Member Info for Bamps21

Hi troubles
That posters remarks were a bit off hand for somebody who has just started posting.
I can't get over the number of key board warriors that come on here and jump down people's throats and then disappear without forming a proper discussion.
I don't really care if we're in or out but realise in time this country will be poorer.
Socially the country is split down the middle with little chance of repair.
The viscousness of some people is downright appalling at times, especially towards MPs, who wants that job.

Keep smiling troubles
ATB:))

Hi Peter
"Why don't the markets see that"
It used to be that future prospects were taken into account but now times have changed the markets need facts.
What are a facts with Saffron, well it looks like we've hit some sort of oil but that's speculation.
An Rns stating we've hit oil and the flows are x amount will probably spike the price or relief bounce
A statement issuing exactly what we have in respect of recoverable reserves will be the game changer. Cerp can then borrow money against those reserves.
If anyone has worked out the value of those reserves as my last post and decided by the number of shares, I make that 60p ish per share on Saffron assets.

Head back in the bucket :))

Yes get a grip
The recent Rns stated they've redrilled the pilot well to a 17.5" dia and then 12.5"
Can't you see that's huge for 2 unknown layers before they've drilled the main target.
I believe we are on course for exceeding the Pmean reserves of 77m and recoverables of 11.5m . Cerp have not got anything like that on any other license
Goudron 4m recoverable
Innis 4m recoverable
Suriname 25m reserves

Remember as Sanderson of Ukog keeps repeating "recoverable reserves are looked on as a money pit and are worth £15-18 per barrel to Ukog"
At Bonasse each recoverable barrel is worth around $50 less costs, get your calculator out and see if it's big enough to do the calculations
Going to stick my head in a bucket before people throw things at me :))

Hi Johnson
Sold half of mine, thought yesterday I might have made a mistake.
Going to wait a month or so and see what happens

Hi VCB2
I don't know about being knowledgeable but I do a lot of research and pass on what I find.

It's in my opinion that the oil in Venezuela has migrated towards Trinidad and Columbia leaving behind a very heavy oil, so it's better to be nearer Goudron where some of the lighter good quality oils are at c38 API as to Saffron 25.
My take on the share price is mainly based on Finncap Nav chart on the presentation which is well broken down and 14p by this time next year could be achieved by:-
A good Saffron result and confirmed reserves report
Good well tests in Suriname
CO2 success with Predator
Water flood progress at Goudron
More drilling on Swp follow on wells

Besides all that I can see this spiking, to what I've got no idea, Aim is a different animal these days

ATB:))

Hi VCB2
We were all great investors in LGO, shame the company wasn't great.
I've always believed in the assets it held and Saffron is just a stepping stone to greater things.
The Pmean oil in place of 77m is fairly large and the 11.5m recoverable figure is far more than we have elsewhere but as TXP have found out today the real prize is at lower levels. Saying that though Leo seems to have found a sweet spot at Saffron in the Cruse formations.
My feet are staying firmly on the ground though as history has shown that the Lower Cruse depletion is sharp, so the testing coming up will be crucial.
Saffron was chosen as the most risk free of all the Swp targets and being in Bonasse the most cost effective for a company that's living within it's means.

I am still very positive of the outcome and looking forward to the reserves increase

ATB:))

Someone (own upLLL) created a geology thread over the weekend that got deleted:)) and it was probably your best apart from the wifi joke
ATB:))

Hi Hedgecutter
Very funny my favourite:))
ATB:))

Is it me they're targeting. Threads keep disappearing that I've posted on. Soon see with this one :((

Hi Ben
One thing I wouldn't do is buy McCarthy market saturated.
Aim is a different proposition these days the dodgy directors have been found out, and moved to main market (Carillion)
Ggp very good prospects of growth, I mean a lot of growth, just a look at the survey pictures on their web site tells a story
I'm keeping an eye on Brewin, I'm hoping for a drop tomorrow and get back in, x divi 9th Jan paying in Feb

All the best:))

Hi Ben
I hope you're going to keep in touch even though you sold out.
I felt like doing the same but only sold half, the weather that rubbish it's bound to be effecting all builders at mo.
Reading the papers yesterday looks like a flood of foreign money is coming, be just my luck that Tw will keep going up.
Also sold half of Brewin only bought 10 days ago made 35p each well happy with that and bought more Ggp and Cerp.

