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Once submersible is in play and 900 BOPD+ acheived
I think we have about 7.2 billion gallons oil recoverable. Current global oil is about $85 so we’re holding about £500M in redo arable oil ( ball figure).
The following from December RNS :-
· As previously announced, as a result of the SCHB 2(2.) well, the Company has recently increased its Best Estimate of recoverable reserves on the Erfelden field from 3.8 million barrels to 7.2 million barrels.
· The Company continues to estimate that given the excellent reservoir properties and the light oil recovered, and in the absence of an invasion zone which restricts flowrate, the SCHB 2(2.) well could achieve production in the region of 900 bopd.
· At those flow rates, the Company would expect to deliver operating cash flows in the order of US$1.5 million per month (assuming $80/bbl Brent).
With the information gathered from the last drill I see no reason why the side track is not going to be successful. They appear to have been very conservative to ensure they'll steer clear of any skin issues. I'm hoping for an initial 200-250 BOPD on the initial pump before increasing to 700-900.
With the portfolio they have Beacon could well become a very serious player in the months ahead with at least two new drills early next year.
I'll be amazed if this isn't a lot higher by the end of the week going into sidetrack results. GLA!
My bet is the actually drilling is already completed. The 14 days was to allow for getting it back into production with the rod pump.
It would be nice to have that confirmed successful even if we don't know the Bopd until next week. They did tell us they wont though, so best not hold our breaths
Roger I agree, they'll have done it by now.
I have to say that whether or not that is true RJ I would have expected far more interest and activity in the shares than we have seen over recent weeks. Considering the potential here why oh why has there been so little activity? Even if the sidetrack is a success and when they are back in production is there the risk that it will go totally unnoticed and the sp does nothing at all?
So… logically had the worst possible thing happened, drilled it and found no oil then that would have to be RNS’d immediately… no RNS means everything is on track and, as stated, the drill is complete by now.
Roger I said this last week but got shot down, based on the recent interview they suggested the drilling and putting the pump back in would take 5 days so id of expected it to be completed somwhere between yesterday and maybe Tuesday for contigencies.
Recently BCE has ben quite leaky so hopefully we will see the SP move before the news drops.
HereForHemo I agree they have learned from the previous mistakes so should be successful thids time.
Sitting on sidelines and having a look at the company.
Scarlet or anyone else - care to justify why you think it can reach a mcap of £180m-£550m from the best case estimate of 900 bopd.
Mumbo rather than listen to anyone on a BB I suggest you go onto their website and have a look at their latest presentation before deciding whether its for you.
My original workings upon figures and the shares issued at the time made 1.5p easily doable on good results.
Better than expected reserves, here we go!
Then.. bad drill, dodgy (due to such an obvious leak) raise on the back of a spike which will have caught most out.
Now a shorters and traders plaything, which is why a week or so away from sidetrack results, it still sits at .006.
It COULD make a million or more monthly in revenue, pipeline runs straight past, almost immediate income, but company is leaky and inept imo.
Dyor etc
And hemo.. as we know from hemo.. websites can be either misleading or years out of date.
They certainly wont explain how massive amounts of shares were sold when the sp was rapidly rising upon all this good news.. to be followed by 'erm.. bad news chaps.. heres some dilution, which we can sort ourselves out with.. thank you'