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Let’s hope we get a reasonable result from both wells
That is near £20 million increase in market cap for those 70 barrels!
Doesn’t seem a lot?
50% on 70 barrels per day ;)
With the majority of Jennings holding tied up in the call option agreement until at least June, then all it’s been is other exhausted holders. Bit of news and realisation that both wells are still very much in play, and we should slowly make some ground back imo
Alot of buys today .... hopefully this will move up steadily by end of week ....
Makes me wonder what might happen here if we actually get this.
I'll certainly not believe the company spin till we get something: A unicorn company? Hmm.
If they do find anything in this well, or the first one which hasn’t even been touched with testing yet.. then 8m m/c seems pretty insane. Slightly riskier than before last RNS, but still in play
Yes the buyers flocking back first thing good to see. They know it was oversold last week imo . Gla !
Hopefully Corcel can be part of Angolan oil production in 2024
Thanks Ed
"TO-14 currently undergoing flow testing having encountered weather and engineering delays, testing work continues on the well with oil encountered and ultimate commercial prospectivity is yet to be determined."
Rns didn't add much on this bit which mostly likely caused the big drop
Plumbs,
They're still testing TO-14 and the commercial outcome of the well has yet to be determined. They're still expecting this to be a transformational year from the interim statement. So its still in play at TO-14 yet, they have yet to start testing of TO-13 (they described it as a cornerstone well when drill results came out).
"We believe that early 2024 finds Corcel on the verge of a material transformation, with the groundwork for these developments having been meticulously laid over the final six months of 2023."
Not nearly as negative a picture as some are trying to paint, seems the company is still positive on the transformation. This is the current situation:
"TO-14 currently undergoing flow testing having encountered weather and engineering delays, testing work continues on the well with oil encountered and ultimate commercial prospectivity is yet to be determined."
We're still waiting to hear if the well is commercial once fully tested and then they'll move on to test TO-13. Its just some more waiting.
Regards,
Ed.
I read the rns and it didn't seem very clear to me.....where are they with the testing?
Completely overdone. Delay, trying another method, still moving to other well to test. I’d be absolutely gobsmacked if they don’t find commercial oil flows from one of these two wells. But stranger things have happened.
This must surely have been the case last week . Nothing has changed its just the delays have spooked people. I believe theres been 1 seller of 30m but thats not much with nearly 2bn shares in issue. Hopefully some sanity will remain now and i think its pointless focusing on time soan for flow results. Hopefully we will get back to .80p just as quick as we dropped from 0.8p to 0.4p. We shall soon see
“Meanwhile, Rystad forecasts that front-month Brent futures prices will average $86 per barrel this year, showing a recovery from $81 per barrel in the first quarter of 2024 to $86 per barrel in the second quarter, bolstered by the extension of the Opec+ group’s voluntary production cuts.
Oil prices are forecast to climb further to $88 per barrel in the third quarter of 2024 and eventually reach $90 per barrel in the fourth quarter, Rystad said.”
https://www.upstreamonline.com/exploration/deep-drive-39-more-deepwater-wells-forecast-in-2024-drilling-surge/2-1-1618489
“Meanwhile, Rystad forecasts that front-month Brent futures prices will average $86 per barrel this year, showing a recovery from $81 per barrel in the first quarter of 2024 to $86 per barrel in the second quarter, bolstered by the extension of the Opec+ group’s voluntary production cuts.
Oil prices are forecast to climb further to $88 per barrel in the third quarter of 2024 and eventually reach $90 per barrel in the fourth quarter, Rystad said.”
https://www.upstreamonline.com/exploration/deep-drive-39-more-deepwater-wells-forecast-in-2024-drilling-surge/2-1-1618489
Yes agree. Not sure if they can at the moment though ? I dont know about closed trading periods etc etc for Directors I am sure someone on here will know better than me ! 👍
Luke.
I saw that on Telegram. But my understanding is that someone has. Perhaps the directors should put their money where their mouth is on that video we watched about the mythical "unicorn" and buy some shares to show confidence in the company now that the results arw out so they have no excuse for not buying. They get paid enough thats for sure!!!
Hi Dan, Richard has today confirmed that he hasn't sold . Cheers all genuine holders for a better April ! 👍
Should have held the news till today :)
That should say "to free carry".
A very good post and you're thinking what a few of us are, they are testing from the lower sections first. It maybe they that they go for the top 8mtrs and look at ways to influence the lower sections at a later date, I think Ed suggested sidetrack. The market has assumed a duster when TO-13 hasn't yet been touched. There is some opinion that Align have sold the rest of their shares and free carry on the warrants. This would make sense as 35m (in round trades) was dropped on the market yesterday and they have 37m.
Thx bank Holiday