Have a good xmas and let's hope the weather improves:))

The most comparable well drill I've been reading about recently is Ukog 's well at Gatwick, where they drilled a pilot well which had a 12.25" dia bore and then drilled the horizontal section with an 8.5" lined with a 7" casing.
The pilot well was used primarily for geological data to determine where the depth of the horizontal would start from.

Saffron must have given Cerp a good knowledge of the Upper and Middle Cruse

Hi Ltid
I've never come across widening a pilot hole before
The rig size can dictate the bore diameter but there a lot of factors deciding the size. Larger diameters are normally drilled first then cased and a smaller dia last especially on very deep wells.

There must have been a sound reason to pilot it. Perhaps they weren't expecting good oil shows above the Lower Cruse and would have used the pilot hole for production if there hadn't been oil shows in the Upper or Middle Cruse .
So now there will be 3 production zones(depending on being commercial) the 17", 12" and 8", whether they will test all 3 now, I doubt it but leave the top 2 for a later date. That's the way the Rns is worded, shall have to read it again.

One other factor on bore size is the down hole pump size
Whatever it's looking good:))

I'm still thinking what an unusual method to drill a pilot hole and then to widen it, must have been a very difficult operation to accomplish. No wonder Leo is saying he was there at the critical points.
If you've ever drilled a piece of wood and then tried to widen it, following the existing hole is very difficult without a pilot bit
I don't think an inexperienced team could have done that operation successfully. Well done Leo

Hi Grq
It was the RNS I found confusing not what you had posted sorry if that was the impression I gave.
They are continuing drilling into the oil bearing strata when all the casings are in place which shouldn't take too long although it sounds like they've been taking their time to prevent damage to the well walls.
ATB:))

Hi Grq
Good post
The RNS is still slightly vague
My take on it is that they have drilled an 8.5" pilot hole to a planned depth, as in normal drills the drill is normally halted before it hits the oil bearing strata so that the casings can be installed safely. The main 8.5" hole will continue into the target zone down to TD.
The planned depth was not the total depth
Hydrocarbons were encountered at both casing sections before they'd drilled into the main target
All looking good here :))

Breaking down the Finncap Nav chart with a target price of 14p
Core asset Trinidad 4.9 - The spt tax is still holding this back, water flood is continuing, CO2 not started yet but not effected by spt
Contingent value for Trinidad 2.4
Contingent value for Suriname 3.5
CV is like a real estate evaluation amongst other things, will only come about if we sell
Saffron risked 2.9 - stable flow rates and confirmed reserves report are needed

For me, to get to 14p we need an increase in assets at Saffron and Clove, stable highish flow rates, the water flood to start working, CO2 trials to be a success and Suriname flow rates and asset increase.

Anything higher will need one of the large targets to be drilled or farm in, 30p then would not be unreasonable in my opinion.

Next year should see a strong solid growth with more and more activities coming on line. The timelines look as though they may get put back a little with all the extra work at Saffron
ATB:))

Hi Harel
Is that 88e. I've never got into that didn't fancy the cold brrr
Drilling by the shoreline is more me :))

Hi Ben
I was wondering how you were doing. Weather not good for building at mo.
I've been sweating though over at Cerp, news today has eased my nerves looking good
ATB:))

Hi Harel
I'm in Echo as well, bit disappointed with that one.
Have you seen an interview with Steve Sanderson of Ukog from last January talking about shareholder value.
Well worth a listen. He talks about recoverable reserves being worth £15-£18 to Ukog, they have 85% of the asset. Recoverable reserves in the ground are like a money pit and bank loans can be obtained on that asset.
As I said well worth a listen :))