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Next hurdle then for news is after the new tax year starts. The reasoning is the US law related to unrealised profits. Maybe there will be more buying in April by US investors after that date.
Still it’s as you say Rock, I think I’ll take a break from the forums, news won’t come just because we want it to. The timeline says they’ll have oil by the end of the year, might be we see movement between now and then but there’s time DCA. I want the needle to move positively but I’ve time to wait.
I'm glad your not doing the accounts for Corcel..... take a break for a while ....perhaps a year or two ...while we wait for news..
My mistake, thought 0.8 was 80p it’s 0.8p. I should mean 8-36p so more like 10x-36x but if we did get to 67bill that would be nice.
Ise.... thanks for your comment ... let's hope we still make somr money from this share ....GLA
Are we there yet?
come on corcel!
"fancy words from the company or share holders ..will not make us millions"
Sage advice that one.
Luke ....slow down ...I remember Posiedon ... but was a bit young for investing ... we had Atlantic Resources off the coast of County Cork went to over £8 in 1980 or there abouts ... but where are they today gone gone gone ...and ended up as Providence ...never taking one barrel of oil out of the Atlantic ocean...we are now living in times that computers, modern tech. and alot of other factors including drilling technology and instant information ... if we can get 10/15p over time for this share ...well I'll take it ... fancy words from the company or share holders ..will not make us millions ...GLA ...just my observation ...
Sorry just 30 shares !
In 1970 you could buy a detached house for just 3000 Posiedon shares- and I know that the local Midland Bank Manager in my home town did jus that ! so markets can be unbelievable at times
I was 2 years out ! Poseidon shares peaked at an intraday high of $280 in February 1970, and fell rapidly thereafter. By the time Poseidon actually started producing nickel, the price of nickel had fallen. Also, the nickel ore was of a lower grade than originally thought and extraction costs were higher.
True ! I recall the Aussie Posiedon back around 1968, going to £140 a share !!!!
Cheers Ed my friend -the several SP parties beckon very shortly by the look -see you there ! GLA !
Mumbo ... Iagree with that .... 10/15p .... I think some of our posters are thinking we're SHELL, BP ...or perhaps APPLE .... people of incredible imaginations and even bigger pens .... paper never refused ink... well it's good to see over 6.5m buys today.... next week my be our break ...
Marketinvestor - all of us would be happy with a mere 8-36p :)
Yep...I'll have one of whatever he's drinking!
Lol I think that is a bit optimistic.
£8-36 would be up to a 4500 bagger or a £67 billion market cap.!
Someone in this group mentioned previously that the LinkedIn slide mentioned 18000bpd so it’s possible. Let’s get there first, after all their projections were at $70 bbl $112mill whilst $80 bbl $148mill.
All this being just the oil play, if by the end of summer more Russian production goes offline we might be looking at $90-100 prices like in 2022.
This all ignores the lithium play which by the last report the canegrass (1 of 3) sites had more upside then first thought and they thought it had deep reserves before. This year we have our eyes on the $112-148 mill but if these other parts get added in year 2/3 we might be looking at $350mill with current LSE P/E ratios for oil and gas company’s the company share price could go to £8-36 in a few years time which is a good deal higher then we are now.
But it’s a long way from October 2024, some 6-7 months so let’s do our best to see if this is our stock that makes us. I’d be happy if that was so.
Thanks Ed,
Great post as always, thanks for taking the time to explain it.
The big oil column was something that stood out from the original RNS, so it gives them something to work with and with modern techniques, maybe it will perform better then the historic figures?
Hopefully we are now entering a busy news period, so once the results of these wells are out the company will be able to tell us quickly about the forward plan and the potential production from the 2 wells so far.
If they do drill more wells this year, do you think there would be a possibility that they may improve on that year end target of 17500bopd?
Thanks Nige
TNM,
You're welcome. I guess that will depend on the ultimate flow rates of these two wells. I'd imagine they'll drill as many wells as required to get to their Q4 production target. So yeah we may see another 1 or 2 wells drilled during that appraisal period. From my contact with the company the FFD is likely to require quite a few more wells as per previous RNS' perhaps sidetracks and horizontals. I guess as production naturally declines they'll infill across the field.
Regards,
Ed.
Ed
Thank you SOO much for taking the time to reply.
I did notice in the recent Corcel presentation on page 25 indicates “Tobias Field Appraisal” ongoing until end of Q2. Makes me wonder if we will be drilling an appraisal well now after test?
TNM,
Forgot to reply to your last point. Yes pumps could also be used as could laterals for longer completions, both would aid the amount of recoverable oil per well. I think the most likely will be the return of pressure support at some time (water flood). So yeah I agree ESPs are also an option.
PS. not sure why none of the capital letters showed on my last post, bit twilight zone on here today. :)
Regards,
Ed.
tnm,
that's understandable, i've been tempted to add more at this level too. we'll just have to find out what is causing that pressure down there and the return to original pressure. there is a possibility that the solution gas has recharged too as well as the oil. could there also be water drive, no water was logged in the wells so the water is currently a mystery. even on to-13 it was just oil shows and the most down dip well to date. could there be water on down the flanks close to the two injection wells, perhaps, we may find that out at a later date. because the reservoir is very over pressure there could be both drive mechanisms ongoing, both solution gas and water drive. hopefully we'll get more info from the testing and the ffd drilling. there's plenty of infill and stepout space left yet, south eastern flank of the field looks pretty sp****. i'd like to see if they mention the gor with the flow test results. something down there has recharged the pressure.
nige,
the company has already suggested to-13 and to-14 are connected, therefore likely to be on a similar pressure regime. also 120m of oil shows in to-13 and 80m of oil shows in t-14. we don't yet know the downhole or flowing pressure of these wells. to-14 closest offset well to to-4 (12580bopd), so hopefully that one will flow quite well even if it doesn't meet to-4 rates (it may do but not counting on it). to-13 is around 1.4km away so reservoir quality may change even if its still highly fractured. my guess at the moment would be that to-14 on the crest is likely to flow better than to-13, even though to-13 was first described as a cornerstone well and has a larger oil column. reason being, production history of the field, to-14 positioning. could to-13 still outperform the other wells, it may do, its the most down dip well on the field. increased depth normally means increased pressure. my current view is with modern logging and completion these wells should outperform the 1960's well given the information from the drilling to date. we'll know either way very soon. the company now describing themselves as an exploration and production company is the most telling statement yet.
regards,
ed.
2.6M buys ...would have expected the bid to move up ...
Morning Ed,
Great post to start the day.
The presentation sure is an exciting read, it would be fantastic and life changing for people on here if they can pull it off.
I wanted to ask you briefly about TO-13, not much has been said about this lately but hopefully we will hear results on this in April.
Is this well expected to be a good producer or the TO-14 lead the way?
Thanks Nige
Ed
I tempted to do a cheeky top up. The only thing holding me back is that as the reservoir has been tapped earlier the gas drive might not be as good as when the initial production started and this the new flowrates would be less excellent. Hopefully we still have efficient waterdrive, and who knows if new oil has replenished the reservoir, as management think, this oil might still be a bit gassey. Anyway the long term drive will always be the water I understand. Submersible pumps might also be an option later?
Any thoughts?