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you need to do homework bud. plenty other Africa gas cos drilling (fully funded) wells for £3M or less.
the only "high pressure" was high pressure to product a result or the company popped.
the drill certainly "high temperature" the shareholders haven't cooled down yet !!
"The drills should have cost $40 million in total but due to issues went to $90 million." - so over 200% of budget, and you think that was acceptable? what issues? the lightening (a known known they did not avoid).
what about the undisclosed collapsed well (106??) - only after the event were shareholders let in why the drill was so time critical and therefore has to be drilled during storm season and the third party opco could charge whatever they wanted.
["One ONSHORE drilling campaign with dual wells! Dude, get it right. If you want to argue 93 million is vastly different to 100 million , when a onshore well in africa is around 3 million - feel free."]
"How ignorant can one be. The wells drilled at Logbaba were deep high pressure wells in difficult geology."
wow - and you did not even compare the facts of the £3M drill - you just launched into a tirade. i think you'll find the 100 million was no where near competitive. neither, if i recall, was it subject to audit, given some back water newco carried it out.
Why do you keep misquoting me? Is there a strategy here? I did not say Roy is unknown.
Re"VOG have clear valuable assets in gas resources and infra structure which are clearly worth fat more than the current share price. "
Only if you can monetize them, something VOG has singularly failed to do over 14 long years. The problem here is that you have a country awash in gas, with a population desperate for gas, and no-one from the state downwards willing to pay for said gas.
and Savannah was certainly an odd choice for such difficult wells. that said, what's done is done and I think the future looks rosier from here, as you do. though it couldn't get much worse I guess.
FFS, I was agreeing with you RF, re-read my comment. 20m each is 40m, which is closer to 3m than 93m. I know a LOT about drilling in Africa and am well aware that 3m per well in this case is BS, but nevertheless it should never have hit 93m here.
Savannah Oil Services Cameroon SA. Have a look at their website. Absolute craap. And this is the improved version.
Re "I have no interest in past issues. That was the Foo era. I have invested in new Directors. Savannah have drilled numerous wells in Nigeria since they failed at VOG."
The more you post that statement the more ridiculous you sound. So you are happy to invest in a basket case company whose past directors have an appalling and very questionable track record, purely because Roy Roger's turns up on his white steed and will shortly be joined by another as yet unknown knight in shining armour. Just because the sp is cheap. Ukog is dirt cheap. Would you invest in that?. You are either an insider or a total joke!!!
correct, for example they had to use 13Cr steel grade and premium connection tubulars instead of API grades and connections which would typically be sufficient "onshore Africa" (massive generalisation, I know).
That said, the cost should still have been closer to $3m than $93m in my book.
“wrong.. The final cost was $93 million for 2 wells NOT one namely LA 107 and LA108 of which VOG pay 57%.”
One ONSHORE drilling campaign with dual wells! Dude, get it right. If you want to argue 93 million is vastly different to 100 million , when a onshore well in africa is around 3 million - feel free.