Member Info for adoubleuk

Jiffy,

"So in conclusion, I cannot see the OGA agreeing to another drill right next door to the two existing 6 & 7 wells?"

Sorry to have taken so long replying. 'Cos I've been up all night on my poker-site, got my money back, and have only just logged back in here.

"So in conclusion, I cannot see the OGA agreeing to another drill right next door to the two existing 6 & 7 wells?"

No. OGA works in mysterious ways, but isn't God. Hurricane can drill the next Lancaster well wherever they dam well please on the licence. Providing it doesn't interfere with some sort of starfish liable to extinction, or anything like that.

'State-control' might be able to shut down the country's economy and make people liable to arrest if they kiss each other, but nevertheless when it comes down to the oil industry, there are limits.

Despite my poker-playing, I'm not a gambling man. But were I wanting to make a bet, I think the next Lancaster well will be about 5 km north of the FPSO, but directed southwards.

Hi, Jiffy! Nightshift back at work again I see. :-) Me having just lost in my poker game, so logged in here.

"Sailplane, I may be wrong here, but I thought 205/21a-7 the pilot well subsequently became 205/21a-7Z (Horizontal). ie, they are one and the same as far as their location and are not 2 separate distinct wells as your post might infer?Am sure AK would confirm."

Yes, I'll confirm that. I also read 'Sailplanes' post, sort of understood it, though only slightly, though maybe he only slightly understands about oilwell drilling and architecture, in the same way I only slightly understand the principles of flying a glider, so no harm done.

Yes indeed, Lanc 7 and 7z are the 'same well' to a certain extent. Same wellhead, and same hole down to a certain point. But the original 7 was 'plugged back' with cement and other barriers, and then sidetracked to horizontal, hence the 'new' name, 7z. But regarding the seabed stuff and the first couple or three of thousand feet below, they're both the same thing.

However, Sailplane's question is not really about that. It's more about the placement of the next Lancaster well. And it seems a perfectly logical one. However, despite a lot of people here considering me to be to be a showoff oilfield smartass, I don't really have an answer. We don't yet know where the next well will be drilled on the field. However, I think it's significant that all the 'Lincoln tie-in' equipment is still on order, no doubt to be used. The thing being, Lancaster (and the GLA) is HUGE. OK, we know that wells 6 and 7z (approx 2.5 km from the FPSO) work well. But there are other parts of the structure which need to be looked at, as well.

Actual geographical proximity to the FPSO becomes almost secondary. The hypothetical Lincoln tie-in was almost 7 km distant. So assuming those flowlines (or part of them) will be coming into the warehouse, there's no particular reason to suppose the next well will be close to the two producers.

There's something not to be forgotten. Although HUR has now become a 'production company' with the EPS, it's still an Exploration Company, with an 'Explorationist' (Dr Trice) as CEO. Things seem fine as they are. About 37 million barrels of oil via the EPS during 6 years. But that's just scratching the surface...

Ammu123,

"Has HUR got any oil hedged for 2021?"

No. Of course not. Because all they're doing right now is 'testing' the field with an Early Production System. State-of-the-art, admittedly, and thus a lot better than the old junk your beloved RRE has, but it still remains a 'test' of something which might be producing oil long after places like Brae have had their wells abandoned and the the platforms recycled to make refrigerators.

You're a 'newbie' to this BB, and banging on with a lot of noise about another oil company, one which I wouldn't personally invest in during a month of Sundays, because their 'assets' are worn-out rubbish, and their corporate structure about as trustworthy as a fox in a hencoop.

I'd seriously advise you to do some more research into HUR before rubbishing the company in the way you are right now. Because otherwise some people might start insulting you for your lack of knowledge.

OK. You don't want to invest in HUR. That's your prerogative. But if that's so, why are you writing on this BB? Hey, I drive a 16-year-old rangerover, and consider people who drive Teslas to be utter idiots. But don't email Ellon Musk explaining why I think his product is rubbish. So why are you doing the equivalent sort of thing? Bored? Or instead got some sort of motive for doing so?

littlened,

"Adouble, I am surprised at you.You don't often,but sometimes maybe after a few beers,dont check your research ."

