Member Info for adoubleuk

Cebo,

"Ranger I have not seen any Fog Samples being taken for a while now, possibly a dying art"

Or maybe the fog-samplers are all out on iceberg watch...

artyth,

"You are obviously very knowledgeable, hands on wise . Your recent , ‘l know more than you posts’ Let you down,in my opinion."

Yes, I take your point. I was being immodest and showing off. But I won't hang my head in shame, just acknowledge that maybe my showing-off was unnecessary!

But in the meanwhile, over on another O&G BB, someone asked a question about some 'basics' which it would be too hard to answer in length on here. So I looked at youtube for help.

And found this,amazingly at the first 'hit':

https://www.youtube.com/watch?v=Y8Ul68CRHsk

Now I've been 40 years in the 'oilpatch', and somehow this video had utterly escaped my notice. And it's absolutely lovely. Brilliant. The clearest 20 minutes' explanation of what drilling an oilwell is all about I've ever seen. Sure, it's a bit dated, I guess mid-seventies. Though things haven't really changed, maybe 'advanced' somewhat. More computers, less analogue dials, HSE has taken foot so things go slower and a bit cleaner, but nevertheless just the same.

The rig on W.Newton is smaller than the ones shown. But the geological stuff is exactly the same, and so is the work being done on the rig.

There are a few 'oilfield hands' corresponding on this BB, and I'm sure they'll like this video like I do! And I hope it'll be educational for others.

OK. Back into 'showoff mode', nevertheless. There are none of the jobs shown that I can't do, almost blindfolded. Other than be the pretty office secretary, the guy in the lab (though I know what he's doing), and the head honcho looking at the logs and deciding how to spend the money (though I do know how to interpret a log).

I reckon I deserve brownie points for just having found this clip!

SotB,

"ADUK ; what the .... was that ? Go get surgery !"

(a) that's not funny, because I got a message an hour ago that a good friend is in a hospital emergency ward and I'm waiting more word. (However that's personal, and maybe I shouldn't have even posted it.)

But (b)

You go get surgery to see if they can find a brain!

I've just watched that whole video, and I'll repost the link.

https://www.youtube.com/watch?v=Y8Ul68CRHsk

Because it's brilliant. I've never seen it before, but a clearer 'explanation' of what's involved I've NEVER seen. And nothing's actually 'changed' since the mid-seventies (when it was obviously made), simply 'advanced'. Most of the hard dirty manual work seen is now semi-automated, 'cleaner', and so on. Lots more computer screens and fewer analogue dials. It's mid-seventies, because there's no mention of highly-deviated (to 'horizontal'), it shows pre-topdrive 'kelly' rigs, and so on.

But there are still hundreds of rigs like that still working onshore (though a majority now topdrive - equipped), and shove me on one of them and I can do any of the jobs depicted. Except be a pretty secretary in an office or a head geologist looking at the logs (though I can interpret logs).

No, it's lovely. Absolutely indispensable viewing for anyone here who want's a 20-minute primer on what it's all about.

But my friend now in hospital (I don't know what's happened, and seemingly 'no visitors' for now) is lovely as well, so I'm away from this BB ...

Bloobird,

I'm afraid I have to agree with Rangers1, even if he couched his reply in obscure drilling language. It's a rather too complicated subject to explain.

Suffice it to say that when we refer to 'the hole', it's in fact a 'construct'.

I've just gone to youtube to see if I can find something of a 'simple explanation', and my first 'hit' was this:

https://www.youtube.com/watch?v=Y8Ul68CRHsk

I haven't seen it before, haven't watched all of it by any means (yet) but it looks like it might be useful. OK, it's landrif context, but all the same applies offshore. With assorted other complications!

Badger99,

" Generally best to fire any questions to Camarco, who usually reply. I've a 100% failure rate from the Reabold 'Contact' button."

Thanks for that info, 'cos I've had the same lack-of-success rate as yourself in the past, which is disappointing. Maybe S&S could use some of the new California cashflow to create an IR dept and pay someone to answer emails...

slipanchor,

"3% drop, the market might be getting a little jittery."

If you look at the papers, worldwide markets aren't looking good across all sectors today. Blame the orange-haired POTUS.

Bloobird,

I hope Cebo won't mind me doing this, but I'd like to add to his comment, as you seem interested in the subject. He said:

"Bloobird, the oil industry also use fishing tools as part of well interventions, for dropped bits or stuck pipe etc."

The thing is, you shouldn't get an image of people on the rigfloor lowering lobster-pots or trawl nets through the hole in the rotary table!

In oilfield drilling jargon, any object 'dropped down the hole' or which has go inadvertantly left behind in the borehole is referred to as a 'fish'. In 99.9 % of cases, this 'fish' is made out of high-grade steel, and unless it can be ground up with a milling tool, it has to be retrieved somehow before operations can procede as normal. Such retrieval (including milling' are known as 'fishing operations', and the specialised stuff used for them called 'fishing tools', usually run on drillpipe, but sometimes instead on wireline if it's a wireline tool which has been lost downhole. Or in such a latter case, maybe a mix of both.

