Member Info for Adon30

I remember that Zphr nearly invested in mining bitcoin so the gas at state 16 could have a use without expensive gathering lines and infrastructure. Then though gas prices started to see highs and bitcoin was on a slump. I think bitcoin has at least double since that point and gas gone down at least 10 fold. It could have been a nice little earner now. It was the right decision at the time to pull the plug on it. But who knew what other lumps would be in the way since.

Hopefully this finance comes good in a few weeks. Initially with the drop I thought we could be heading for a placing. But if LTHs are selling then that explains the dip and hope your investment decisions do well for you.

There are gathering lines at state 36 for gas. How much needs to be done to commision them is unknown.

And also, as most are aware, there is no gas processing plant or operator for the plant yet. So this is probably the bigger issue. Plenty of pieces still to fit into place.

Everything that they have produced during testing has been sold. Just not a continual production loop ;)

I did not deliberately ignore the management side of things. I am equally frustrated with the time this has taken and the promises made. However, they are also not in a position to throw endless money at the problem so on some matters I'd rather they took there time.

Can anyone actually remember them doing a company presentation this year....?

As for ii's. I've yet to see any taking up positions in small O&G companies lately so I don't think ZPHR are alone in that unfortunately. It would be nice though.

Indeed the method of using laterals was what was actually planned for this well and was included in the original permit.

However, is this now classed as a HPHT well? Hence the requred revison of the drilling plan. Also, $7m for a lateral does seem quite high for onshore. They may be taking extra precautions now based on the pressures encountered and the issues they have had. Although as you say timescale could have been improved, but with what impact on finances...

Took me a while to write. There are better drilling and oil experts than me on here. So they can correct any mistakes. That is my current take on things (from memory so may have missed some bits).

So to cover a few points.

Originally they drilled and hit extremely high pressure which they controlled with heavy mud. They went to test this and had well control issue, so no information on the oil reservoir or production capability. Much faffing about for months with insurers trying to remove damaged production piping to no avail. So redrilled to the same point again for retest. Finally tested and established that from modelling the well could perform better. A positive acidisation process established that to be the case and is now a potential solution to remove drilling mud and other deposits to improve well recoverability (could be used in 16-2). This improved near reservoir permeability but there was a possible downside that production would drop sharpley due to compartmentalisation of reservoirs. To further increase production, not necessarily rate but longevity of production, it was eventually decided to drill the further lateral.

Why did they not do this at the beginning people are asking? Because they did not know how it would test and annoyingly they did not get to that point until a second attempt at drilling the well. These things take time. And now they need to drill the lateral to prove the longer term project.

As for state 16. Apart from maybe utilising the acidisation process there, extending the lateral and/ or drilling overlying layers there time and money is better focussed on state 36. Why?? Because as it is a gassy well and has no gathering lines for the gas and no infrastructure for processing that gas. What is the point of capital expenditure there when gas is only at $2??

You can include Federal 28 in that as well. On it's own it is pointless producing from until all the other data is known.

However all 3 on line would make a difference and warrant the infrastructure. Which again may need a financial partner.

And then Saltwash. It was already in a RNS. They prepared and built the pad along with fencing and safety landscaping as per the requirements of the permit. I think that they have already drilled the initial 30" 100ft hole. They do not expect to have further advances there until 2025. I expect in the spring time if funding secured.

I’m sure everyone in a workforce has plans. The way they filter down to an individual may be different depending on your work position. Whether they be yearly, monthly or weekly. I’m sure even those that are retired have plans that they would like to do! Whether everyone actually achieves all those plans is different and some don’t achieve them at all.

Your roof gets blown off your house and you have to get that repaired and can’t go on the holiday you wanted. Or you end up spending $7m on a bridge that takes months to build and you can’t get your massive heavy rig across to a drill site until it’s done. However those goals are still there. You will save up again to go on holiday and the project will eventually be finished to get your drill rig to the promised land.

It’s always tricky looking into the crystal ball of the future however far ahead it is.