Belittle me as you wish. Sticks and stones, etc.

However, if you wish to invest in a junkyard, it's your business, not mine.

I don't understand this RRE / HUR discussion anyway. Other than both being 'O&G', they're neither of them in the same branch of the business. HUR is pushing frontiers, and doing state of the art things. RRE is doing banger-racing.

Nowt wrong with banger-racing, of course, and it can make money. But a glance at one of the last scenes of 'The Long Good Friday' might make you wonder where your money is best placed.

Longwait,

"According to one poster, RRE has massive paid taxes to offset against decommissioning costs."

Why are you rising to this bait?

Personally I wouldn't invest in RRE right now in a month of Sundays.

The stockmarket's in bad enough shape anyway, and O&G is only for the brave. But investing in an outfit with clapped-out assets and most likely to be amongst those going to the wall? No way.

Some newbie turns up ten days ago on this BB spouting claptrap about RRE buying out Hurricane? And you listen to that?

Me, I'm going to turn on the Rolling Stones and play some online poker.

Just stolen from my World Oil e-newsletter, but coming from Bloomberg, so I guess they won't mind.

'Diamond' is HUGE. (For those who don't really know the drilling industry).

"Diamond Offshore files for Chapter 11 bankruptcy protection
By David Wethe and Jeremy Hill on 4/26/2020

HOUSTON (Bloomberg) --Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea.

The company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 data. It has about $434.9 million of cash on hand, according to the document.

Diamond owns rigs that can drill in water more than two miles deep. But offshore oil is among the most expensive to produce, putting the company at a disadvantage when prices plunged to less than $30 a barrel.

While newer deepwater projects are less expensive, they still take longer to develop than shale wells and they still can’t compete on costs. What’s more, a global glut of offshore vessels has squeezed profit margins.

Conditions worsened “precipitously in recent months,” the company said, citing a price war between OPEC and Russia and the Covid-19 pandemic. With cash running short, the Houston-based company led by Chief Executive Officer Marc Edwards skipped a semiannual interest payment due April 15 on some of its senior notes.

Diamond Offshore adds to the more than 200 oilpatch bankruptcies dating from 2015, according to a tally by the Haynes & Boone law firm. About 2,500 jobs could be at stake at Diamond.

The case is Diamond Offshore Drilling Inc., 20-32307, U.S. Bankruptcy Court for the Southern District of Texas (Houston)."

Ammu123,

"Rre can buy HUR and would still have 200m+ cash left in the bank."

OK, fine.

But I'm gonna hang on to my HUR shares. You do whatever you want to with yours in RRE, if you even hold any.

JoeSoap,

"aduk. You've still got your 2019 wells cross-threaded.
It was the WW. 2Dec RNS
" A stable rate using an ESP could not be reliably measured as the well was still in the process of cleaning up. "

Yes, you're right. Mea culpa, hang head in shame, and so on. Lincoln produced about 4500 natural flow and 9000 on ESP.

So sorry to have written incorrect stuff.

Nevertheless, and it's all wild guesses, it's patently obvious that GWA (with its lighter oil) is NOT 'exactly the same' as GLA. And I still find it very significant that the iron ordered for the possible Lincoln tieback is still on the books.

Ammu123,

"Rre has more cash and is a better company with strong management."

Each to their opinion. But RRE's so-called 'assets' are no longer worth jack, and in the present economic climate working at a loss, and due for decomissioning soon.

JoeSoap,

"If you refer to the 6 March RNS (and oil was still >$50 when it was written) they seem to rule that out at the moment.

"While Hurricane has no current plans to proceed with the WOSPS installation, ..."

Agree. And I hope it will be explained at greater length by Dr T.

At the risk of getting a bit technical, but to add to a post about GWA in general, addressed to 'Longwait' a few days ago, I get a distinct feeling that Lincoln might be a bit 'Whirlwind-ish'. Light oil, but also 'gassy'. It would click with the fact that they were unable to get a stable DST flowrate with the ESP kicked-in. Cavitation, etc..

Let's wait and see.

feelinlucky,

".....so when does HURRICANE SEASON start????????????????"

https://www.youtube.com/watch?v=ZxQGXPyXv8g

Levs,

I believe your post and query to be genuine, so reckon it deserves a reply.

