Firering Strategic Minerals: From explorer to producer. Watch the video here.
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5-7p?
Oh dear , can’t wait to hear the tampers view on this
Any oil or gas in production producing income in all its years of placings and excuses?
The testing has been a shambles for two years. Multiple missed dates, now formation damage appears to be an issue that was rarely mentioned if at all.
Arrogance is fine if it is backed up by performance, Paul needs to start delivering results. They also need to hire more people, this small team is not up to the job.
I think that plenty of honest posters here were expecting Mou-1 to possibly fail to flow but not Mou-3 as well.
Nevermind, undoubtedly a good top-up opportunity for the LTH'S/EXPERTS/RAMPERS that dominate this board.
PRD certainly haven't replicated the huge success of Sound Energy who drilled and tested their gas prospect in Morocco within a matter of months in 2017.
Beacon Energy have recently used Sandjet to clear a blockage in their oil well that was flowing at 40bopd instead of the predicted 250 -900 bopd (but at least they got it to flow at all). The process took for ages and despite the process being finished it still isn't known if it was a success as yet.
The rampers are awfully quiet aren't they. Wonder why.
'bedwetters' indeed. I'm lucky I wasn't holding here. I was waiting for the testing results.
Sandjet technology doesn't appear to be an alternative way of testing flow rates but rather a means of unblocking a badly blocked well before conventional testing can be done.
I don’t understand the unbridled joy of some people on here that some people might lose some money today. Mans inhumanity to man etc etc ..
Alternatively, they can scrap Mou1-4 and just get on with drilling Mou-5.
I love the way that Paul and Lonny recently awarded themselves a £250,000 bonus each for the successful drilling campaign! That just about says it all.
rampers and their sheep better get to work on this one. good luck what a **** show couldn't even get started testing when they said they would.
Apologies if this has been covered in historic posts: Do we have any other solid case studies to indicate Sandjet working in our favour on this issue?
Hi Boukephalas
Below is a link to a 1999 paper with some examples of were successfully used:
https://onepetro.org/DC/article-abstract/14/01/28/108863/Sand-Jet-Perforating-Revisited
Baker Hughes PDF:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwisg9Hr-rmEAxWLV0EAHa9vASI4ChAWegQIAhAB&url=https%3A%2F%2Fdam.bakerhughes.com%2Fm%2F2a093eda832cb4f6%2Foriginal%2FIWS-abrasive-perforation-sour-oil-Middle-East-cs.pdf&usg=AOvVaw2MPoZDF6ijMYvrFvOAi62W&opi=89978449
SPE International Paper, which includes three examples as case history:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjJ4qiY_LmEAxXK7LsIHSgjDRU4FBAWegQIERAB&url=https%3A%2F%2Fthrutubing.com%2Fsites%2Fdefault%2Ffiles%2FSPE107061%2520-%2520Oriented%2520Perforating%2520Using%2520Abrasive%2520Fluids%2520Through%2520Coiled%2520Tubing.pdf&usg=AOvVaw0h_qpUnCLnnKqccB_eCXU1&opi=89978449
A second SPE paper:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwidh7ie_bmEAxWpU0EAHayOAEE4HhAWegQIExAB&url=https%3A%2F%2Fthrutubing.com%2Fsites%2Fdefault%2Ffiles%2FSPE107050%2520-%2520Abrasive%2520Perforating%2520via%2520Coiled%2520Tubing%2520Revisited.pdf&usg=AOvVaw0CV-bwLsp-z4P6peyUhmmo&opi=89978449
A more technical/in-depth document can be read at this link:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwisg9Hr-rmEAxWLV0EAHa9vASI4ChAWegQICBAB&url=https%3A%2F%2Flink.springer.com%2Fcontent%2Fpdf%2F10.1007%2Fs12182-010-0009-9.pdf&usg=AOvVaw3aj00LFWMHxNEnTmTPA7wx&opi=89978449
For a bit of perspective it should not be forgotten that Lonny used £50,000 of his own money to buy shares at 9p during a previous placing.
Thanks Kas for this excellent post which has greatly allayed any of mine and hopefully lots of other investors fears or doubts the Rns appears to have fuelled. The Rns coupled with the sizeable s.p. price drop did give me a bit of doubt initially but following your superb insight into the remedies available and very likely to overcome this setback, I have taken advantage of what in fact was a great buying opportunity and have added a substantial more shares to my PRD holding.Thank you Sir. Daibark.
Hi Daibark, absolutely no problem at all.
Good to see that the links are of benefit.
Kas, great post, appreciate the research all makes sense not use explosives and damage the reservoirs.
Kas, You can also read this from another companies RNS. Some will know who it is. I have slightly edited a line and added a bit in brackets in case anyone comments:
· As previously announced, the low production rate indicates that the reservoir near the wellbore has been invaded with drilling fluids which are restricting flow rates. This is not uncommon in situations where hole stability issues (formation damage) have occurred during drilling due to the use of high-density drilling fluids to stabilise the hole.
· The Company has now commenced sand jetting operations with a coiled tubing unit to stimulate the well. Sand jetting will focus on the oil-bearing reservoirs.
· Sand jetting technology uses a high-pressurised sand slurry with the objective of creating deep perforations beyond the zone invaded with drilling fluids. The expectation is that these deeper perforations will increase communication between the oil-bearing reservoir and the wellbore, and therefore increase production rates.
· The sand jetting operation is expected to take 10 - 14 days, including the time required to re-install the rod pump and recommence production.
Adon
Re your last para, you know that a rod pump is a nodding donkey right?
Great post Kas. Appreciate the time you spent to do that.
Kas/anyone,
I note the benefits below of using sandjet perforating technology to "offer a cost-efficient, safer and better-targeted alternative to hydraulic fracturing to bypassing deep near-wellbore damage."
Are the benefits a given, to test zones successfully, or is this only as good as the experience and quality of the O&G team using it, and so could still fail? As I see it, all depends now on this last piece of tech to demonstrate commerciality of a CNG operation, using existing funds at any rate. High high reward, but also higher risk than before, eh?
Any further unforeseen hiccups and they will have to raise funds.
As PRD are good at ramping and not proving a resource, they will be raising funds by July
Can someone give me a in a nutshell run down on what's the craic with current ongoing operations?
I'm aware that they're simultaneously drilling and well testing? There is a shxt ton of stuff going on with this company it's hard to grip on it in one go.
What's happening with the Irish project ?
Genuine possible investor here, from a drilling background, so any feedback would be much appreciated, cheers
Thank you Kasjnaton, and all others, very kind and most helpful indeed, that would have taken me an inordinate amount of time to research
Looks like the cage door has been left open tonight…. Some of the comments on here are amusing though… chuckling to myself over a glass..