Regarding party Block will drill a very short side track into the patty structures to prove commeciality. That proven development 4 drills will require a farm in with deep pockets 5 to 6 MILLION A POP down to 5500M. The rest of BK11b, WR, and Rustavi remains ours to develop as we see fit.
RE: One more day closer to flow rates17 Sep 2021 13:20
How long is a piece of string? I would prefer to test until they have Rock solid data and then issue the RNS. Equally be interesting to see if the 1800m connector pipe line is being installed. That would bode very well for the EWT whuch follows. So a question for the tappers club what is commercial in a $75 oil price and the Spot price as variable and rising as it is?
RE: One more day closer to flow rates17 Sep 2021 05:52
MP the debacle was caused by a failed Cementation in the WR16z uppereocence and entry to the Middle Eocence, as well as finding gas @585 PSI which stranded the well for oil production. Block corrected that failure during WR38z and For that matter WR51 and it would seem with WRB1.
RE: One more day closer to flow rates17 Sep 2021 05:47
CP it applies to both sides, there are rule's for takeovers as well, avoided by the coporate vail of off shore private equity companies where the principles are the same people caught by UK law. The company carries options for employees based on performance which are due at the end of this year or during next, the Trust now holds those shares and the votes that go with them.
Given the grumbling from the wheel tappers and shunters club on behalf of PE take over mob the amount of Cash loaned to the Trust amounts to one months Gas revenue from WR38z. As far as cash in bank is concerned we will find out on 13th October in the Q3 Oops report, just before Spud of WRB2. Those Trust Shares have yet to be allocated to staff, when they are they will then pay the tax on the options as they are granted. DYOR
Shares unfortunatly, untill they physically sell gas and oil from the well have they made a price sensitive move? Has the well even cleaned yet, or are they so sensitive to the likes of Geowiz and his water devining rod that you will get data when they are good and ready. Notice I have have bought twice to add to my hold position.
Hepseal, Block already knows if it commercial or not. AFTER all if a well pays for its self after 24 months and continues to produce over the next 5 is that not commercial? The real point to protect its commercially to produced oil it's gas HAS to be sold into the grid. The other point WRB2 will back connect to the WRB1 interconnector, it also is in a Gas rich zone sharing WRB1 fault bound segment of the WR FIELD.
Hepseal the pipeline isn't direct to the the EPF at 16, but connects to WR38Z some 1800 meters away. Blocks RNS STATES quickly connect WRB1 to the existing infrastruture. Because the well is showing both Oil and Gas in what ever quantity it has to be connected to sell the Gas otherwise the oil becomes stranded and cannot be produced.
Tony can't have combustion sources attached to Gas wells LOL. Still that's another101K into the Share piggy bank. JUST a point, when WRB1 produces, choked back to the same Gas output as WR38z that's another $66K in revenue per month. Would be nice to get a twitter picture of the clean site showing the producing infrastructure and the approaching pipeline.
Jrlomax, if the Gas pressure is the same or better than WR38Z which after all is only 1800M away, and while the pipeline is being installed from 38 testing will be choke contained as before to 1/64. That oil and Gas isn't going anywhere except into the pipeline for processing at the ELF site.
CO your assumption of only have sufficient cash to complete two wells, rests on both are non producers, the others (15 in Bk11b) do not return to production including KTE-39 Gas and Oil and being sold and BH dosnt complete the pumped solution for WR16az. I personally don't think that is the case. The Q3 ops report should be an interesting read on or around the 13th October in a months time.
Geowiz what an abuse of history. The Soviets abandoned the FIELD DUE to the increasing amounts of Gas the western portion the FIELD contained. Gas in Soviet times was unsellable and flaired off with the remaining Lower Eocene oil pumped to the surface from the Eastern portion of the FIELD. The Soviets have never commercialised the western half of the FIELD in any of the resource areas. Middle, Lower Eocene or Upper Cretatous. Your problem is you have wanted this company to fail from day one, you will say and do anything to achieve your AIM.