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Just get it up for sale
CaptainSwag,
I'm sorry to hear that.
The perched water is probably still true. I don't see how it can't be. This is just trapped water due to the structure of the fractures.
I think the biggest question here (as also posted by garyn) is how much of a downgrade will this be?
But I still believe that the oil reserves will still be available. Just the amount recoverable economically will be reduced.
They did report in a previous RNS that downgrades as a matter of shallow OWC will take into account conservatism.
I hope you do get an opportunity to buy back in when you feel the risk is lower.
Slift.
Slift - agreed which is why I have sold most of mine today. i trusted trice over perched water. i trusted they could get round the interference. i could accept a decrease i contingent resources . corona virus and oil price will sort out at some stage (touch wood) - but when they say downgrade in reserves that raises too many questions for me. why? of course the board could be being super conservative but that is now too big a risk for me.
i was doing research last night and the reality is that any further work on lancaster is prob earmarked to be 2022. I think the focus on anything going forward will be lincoln. so then we are in the hands of spirit . Also lincoln cetainly did not seem as attractive as lancaster in terms of drill results - so huge questions over that as well.
this was a shocker of an RNS. still got a tiny pot ( 120,000 shares) left -
Good luck all...mind you now i have sold there will be a blinder of an rns tomorrow!..lol
I CAN SEE a take over on the cheap
I'm still questioning this RNS.
The FPSO maintenance I can understand. But why would they provide details of the lancaster reserve downgrade before the technical review in September? This would have been a critical part of the technical review.
This is something that should really be questioned.
its called covering thier own ar$e due to the increased water cut, if they can manage the produced water returns all well & good, at the end of the day it only goes over the side after being treated to <30ppm as per offshore Petroleum Act Oil Pollution Prevention and Control Regulations 2005, yes it increases lifting costs but its part & parcel of oil exploration, there isnt an assest in the world that doesnt get produced water