I don’t think it matters what plans you make there is always something that you can’t predict. That is not just a TXP thing, although that is played out to a public audience under a microscope of interrogation.

Exactly on schedule with the timescales I posted a month ago and again the other day. Anyone moaning about timescales is not a realist or just moaning for the sake of it.

The touchstone planning and strategy meeting is during the W/c 9th December. They have said that they will issue the outcomes after that. So do not expect the information that week. It may be made available to shareholders the week after.

I wonder how that trade was made? The company held 3,264,986 in treasury. Surely it is not from these as company would have needed to inform market. There doesn’t appear to be that many shares trading.

Should be an updated rns shortly for the transaction

I’ve found my post from over a month ago where I said about my expected timescales. Would be happy to be proven wrong with them but they were a conservative estimate.

“ I think it will take them a good few weeks to finish negotiations. I would allow 6-8 weeks for these as a conservative estimate depending on legal work progression. Then another 2-4 weeks for a rig contract (unless done in parallel with the negotiations). And then would need to get rig in and continue the drilling. Could possibly be started before the end of the year but I would say January and that will also depend how cold it is and how much snow there is. Was quite bad again last year. So keep your timescale expectations long as you will be plesantly surprised if they manage to shorten them. However the drill will be done and the company will be in a great place by spring 2025.”

I think we’re fairly sure that the 08 trade was North rounding off into huge buying pressure. Whether they have much more after that is anyone’s guess. But brakes could be off with possible flow rates by end of next week, rig move by end of November and spudding at Cas B due after that.

North had 6,890,008 and a sell of 866,108 could be significant. If it isn’t their last trade it could be very close to being

That would allow more bookable reserves in a succesful drill case. Think Royston was removed from last reserve report until better data available

If it is Tunisia as a future option then I would be a bit sceptical. If PRD have operational issues in Morroco then Tunisia is a completely different beast for getting things done and priorities seem to be given to those who scratch the right peoples backs! This is from experience with another company operating in Tunisia, not a negative view but just cautious. I'd rather they get Trinidad running first and start making some revenue. 100 bopd is about right for a well and would start the ball rolling so to speak. I always worry PRD are aiming for too much and spreading things to thinly. However if one of these does come off then it is transformational time.

Interesting that you say Trinidad is a load of karp. As TXP took production of a well from 33 to 125 bopd with workover and optimisation which is nearly 4 times production volume. So Paul is obviously lying when he said 3x as it is more like 4x

Very shrewd buisness by Xtellius. Selling some on a spike for nearly double what they paid. Then picking them all back up off the directors for a lot less without moving the SP. So they are nearly back to the 20% holding they had when the price kicked on last time.

I did say that the big players would be pulling the price strings here. They will probably sell into another spike if it happens or quitely pick up cheap shares in the background without shifting the SP.

All you have to do is a tiny bit of research and read Norths annual report. They have been selling down for years now and is part of an exit they have decided upon. That has continued into 2024.

"The resulting effect of the events of 2023 was that the Touchstone share price depreciated by 16%, measured in NOK. We have during the year utilized windows of share price surges to reduce our position, thereby mitigating some of the value loss from the weak year-over-year share price performance. North Energy had an ownership interest of 4.3% at year end 2023 and have reduced to below 4% after year end. In total, our position in Touchstone Exploration led to a 2023 NOK 5.9 million value reduction for North Energy"

Their argument is that the share price is weak. However by selling they are maintaining that weakness. However that is big ii's for you. If they plan to sell then they will sell regardless.

I don't think that Malcy and Predator are currently on the best of terms.... unless something has changed recently. I can't remember all the details but someone else may.

It is only keyboard warriors that are getting twitchy. The company does not need to RNS anything. It had already provided an update that covered everything on the current operations and is within those boundries. Obviously if gas is not flowing by the end of the month then they would need to explain why. Also if they wanted to provide flowrates these would require an RNS but could take several weeks of testing/optimizing to achieve these anyway and production would be on/off during this time. The company has made the market aware of all this and PB can say this at a conference if he wishes.