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Looks truly as the game changer for ADL, got a large position here but really think that at present the price is very attractive for medium term investors. Let’s wait patiently a bit more but this could turn very quickly if they deliver.
Nice to watch the video of BTN - 03 on Andalas web page. If nothing else it is reassuring to see it in work in progress, have to say it is much larger scale than I envisaged and a lot more involved, thought it would be a single nodding donkey on a slab of concrete, but quite a bit of equipment, I am assuming these are the oil / water separators, if not I am sure someone will oblige. Looks a professional set up just a question now how long to commission the water injection pump.
BTN - 03 will probably be the highest yielding well due to additional zones not yet perforated within the same well.
Naff background music mind :¬)
Strewth Helpful admire how you came up with that, what would that do for the sp I wonder. I do think CAV could eventually buy in to ADL but your scenario takes it a whole new level.
I will be happy for anything that lifts us away from the past and lifts the sp at the same time.
atb mate
The plan is likely to be something like this:
1. ADL does the deal with CAV.
2. CAV goes around indo to the families who have oil & gas assets and tells them that they should do a deal with ADL.
3. ADL Indo ends up as a JV between CAV and ADL with Indo HNWIs reversing o&g assets into the vehicle.
4. ADL Indo ends up separately listed.
A lot to do but that would be an elegant solution.
DYOR
Hit that buy button, go on. There is a decent profit from 0.125 if we hit the target of 150 bopd. Should go to 0.2 in an instant and that's 60% ish straightaway, if we do 200 bopd+ then I can see 0.25+ and a possible 100%. Eitherway a good profit from here to be had and I expect updates not long after of other deals in the making.
You could double up doubleup :¬)
Good weekend sir!
You are off your head and they have you right where they want you lol
It means they pay back their £500k in 3 months not 6 and have 6 months to decide participating interest. So aprox £1m could be earned at those rates before making that decision. More importantly my little chugger is the proof of concept will bring CAV to the table for a lot of other work.
Time for you to buy in mate , you know you want to.
Miker again explain to me how much more money do the company receive from 71 bopd to 200 bopd ??
Do they get more or just their investment back ?
that's why we do it, you have to have a laugh. but anyone who thinks we will be at 0.125p if we get to touching distance of 200 bopd will be regretting not buying in at these levels.
Good weekend everyone.
Im sorry but you guys make me crack up lololololol,
Yes 1.28m barrels if and when. I don't know what price oil in the ground commands but at $65 should come in minimum $10 and maximum $15 a barrel. Would add 1p - 1.5p to sp in one hit if it does get monetised.
Of course the extra license acreage awarded in last OGA Rounds could see this increase but would not be cheap.
Helpful your thoughts on ADL RNS possibly 'exceeding' 150 bopd. It is not inconceivable that if CAV are impressed by the final flow rate they could want to buy in to ADL
atb
From the Baron Oil half year report: they have 8% too
he Colter exploration well (98/11a-06) and its sidetrack (98/11a-06z), drilled early in 2019, provided encouragement that there is an oil accumulation with commercial potential in P1918. Our efforts are now concentrated on the Colter South Prospect where a review of the seismic data and mapping is underway to improve the imaging of this complex area. The Operator, Corallian Energy Limited ("Corallian"), estimates Pmean recoverable Prospective Resources of 16 million barrels of oil equivalent (1.2 mmboe net to Baron).
So the PMean to ADL is 1.2mil barrels.
DYOR
Does that mean about 3mil boe PMean Prospective Resources attributable to ADL?
In February 2019, the Company was pleased to report that Corallian encountered pay within the Colter South fault block. The Colter well (98/11a-6) was drilled as a vertical well and reached a Total Depth of 1,870 metres MD (measured depth) in the Sherwood Sandstone. The well confirmed a discovery in the Colter South Prospect for which Corallian had estimated a PMean[3] recoverable volume of 15mmboe pre-drill. Following this oil discovery at Colter South, the Company made an additional equity investment into Corallian, by way of an Advanced Subscription Agreement, whereby Reabold invested £750,000 in order to fund the sidetrack to appraise the discovery. The purpose of the well had been to delineate the Colter structure accurately to complement the existing well and seismic data in the area, as the anticipated controlling fault between the Colter and Colter South areas, was further to the north than had been mapped on the 3D seismic.
