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Hi Guys,
The workover has taken longer (for various reasons) than expected but is progressing well. Betun will provide ADL with a much needed revenue stream after they take a participating interest. They also have under 8 months to use the CLN facility so there's still plenty of news to come here.
Exciting times ahead
Good Luck All Shareholders
Yes Selo is non producing so it will be exploration drills requiring decent investment, we would need to either raise ( could be the reason behind AGM resolutions for placings ) or do a deal with CAV who are the largest independent Fund Managers in Indonesia, it won't be cheap but CAV did state they look forward to working with ADL on future projects in addition to the current workovers and sounded quite bullish at this prospect ( from memory).
https://m.londonstockexchange.com/exchange/mobile/news/detail/14119166.html
Andalas has an option to acquire a participating interest in the Betun-Selo KSO (excluding any right to existing production), as further detailed below, which has scope for further development
If we participate, it is in Betun Selo; ie both fields.
In addition, we believe the Selo field offers substantial upside with a number of highly productive formations that can be accessed by one well. We are very pleased to be working with PT Celebes Artha Ventura (CAV), the major shareholder in PT Petroenim Betun Selo (PBS), the Betun Selo KSO Contractor and are very positive about the opportunity to enter into more oil and gas development and production opportunities with CAV over the longer term."
"one suspended well BTN 17 (a possible gas producer for fuel gas); and, one water disposal well, BTN 5 (with a second possible injector BTN 18)"
Question: do they need to get BTN 18 up and running as a SWD because of the amount of water produced?
It looks to me that if they did decide to go for Selo, it would be like starting from scratch. So it would be a much bigger job than working over the wells at Betun.
DYOR
Great post Mike. It makes sense to me. Mawhinney is obviously extremely knowledgeable in these types of operations and that gives me confidence. I have no doubt they will exceed their target soon.
Helpful I have had a gut feeling that talks have been underway for a little while and this is down to the fact that on more than one occasion, albeit on their own website, they state:
" The Selo Field offers substantial upside with a number of highly productive formations that can be accessible by one well".
My point is this the Selo Field and not Betun where the current 4 workovers are sited. So why state that if you do not expect to be working not only on other wells within Betun but a different area altogether.
It has to be Greg Mawhinney who is running the show on the ground and he will be dictating to Simon of any potentials if they exist to approach CAV imo.
But Selo does sound good if there are a number of highly productive formations which can be got at from just one well. Money will need to be raised but this would have to be offset with the risk / reward returns and perhaps that's where the deal with CAV can come in to its own (participating interest) now we have proven the concept.
All my own mumblings I know but Simon has mentioned on more than one occasion other wells and accompanied them with maps, talks are and have been underway with CAV imo on where we go from here.
sorry can some one put shade?
i just bought 2m share why it wont show.
thanks
The things that matter are:
1. The increase in production over the agreed decline rate
2. Final stabilised production
3. Does CAV want to do a deal on other assets?
The figure for production before the workovers started was given as 70 bopd but if you look at the presentations that is not a fixed point. They agreed a decline curve for production and we get 90% of the revenue on production in excess of the decline curve. So we started at 70 bopd lets suppose that the decline curve is 5% pa: six months have elapsed and so the production on the decline curve might be 68.25 bopd. You might say not much but it matters otherwise why bothering agreeing the decline curve. So firstly we want to increase the production over and above the production in the decline but secondly we want a lower rate of decline once the workovers are done.
This tweet yesterday https://twitter.com/AndalasEnergy/status/1191345936733224960?s=20 gave the latest production as being BTN 04 44.00 bopd and BTN14 on 30.10.
This is why they can say that, "The field delivered at an average gross production rate for October of 99.3 bopd with a maximum from the 3 wells of 119.3 bopd"
This is the video explaining the work on BTN 03. We need to get 30 bopd plus to beat the 150 bopd. https://twitter.com/AndalasEnergy/status/1181106868766351360?s=20
It looks pretty good to me. They were also looking at doing work on other wells in the field. It sounds to me that they think they think they can optimise production further.
So they should be updating CAV shortly on where they are up to. Time to start talking turkey.
DYOR
We fluctuated between 90 bopd and 120 bopd without BTN - 03. It actually states that they are waiting for stabilised figures from all of the wells not just 03 well so it's my guess they are still increasing the bofpd and until that is at full ramp, whatever that rate is, it may fall short of 6,500 bofpd, but once they are happy they have maximum production rate to the cut of water / oil % then we will see a final stabilised production across all 4 wells.
The mm's are only interested in that final figure and sp will remain depressed.
The next month of improving uptime and maintenance of equipment suggests that is referring to maximising the bofpd and so another month or so to fine tune the work overs before final figures (stabilised) are released. All necessary but the 'proof of concept' appears to be successful.
atb
Very good RNS imo. So in October BTN1/4/14 have averaged almost 100bopd. I really like also the statements around BTN3 well completed and maintenance initiative this month to improve uptime so that we exceed our taget production rate of 150 bpod gross.
doubleup you may be right mate, nothing is certain in this sector and our past history is ****e, that's a fact and I am fully aware. But on this project alone for once we look as though we will not only achieve what we set out to do but exceed it.
I truly see this project as hopefully and purely to allow us to get in further with CAV and turn the corner away from the constant failings of our past.
atb mate and respect.
Good luck Miker but will end in tatters, todays is 05/11/2019, lets look back in a month and you will see that you will be no further.
I'm not wrong, the increased figures on their website are the very latest current ones which have not been flowing long enough to give a months average. The figures in the RNS are past completed month figures.
We will have to agree to disagree mate, no malice but I am happy that they are achieving what they set out to do, for once, and yes it's been a long time coming.
Your wrong,
doubleup you know full well those are the figures for the whole average of October, the month that has gone, the update of the increase to 44 and 30.1 are the very latest current figures which have not got a months data to put the new average on.
They have and are increasing.
More JAM.
o BTN01 35.7 bopd - INCREASED FROM 10.4
o BTN04 37.4 bopd - DECREASED.FROM 44
o BTN14 24.7 bopd DECREASED FROM 30.1
Once stabilised the last line states:
"will exceed their target of 150 bopd".
Well done, could have been a failure but they will achieve what they set out to do and better it. Now lets have some dealings / investment with CAV.
The actual increase from 04 & 14 is 20% from their update figures of a week ago ( 61 bopd to 74 bopd combined). Would be nice to know what the bofpd volume currently is., we were approx. 2000 bofpd and all going well can get near to 6,500, that's some increase.
We will do better than 150bopd. Hopefully, the volume on the water pump is increasing as is the oil cut.
That's approx. 10% increase on the figures last week which takes the 3 wells to 111 bopd, therefore BTN - 03 needs to come in at 39 bopd to hit the intended 150 bopd target.
https://twitter.com/AndalasEnergy/status/1191345936733224960?s=20
Enough about the race horse garbage. The point is that none of the BOD have any material interest in the company. Either commercially and by the look of their track record technically either.
Your analogy was a race horse owner I’m saying a race horse owner wouldn’t tell you to back his horse
Double up I’m talking about a race horse owner
Tapper why do directors and or anyone buy shares in a company ?
No he wouldn’t double up