Member Info for adoubleuk

I've got pijoe written in for Chairman

Wessex, "If you extract oil and gas that's been in the reservoir for millions of years, then separate it and a day or two later pump some of that gas, but not the oil, back into the well where it came from, is that really going to break the reservoir? I don't think so." And you think quite correctly. What you WILL do, however, is lower the hydrostatic pressure exerted AGAINST the underlying aquiver, which is the pressure-drive, by the mixture of fluids 'overlying' it. IE instead of a column of just oil, you've got a column of oil and gas, which weighs less. As a result, the pressure differential between the aquifer and the 'reservoir' (stricto senso) changes, and could lead to premature water-breakthrough. Which (especially in FB) is something to avoid. And that's why Dr T says gas-injection is out of the question for at least the first three years. It's got FA to do with 'breaking' the overlying sedimentary formations which provide the 'seal'.

JayKay, "Education vs experience" It doesn't have to be binary, a one vs the other thing. One, followed by the other can never be harmful, though. Getting personal again, I did physics A level when young. And naturally, that needed some maths. But for me, the maths was a tool I needed to make the physics 'work'. Years later, after doing arts stuff at university, where the only physics involved (other than in bed) was an ability to build the loudest PA system in town, and the maths the capability of translating ounces to grams in my head within a second, and eighteen months spent working on a dairy-farm, where I learned to milk cows, plough fields, and so on, I happened to be in Montrose attending a course called 'Drilling Calculations'. I was a lowly roughneck: I'd taken the course because the Toolpusher didn't want to go, so I volunteered. But I had to buy a calculator for it. The first time I'd used or owned such a thing. Though I'd played 'Moonlander' in the middle of the night on the PDP3 at the university. The machine took up an entire building. And during that course (which I passed), everything 'clicked'. I could see not just that the maths worked, but how, and why. In the drilling context. And it's now how if I encounter a 'kicking' well, I can still get a kill mud density calculated faster than most, using a cheap five-dollar calculator. Education (in no matter what field) PLUS Experience (ditto): a killer combination.

Rangers, " It was not until I explained that should I paint the joint numbers first, when he went to measure he would get wet paint on his steel tape. I could see the penny finally drop! Needless to say he took my advice." Lovely! Hadn't heard that one before, but how true. Mind you, how about the engineer I convinced that one had to apply pipe-dope to the threads with EXACTLY three rotations of the brush, no more, no less? Because doing so less wouldn't privide enough lubricant, but so more might heat up the bristles and cause them to fall out. I was believed. Glad to learn you were a 'deck-rat' once, too! We all start somewhere.

pijoe, "he (Dspp) articulated the view that the issue was the gas re-injection potentially causing a breach of seal. i think this is rollocks." So do I. No I don't. I KNOW it is. 'Breach of seal'? ???????????????????????????????? Try harder, that man.

pijoe, "i am a great advocate of the mature candidate chartered route. to compare ADUK to a "kwik-fit" tyre fitter makes you look very small minded " Thanks for your defence, however it is maybe unnecessary. Because Ricfle's mention of Kwik-fit displays where he's coming from instantly. Not because Kwik-fit can't handle my car and don't provide the right tyres, but he confuses semi-skilled technical 'work' with 'engineering', which is more a mind-set than anything else. I would remind Ricfle that a certain Isambard Kingdom Brunel possessed no academic engineering qualifications whatsoever, and that he failed his entrance examination to the Zurich Polytecnique college. And (to get really personal), my pre-university 'A'levels were in English, French, and Physics, which caused the school innumerable headaches to ensure I could attend the (often-clashing) classes, before I went on to the 'cushiest' university course available, with the greatest proportion of young ladies following it... I like the American description of a railway-locomotive driver as an 'engineer': in charge of a big machine, sometimes responsible for the lives of many people, capable (and expected) to take instant decisions, and so on. I've met lots of people with engineering degrees on their wall who ended up working at McDonalds, as well. https://www.youtube.com/watch?v=W8xkWXKaFws

Wellwell, " (ok..lots of news but not news that moves the investment case?)" I would maintain that the investment case remains the same if not better than it has been for a long time. Have the recent 'blue days' escaped your notice?

Ricfle, "With a degree in humanities and no professional qualifications you ain't one" Arts degree, yes. 'No professional qualifications"? I've got more professional oilfield-related pieces of paper ('certificates') hanging on my wall than you would believe exist. Earned through lots of hard work, lots of it in classrooms. In Canada, the Senior Wellsite Supervisor is referred to as 'The Engineer'. BP calls those people 'Wellsite Team Leader' 'cos that's how BP likes it to be: make it seem like a friendly football match. And I don't like to use the term 'Drilling Manager' 'cos I've only held that position once, and didn't enjoy it. There's also a catch: (I'm sure people like Soolsker and SotB will back me up on this). There's a saying in the drilling side of things: "What are the three things which f*cked-up the oilfield? 'O' rings, Engineers, and Wireline!" Sometimes when asked what I do, I describe myself as an 'engineer', because when I do so most people switch off. Because if I mention drilling, people start asking questions about how directional drilling is done (for instance) and then we're off into WORK, and distracting me from looking down their cleavage, or talking about how well the Grateful Dead played at the Ally Pally in 1973...

