Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Here's my comment: production was halted in the 1990s when the oil ran out as the well filled with water. Nothing much has changed since then - though there was one theory floating around that the field was going to mysteriously refill itself with oil right to the brim and then reflow in tens of thousands of bopd - but it looks like that was just a theory.
KON-11 well T0-14 appears to be dead -and that was always the hottest of the original 7/9 wells so that in itself is not a very promising sign.
Plus the cost of all of this drilling and testing has to come into the equation at some stage. According to the latest presentation, each well is costing $2M net to CRCL, so there is already an outstanding bill of probably around £6M that will have to be paid at some stage. How are the finances?
Besides who takes 2 months to flow test a well? The answer is no one. Sonangol haven't got a clue. Testing takes a week or two.
They move to the next well site rocklawn. Fingers crossed for a better outcome this time .. all we can do is wait
Any comments!
Trying to gauge potential success is a little confusing?
"With TO-13 testing shortly to commence, we will soon have an additional data set to aid in our efforts to both produce commercial oil in the short term and to reactivate and build out the Tobias field over the longer term. The Company and its technical team remain buoyant regarding the ongoing potential of our Angolan interests in the Kwanza Basin."
Well the RNS IS OUT ....well we are not dead ... but I would like to hear comments from more informed posters...
I still remain convinced Sonangol would have walked away from this if they didn’t think there was a damn good chance of pulling commercial oil flows from one of these two wells which both hit hydrocarbons at spud. The risk increased a bit after last rns, but the game is still well and truly on .. position accordingly.
Adam - it's a very good entry price if you believe Angola will work for us. The CEO recently bought in here at over twice the current market cap.
Only just beginning to research this company but if these target prices are realistically achievable it could represent a serious multibagging opportunity over the next couple of years.
The fact that Extraction are converting at 0.80 speaks volumes. If the critics' on this board want to be taken seriously then name another 3 companies on AIM that are doing the same. It's not that difficult, is it?
The fact that Extraction are converting at 0.80 speaks volumes. If the critics' on this board wants to be taken seriously then name and other 3 companies on AIM that are doing the same. It's not that difficult, is it?
1.6 p 3.2p and 6.4p
They have a massive incentive to drive our share price higher to reap their share option benefits !
https://www.investegate.co.uk/announcement/rns/corcel--crcl/options-issuance-and-directors-dealings/7986521
Hopefully news next week ... and a major jump in the share price...
Nige.
I have absolutely no idea. I was asking smkr because he/she mentioned it and answered it
JOG was an incredible turnaround!!!
Thanks to you and others who replied to my request for help.
Used Safari and it worked.
Trouble is I was expecting to read something new. Realised it was something I had read at least a couple of times before, strangely with Chrome as my browser and without any problems.
If it was someone wanting to sell and dump at whatever cost, we would be in the 0.2s by now I think.
Sienna .. I really don’t know .. But it’s been end of tax year. Possible people were trying to close things off, maybe some trying to bed / transfer things.. maybe even some t20s from a while ago that were caught offside. That drop was vicious and caught a lot on the hop I reckon.. I only know there’s something going on we can’t see by checking book and rsp, and well.. from doing that a lot over the years in various shares. Truly have no other insight lol
From December 28th 2023:
** Full Binga reservoir section (~80m) encountered in the well with identical zones encountered as in previous TO-13 well and oil shows throughout
That's a decent length to be testing, in fact it's as long as football pitch!!! ...And as stated, oil shows throughout!
From 27thth March 2024:
** Testing of the TO-14 well continues following significant weather and equipment related delays earlier in the year. Reactivation of the fractured carbonate reservoir has been challenging.
As said, ~80M is a deep area to test and the methods they're using may have had to be changed in order to reactivate the fractured carbonate reservoir. With the tech of today as opposed to 30 years ago, the chances are increasingly in Corcel's favour to have a successful flow rate after activation and testing. Weather hasn't helped either and that's out of their control tbh.
I definitely haven't given up on this and in fact had a lil top up today on the weakness of share price. Fortune favours the bold, as they say! I still have JOG in my mind from a few years back and how that turned around on a problematic drill!
GLA
Hi SJ,
What’s going on in the background ?
I see the 14% drop has brought the parasites out. Finally had the balls to make an appearance ART after making false acquisitions.
SMKR.
Whats your thoughts as to what you think is going on in the background?
ART has moved onto the next resource, while they’ve not finished testing both wells that hit hydrocarbons on this block lol. Some people are away with it..
Half on here are now filtered ?
Maybe the only hope for this one will be in drilling KON-16 next year. At least if they hit oil it's guaranteed to still be there and not all used up like looks likely with KON-11. And CRCL are the operator so they might not take 4 months to drill a couple of wells to less than 1000 metres each and then struggle for another 3 to 4 months trying to get the oil to flow.
So much for state-owned Sonangol - they are pathetic at best.
The only real upside of low prices are that you can invest with low multiples and in the long run may still see good returns. I’ll build small positions on this in the ISA if it all turns rosy the result should be good. Outside of that I’ll focus on tried and true till the road map improves. As said we won’t know the answer till concrete news drops.
Dan not Dart mr auto correct!