"Does anyone care to share their prediction of the CMD outcome? I would welcome other investor’s view on this. I expect the LTHs to stick to their guns to be fair."

I consider myself to be a 'LTH', though one who has traded the thing as well.

I don't like making predictions. But my personal feeling is that I don't believe the webcast CMD will make any material immediate difference to the SP, nor its volatility.

My understanding of last year's CMD was that of a bit of a 'marketing exercise', and in fact it rather fell on its face in that respect, subsequently. At least, if the SP is the yardstick to be used to measure that.

This time, I regard it more as an informational thing. An 'update'. The company has progressed and matured: it no longer needs the Malcy's. (Nor Malcy's half-assed misinterpretation of things.)

Regarding this share, I won't be going anywhere close to the sell button next week, especially not on Monday. But equally, I think it will be just very brave people indeed pushing 'buy' next week, as well. In my opinion, the market (s) in general are on a knife-edge, many are aware of that, and whether Hurricane drills two wells this year or three is a minor detail.

https://www.youtube.com/watch?v=0n_-StDp5tM

DC,

"I stand corrected"

I've done a lot of things and been to a lot of places in my life.

In fact, the old truckers' cafe at Stokenchurch served almost as good a breakfast as one could have in the Lagos Sheraton. Especially when it cane to the mushrooms on toast, But there wasn't a free ' Bloody Mary' corner. Had to go to the pub nrext door, and anyway. a Bloody Mary wasn't wnat one had in mind, generally..

Happy days.

Yes, a few people killed themselves building that stretch of motorway (not deliberately), and it cost more than million per mile. But people have forgotten that.

https://www.youtube.com/watch?v=jHKFkLhr4_I

DC,

"Sorry but I must correct you on this. The original M40 continued well beyond Stokenchurch to its junction with the A418 just after Milton Common. The route north from Milton Common went through Otmoor and was the subject of much controversity."

Sorry, but i must correct you! I worked on the Stokechurch stuff in 1972. The bridge contains some of my sweat. The 'extension' over Otmoor came a lot later.

ronok,

"Not sure about the figures you give for Lincoln Crestal.
The RNS gives 9,800stb/d on esp and 4,682stb/d on natural flow."

No. Sorry. You're wrong. Go back and look.

You're looking at the wrong well. In fact , one you might have imagined.

Unless yo uhave 'inside knowledge' I can't access.

Appropriate for current times.

First heard (for me) when drinking tea in a shack during a 'work rained off' afternoon on the Stokenchurch M40 extension, discussing how (or why) the numberplates could be changed on a Jag Mk IX parked outside, because front-and-back they didn't match. 'Belonging' , .seemingly, to one of our 'gang'.

How times change...

https://www.youtube.com/watch?v=jHKFkLhr4_I

(*_*)

ronok,

You replied to to 'Sguur'

"...Thanks also for so positive on Hur's prospects."

I don't regard our relatively new poster as being necessarily 'positive'. But certainly welcome his presence as someone who knows about the 'tech' stuff, and is prepared to discuss it in a dispassionate way.

DC,

"If HUR had any nous when negotiating the contract the discount would be proportionate."

Although we have the 'outline' of the 'BP Contract', I'm sure we don't have the whole nine yards. Nevertheless, I don't believe it was drawn up by people lacking in 'nous'. In fact, I believe Hurricane's been smarter than BP all the way down the line.

But what you suggest regarding 'discount' would, in my opinion, have been impossible to quantify when drawing up such a contract, like that which exists. Because at the time of signature, there were unknown variables, such as Poo, obviously, but also tanker costs, aviliability, and so on. But these are BP's problems.

Do not think of Hurricane as a bunch of amateurs.

In fact, go look at the documented details about that contract, and some dates. Might the 'rope issue' not seem strange?

BP DON'T want their shareholders to know what they missed.

pchima,

Agree with you as well. There seem to be quite a number of people on this BB (but that goes for other BB's) who just try to multiply spot-price by barrels shipped, and translate that into 'profit'. Which is an incredibly childish and naive idea.