Member Info for Bamps21

I'm not sure what the oil is being driven by.
Leo's remark of the drill being lively suggests gas, then in the Rns they mention water.
On the presentation map Saffron is right in the middle of the oil updip any water involved would be at the base presumably driving the oil upwards
ATB:))

Hi Garnheim
I've some knowledge of gas caps and solution drive reservoirs but not a lot. What I do know is gas caps can give a enhanced production of between 20-40% of gas in place and with a steep updip can be as high as 60% but there is always a but a thin oil column could produce under 10%.
I didn't mention it today as it's very technical but the thin horizons could be full of a gas cap but the remarks reported make it sound like a solution driven reservoir which would mean water at the base.
During the update Leo did say the well is very lively indicating gas oil presence

I'm hoping for a gas cap personally
ATB:))

On signing the lease agreement with the Singh Estates Leo commented " I am confident that even a modest discovery on the Bonasse license area will materially transform the company"

I like the word modest
Raising a glass to all those sellers whose allowed me to top up so cheaply :))))

"The Company has now completed the interpretation of the cased hole logging for the Lower Cruse portion Saffron well. The interpretation for the Upper Cruse and Middle Cruse are expected shortly. The logging does not materially alter the Company's previous announcement that the Company has drilled multiple sand packages with high sandstone content and multiple oil shows to Total Depth ("TD"). The interpretation of the logging gives the Company comfort that it should proceed with the completion and testing of the well.

Morning Tom, Nige, Troubles
I'm only holding a small number in this at mo it's too high for me to back in yet don't want to get trapped.
My biggest play at mo is Cerp in doldrums again or is it. The price keeps bouncing easy way to make 20% every couple months now at 2.6p sell at 3.2p ish
Happy days

Hi Chesh
I like the bit when they stated the logging has confirmed their previous announcement that there are multiple oil zones down to TD.
The Upper and Middle Cruse logging will give Cerp a definitive net and gross pay, probably showing multiple zones which could be ill defined in my opinion but this will all be in addition to the P50 estimates.
Bring it on :))

Hi Bespoke
Between the seismics and the logging they can only pick out these 3 small zones for a definitive test. The sand packages between could be 150', 300', 400' to TD.
They've noted it bottom first which is a bit confusing, so the gross pay maybe 850' max they cannot give us an answer at the moment.
To be fair to Leo he did say in the last Rns they would inform us when logging details are complete but this has now been split into 2 with the Upper and Middle Cruse coming soon. Presumably to get the ministerial permissions quicker.
ATB:))

To those of you who think that was a very poor RNS I would suggest you study it when you are in a better frame of mind, oh I forgot you want the price lower still.
Carry on then

Hi Peter
They haven't been able to interpret the logs to give a definitive net pay zone. These will come after the flow rates to the horizons .
Lots of dismissive posters today.
Nothing like LGO they would have made a right mess of this.
Leo is controlling this very well in my opinion
ATB:))

Hi Twosheds
It was the lack of substance with that price plucked out of thin air.
If you re read my posts I have tried to value the future assets of Saffron and will propel the Nav value a lot higher than today's
Remember every barrel from Saffron is worth at least $50 x 11.5m is a lot of revenue to go after, most oil companies will be lucky to get half that.
Ukog have stated £15-18 for theirs.

To exit on these prices is daft in my opinion, buy today and wait for the next 3.3p. Where else can you make 20% profit every month or 2. I've only been doing it with tiny amounts but lots must be doing it with large amounts, at some point this share will rise and catch people out

Hi Twosheds
No one can tell what the bottom of any share will be, we'd all be millionaires:))
The only value that can be worked out is from the financial results in September. The Nav works out at 2.7p and should be the base
Proven assets are small, so if this well finds the 11.5m of recoverable reserves it will more than double are reserves but only when they are confirmed as P1,2,3 then you could be looking at 5-6p.
I must admit that talk of 53p with no substance was pathetic and delusional

Hi Stach
You have misinterpreted what the horizons are, they are certainly not the net oil pays
ATB:))

Morning all
Firstly not to deflate everyone but 2.7p is still the basic value without any potential.
We have nothing proven yet but it's coming.
Quite obviously this well has proven very difficult to complete/log/test and are taking it very carefully.
The seismics have shown 3 layers of traps/horizons.
The logging hasn't been able to confirm with any certainty of oil pays but has picked up the horizons or crusts of sand layers
The top layer is 150' then 300' then 400'.
They are going to perforate just these crusts first, they don't want to find any water packages which could lie at the bottom of the sand on top of the crusts.

They couldn't apply for ministry approval until they knew what they were doing and got on with that before proceeding with the Upper and Middle Cruse.
If you read the Rns carefully they will test these sand packages after flows from the crusts depending on water content.
I'm ok with them taking it slowly as long as it gets the best results
If you're trading you might get caught out cos the Upper levels had the downhole logging and the cased logs, so the information will be far more definitive and could come fairly quickly

The 7 other drills are South Erin by end 2021. Ramping up this share too high is not good for anyone unless you have figures to base them on

Hi Willec
Will take years to get to 53p forget it

Just looked at google earth for Saffron, certainly looks like a lot of activity has occurred/ occurring and further towards the coast it looks like a shadow of a rig mast, perhaps the workover rig.
Bit fuzzy but can see vans. I can't pick out any oil tanks

Why is it not above 3p?
Schroders/ shorters/ day traders selling
Asset rich but not much confirmed/proven
Finances - not enough revenues at moment
Waiting for news of flow rates

Is that enough!

Certainly going to be a busy year:-

Innis :- CO2 pilot project
Possible works for main project including workovers
Saffron:- Testing, production, cpd
Follow on well/wells

Clove:- possible drilling

Icacos:- workovers, approvals for deepening existing wells

Suriname:- Further examination of existing surveys, workovers, Extended Well Test, production

Goudron:- continue with the 2 pilot water flood schemes, production

South Erin:-
Workovers, start first drill of 7 required to meet license commitments by end of 2021, production.

Hi Bazz
I looked at Slp but decided to stay with Jlp same Market but refine the tailings left behind by mining. Governments have started paying them to clean up old workings. More chance of a 6x with that one.

Hi Tom
Think that was just a glitch, keep calm :)))

Hi Gillie
I remember those heady days most of my Taylor Woodrow shares were in certificates trying to sell them when they went to £5.30 was hard only sold a few, very costly. Started buying back as they came down all the way to 4p.

Hi Tom
That was a brave move.
My Itm shares paid for my Passat not as good as yours but i can get loads of building stuff in it. My mate says "what are you like"
That share was 6x original price, for GGP to do that would mean 12-14p, I think that's do able
ATB:))