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RNST, in my opinion your choice of hypothetical wording A or actual wording B would not have changed things at all. How many people go on the Egdon website regularly? Only one post today and the sp went up 16%. I knew about the possible high 'skin' factor problems when I listened to DB in an interview. He is always talking about risk. Hence my real concern about Wressle not flowing post perforation. I was imagining the 'antis' like Hull Pete laughing their heads off. I am relieved that it is flowing, as you must be. I'm no expert but slow and steady sounds good to me. If in 6 months time we've had no proppant squeeze, for whatever reason, then I wouldn't anticipate the flow being any higher than today - shall we say 100-120bpd. That would be disappointing. If we've had a proppant squeeze and flow rates were no higher, again I'd be disappointed. What went wrong would be the question. Of course individual disappointment runs longside one's own expectations. Mine are fairly modest. Would an appeal be made against the refusal to use a proppant squeeze? I've no idea. Don't forget that the 'antis' are pushing proppant squeeze as being high volume hydraulic fracking.
Alongside Wressle I am anticipating news on the EWT at West Newton B in the next two weeks. DB will be fully aware that investors are looking for news on that front - him as much as anyone else. He's an investor too and wants to increase the potential value of WN. Biscathorpe is somewhat down the line for me. If a side-track happens in H2 2021 that would be great but 2022 sounds more realistic to me.
My patience is being stretched like most people, but I do know that DB is not sat back twiddling his thumbs. Research and more research is something he believes in.
I am assuming we both want the same thing and therefore wish you all the best.
Shed no tears said this “In my opinion, the words 'formation damage', would have had the doomsayers, of which there are many apparently, shouting it from the roof tops. “
Egdon the operator said this-
“As previously reported, flow rates from the Ashover Grit measured in the initial testing phase (80 barrels of oil per day (“bopd”)) were affected by localised near well bore formation damage (high “Skin” factor) and so are not representative of the flow rates that could be attained from this interval. “
Does this mean that Egdon are doomsayers...how does that work sheddy?
"In fact the well is flowing a third more than when tested from that zone in the CPR data."
Did I miss this?
thanks AJW. your answer is very interesting because that suggests everyone (including me) who is calculating max. revenue based on 500bpb should be using a max. of 478 bpd, not a huge difference but often the devil is in the detail.
"In fact the well is flowing a third more than when tested from that zone in the CPR data"
I must have missed that RNS james.... or di you just make the numbers up?
In my opinion, the words 'formation damage', would have had the doomsayers, of which there are many apparently, shouting it from the roof tops. Or should that be trees? The well is free flowing good quality oil. We will find out the rates soon enough. Nobody in their right mind would risk the integrity of the well by behaving in a reckless fashion just to boost initial flow rates. Not only do the partners have Covid-19 to deal with, but socially media savvy anti-fossil fuel protestors who are relentless in spreading fake news without challenge. Do not underestimate how effective they are. They are happy to drive cars and presumably to heat their homes, or burn wood if in a caravan, and are able to get their message across very quickly. Last time I looked Egdon were 14% up. Interesting times.
It is not in my mind and I told David what I found.
END. No more to add to feed your nasty posts.
"Also ! There may be something else coming in my mind"
Yes you're right, its in your mind...
You're usually so keen to tell us all about the upside and how you and your mate Daaave are big buddies buy yet you don't want to share what else is coming (in your mind), you've researched it, but its secret?
Either you just make stuff up (99.99% chance)
or
You have insider information from Big Daaaave (0.01% chance) and you can't share it with us, wink, wink, nudge ,nudge, know what I mean...
Hello Heid, it's my recollection that the council has restricted Wressle to 2 tankers per day, these tankers carry between 180 to 220 barrels each according to various posts on here and advn, if these numbers are correct how does that reconcile with 500 bopd? any thoughts?
Squeeze required at Wressle for 500 BOPD .
Pennystones - FDP as Egdon said.
In mean time we have income and have communicated with good quality oil.
Biscathorpe sounds great. Planning gone in. We wait. Says this year for drill but this is oil and gas - so I am happy if it happens end 2021 in to 2022
West Newton. Personally I do not see a buy before EWT or the 'options.' We wait until the summer to know. In the meantime we may get RNSs re CPR and results of B and then A.
All of this will shift the share price imo significantly.
Also ! There may be something else coming in my mind. DYOR - I have.
Focus on the package here. This is not an over night job. We will get to the 500 BOPD imo and much more at Wressle over the next few years. Biscathorpe, in my mind could be drilled next year. If it is this year then great. I see big potential with Biscathorpe. West Newton will go to EWT. I would be surprised, and pleasantly surprised, if we got an offer as predicted by a few from a Major. Realistically we will know more this summer. Today's share price means nothing. It is the bigger picture this time next year for me.
Look the current situation is simply a product of this and the other co-ventures own making, combined with a shareholder base thats has a large proportion of flippers and punters. They (EDR/EOG and UJO) could have made it plainer that the process would take time and been clearer that there were a number of steps to get to their proposed 500 bbls/day. Its on Egdons website if you can find it but the main thrust of communication is via RNS...
All of which simply spoke of a"contrained" 500 bbls/day. Time frames are always shortened or implied to be less than what is realistic. WHY? Because they don't want to upset the shareholder base by being straight up, they want to maintain a positive spin on things...trouble is it always comes back and bites them in the @rse.
How many folks on this board would prefer the words in A (what they might have said) over B (what they actually said)?
A: "Our technical analysis has suggested the Ashover Grit could flow at upto 500 bbl.day, however this would likely require a number of steps, Firstly a reperforation to ensure the oil is free flowing, and to gauge how much of the formation damage can been overcome through the well being reperforated, and then depending on how the well cleans up this will likely be followed by a proppant squeeze as a secondary intervention to increase flow rates towards our target 500/day, this will require additional permitting the timing of which is not within out control. etc.. etc.."
B: "As previously advised, on current plans, the Company envisages first oil during H2 2020" and in the same release "..important step in the progress to first oil which WILL increase Egdon's production by 150 barrels of oil per day"
My Caps.
A is the realistic message, and B is what they want you to hear....
Totally shocked at this SP
Rubbish
WRESSLE
RESURRECTED
The sentiment of this share is now gone. Whether by mis management or underhand leakings the trust held for so long by Lth's has shattered. It now requires proof of flow at Wressel and the long suspended EWT at West Newton to be reserected to give any positivity to the share price