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fjones. Nothing has changed. It has always been a massive punt with everything dependent on the refrac. Yes, the flow rates are a little lower than expected, but that is pretty academic. All thst matters is what they are after refrac, which we find out in August/September. Atb.
The % of the company held by Espen (and everyone else) has droppef due to the 1 billion new shares which are on the market from today. Gla.
Is that you, Espenking.
Espen Thomassen.
Wonder what the problem is with the pipeline . Most likely is lack of maintenance due to lack of use over the last few years
re-reading the RNS again the blame is been laid firmly at the door of the pipeline grid operator and Roland is saying that higher production with co-mingling is now possible using c73 and c-77h wells .Wonder how long it will be before we get an RNS saying the grid operator has sorted the problem as they will be under a lot of pressure to fix the problem now Roland has stated where the problem is.
No need to guess sausage. It's all on record. All of Oilex's problems started with the massive costs and non commercial flow rates of 77h. They spent in excess of 30 million usd on the well. Initial flow rate was around 1 mmscfd, which declined to much lower values, and led to the dispute with gspc and the eventual shut in of the well. All in all more than 100 million usd was spent on Cambay for minimal return. They are hoping for around 2 mmscfd from the refrac and 3 to 5 mmscfd from the new wells. Atb.
If they have planned a re-frac, and spent considerable money on it, I'm guessing they had a pretty good idea of the flow rates.
If the flow rates were up there where they should be we wouldn't need a re-frac, right?
Except that's not the problem they have. The pipeline has coped with much larger flow rates in the past. Atb.
Whatever happened to the OEX ROCKET LOL
It does sound like a good problem to have .
Gla
I wonder if with Roland co mingling from two wells we are now at a higher production rate than expected and its taken the pipeline operator by surprise. There are a number of solutions that can be applied to cure the problem and its possibly a good problem to have.
Ultimately, if the refrac is successful and subsequently a number of new wells are drilled, the aim is to connect to the high pressure pipeline.
It quite clearly says it is the Low Pressure Pipe line that is the constraint. Not production levels.
Low pressure pressure pipeline can be addressed by compressors along pipeline , once refrac is done the pressure won’t be an issue through pipelines, as pressure through head will be substantial.
Couldn’t agree more Gordon. The drop, based upon the rns, I guess wasn’t really a surprise. There’s plenty who will either get cold feet or lack understanding on what the “bigger picture” plan is here (which remains on track and is fully funded don’t forget).
Onwards and upwards, nothing to lose any sleep over long-term I dont think.
Production was as expected already very low. Now due to reasons beyond their control it is a bit lower. Just means the cash burn per month will be a little higher. All becomes irrelevant when the refrac starts next month. Gla.
Problem is capacity of low pressure pipeline.
A modest drop in oil and gas rates. I have always said the flow rates now aren't that important. What they are after refrac is all that really matters. Gla.
https://twitter.com/Share_Talk/status/1532720027119517701?s=20&t=pED49RrwcN1W_mkfn1nDUQ
What can we expect short term, drill work over rig (June) re-fraccing of the Cambay 77H well is scheduled for July 2022 (with such re-fraccing now fully funded). The company said they are now fully funded for the July re-frac of C-77H and we also look forward to increasing daily production rates. Plus CCS application news is expected in June/July 2022.
https://www.share-talk.com/share-talk-weekly-energy-sector-news-round-up-friday-3rd-june-2022/
I believe the strategy will be to get a farmee to pay for one or two wells and after that the field development may be self financing.
All things being equal and the frac goes well at Cambay, seems there are a lot of companies now wanting to get involved in India's Oil & Gas market.
https://www.upstreamonline.com/production/leading-oil-and-gas-players-in-frame-for-indias-discovered-fields-auction-round/2-1-1229111
Leading oil and gas players in frame for India's discovered fields auction round
ONGC, Oil India and Vedanta among key players to have bid
2 June 2022 2:10 GMT UPDATED 2 June 2022 2:10 GMT
By Nishant Ugal
in New Delhi
"More than two dozen players are vying for acreage available in the latest of India’s discovered small fields bidding rounds (DSF-3), which is claimed to be the country's largest-ever offer encompassing existing discoveries.
Bids for the third DSF round were submitted on 31 May, with more than 100 applications being received, one person close to the bid process told Upstream.
India’s state-controlled Oil & Natural Gas Corporation, Oil India Limited (OIL) and private sector giant Vedanta - parent of Cairn Oil & Gas - are among the key players to have bid for multiple acreages, Upstream understands"
July frac, rig should be going up in a week or so. Interesting TR1's of late, lots buying big and prepared to notify. Good to see. Atb
when are they will start drilling? Sept ?
No, longer than that even. Remember you saying you picked some up at the lows of 0.08 ish which was around December 2020.
This is hilarious Espen. You know who on Twitter is claiming that your rns means he was right all along about the price being held for a big buyer, when all the regulars on here know you have been building your stake for the last year or so. Stb.
?? good now for heading back to .3 before frac