The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the resignation, with effect from 23 September 2020, of Dr Alan Parsley, Non-executive Director.
Dr Parsley was Kerogen Capital's shareholder director pursuant to the relationship deed signed in 2016. Mr Leonard Tao has also resigned as an alternate director to Dr Parsley.
https://www.investegate.co.uk/eden-research-plc--eden-/rns/new-authorisations-for-cedrozt-and-mevalone-/202009170700032324Z/
I wouldn't get excited
https://www.londonstockexchange.com/news-article/EDEN/key-patent-granted-for-eden-s-sustaine-technology/14685670
Sounds like on it's own the Eden product didn't work well enough for people to buy.
No wonder the sales are minimal and the SP is going nowhere.
So the people who denied the perched water theory were right all along.
It's going to be a humdinger of a presentation this afternoon
Can't even get a quote
oops, ignore that!!!
"As any petroleum engineer knows, it is unsafe to store gasoline in a container with rolled seams".
What's the problem?
https://ir.q4europe.com/Solutions/Hurricane2018tf/3942/newsArticle.aspx?storyid=14797275
https://www.investegate.co.uk/eden-research-plc--eden-/rns/new-authorisation-for-cedrozt-in-greece/202008050700031412V/
Yet another one that will have zero effect on the SP
https://www.investegate.co.uk/eden-research-plc--eden-/rns/new-office-and-laboratory-in-oxfordshire/202007010700066103R/
Will it lead to a higher SP?
Of course not.
https://www.investegate.co.uk/eden-research-plc--eden-/rns/patents-granted-in-the-united-states/202006250700050006R/
Don't for a second this will lead to more profits and an SP rise.
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an operational update in relation to the forward production and testing programme at the Lancaster Early Production System ("Lancaster EPS").
As previously announced, and as detailed at the Company's Capital Markets Day presentation on 27 April 2020, Hurricane has been carrying out ongoing testing of the two Lancaster EPS wells in order to determine the sustainability of combined production rates up to gross 20,000 bopd. Achieving this target rate at a sustainable level has not been possible as the impact of increasing production rates resulted in instability in the flow regime on the 205/21a-7Z well as a result of interference between the wells. This has led to a decision to shut-in the 205/21a-7Z well for the time being and return to a period of testing maximum sustainable rates from just the 205/21a-6 well. The water production from the 205/21a-7Z well at the time the instability was experienced was in line with the water production that had been seen over the previous weeks.
The Lancaster EPS is currently producing from the 205/21a-6 well at a rate of approximately 10,300 bopd. The Company plans to increase this rate incrementally, to determine its maximum sustainable level. This process will result in a period of production substantially below forward guidance of net 18,000 bopd and Hurricane is therefore suspending previous full year guidance of net 17,000 bopd. Production has averaged 15,500 bopd year to date.
Dr Robert Trice, Chief Executive of Hurricane, commented:
"The results of the recent testing of the Lancaster EPS wells at elevated combined production rates are disappointing and the degree of interference encountered is unexpected. Whilst the wells show high productivity individually, their proximity and associated interference behaviour requires further data acquisition before the Company can be confident about optimum long-term well rates. This latest development reinforces that. This data acquisition process continues, and further updates will be provided once we have determined our target plateau production rate with the existing well configuration."
Maybe soon we won't be able to produce enough.
https://www.bangkokpost.com/world/1911948/oil-hungry-asian-nations-pounce-on-low-prices-to-build-stockpiles
It's like listening to paint dry.
"The perched water model would imply that once a constant production trend has been set, water production levels should stabilise over time and may eventually decline."
Why "may" decline.
If it is perched water surely it HAS to decline as it is being taken away and not being topped up???
And before people start moaning, no, I don't have a direct link