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Up in ASX trading.
My thinking too, this is the making of the company. Its been years to get here and finally production and cash flow is arguably just days away now. We should get another update very shortly.
The first refrac yes a touch frustrating but its fully financed via the raise in December so all good.
Yes TD, what’s there not to like.. revenue coming in. It should keep the SP going until refrac gets underway. No doubt shame about delay, but hey.. onwards and upwards. High prices are here for a while it seems.
"The Gujarat Pollution Control Board (GPCB) is expected to approve the re-commencement of production on the Cambay field imminently. All necessary operational preparation, including system integrity checks and safety system validations, has been undertaken to allow for an immediate re-start of gas production from two wells (C-73 and C-77H) upon receipt
of GPCB approval."
So here is my take on the RNS. And for those on here calling me out, I’ve only ever posted on here verbatim discussions I’ve had with Roland, and my research, thoughts and numbers are my interpretation which I’m happy to have challenged.
1. Accounts finalisation - should be a legal formality. Announcement to market end March will give complete conclusion and remove any doubt of 100% ownership.
2. GPCB approval imminent. That signals to me anytime now and in line with my conversations. Allows production switch on straight away. Which means cash flow. It’s clear that behind the scenes there has been a lot of production start up activity in readiness for production.
3. Initial production rates could be upto 1 mmscfd as per previous old flow rates, and confirmed to me. My calculated revenue numbers I still stand by in my previous posts.
4. Refrac delay. July 22 at best. Not ideal but out of their control with equipment shortage. They don’t want to compromise on their technical plan which I’m pleased to hear. Could slip further due to equipment delay.
5. 1-2 months Aug/Sept before flow rates are ascertained from the refracking programme. So be it, wells will still be producing in the meantime.
6. 1 new well before end of year, subject to funding. It’s an AIM statutory requirement that they have to say that.
As far as updates go, this is comprehensive and there is no ambiguity.
Let’s see how market reacts later.
But Oilman, you stated the taps were already on earlier and now its Imminent!!!!!!
ASX trading doesn’t seem bothered by the delay in the refrac to June and might be reacting to the reaffirmation of immediate production by captain Roland.
Blimey Oilman, to be still investing you must be expecting to make your century at least. Lol. Not bothered about the funding, not new, just the interminable delays. Atb.
Jasper ;0)
C-77H refrac is fully financed. The x2 refracs end of Q4 & Q1 2023 will be farmed out on a decent result from C-77H .
We'll be a cash flow business in days tho with first production imminent from two wells (C-73 & C-77H).
Should rerate towards 0.40 in the coming sessions, 0.60+ later in Q2 as the first refrac approaches.
Oex is back in business. Production and cash flow from first two wells C-73 & C-77H expected 'imminently'. Confirmation expected in days...tenders received for the first fully funded refrac as well. Atb
Too right, the older you get, the quicker it flys. Atb.
GPCB sits again on the 30th March.
https://gpcb.gujarat.gov.in/webcontroller/viewpage/minutestcmclinicopen-house
At least we renegotiate the deal in july as per RNS " get to Gas production will be processed on location and sold via the existing grid connection under a new gas sales agreement. "
Gordon, I'm too 74 on 22nd October this year, how time has flown
Oh to be 34 again. 74 in October. Lol. Looks like refrac results in October if we are lucky.
Deramping is the practice of talking down a share in order to gain a lower entry point. I am not selling or buying any of these. I simply pointed out that they felt the need to mention funding again.
I’m 34 in July Gordon mate. (Maybe refrac results on my birthday - here’s hoping. Atb
Toptuf - you know very well (unless you haven’t read previous RNS) that the subject to funding bit is for the fracking of new wells, not the REFRAC which is already funded. So now you’re just being a plain deramper. Not one of you seems bothered about production actually starting again after years in the doldrums - bizarre. I’ve got more faith in Everton than your optimism.
Blimey WTB. Didnt realise you were such a new boy. Lol. BTW, I can remember my old mum saying " Dont wish your life away", so I have no wish for it to be suddenly late summer. Atb.
"The Gujarat Pollution Control Board (GPCB) is expected to approve the re-commencement of production on the Cambay field imminently. All necessary operational preparation, including system integrity checks and safety system validations, has been undertaken to allow for an immediate re-start of gas production from two wells (C-73 and C-77H) upon receipt of GPCB approval."If it drops tomorrow, it might be the last buying opportunity under 0.2p before gas flows
Ok granted regarding the delay in the refrac would have been lovely to be this quarter in go along with recommence of production. But trust me time flys when you are busy - the summer will come in the blink of an eye and oilex will be producing by then. I think some of your comments are influenced in terms of waiting for years and years, well before oilex had 100% of Cambay. And to be honest lads, fair play to you for sticking it out because I would have been off investing elsewhere with those fundamentals. But I have been in here since Oilex announced they had agreed to get the whole of Cambay - totally different ball game. Since then we have GOI approval, cash for the refrac, environmental clearance, production to start as per RNS just now plus the refracs to come across multiple wells. None of that would have happened before oilex got the remaining 50%. I’m just asking for some perspective in relation to this particular refrac delay rather than sticking it in the same bucket as everything else. I choose to believe Roland will get the job done.
Last April, I got a lot of stick for suggesting that the two new wells wouldn't be drilled until late last year or early this. Now it's looking like late this year or early next. You are right Toptuf, it's always a case of " Never explain, never apologise".
'Subject to funding' sounds ominous too.....Glad I am only in for 5k, this is going down to .15 in next few days.
Also, someone we were told by someone " in the know" that the refrac once started would take no more than 3 weeks. Now its at least 2 months, with lower expected flow rates. Atn.