Member Info for adoubleuk

Novykluk,

"It would have been tremendous had that gone through! But if it doesn't proceed I doubt there will be any further formal confirmation to that effect."

If the share swap craters, there had better well be a 'formal announcement', because if not, S&S are likely to feel the FCA feeling their collar in fairly short order. The 24 million placing last month was for (a) 16 million in further equity in Rathlin, the cash for which to be used to finance further West Newton operations, (b) 'up to' 7 million in share-swap (c) 1 million not mentioned, but no doubt administrative costs (lawyers' fees etc) for the placing to actually happen, which is no sweat.

If the share-swap doesn't occur, where does the 7 million of the placing earmarked for it go to? I think it's incumbant on the company to publicly give information about this, even if PI participation in the placing was minimal. Because PI's are affected, by the 'dilution' effect that the placing inevitably had.

I don't want to appear 'deramping', I'm not a 'trader', so deramping a share I hold would be like shooting myself in the foot. But although I don't see any writing on the wall, there definitely seem to me to be some cracks appearing in the plaster, and I'm worried. I hope the cracks aren't being caused by a rat away.

On the back of the 'meeting notes' kindly posted by PDSMPiper, there appear to be some technical questions about W.Newton which I personally don't feel have been answered, nor properly addressed. For instance, I looked at that 'Drill or Drop' article about the holdups on the preparations for the WNB site. OK, 'Drill or Drop' is an anti-oilbusiness 'protest' site, which does all it can to promote its own weird agenda. However, that article appears factual. Can anyone in the area actually go check to see if the work on WNB has progressed, and lay our minds to rest on this one, please?

And why is the emphasis being placed on further drilling at WNB, before the 'modified' EWT on WNA has not even started? It sounds a bit like putting the cart before the horse, and drilling wells is all fine and dandy sexy stuff, but eats up (or spreads around) cash very quickly.

And now UJO is proposing a placing, part of which to be used to finance further seismic on WN. What? Shooting more seismic before the EWT has been done? Mad, or what? Seismic's all very well, but it doesn't get oil out of the ground and sold to the market.

The brrmedia 'interviews' weren't interviews. They were just S&S speaking to camera. I could do the same thing at home and put it on youtube, explaining why I think the Earth is flat.

I'm not interested in RBD 'improving the value of the assets'. I'm interested in the 'asset' I've invested in (ie RBD) improving in value, evidenced by Mcap and a good SP. Instead, it seems to be doing the opposite.

I'll be watching this very closely now, and hoping for some 'formal' news reassuring me that there's not a rat behind the plasterwork.

Fyoz,

" The RBD business model is not to put WN into production. It's to 'prove up' the value of the asset and then sell it to whoever wants to put it into production. "

This is all very well for you to say, but I'll only believe it when I hear it said by one or both of the CEO's. I suggest yo review the Stephen 'interview' on brrmedia (11th November), particularly 1:35 in.

PDSMP,

Thanks for the notes you posted yesterday regarding the WN community meeting last month. They're interesting. This bit I find particularly so, from a technical viewpoint TS explained that wellbore fluids were recovered at the surface with associated gas but there was not enough energy in the reservoir to recover any reservoir fluids to surface, but that fluids were tagged someway up the wellbore. TS explained that in order to recover the fluids effectively from the wellbore, the team will need to install a suitable pump. He said that because the Environmental Agency permit did not provide for the installation of a pump, a decision was taken to temporarily suspend the operations so that the team could arrange to go back to the Environment Agency with a revised solution. "

The point being, it doesn't entirely make sense, in strict oilfield engineering terms. OK, the 'notes' were probably compiled by a non-oilfield person, maybe paraphrasing what TS actually said, but other bits confuse me as well,

For starters, if TS actually said there 'wasn't enough energy... etc.' either he was really 'talking down' to the attendees, or it wasn't what he said at all. In effect, it's blindingly implied that it's a 'low pressure' formation, which won't flow oil naturally without assistance, such as an ESP (electric submersible pump). This isn't necessarily bad news, but it ain't great, neither.

But if they want to install an ESP, I don't see what that's got anything to do with the Environment Agency. An ESP is a downhole tool, run as part of the completion string. On surface, the only additional equipment required would be a small electrical control panel, and if necessary a generator., if electrical power isn't available onsite from the national grid. These things are small, compared to the rest of the well test gubbins. I would understand the EE maybe getting involved if the plan were to install a surface 'nodding donkey' pump, but this obviously isn't the case.

