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RNS Translater, although we don't know how the well performed I,d hazard a guess that as RBD have significantly increased exposure to this project S&S probably do know and it performed just fine!
"So the WNB drill will either add to these numbers; or keep them at this level."
Of course that's generally true as all the numbers being bandied around these are potential hydrocarbons in place calculations.
There's a world of difference between in place numbers and (economically) recoverable numbers.
If the well doesn't flow at commercial and sustainable rates then the in place number may well stay the same but there will be no recoverable numbers and thus no value.
They may well confirm or otherwise the reservoir parameters at the new well location, but unless it flows at commercial rates, and at a sustainable rate (low pressure decline) then folks thats a different matter entirely.
I'd be keen to know what happened with the last well and if they actually achieved commercial flow rates before they had to shut it down... there's very little comment on this by any of the participants that I've found.
Morning all!
Back from the moors!
F it's hot in ol' Laandon town!!!! So, pleased to see the DELT distraction is gone. On the posts above, the WN-A EWT on its own is a massive deal. If the EWT is good then you have a big find right there.
The B drills (either) being successful is as Rover says, making a huge find just much 'huge-er'
Spud coming up and we won't have 'years' to wait. In a few weeks time we can wave bye-bye to the silly sod.
have a nice day and stay cool
Persimmon,
Thanks for your reply there.
I'll have to disagree with you there on "any other than a huge find is the end".
And the reason is as you & I both know; they've a discovery at WNA; between 211 & 269BCf of Gas and 146 to 283mmboe of liquid hydrocarbons (oil or condensate but not water). This was in the RNS 11th Nov 2019 so if this is misleading the FCA will come calling.
So the WNB drill will either add to these numbers; or keep them at this level.
Either way - this is a stellar OIP / GIP for a c.£40mCap company.
If that's the end you refer to - then waht a way for it all to end. Stephen & Sachin have always made it quite clear this is a finite lifespan business - so you are clearly a well researched; pragmatic investor.
Good luck with your investment here & I'm pleased we share a similarly positive view on the huge resource already proved upa at West Newton. More to come hopefully.
You do talk utter rubbish persimmon. What they've already proved at WNA is huge, and it's that that's convinced the II's to pile in. Anything at WNB takes it from being huge to being...........even huger!
Rovers66.....You've just about nailed in in one. Forget Cali, anyone who has done any in-depth research lately knows that the political plays in that region are numerous. Agree that W.N is a s**t or bust game now for RBD. Any other than a huge find will see the end; unless you can be easily impressed by smooth words. G.L all. Oh and be patient, be very very patient.
The way I see it is they initially started off to develop a multi-asset business; £1-2m raise here & there and look to develop a mix of drill & produce assets (cali) and drill & flip assets (corallian).
And during this process they suddenly hit the jackpot in June 2019 at WN with a huge OIP find. And suddenly they go from a £1-2m raise to boom - £23m raise. So the questions I asked were:
1. Why raise so much cash for 1 asset - it must be huge as it's basically dwarfed the other assets
2. Who is giving a jnr E&P that amount of £ in a weak capital market (it was & still is) - they must have something v special.
3. What about the rest of the portfolio?
1&2 are answered by "because it's huge" & "the ii's seen the drill data"
3 - they've pretty much "forgotten" about the rest of the portfolio. Certainly California. Nothing happening / no numbers. Great ammo for the "nay sayers" as it's been left to it's own devices.
Along the lines of my previous post - I could be wrong but if you add up all the tell-tale signs; RBD is a WN play. Simple as that. I understand the other UJO assets but since the additional Rathlin investment in 2019 (and the subsequent Humber deal) I still don't understand PI's avoiding RBD & piling into UJO: which they quite clearly are if you look at the SP's. I'll take 56% vs 16.66% any day of the week. If Cadeby is proved up (bit if I hasten to add but they aren't drilling on a speculative punt) it will be a historic discovery & the PEDL will be v valuable.
Jsut my 2penneth - enjoy.
Rovers, many thanks for taking the time to post such a considered response, all seems logical when you look at it that way. I was pondering if they would make any progress at Grizzly Island for e.g. in parallel with the other projects as 18 months ago, that was potentially a big deal. Maybe WN just dwarfs everything else on the table at the moment, certainly hope that turns out to be the case!
Not sure if I'm reading too much into these interviews, but DB certainly seems to know a lot more than he is saying (in a positive way). Couldn't work out why he was saying on one of his recent interviews that "dozens of tests" had been conducted on the cores, but they still weren't sure what they had yet?
Not too long to wait now hopefully.
Also