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Fishy....
Whiff of an inbound RNS maybe...
I think if we see some more volume... maybe
Still hovering between 0.60 and 0.67
We need to sustain a break of 0.7 IMHO
That would be good! Means somebody is confident of the proceeds of cash and this company has legs.
Bring it on.
More wells
More oil
More reward.
Can't find any interviews. This was posted on ADVFN though.. Pretax
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"Wireline logging results will be used to determine the reservoir properties (porosity, net to gross) and to confirm a net oil column," Advance Energy said.
"The information to date indicates that the seismic processing techniques employed on this project have not resolved the underlying seismic velocities or imaging resolution issues that are present in this field," it added.
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Sounds to me like they ain't finished yet!
hxxps://www.morningstar.co.uk/uk/news/AN_1642595433945759500/advance-energy-shares-sink-after-early-data-warnings-over-buffalo-10.aspx
"However, an operator at the well warned of "imaging resolution issues"
What does that mean... they made a mistake and there's a larger column?? Is that why they're taking so long to analyse the logs?
Bladey, could you imagine haha
Could be an instant 5x bagger
My take is that the oil is down there but they missed it.
They could easily redrill a section at an angle IMO, but they need a valid seismic.
i can imagine ! and I can imagine there have been some big buyers mopping up these sells. Opps the imaging resolution was wrong, we ran it again and there is indeed 50m of oil pay.
still finding a few sellers but it seems to be turning.
That's what the Morning Star article says..." Issues with the Imaging sensor"
It would explain the massive discrepancy in results! Yes they could turnaround and say "We ran through corrected sensor and found closer to 80M as predicted from seismic and independent analysis"
Clearly not a lot of people know that............. yet!
"(Alliance News) - Advance Energy PLC on Wednesday said its Buffalo-10 well hit its primary target with data indicating that hydrocarbons are present.
However, an operator at the well warned of "imaging resolution issues".
Isle of Man-based Advance Energy is an upstream oil and gas firm focused on the southeast Asian nation Timor-Leste.
Buffalo-10's primary target was the Elang reservoir, which was intersected at a depth of around 3,338 metres. This was approximately 80 metres low to prognosis and outside the pre-drill range of expectations.
Advance Energy shares fell 84% to 0.75 pence each in London on Wednesday around midday.
The project operator, called Carnarvon Petroleum, said interpretation of the results show that a 12 metre gross oil column was encountered.
"Wireline logging results will be used to determine the reservoir properties (porosity, net to gross) and to confirm a net oil column," Advance Energy said.
"The information to date indicates that the seismic processing techniques employed on this project have not resolved the underlying seismic velocities or imaging resolution issues that are present in this field," it added."
They maybe doing a new sweep using a different sensor to get an accurate display of what's down there...would explain the delay here.
Would / Could explain the silence from the team.
Have the other 50% said anything? I can't keep up with all the posts and articles.
CVN haven't RNS'd anything aside from what we RNS'd.. Aside from an albeit early statement by them through an apparent interview... BUT that could've been before they realised the sensor issues
Honestly think this has been blown out of proportion.
No interview and no plan b for either company.
I think they will come out with something good.
Otherwise, you would think they would have tried to stop the bleed yesterday.
Bladey, That was my take from yesterday's rns, they know the have oil down there.
They have never said the drill was a failure. They are going to use a different sensor to see easiest way to get to it in my opinion. Let's wait for the next rns.
The massive column discrepancy never made sense to me... Come on there's a massive difference between 12 and 80 metres!
Even if they said 60M in the first RNS yesterday, I could ok, that's not much of a discrepancy, BUT missing 68Metres after an accurate seismic with an independent Analyst doesn't make sense tbh.
CVN have to start trading their shares again Friday (i.e. Australian market opening tonight). I guess they will release a statement explaining the three day suspension, unless they are leaving it until end of week close. Presumably that will confirm what they've already said in media comment, that they will be walking away from B-10 to focus on their other ventures.
Oh please please let you all have something here !!!
Think is the other party will had been involved a lot so you can't even blame the ADV team if it turns out to be a big scam.
it's not a scam, it's just one of those things, drills are risky, it didn't work out as hoped for
500k block buyer appeared. Something looks good.