Surely, I don't go to the land of lemons to read dspp's posts! Yesterday I had to, because he'd been referenced here so much, and what he was saying seemed wrong to me. Personally if people think the chap is the dog's genitals, why don't THEY go THERE instead? They wouldn't be the first... PS I have no axe to grind aginst Mr Dspp, and recognise he knows what he's talking about. But when he doesn't read a simple presentation slide properly, puts a different slant on it (for reasons unknown) and which contradict what the Bod is telling us, and that starts spreading here, I don't mind wading in with my own interpretation.

Dubliner, Good post. My reference to BP was pure provocation, tho! Don't care if it made me seem superficially daft. Old poker tactic: weak equals strong. Sometimes you have to kick at stones to find out what's lurking underneath... Can't say I agree with you wrt Malcy freebies, however. Cheap PR.

And better company...

Pijoe, extrader, Yes, 'cash & carry' is just what I was alluding to earlier, and also consider it a strong possibility. And without really wanting to rake over old (controversial) coals, I think it's something a certain major investor came unstuck about last year, through ignorance of how the oilpatch works, and what makes it different from an airline or a fast-food outlate chain. A free carry would then give Dr T (and Hurricane) free rein to continue what he does best: exploration. Maybe furter south on the Atlantic margin.

Extrader, Once again I write from a sunlit café terrace: but started a lot later today! OK, it seems I'd quite misunderstood the reference to a 'buyerw' strike'. But no harm done: it led me to draw attention to the 'BP contract', and also I've learned a new word, monopsony', for which thanks! I do think however that regarding such shenanigans, the Bod are not a bunch of amateurs just fallen off the pumpkin truck! They know how 'big oil' works...

tidd, Thanks for posting that. My own holding remains purely 'nominal' compared with what it was before, having sold most of it when the bad news broke regarding the RFP. But on receipt of firm positive news I'll start buying again. Hopefully.

Extraordinary, isn't it? The only explanation I can think of, though it's inescapably gloomy and negative, is that the 'word is out' that this isn't a share to be trusted. And I can think of plenty of good reasons why that may be. People don't want to put their money into something where trading might be suspended for months without a squeak of warning. II interest in the company was so lukewarm that the latest 'valuation' was made at a much lower SP than that anticipated. The company makes utterly no efforts whatsoever to 'sell itself' and despite paying the bare minimum of lip-service to them, behaves as though their investors didn't exist. And now, just like before, it won't just be bondholders who'll jump ship as soon as the SP squeaks over 30p, imho. Does anyone know if there are short positions being held?

IJWT, "I think the buyers strike is a reference to company acquisition rather than the oil.produced." OK, if so, I misunderstood. Thanks.

This post from Entangled seems to have gone remarkably un-commented-upon. If Malcy's going to DryDockWorld, it's undoubtedly a freebie provided by Hurricane. And there's got to be a reason for it. Surely it's too early for the FPSO to be ready for sea trials? Thinking back to the audio presentation, I reckon it's probably the buoy being put in the 'oggin to see if it floats. Lots of news coming up in the next ten days! What fun.

Erratum; 'the possibility that things may NOT pan out like that...'

Let's change the header, eh? Longwait said "Then presumably you would agree with me that a bid for the whole company is most unlikely" aimed at IJWT, I believe. For what it's worth, and although I wouldn't necessarily use the term 'most unlikely', my personal belief is that the GLA and GWA having been separated provides a vehicle whereby interested parties (doubtless Majors) could reach financial agreements with Hurricane for the assets without a full takeover of the company. I've myself posited this scenario in the past. Unfortunately it's a rather 'unpopular' idea, because an outright takeover gives a cut-and-dried clean 'exit point' for PI's, and probably the one which gives the best 'instant profit'. But the possibility that things may pan out like that shouldn't, in my opinion, be overlooked.

extrader, "dspp's point is that there's a lot of value addition to capture from early exploration/appraisal wells " And I quite agree with him on that! Furthermore, once the EPS is up and running, I think the pace of drilling will pick up on the back of earned revenue. In terms of exploration, Warwick is the only well which would enter into that category, as it's so far undrilled. Lincoln needs an appraisal well with a DST this time. Halifax re-entry or a new well would be classified as appraisal now. But a further development well on Lancaster would be a very good idea, and my understanding of the recent presentation gives me cause to believe that it will be sooner rather than later. So despite the large number of posts yesterday, some of which went quite off-track, the only major bone of contention and disagreement I have with Dssp is on what's exssentially a detail: whether or not the appraisal / exploration wells will be tied back to the FPSO. I am convinced they won't be, but only time will tell who's right. Equally which wells will be drilled first: there's disagreement on that as well, but it's just forward-looking speculation, so again only time will tell. However, it's interesting, some of the tangental subjects arising from the discussion. And somebody mentioned a possibly 'buyer's strike' as a means of pressurising the company into a lowball farmin or sale. So tlet's put that subject to bed where it belongs, as well. Go to the AIM admission document of 2014, which can be found at http://www.hurricaneenergy.com/investors/aim-rule-26 . Scroll all the way down to page 266, and you'll find the description of the 'BP contract'. Whereby BP agrees (is contracted) to buy the first 55 million barrels of crude produced by Hurricane. That's more than the volume expected from the first 6 years of EPS. And the contract hasn't been rescinded, as the only justification for that would be if FoiL occurs after April 2020, which it won't. It's quite forgivable for 'newcomers' here to be unaware of things like the 'BP contract', because it's well 'hidden', but given its existence I think scare-talk about things like a 'buyers' strike' is without foundation. Btw, I like your mention of the 'engineer's glass: long time since I've heard that old expression. But I quite agree, 'cos I is one.