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Rastuss - I remember you saying who owned Forum Energy Plc company behind Saltfleetby . Which country are they from?
As I said all the time reporting test rates in "per day" when they won't tell you exactly how long and exactly how much was ACTUALLY produced is one of the oldest tricks in the book................
Wealdpwr - I posted this to the Investor Forum months ago, yet it was never posted or answered
Regarding your RNS 2nd Oct 2018 for Balcombe 7 day test.
How many barrels of oil were recovered for each individual test (to give you 853 / 1,587bopd, as well as 3,000bopd slugging) and what was the test time period for each to the nearest 15 minutes.
The reason for the question is witnesses didn't see any tankers leaving with hydrocarbons during the test period and the RNS rates have been averaged over a 24hr period.
A test for 1 hour with 35.5bbls of oil recovered gives you +/-853bopd, but that is not physical production.
Publishing these numbers will give your much weary investors some confidence, as up to now targets / times scales have been woefully inaccurate.
“The test utilised Nitrogen and coiled tubing to clean and prime the well which when removed allowed a natural flow at 853 bopd equivalent, not including 22.5% water. A second flow period was undertaken with the well flowing naturally at 1,587 bopd equivalent, not including 6.6% water.
……During the initial flow period, the well slugged at up to 3,000 barrels per day which had to be reduced as it exceeded separator operating capacity. Duration of the test runs were limited.”
http://www.angusenergy.co.uk/wp-content/uploads/2018/10/18.10.02-RNS_-Angus-Energy-Completes-7-Day-Well-Test-at-Balcombe.pdf
Wealdpwr - Angus did 2 flow tests announcing 857bopd and 1,587bopd plus slugging of the well up to 3,000bopd.
The total of oil produced from those tests is as Chris Clay stated “probably “200bbls” So your calculations have to reflect both flow test results with a total of 200bbls over 3-4 hours.
The RNS stated:
“Horizontal Well Balcombe-2z Flowed at 853 Bopd and 1,587 Bopd During Separate Test Runs
Balcombe Field Discovery Capable of Producing at Commercial Rates”
And 2 days later:
Paul Vonk gave a misleading interview as he stated “we produced 850 barrels of natural flow and the second run nearly 1,600 barrels of hydrocarbons.”
@ 2min 06sec
https://www.share-talk.com/paul-vonk-managing-director-at-angus-energy-lonangs-interview/?utm_source=twitter&utm_medium=social&utm_campaign=SocialWarfare#gs.crdwxt
You can’t declare an oil field commercial or to be able to produce at commercial rates after only 3-4 hours of flowing a well. So why were they allowed to?
Angus Energy themselves confirm this when they sent a letter to Balcombe residents on 12th November 2019
What are you planning to do at the Balcombe Site?
“Angus Energy are looking to go back to the Balcombe site in order to ascertain whether the Balcombe 2Z well can flow hydrocarbons at a commercial rate over a commercial time scale. This involves flowing the well and collecting extensive data over a period of time in order to assess the potential of the well to be a long-term producer.”
https://balcombeparishcouncil.files.wordpress.com/2019/11/angus-energy-balcombe-residents-letter-002.pdf
This should be put to Angus Energy on their Investor Forum to explain. They never informed their investors that they only produced circa 200bbls. And the question should be why?
Plus why haven’t they said they need to drill another well by 2021? Has Angus mentioned that anywhere?
Takeyourbets / Donke - sorry to disappoint you, but I think you will find that RealAnalyst posted that. By all means post where I said that with a date and time stamp otherwise your claim is false. Take your time finding it.
I see my timetable for First Gas of February / March 2021 is eerily accurate ....still 6-7 months away then
Donek yes it was and Alan2017 got it completely incorrect as per usual.
Alan2017 , do ignore the MM/Paid muppets. Keep writing!
However, can you opine slightly more on the contradiction... Looking at the quoted estimates - they see to be saying the same thing:
1587 bopd equivalent
3-4 Hours total apprx
200 bopd
This seems to make sense : 1587 / 24 = 66.1
66.1 * 3 =198
With JTP running the operations who knows what was accurate but this seems fairly close ....
wasn't it Alan who predicted negative Natural Gas prices?
Cjm haha
I bet alan2017 hurting inside seeing us genuine investors make money whilst he told people to buy in at 20p+.
Can’t wait for Angus to fly from here
Something must be going right if Alan’s getting his pritt-stick and scissors out again!
I think this is a very important question that has to be asked on the Investor Forum, as it changes the way the results of the 7 Day well test at Balcombe in 2018 are viewed.
How can the 7 Day Balcombe Flow Test be classed as
“Balcombe Field Discovery Capable of Producing at Commercial Rates”?
Angus stated:
“The test utilised Nitrogen and coiled tubing to clean and prime the well which when removed allowed a natural flow at 853 bopd equivalent, not including 22.5% water. A second flow period was undertaken with the well flowing naturally at 1,587 bopd equivalent, not including 6.6% water.
http://www.angusenergy.co.uk/wp-content/uploads/2018/10/18.10.02-RNS_-Angus-Energy-Completes-7-Day-Well-Test-at-Balcombe.pdf
Yet 4 days later at the Balcombe CLG meeting with local residents
Paul Von stated “Emissions were negligible because oil only flowed for 3-4 hours over 3 days”
BPC Councillor: “which bit of the well did you flow test and how many barrels did you get?”
Chris Clay (AE): “we did the whole horizontal section and probably got 200 barrels [of oil].
https://balcombeparishcouncil.files.wordpress.com/2018/10/bpc-notes-clg-3-angus-energy-18-oct-18.pdf
Angus Energy wrote to Balcombe residents on 12th November 2019
What are you planning to do at the Balcombe Site?
Angus Energy are looking to go back to the Balcombe site in order to ascertain whether the Balcombe 2Z well can flow hydrocarbons at a commercial rate over a commercial time scale. This involves flowing the well and collecting extensive data over a period of time in order to assess the potential of the well to be a long-term producer.
https://balcombeparishcouncil.files.wordpress.com/2019/11/angus-energy-balcombe-residents-letter-002.pdf
So Angus declared commercial rates, but now they are saying they only produced circa 200bbls of oil over 4 hours. And now we are waiting for them to get a testing permit that hey themselves cancelled…to be reissued.
“….ascertain whether the Balcombe 2Z well can flow hydrocarbons at a commercial rate over a commercial time scale.”
This paints a completely different picture to the 2nd October 2018 RNS when they quoted 1,600bopd. Is this why Angus neither posted nor answered my question regarding bbls oil produced and time duration for each flow test?