Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Good clear update on where next with Inishkea. May be “1 month’s reprocessing work” but actually clear that the 2 year extension is all about getting the farm in partner and seeing out the current political blockage if necessary.
Will always delivers a strong interview.
But not a strong share price!!!!!
When EG and IW farmouts land I'm sure we will have the start of a very strong upward share price.
I haven't seen much comment about the recently published NSTA November production data for Wressle, so here goes. After about a two and a half month hiatus for the installation of the electrical submersible pump, it seems to show that we produced about 458 barrels of oil, 182,500 cubic ft. of gas and 107 barrels of water per day in November. If you do a bit more arithmetic it shows that November's water cut was 18.9% and the gas oil ratio was 398 cu. feet per barrel. A comparison with the part month of August is quite interesting as the comparable figures were 241 barrels of oil, 111,000 cubic ft. of gas and only19 barrels of water per day. So the water cut has risen from 7.3% in August to 18.9% in November, while the GOR has fallen from 461 to 398 cu. ft per barrel. Any thoughts please?
By the way, my figures are for 100% of the field, not just for EOG's 30%. GP
Monthly fluctuation, need more data to establish a trend. Inishkea and EG are of more importance.
Thanks for analysis GP. I imagine we will see a steady increase in water, but as this is now licenced for disposal (in an eog site?) can’t see this should really matter. They have referred a couple of times to managing the well to prevent water coning, and so long as they do this seems ok. Doesn’t wychfarm operate successfully on a 98% watercut? As for reduction in gas is that not also what we would expect at this stage? Also wonder if Nov may not be a reliable month since it covers the restart period.
Hi Serif. I've a feeling that most of Wressle's produced water is now going to a licensed disposal well at EOG's Crosby Warren site. And I agree that it's early days to judge the results of the ESP. If that's right about Wytch Farm's 98% water cut, then it's about the same as the cut at Crosby Warren!
If you value cash plus Ireland and EG and Serenity at say £6.5m then the market is currently seeing Wressle production and reserves value at around £3m.
Rather surprised Heyco have not tabled a 2p bid.
VL - if this is an attempt to suppress the SP prior to takeout bid (and no idea if it is), with the regular selling starting in Jan it could just as well be a Vermillion. The cost of doing so would be peanuts to them and potentially save many millions in any offer.
The seller is a lot closer to home. I have a good idea who it is.
B - if so, more to the point, any idea how much more there is to come?!
Yes Serif, it does make sense. At 2p / £20m cash Vermillion get the 4/19 licence for next to nothing; offloading Wressle to Heyco or Ujo.
With 4/19 bagged Vermillion could farm down the risk themselves. No brainer really.
Come on,stop been a p…tease or at least the reasons you think they are selling
Last hour buys. WA?
Let’s see if our seller rises to the challenge. There’s a couple of million there for them to take if they still have more left to chuck at the SP.
I did think it was you selling Paul. Something you said in 2023 about not being here in 2024. It seems some other investors on the other board thought the same...
Interesting late buys let’s see if there’s more tomorrow