Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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omnipotent
/?m'n?p?t(?)nt/
adjective
(of a deity) having unlimited power.
"God is described as omnipotent and benevolent" ..... Haha that's a good word
adoublechin
"I utterly despair of this BB with its plethora of armchair oilmen"
I utterly despair too, reading much of your dreamland oilman to oilman, cowboy booted fictional tales....
1. We have the tale of the "unique and ground-breaking computer modelling of the reservoir"
2. The piped up conspiracy theories;
3. the OGA ....in bed with BP to squeeze HUR... blah blah blah....
4. Put two and two together.... It won't need a 'takeover'. Just starve Hurricane out of existence first, then quietly park Rona Ridge on the shelf for re-emergence when the time comes... blah blah...
5. I can't help wondering why Shell and others suddenly bought up all the leases surrounding Hurricane's, about 18 months ago? If the area is so worthless. And how some other unknown outfit with unknown backers has bought the rest from Halifax to bordering Claire? "
All I see, is a never ending continuation of nonsense, opinionated views, from an omnipotent ex oilman, who seeks adulation.
As someone who was very heavily invested - but sold out recently to just a min holding left over in a sipp (120,000 shares) it has been a rollercoaster ride.
the sp is where it is - initially because of GWA poor results -which seemed to rear the doubts - foll0wed by the water cut which enabled the sp to be attacked . sentiment left and fear seemed to replace. then 2020 hit (covid/oil price/ inteference/ trice departure and new board etc). sp decimation - when they never stopped production.
All of this could have been reversed - and it looked like we were up for sale with the main obstacle (trice) gone. the reserve downgrade was the final straw for me...the question is why has it been warned? are the board being professional and clearing out all possible bad news or is there something underhand? very difficult to hold with confidence at the moment in my opinion. however the sp has held well and this suggests to me that we are really at the bottom...any good news or less bad than dreaded and this should bounce nicely. i have been toying with a re-entry this week - but then logic kicks in and tells me to wait.
was trice right or wrong? he is the expert but then he always said that it would need time and data to confirm the long term success and ffd. i doubt very much he would get involved now even if they asked him - i cant see him wanting to help the current board.
i see the current board as much more corporate and better for running the company - however do they have the knowledge behind them?
fingers crossed for everyone here. For the first time i do believe the next RNS is binary. minimal downgrade /good plans and a future v huge downgrade and possible game over.
I still believe in Dr T, the last rns made me believe in him even more.
When you go against popular opinion everyone is just waiting to say "i told you so" how frustrating it must be, in this situation where the "told you so" is back up with " we think probably .... yeah it could be"
I am guessing they believe the wells are producing from the heels due to the connectivity between the 2. There is so many un answered questions that may never get answered by the correct person
Genghis,
"MCB
"Both wells are producing from the heel and not from along the full 2km horizontal or the toe."
We don't know that for sure. That was Dr T's interpretation, which must now be considered less than certain."
OK. First it's doubts about OWC vs 'perched water', now it's doubts creeping in regarding where along the wellbore most of the production is coming from.
And of course now that Dr T has stepped aside from his position as CEO, everything is 'his fault'. As though he were some mad scientist still working from a garden shed, in glorious isolation.
I utterly dispair of this BB with its plethora of armchair oilmen, which is why I now rarely contribute. I haven't figured out how Dr T interpreted where, exactly, along the wellbores, most prolific production is occuring. But of one thing I'm sure. It wasn't some idea drawn up on the back of a fag-packet, and not just by himself, neither. It's the result of countless hours of data-acquisition. And yet more countless thousands of man-hours by a whole load of expert people analysing and number-crunching such date, and coming to various conclusions. I personally don't know how such conclusions have been reached, firstly because I'm not a reservoir engineer, secondly because I don't have access to the numbers, and a whole slew of other reasons as well.
However, one or two numbers I do trust, because the data (such as tanker-loads of oil sold into market) is public domain, if you know where to look.
When Dr T went searching for oil in Fractured Basement WoS, it was a very long shot, and took a lot of faith to believe in. And through sependity the man found backers for his enterprise. Which so far has been a resounding success. His theory has been proved correct. Oil can be produced in commercial quantity from FB WoS. And there's lots more down there.
Unfortunately, the Share Price of his company has gone down the pan, which makes utterly no sense, given that it's revenue-positive, 'debt (in the form of bonds) notwithstanding.
The 'new BoD' has yet to produce any reasoning (particularly geophysical) behind all the doubts and fears they have spread via RNS, and personally I find this suspicious. Meanwhile garnering their salaries from the 17,000 bopd the field is producing from just two wells. Something very wrong with that equation.
Even if Dr T has been 'retained in an advisory capacity'. I suspect he'll charge ten grand before he picks up the phone, these days. I would.
MCB
"Both wells are producing from the heel and not from along the full 2km horizontal or the toe."
We don't know that for sure. That was Dr T's interpretation, which must now be considered less than certain.
https://sp.lyellcollection.org/content/397/1/81
Figure 7 ==> Variable oil down to.
From this figure it looks like we dont really have a traditional OWC as such, but one that varies. Dr Trice wrote this article long time ago.
agreed MCB; and given the communication/interference with 6 seems very unlikely indeed.
gla
Bloobird,
"If 7z IS coning (and I don't believe it is) then it would probably only be towards the
toe which is lower than the 6 well"
Both wells are producing from the heel and not from along the full 2km horizontal or the toe. So for anything but perched water to be produced can only come from the first major fracture at the heel. This first fracture could conceivably be coning on its own if in good communication with the deep and with little or no cross fractures feeding in (which is unlikely), that is a very narrow cone up one fracture from the deep. That scenario seems highly unlikely to me, but is the only one that explains the outside chance it is aquifer water.
RainBowChaser
"If 7z was coning aquifer then when this well is "shut in" would it not be reasonable to expect that due to the connectivity and relatively close proximity the 6 well would draw on the aquifer as well ?"
No.
If 7z IS coning (and I don't believe it is) then it would probably only be towards the
toe which is lower than the 6 well.
If 7z was coning aquifer then when this well is "shut in" would it not be reasonable to expect that due to the connectivity and relatively close proximity the 6 well would draw on the aquifer as well ?
Stu is a very dangerous poster. The dumb ones are bound to lose money listening to him.
Quoting the fame one !?
"Formation water = Bad, implies coning, SELL SELL SELL"
Simple conclusions must follow.......!
;o)
Technical Committee of Hurricane’s board has concluded that there is a reasonable probability that the oil water contact in the Lancaster field is shallower than the range of oil water contacts envisaged in the 2017 Competent Person’s Report by RPS Energy.
Consequently, the Company believes there is a risk of a material downgrade to estimated reserves attributable to the Lancaster Early Production System, and that there will also be a material downgrade to estimated contingent resources across the West of Shetland portfolio."
;o(