyone know if the opening of the data room will be RNS'd?