Member Info for Adon30

Coordinates are correct.

There have been some subtle changes in the past two weeks at 36-2. It was fairly static before that.

Surface temperature still looking very hot though and don't think the rains cooled it much.

They’ve had a heat wave. Now they have flash flood warnings in Grand (south of green river).

I don’t think they could buy a break from the weather since they started state 36.

"CEO of Marathon Oil" - possibly a good shout.

Probably why the current BOD are busy buying shares and increasing their percentage. So they don't get voted off and loose their cushy salary.

Yep. Exactly 12.1m after that TR1 which is identical to the sale and he was the largest single holder anyway. So the other will be reported shortly.

Looks like Spreadex have increased their stake.

As I have said many times. Who had the several million shares that voted against the board at the AGM?? And why did AF resign at the time also....

Unfortunately it looks like the major holder who could have helped oust the ailing BOD has now sold up.

Try again… Consolidation

Consolation not dilution.

Was going to say it’s likely Sneller as the only person with that number of shares.

Holding notification likely to confirm it shortly. They would have probably held them from before the 10 to 1 dilution.

3 others on the board also had 33% vote against them but not enough to remove them. Was this part of the AF rebellion that didn’t come off and had to resign?

Also both special resolutions 11 Pre emption rights (issue of shares) and 12 share buybacks were rejected. So the company can not do much until next vote in May. Unless an EGM is called.

I'm not sure what goes through his head to think these things are a good idea.

His responses to questions on the presentation were nonchalant. They have messed up 3 wells in a row and the fourth is also looking like requiring further remedial work. Things are only going to happen when they have the cash come in so why pay huge salaries. The only thing that'll save them is an increase in Oil and gas price. And even that might not be enough.

Yes. That’s how I understand the casing as well but not heard it called a cement squeeze, as it’s usual for them to cement casing in place. I guess with the damage they’ll need to ‘squeeze’ it into gaps where there’s damage like you said.

Do you think they’ll run any down hole inspection processes prior to completing?

They also didn’t update on the federal 28 testing they are doing. Although think most of that was in Q3 anyway.

State 16 has been fairly dormant for months now. Even the outstanding permit for it hasn’t moved either. That’s drill and pipeline.

Has the potential for development drilling as 16-2 was only a short lateral anyway.

Thanks Ezhik I did wonder why they would cement the tubing in place. I thought it may have been to hold it in place under pressurised loads. But as you say packers and centralisers would guide the tubing over the length of the well.

So would they perform the cement squeeze on the casing before reinstalling the tubing?

Completely understand about the pressures they are facing down hole and the need to be even more cautious

More trades today than there have been in this year. Also more chat.

Wonder if AF has just sold his holding following results?.... Or one of his pals who tried to oust the board?

The tubing is also cemented in place. Not sure how strong a cement that is. Would think it's more to stop movement and maintain wellbore conditions rather than any structural cement.

I've read of companies that have tried to pull old tubing and pipe. Think they also use dynamite (but may be thinking of something else). Several have failed and ended up with downhole junk and had to side track. I'm surprised they have taken this long and are still persevering with removing the tube as I mentioned before. Although the insurance may not have covered them for a side track.

"Would you be able to give me a quick summary of SENX please"

See summary in 'cash burn' or you could waste half hour of your life watching the latest presentation

Non Op:

Revenue up due to increases in volume. But income actually down on last quarter.

Good hedging rates helped, although oil/ gas price also recovering.

More wells online in October to maintain volume while others naturally deplete.

Participation in ten new interests. No timeline given for completion of these. Suspect 2024

Paradox:

Further acreage and empire building...

State 36-2 still not ready for test. No timeline given.

Majority of incident costs recovered. No indication of actual cost so far verses recovered.

Nothing on when further shares to be issued or progress on facility or infrastructure. Paradox basically still waiting on the test (and permits). Which looks like late September/ October now...

Was supposed to say this quarter. Not month.

Sorry about formatting. Seems to double space everything

Presentation is up on the investor meet platform if you half hour of your life to spare.

Their basic plan is that they will only spend on exploration what they make in production. When commodity prices are low that doesn’t give them a lot. Slight uptick in prices will help them this month.

Want to:

acidize N-2 to improve production rates.

Sidetrack W-1 to complete

Drill 2 new potential wells in Sabria

All the above require partner approval

Are investigating potential in moftinu

Romania was supposed to be more lucrative but government taxes and loyalties stemmed that. Still been a good investment return.

Will mothball and move moftinu facilities if/ when gas runs out in that area

Moftinu facilities worth more than MCAP in scrap value!

Looking at potential to perforate other smaller gas zones in existing wells to eek out all the available gas.

No buybacks as shareholders voted against it at AGM

Still disposing of abandoned Canada assets

Can’t remember much else as was cut off before the end.

"If it's dewatering at a rate in line with other wells, why are they considering acidizing it?"

The answer was that they found the faster you can dewater the better they produce.

$400k for the acid process.