In terms of government agency involvement, I can understand that Rathlin may have to run the detail for an ESP completion past the OGA, as a modification to their overall well-planning, but OGA aren't sluggards, and anyway it'd only be a 'detail' modification, and a lot easier (and longterm cheaper) than keeping nitrogen-lift equipment in place .

What I CAN understand is that there can be delays regarding getting a suitable storage tank and tanker-loading facility to handle the oil designed and installed, and that WOULD come under Environment Agency regulations and scrutiny. It's something that's been mentioned before (and discussed here, as well). But strangely, that doesn't get a mention in the notes of that meeting. There's something that doesn't quite 'click' here for me. I rather wish we could get some more 'concrete' news out of Rathlin themselves, or at least have it passed on verbatim, because despite their many qualities, S & S aren't oilfield engineers.

LS,

"As non oiler - how is secrecy maintained on a rig?"

With great difficulty.

"Do all staff AND 3rd parties have to sign a NDA?"

Essentially, yes. It's the sort of clause included in the employment contract of anyone that works in the field. But hard to enforce in practical terms. I'd guess that in this case, anyone involved in the project is verbally reminded of such a clause on a regular basis, with the threat of summary dismissal from their job if a 'leak' is traced back to them. Or something like that. Nevertheless, it's a big operation, with hundreds of people involved, even if only in a peripheral role. I find the scarcity of 'street scuttlebutt' to be gleaned rather surprising!

Cebo,

"KJB is a supply vessel I believe, not sure what the EERV requirement is when conducting the EWT in relation to ERRV's, PSVs and FRB etc. "

There will be a 'safety boat' on standby in the vicinity all the time, as you know. Nothing specifically related to EWT. Without wishing at all to take wind out of Slipanchor's sails, because he seems to have become 'shipwatcher #1', the changeover of one standby boat for another doesn't signify anything special.

However his observation that a supply boat is alongside the rig does tell us one thing: the weather must now be OK.

The only specific thing I know regarding supply boats and EWT / DST is that they stay away from the rig while the well is flowing and flaring is taking place, but if required, may come alongside during shutin periods. However there seems to be nothing to indicate that DST testing has commenced yet.

Jiffy, Albi,

"Albi,
'Knowing my luck they'll just go on to make history in the UK by confirming their model for FB and who wants that kind of attention?'.............

Companies like Israeli Delek, Crysador, etc, etc. "

Yes. And this is another of these things which makes the whole story so interesting, given the whole global situation, Brexit, and so on.

The 'strategic' bit. It used to get mentioned about three years ago, but seems to have gone out of fashion. Nevertheless, it can't be ignored, because it's UK and Norway who are jointly the biggest producers of that 'orrible black oily stuff in the whole of Western Europe. Plus the UK in conjunction with our Dutch neighbours are hand-in-hand with the biggest offshore growth industries. Putting up wind-farms (lamentable, but keeps the boys in work and German factories making the 'orrible things, worthless as they are), but also the 'decomissioning' industry, getting rid of old N.Sea facilities.

Strange, isn't it? Scorll back forty years or so, and everyone was agog about 'North Sea Oil'.

Mention 'West of Shetland Oil' to the man on the Clapham bus these days and he wouldn't know what you were on about.

MTboat,

" there is a cause for concern..."

Yes, there have been many of those for a few years, now. And anyone who doesn't feel a bit 'concerned' as a PI when the SP is riding bumpy waters (ie altering the paper-value of their holding) is either brain-dead or has more money than brains.

Greed an' fear, greed an'fear.

You're trying to spread fear. And also (by your own admission) playing the hokey-kokey here (assuming you personally rather than the people you may be working for) have actually 'owned' any shares to start with.

GM,

"A poster who appeared last month.....said he was holding his shares forever (ISH), posts either in the positive or negative. Throw in the odd "insiderish" vibe and we have all the hallmarks of someone who has appeared to unnerve."

Good to see you back: you post rarely these days. But know who you are referring to, and quite agree. Electric Vehicle?