Inevitably, because positive forward progress isn't being made if there's a 'fishing job' in progress, it's a sort of cash-negative downtime, and one has to calculate the balance between the cost of continuing to 'fish' or possibly cutting one's losses, cementing the fish in place, 'plugging back', and sidetracking the hole around the 'unfishable' equipment.

Hence Cebo's reference to mischievous people on BB's sometimes suggesting a 'fishing job' is going on, because it means bad news. And it's happened, including here, when it's turned out to be untrue. Some people have an 'agenda'.

Recent posts about 'fishing from the FPSO' are different, and lightheartedly suggesting the crew are fishing over the side and maybe having a barbecue instead of hurrying up with the work in hand. But that's of course untrue, as well.

PS (forgot to add this).

The AGM is only a month away, and as I've written before, that's when the cards will have to be on the table, flare or no flare. So why not relax 'til then?

IJWT,

"Did Malcy not suggest in a blog that FOIL may actually slip from H1? "

Personally Malcy can suggest what he wants in his blogs. Because as regards HUR, I understand (technically) more than he does about what's happening, and this despite not being offered free jaunts to Dubai like he receives, nor having Dr T's mobile phone number. Malcy talks the talk about dozens of oil companies a week 'cos that's his job. But he couldn't walk the walk no matter how much he gets paid. Regarding this company, the only 'Malcy stuff' I give time to are his occasional interviews, when it's the interviewee I'm listening to and watching, not the interviewer.

FoiL will come when FoiL comes, and that's the bottom line, and I no longer understand the speculation aboit this, because it's futile and meaningless. Those people offshore aren't going to push a button to 'open up' a well until they're 100% certain that everything downstream is ready to receive live oil and gas.

"Does fishing actually take place on oil rigs or FPSOs" ?

In the past, yes. But not any more, at least not in the N.Sea. This from around the early 80's, which is when government-mandated HSE regulations really started to take force.

Of course one didn't fish while divers were down, but there remained a risk for divers (and subsequently ROV's) if there was broken fishing line floating around the wellhead (or platform legs).

One platform I worked on during that time actually had fishing-reels welded to the handrails of the bridge over to the flare-stack! Catch a cod, have it filleted by the galley cokk and shoved straight in the freezer, take silver-paper wrapped package of fillets home at the end of the hitch: delicious supper!

More recently I've been on jackup tows where people have attempted trolling lines over the stern, but with generally poor results. The passage of the tug(s) followed by the rig itselp probably scares near-surface fish away.

Arbitrader75,

"Can anyone remind me how long did it take for results to come out after previous drills?"

In the past, preliminary results have been published almost immediately. Check the RNS's.

PS (I forgot to include this).

Note the header of this discussion thread, started by someone else, but under which I continued.

'A good week ahead' ? We've been hearing that for the last couple of years. The only time this SP rises is when there's a placement...

artyth,

"S&S have stated their intentions of monetisation and re investing in every interview they have given."

Yes, I can't argue with that 'cos it's true.

"If this is not for you, why bother."

That's the question I'm asking myself! And which I recently put out for general discussion. Again, I'd like to underline that I'm not 'deramping', and not do I doubt S&S's honesty. But they're young men, and I'm beginning to suspect this is probably a 'young person's share', in other words get in now, be a 'LTH', shove it in the back drawer and wait a few years.

I was glad to see that the SP didn't decline on the back of the rather 'parson's egg' result from Colter. But I'm wondering what will happen even if West Newton comes in bigtime. If the SP doesn't move up, I'll be out of here, maybe even at a slight loss, and leaving it to the 'young people'.

But no 'blame' anywhere. If one can't take the 'heat' of a slight loss sometimes, one shouldn't be in the AIM kitchen.

SantiagoBouffant,

"I'd be suspicious of any oilfield development, especially the Lancaster development which is a greenfield/brownfield hotchpotch (old FPSO in New field), that is completed under budget, ahead of schedule etc."

You wouldn't have liked to be involved with this, then...

https://www.youtube.com/watch?v=f_jBDw34uec

Wellwell,

"But, can’t we just meet somewhere in the middle; the ‘here and now’, put aside old rhetoric and agree that things are ok....could be worse, could be better section/ arena?"

I know your post wasn't aimed at me, but I'd like to reply, if I may.

I'd agree, but just with a little change. Being, 'could HAVE been better'. Like maybe without the stopover in Algeceiras or the bloody rope failing.

But that's just water under the bridge, and unlike one or two others here, I don't believe in constantly wailing over spilt milk.

Otherwise, if you don't agree with that little modification, I'd like to know how you think things 'could be better' than they are right now.

Orher than the SP, but that's a different matter.

Thanks to all with their recent posts.

