Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Egg time to invest in new phone.
My interpretation of a Dry Hole is
Any well that does not produce oil or gas in large enough quantities for commercial purpose.
Thats all.
ATB
I hate iPhones....
Oh Jono - I’m beginning to think you are like Big Ben... multiple faces... you now say P1 was a dry hole... so you have access to the drill results after all?
Earlier today you said you hadn’t (like the rest of us) so on the basis that the results have not been made public so we can all see what info was gleaned from P1, perhaps you can quantify how you arrived at your latest conclusion?
I do hope you are not being mischievous....
Oh Jono - I’m beginning to think you are like Big Ben... multiple faces... you snow say P1 was a dry hole... so you have access to the results?
Earlier today you said you didn’t know so on the basis that no one knows what info was gleaned from P1 perhaps you can quantify how you arrived at your latest conclusion?
I do hope you are not being mischievous....
Chesh
P#1 'tight hole' procedure in place
P#1 was a dry hole.
Whats so hard to understand!
ATB
How high do you think we could go Chesh with all to come this year (next 9 months)
£/$500m Zag.............. :()
as you know........ !
All the best (enjoy ya weekend........ :)
Willec
If you could justify a MC 250 million as per your 5p guesstimate I would be very keen to reinvest.
I don't know jono.....!
Tilburn has a pretty good read of you..........
All the best (IMO......... :()
Tiburn no disrespect but I don't think you fully read or understand my post's on p#1.
Looking for an upturn in SP very soon and 5p on the horizons for the 2H of 2021 minimum.
Focus on Saffron then ........
with a P1 bonus call imminent......... :)
All the best (not forgetting the rest of the SWP, also Goudron and Suriname :)
The differential between us Jono, is that Im not saying P#1 was an unqualified 100% success, merely a qualified one that hit on geological and technical risks managed.
You however think it i was a 100% failure - again my entire point, you do not allow for any objective positive in the drill outcome - and if you dont, then nothing else follows such as farm in potential.
This is not that complex to understand but it seems you fail to do so every time.
Jono - thanks for squaring that all up and believe me I have hope based upon clues within RNS’s which is down to my interpretation of them - the doom merchants say P1 was failure - well that is definitely is not true - all we know is P1 was not classified as commercial in terms of a negative but we have no idea what that actually means - put it this way there is enough gleaned from P1 to have unsolicited approaches from others to the extent a third party has been appointed to deal with this.
I think you sun up my point very well here and I would welcome some thought from others with oil expertise to comment which my point stems from the TXP RNS on Friday...
You also right to state that its quite common to drill a dry hole and then then go back and drill successfully.
Just one other thing did you know that most underfunded drills end up being P&A'd while successful drills end up going over budget, just one for the conspirators.
Good morning Tiburn,
Your absolutely right and to a greater extent by the positive camp.
P1 selected position being 100% wrong demonstrates this.
Again completely right.
ATB
There is a stunningly naïve lack of understanding of the complexity of oil exploration exhibited by the negative camp.
P1 selected position being 100% wrong demonstrates this.
Morning Egg.
Firstly not getting ahead of ourselves, quite correct and think others should also think that way especially am posters which is getting monotonous.
As for p#1 results no pi will or should have access to any classified data or results and I certainly don't.
Did potter get the location of p#1 wrrong.
Imo he did.
To all intents and purposes it's been stated that bpc licence area includes a working hydrocarbon system.
So after 10+years of research etc they finally drilled and it turned out to be a dry hole.
P#1 was always going to be classified a 'tight hole and your correct it was always going to be P&A'd.
My argument is simply this if bpc want to drill again and entice a Major then getting oil to flow commercially from their one and only drill(potentially) was their best shot.
Hopefully the results might be encouraging enough to bring in a major but if p#1 had flowed commercially imo that would have made an enormous difference.
You also right to state that its quite common to drill a dry hole and then then go back and drill successfully.