Over the past 36 hours or so I've become more and more bemused, seeing more and more posts appearing under this thread header 'Last Train to Fernando' thread, because I'm cursed if I can figure out what it refers to. So I've gone back and found it originated with 'MakinHay' at 10:43 on Wednesday, with a rather witty post, but which gave no hint as to why he'd decided to head it as such.

Maybe he could explain, when he's got the time.

The trouble being, ever since he started the thread, a song's been going round in my head, and become a sort of 'earworm' thing. Maybe something to sort out the sheep from the goats, here. I know it's a bit early for 'weekend O/T', but I hope LSE will forgive me for that, just this once.

https://www.youtube.com/watch?v=ZcXpKiY2MXE

OK! Who remembers that? And who's so snooty as to say they didn't rather like it?

PS Mike Nesmith, the only 'real musician' went on to an astonishing solo career, and is / was a serious competitor in the Baja offroad race.

DC,

Here I am again, regular as a metronome, ranting on about another of my pet subjects....

"Spirit are going to let us down, Kerogen are going to do the dirty on us and sell up,
The EPS is a big IF and now the institutions are creaming us poor PI’s.
But hey we have our friendly meerkat on the lookout for us all helping to save us from another AIM loser."

Well said that man. This is an absolute crock, and only brain-damaged oilfield nutters like myself would hang onto such a dodgy share. And you omitted something. They're drilling in granite (or Lewisian Gneiss) FFS. Utter lunacy. Everyone knows oil can only be exracted from sedimentary formations like sandstone. Like Premier is doing in its Solan field.

Also the company has no debts as such, and everyone knows that's the only way to make money these days. The POTUS told us that. So we're utterly doomed.

But that's not why I write. Because you wrote:

"Good luck guys…"

That's not fair. There are some nice gals around here, as well.

Now I suppose I'd better STFU, if u no wot I meen.

Until the next time... :-))

(Bloody 'production hands'. Kant evn spel....)

Genghis,

"But many of us have waited those few years already."

Yup. It's a rather depressing thought, isn't it? To be honest, I'm seriously beginning to wonder if some of us LTH's (by which I mean anyone who's been 'in' here longer than a fortnight without making a trade) haven't maybe missed the boat somewhat. I made a small cheeky sell the last time the SP hit 54p (remember that?), and don't mind admitting that I regret not having made it a much heftier sell, some of which I'd of course have reinvested at these pitiful prices. But that's spilt milk, and one can't win 'em all.

I now suspect the PI shareholder 'base' has changed, with traders being at the forefront, rather than 'holders'. But that mirrors the changes the company has gone through over the last couple of years. It's no longer a high-risk cutting-edge explorer (fun), but an ipso facto small producer, with the current drilling being paid for by a partner ( trending towards boring). Even with Warwick West, we're essentially waiting to see whether the magician can pull another rabbit out of the hat (an act we've seen before), rather than some rolled-up newspaper someone's put in there as a nasty prank.

And I reckon the people saying the SP will soar after next year's CMD are in some ways clutching at straws. The now monotonous regularity with which tankers are coming to load up at Lancaster speaks volumes about whether FB 'works', and if the FPSO is operating to expectated standards.

Yeah. Maybe it's the weather...

PS Sympathies to holders in ECO. How come Tullow didn't offer oil-quality data on announcement of the flow testing? At least that's one thing we don't need to worry about here.

Albi,

" What I should have said, of course, was 'proving the FB model in the UK for the first time!' "

At risk of really seeming pedantic, having you get some friends from Faslane sending a cruise missile to my house, and having Wellwell spilling his breakfast coffee while spluttering 'f** f***'s sake", might I suggest replacing the 'proving' in your modified phrase with 'confirming'?

Pretty please?

https://www.youtube.com/watch?v=oSohWfEoHf8

Wellwell,

"Oh ffs. Semantics. Give it a rest AK."

The devil's in the detail. So sorry, this is a detail I won't 'let rest'. Listen, I apologised for having to correct Albi, and DC anticipated my response, as regular as a metronome, but I personally feel it's important.