Albinio74 " the recent news flow has been good but lacks teeth/detail ". Yup, agree with that.

Taverham: you're obviously very 'LTH', and there's nothing wrong with that. I'm personally not 'get rich quick', but the stagnant SP nevertheless bothers me a bit.

Try and tryagain: " The SP will move once the model is proved and that means selling Colter or WN on success." Yes, agree with that as well, but one might be waiting years before such a hyothetical sale occurs, during which time my investment will be returning nothing. And if I want my money to return nothing, I might as well put it into a bank, rather than O&G shares! At least like that I wouldn't risk disappointment.

Angelaj6611 responded but starting a new thread: "There is no dividend policy on the horizon. There is nothing in the companies statements to award the shareholders anything at any time."

Both of which are true, despite the CEO's in interview talking about 'adding value for the benefits of shareholders'. Which essentially means that we're left to our own devices, trading the share. (As most people on these BB's do.) Not neccessarily talking 'daytrading', of course, which is a different beast. But there's no real opportunity of trading either way for now, because the thing's static.

And I reckon anyone talking of 'multibagging' here is living in cloud cuckoo land.

Sorry folks, just taking out my frustrations by banging away on this keyboard! GLA.

boblondon,

"fundamentals have never been better only a matter of time before the shareprice follows fundamentals"

Yes, with a 'normal' O&G company I'd agree with you 100%. But Reabold obviously isn't a 'normal' AIM-listed O&G.

Please don't get me wrong. This post is not supposed nor intended to be 'derampy' or negative, but the uttler lack of SP movement on the back of successive 'good news' RNS's has made me scratch my head a lot about this thing I've invested in. Something's not adding up.

Now I'd like to say that I don't for an instant believe this to be some typical AIM O&G of which we see too many, doing placement after placement to finance one duster after another, but meanwhile keeping the BoD living high on the hog, thanks to the dumb suckers who 'invest' in such ventures. Plus I consider myself to be a fairly good judge of character and body-language, and don't think the joint CEO's are a pair of slick-talking ripoff merchants.

But something niggles me, and it's related to 'monetization'. And let's face it, I've only invested in this for the money, not out of some philanthropic desire to see the world's oil and gas supply prematurely run dry.

I can't help but notice that the company is still considered by people like Halifax as an IIP, so one cannot buy through that major house. And this is still an unresolved issue, and has been for quite a while, now.

The thing being, the Halifax is maybe right. S&S are investing in worthwhile projects, I won't deny that. But where do the returns reside? Cashflow? OK, there will be some incoming cashflow from California one assumes, after breakeven has been reached, but it's no great fortunes. A cigar, but not a big one.

Other than that cashflow, RBD has invested in equity terms in otherwise privately-funded companies which aren't publicly listed. So this is where my current doubts appear. Let's say W.Newton comes in bigtime. If (in an imaginary situation) Rathlin were AIM-listed, we would expect our RBD SP to rise proportionally. But Rathlin isn't AIM (or any other stockmarket)-listed. And nor is Corallian, nor Danube, nor the people in the States.

So (if I'm correct), I'm invested in a company which has an equity share in another company which doesn't get publicly traded, and thus has no quoted shareprice. And OK, maybe RBD will obtain positive cashflow, but if that's just re-invested to enlarge the assets, when does the investor see some actual cash benefit?

I'd like to read some other investors' views on this here, and not just smart one-liners from Persimmon and his band of trolls. Because for me, if W.Newton comes in and the SP doesn't move, I'll be out of here, even if it's at a small loss. Because there's no shame in selling a non-performing share at a loss, and this share hasn't 'performed' for a very long time, now. I can always find other things to do with my money.

DC,

"Marine Traffic is showing Grampian Soveriegn and Rem Trader both at about the same latitude and both heading north. The destinations we know. Are they both loaded to the gunwales’?"

Yes, that was / is interesting. RT will certainly be carrying drilling supplies of whatever sort. Anyone's guess for GS, but probably a lot of diesel onboard.

SotB,

"ADUK::: iF the AM and and TL are not sharing chopper Flights or boats it would go down as the biggest miss management of logistics in the Oil business."

Call it mismanagement if you like (which would be wrong, in my opinion), but that's already the case. Sure, there is 'sharing', but in terms of what's chartered by whom (boats etc.) one has to differentiate between Petrofac and Hurricane. Choppers seem to be on HUR's payroll, though.

Remember, this is the first time that Hurricane has two offshore units operating together in close proximity, so we 'shipwatchers' are on a new learning-curve.

Yuyus,

"RT is not currently on the AM or TL , pretty certain when he’s outbound that’s a precursor for FOIL , NP as well .
Who knows from one vessel to another ?"

Hmm.

One for the 'chopperwatchers' (that sounds sort of rude, doesn't it?) methinks. Especially any of those in the granite city with their ears to the ground. Do you think a flight shedule which includes both the AM and the Leader might not be interesting? Something to watch out for, maybe.