Just one other thing did you know that most underfunded drills end up being P&A'd while successful drills end up going over budget, just one for the conspirators.
Anyway sun is shining have a good day.
Jono ok so Potter has worked for BPC for 15 years - fair enough, I guess I was pointing to his leading the company.
One point through - do you know something we all don’t ref P1 drill? Have you access to the results?
So not commercial set to one side - tell me why you keep posting that they got P1 very wrong? You do realise it was an exploration drill and no one knows what has been found other than it was deemed not commercial but a working hydrocarbon system and seals were discovered? Do you understand the significance of those two nuggets?
I also assume you saw my post ref TXP and how they drilled a well only to have to revisit because the initial poke in the soil discovered oil deeper in the ground - how do you know this might not be the case at P1 or Goudron whilst we are on the topic of what lays beneath?
Truth is neither you or I know for sure so in the interest of balance let’s not get ahead of ourselves eh?
RE: Jono44
Shocking really. Imagine being a CEO of an oil exploration company for 11 years and you haven't produced a single barrel of oil within that time. :S
Also just as shocking is the investment bankers who brokered the merger with Columbus. They managed to value a licence with the promise of oil 5x higher over a company with 100+ producing Wells with a daily rate of 220+bopd.
nacho
huracan comes after the drilling period
https://www.carmodelslist.com/lamborghini-huracan/
Buy this now, set it on mantlepiece for at least 1 year, maybe two. And come back.
As long as board get revenue generated, and don't fund new exploration wells with ri etc it should come good.
Perseverance 1 was always going to be risky. Thats why we are on aim. It didn't work out how we hoped it would. If he had pulled it off, we would all have been naming our lambos after him.
Egg
I think potter became ceo around sept/ oct 2011 but in his words
"Personally, I have worked on the Bahamas project for over 15 years and, along with the Board members and a number of the management team, have spent the majority of the last 10 years working to bring about the drilling of Perseverance #1"
So in my mind he has had long enough to get it right and in reality got p#1 wrong big time.
So if someone with his experience got it wrong with the bahammas is he the right person to take bpc forward, I don't know but maybe time to step aside and let someone else take the helm.
Have a good weekend
Jono - you are definitely not a Richard!!!
As for the other point - I agree (see my earlier post re BOD’s being accountable) however I must stress that IF there is a strategy at play and rockets the company then Potter will be a hero - on the other hand if there isn’t - well it doesn’t bare thinking about... and that’s the point - until we get the results from P1 then who can judge any of the management team and let’s be also fair it’s been a hell of a journey so why get out of the car with a mile left to drive??
Are you sure he’s been at the helm for 15years?
As for the other point I’m sure you and others agree I’m not here to spout 12p by x y z or guess the bopd etc but what I do is consider all options including re reading RNS announcements where all angles am be considered - what I don’t do is post the same drivel to death to shove a point home with some hair brained obsession that if I post it more often it will alter the company’s direction, in the process become a Richard and annoy the bell out of the rest of the readers - we already have Krapper and ThePole for that! Finally I think that person has some serious issues where certainly my convo with you was twisted out of context but at least I kept my other promise as I don’t really do threats!!!
Anyway there you are... weekends here hope you earned a few quid and be seeing you... lol
NellyB,
After being involved with bpc for 15 years and ceo for quite a few years he hasn't brought any value to shareholders which imo is his job to do.
He is the top man he has diluted bpc to nearly 5bn shares and only drilled one well that turned out to be a dry hole.
If you think he has done a good job and should stay then thats your opinion, it's certainly not mine.
Also why do you think he wanted the cerp assets, imo its worked out rather well for him to have these assets so he can continue in his role or he would have nothing.
Think cerp was worth about 0.0035p in terms of were bpc are now with shares in issue compared to cerp at time of takeover.
Have good weekend and goodluck here.
Great post Star and thank you for taking the time to share your thoughts with us. You didnt have to, you could have keep that to yourself and i for one appreciate your posts along with the posts of Petro and POC et al.