Let's put it differently. What if Hurricane had never put any stress on the fact that the GLA / GWA Rona Ridge area wasn't 'Fractured Basement', but instead something like 'a new play in previously not-properly investigated deeper formations'? OK, that's a bit of a daft sort of question, because although it might hoodwink the average Daily Mail punter, it wouldn't wash with the big moneybags who want more detail. Nevertheless, it's inescapable that for a number of potential investors 'laypersons', who aren't going to look into the technical stuff in depth, the word 'Fractured' brings connotations of that bogeyman, 'Fraccing'. And we all know where that road leads in regard to the UK, don't we? Not because it's technically unfeasable, but... other reasons. So it makes the thing as a share seem somewhat 'dodgy'.

As does the phrase 'proof of concept'. That introduces doubt. Despite the FACT that oil is being produced from FB fields worldwide.

Listen, I agree that anyone who bases an investment decision on what's written on BB's like this is a complete idiot. But nevertheless some people do look at them in ordre to help form an opinion, so what we people in the know should try to do is keep it as factually correct as possible, so as not to project incorrect images. For LTH's here, that's only in our own interest anyway, isn't it?

I was about to rest my case, but now (having been knocked out of an online poker tournament) won't quite yet. I think Albi will forgive me for my correction. But I want to bring up a thing which has been bugging me for weeks, and which seems to be a rather verboten thing to talk about here. SXX.

I can't help thinking that PI investment interest generally, and in anything, might have been affected by that debacle, still unfinished. Not that PI sentiment or trading means much to our HUR SP (or rarely), unless it's 'herd' movement. But there are doubtless some holders in SXX who might have, but now can't afford to, invest here. And also, there's a huge difference between the two, in that SXX was a gamble based on an unproved premise that once the Polyhadrite actually got (gets?) mined, there would actually be a significant market for it. Which is totally 'unproven'.

Whereas, number six offload from Lancaster is the best 'proof of concept' and marketability possible for FB, isn't it? Nothing 'new', other than being a new 'monster' field on the map.

DC,

Didn't want to disappoint you...

Albi,

Once again I must leap in with something I've posted dozens of times here, with but limited success.

' we're at proof of concept stage with FB'

Sorry to contradict you, but no we're not. The 'FB concept' has been 'proved' worldwide with a number of successful and prolific FB fields, some of which have been producing for many years now. True, Lancaster is the first time FB has been specifically targeted in UK territory, but the 'concept' isn't new, nor unproven. This is a misunderstanding of things.

All the EPS is doing is 'proving the field', and this is the case with any new discovery. But in doing so, and admittedly, it's 'proving the model' developed by Dr Trice and Schlumberger. Dr T said that Lancaster would be not only prolific, but huge. And a lot of people pooh-poohed that idea.

The sixth tanker offload (currently in progress) appears to be proving those naysayers wrong!

But the FB 'concept' has never been in question.

bartlebobton,

"They keep the walnut shells in the boxes....."

Behave yourself!... :-))

Slipanchor,

"How is the mud carried out to the Rig does the supply vessel have a tank, or are they shipped in containers?"

That's tricky to answer, not knowing Hurricane's operations in such detail. Probably the best answer would be 'a mixture of both'. And also, remember, we're simply talking about the horizontal FB section fluid here: drilling down to that, I don't know what mud they use, and don't particularly care.

It's highly likely that the greater part of the viscosified brine 'mud' is transported to the rig by boat in bulk. Yes, supply boats have numerous tanks for this purpose, and it's pumped up to the rig via an overboard hose.

Nevertheless, the rig will be perfectly capable of mixing the fluid themselves, and will have significant stocks of sacked chemicals on board to be able to do so. This is a necessity, because obviously there might be times due to weather that a boat can't come alongside.

No telling what the 'black boxes' / containers contained, though if there were a number shipped, they might be mud chemicals.

( Though if there was a grey-coloured skip, it's probably for scrap metal. I now await replies from Wellwell and Yuyus saying scrap metal skips are green, or yellow! ) ;-))

AlfaMale,

" I appreciate less the attitude in the communication of such!"

OK, apologise if I offended. The thing is, you're new here, even though you have a good number of other posts to your name, and these O&G boards sometimes get some people appearing who claim to know their oilfield stuff but in fact know nowt.

Let's just say that your post could have been... misleading...

SotB,

OK. 10-4. WOW.

slipanchor,

"Thanks for your explanation, but you might as well have been typing in Swaheelee it was all above my head."

That's no problem. I only went into a bit of detail in the hope that AlfaMale might read it. Saying that losses only happen while drilling is like saying it's OK pointing a gun at someone because you think it's unloaded.