Member Info for ALLAN1942

We have to wait for the Rig which according to a poster on Advfn has said it was contracted for 80 days on OML227. I believe it started drilling there on or about 15th December and the 80 days would take us to early March. The poster mentioned followed up with this:

IMHO and experience within the O&G sector the 80 days duration relates to the duration of the contract and not drilling of the well. As it's an appraisal well, drilling could be anything from around 25 - 45 days +/- (depending on the depths/locations of their targets) then a period of time to test, 15 / 20 / 25 days, who knows as we don't know their testing programme. Also we don't know if its drill and test a vertical pilot hole (primary target) followed by plugging back and drill and test a horizontal hole (secondary target). The other time left would be for mob / de-mob plus some contingency time for any drilling issues. Doesn't mean that the rig will be there for the full 80 days. All rig contracts have caveats in them for early release and extensions.

At that price it looks more like a buy IMO

The fool on the hill
The fool on the hill
@Adrianwfire
·
10m
#UKOG #HORSEHILL Pump has been taken off the well.

I think we are all losers at the moment. The Rig could move any day now. Will be interesting to see its destination. Just hope Sirius have paid any necessary up front fees.

Carpking, RU A Paid de-ramper by any chance ?

About the time you posted that, someone dumped 10 million

Thanks rocky GL

To write this off. There is a bigger picture here. May turn out to be a Mona Lisa.

https://www.benchmarkminerals.com/are-big-oil-auto-energy-the-next-major-investors-for-lithium/

Tell us something that we haven't worked out for ourselves:

Sirius Petroleum (AIM: SRSP), the Nigeria focused oil and gas development and production company has been advised by Shelf Drilling that the Adriatic-1 Jack-up drilling unit which is currently stationed in the adjacent oil block to the Ororo field (OML 95), and is completing the last of pre-existing contracts with another operator prior to the Sirius work programme. Spudding of the Ororo-2 well will not now take place in Q4 2018 and the Company will provide definitive timing when Shelf Drilling notifies the Company of mobilisation to the Ororo-2 location.

Why ? Your imput may be welcome !

If the Adriatic1 is only now starting the quickly arranged short- term contract drill prior to Ororo, then I cannot see it starting at Ororo this year as stated here in the Shelf Rig Schedule:

"Awarded a short-term contract with Niger Delta commencing in Nov 2018.
Awarded a 135-day plus options contract with Sirius Petroleum, expected
commencement in Jan 2019 in direct continuation of Niger Delta contract"

Perhaps the trip to Cameroon took longer than expected and the Nov 2018 start got delayed. It would be good to know if we are anyway connected to its current drill. It does seem strange that after we were told the rig was going to Ororo it suddenly got an extra job.

The following is taken from a post on the Advfn board:

"On the way from Cameroon to OPL 227 the convoy stopped several times. That was almost certainly for operational reasons, perhaps some problem with the towing. I notice that it is only the most recent movement of the rig two days ago that has brought her inside the Nigerian territorial waters boundary line, where she has finally come to a complete standstill and where she has now presumably commenced drilling. It is also at this point that the two tugs have left her and gone back to their "home" ports. To me that indicates that the tugs were required to hold on to the rig until she was allowed to come inside the boundary line to fix her position where she was required to drill."

Not EMH related (Yet) A confused Tesla Customer:

https://twitter.com/Mens_Corner_/status/1074816611834580992

Has the SP dropped ? It appears to be trading within the spread. Are you looking at Google finance because when it flashes between blue/green and red on that site it is only showing the price of the last trade be it a buy or a sell

The link in the tweet:

https://www.reuters.com/article/us-daimler-batteries/daimler-to-buy-23-billion-of-battery-cells-for-electric-car-drive-idUSKBN1OA0OG

The 80 days seems a lot and that same poster followed up with:

"IMHO and experience within the O&G sector the 80 days duration relates to the duration of the contract and not drilling of the well. As it's an appraisal well, drilling could be anything from around 25 - 45 days +/- (depending on the depths/locations of their targets) then a period of time to test, 15 / 20 / 25 days, who knows as we don't know their testing programme. Also we don't know if its drill and test a vertical pilot hole (primary target) followed by plugging back and drill and test a horizontal hole (secondary target). The other time left would be for mob / de-mob plus some contingency time for any drilling issues. Doesn't mean that the rig will be there for the full 80 days. All rig contracts have caveats in them for early release and extensions."

I got it from this post on the Advfn board:

"his is what was in the NSR on 5th December......

Adriatic I in Cameroon for inspection before a return to Nigeria
Shelf Drilling’s jack-up Adriatic I is nearing the end of a brief stay in Cameroon for underwater inspection and to obtain a temporary import permit for its next phase of work off Nigeria. Later this month the rig will start a one-well contract with Niger Delta that has an 80-day duration. This will be followed by a one-well contract with Sirius in the same sector covering a firm period of 135 days."

Try this video. Its the latest one and he is still going for Q4:

https://www.youtube.com/watch?time_continue=7&v=NWFvnLIEJ04

The Rig finished at the end of November and then went into Cameroon waters for some sort of inspection I believe, It is now on its way back heading for OPL 227 with an ETA of 11th December.