In March 2019, the sidetrack operation at the Colter well was completed and we were delighted to announce an oil discovery within the Colter well, with the sidetrack effectively providing two wells worth of data. The operator is now utilising the data derived from these well results, along with existing data, to determine the best forward plan.
Corfe
A portion of the net proceeds from the Round 6 Fundraise have been utilised by Corallian to acquire Corfe Energy Limited's ("Corfe") interests in certain licences in which Corfe was a JV partner with Corallian. Such interests comprise four licences in the Wessex Basin, which includes the licence containing Colter South, and the Inner Moray Firth, including three new licences offered in these areas in the 31st Licensing Round. Corallian's management estimates that the PMean Prospective Resources attributable to Corfe's interests are 10 mmboe in the Inner Moray Firth and 6 mmboe in the Wessex Basin. Following this transaction, Corallian's interest in the Wessex Basin JV licences increased to 74% and in the Inner Moray Firth JV licences to 45%. The balance of funds was used by Corallian for the Curlew-A rig site survey, as Reabold announced on 29 July 2019.
Correction, water injection pump being commissioned awaiting operation. A confident statement none the less regarding hoping to exceed 150 bopd target, may be working out the figures using total bofpd and oil / water cut. If they can get towards the 6500 bofpd then just 3% oil will be nearly 200 bopd. That would be incredible, looking forward to total stabilised figures and further work awarded as a result.
Good RNS " All permits received". This will be the explosive permits needed to perforate the untested layers of BTN 03. Also nice comment that they are not only looking to achieve 150 bopd target but hope to exceed this.
Larger pumps now working and soon have the stabilised production volumes from all 4 work overs.
Nice and solid RNS, no shocks but may achieve what they set out to do, a rarity in the past for ADL :¬).
Fair point and yes 4m barrels was needed to make it viable and 15m attributed to Colter South, the extended license acreage could push it even more in our favour once the necessary proving up is done.
atb
Yeah I am cool with that. What I posted was an extract from the UOG half yearly report. It is the most up to date comment on Colter and so is relevant. When it is monetised is a secondary issue but based on the UOG report they continue to see it as having value. Given that ADL has said very little about it, the read across is important.
DYOR
Hi Helpful, I do think Colter will happen the downside is I don't think it will be anytime soon. As for ADL I can see a quick sale as and when of our 8% and at a discount just to monetise and get something in the coffers asap. The remainder or best part of the CLN will be held back to fund the extra work required to bring Colter to commerciality.
I wouldn't even bet against it being Xmas 2020 so for me its on a back burner and still not definite unlike our work overs which shouldn't be underestimated. As small as they are they are 100% real and look as though they will lead us to better things once proof of concept shown, and we are somewhat there on that score already.
atb mate
In the UK drilling commenced on the Colter Appraisal Well in early February. The well delivered a new discovery, Colter South, which opens up new opportunity within the licence. While the side-track to Colter North encountered reservoir, it did so deeper than expected, suggesting a smaller accumulation than initially hoped. However, good oil and gas shows in the side-track at shallower intervals mirror the producing Kimmeridge oil field and provide encouragement for the prospectivity of the adjoining JV-held onshore licences
Yes I noted that but to be fair it was only ever going to be the 4 work over wells ( to start with ) and if these were successful
( proof of concept) then the aim is a participating interest in CAV for the bigger prize at Selo, also it has been mentioned of the many other work over opportunities that could be offered in existing Betun wells ( from memory approx 19 I think ).
Further drilling on Betun in the near future is not anticipated, recent analysis of the 3D data suggests additional drilling may be possible at some future point in time.
the Twitter feed is very good , hoping to finally get funds from Adl to send kids to Eton before Labour closes it.
ABOUT the dangers of doing business in Indo and why nearly all fail. I reckon there will be a total market collapse in the next few weeks. I told people about Mtro this morning at 250p. UJO another bizarre one where it is more about the PR than the product. Get ready for wipeout with many hopeless stocks. I'm a veteran. Enjoy.
What posts have been removed? That would be down to LSE not the PI's.