Member Info for Bamps21

4th day of rain in a row here and the sp goes up.
No reality anymore
River Severn rising again, cricket ground underwater let's hope it stops raining before the new season starts

Good luck today Ben

That should be 1,200bn resource

I found interesting bits of info re Venezuelan reserves
Bp research have increased the Venezuelan reserves to 303bn barrels I'm presuming they are the 3P category as their resource figure has topped 1.2bn, mainly down to the new fields just to the north of the Orinoco. They were due to start development in 2013.
The new reserve figure tops Saudi which has a revised 297bn barrels.

In 2002 there was a strike which led to half the 18,000 oil workers being sacked, a serious depletion of resources.

The oil in the Orinoco is a very heavy oil similar to the tar sands of Canada but at a much deeper depth. The oil has an API <10*, and the reason it's that low is believed to be something to do with meteoric water affecting it. It lost me at that point :))
The extra heavy oil is mainly used for asphalts.
They have enough oil to last for 234 years at present extraction rates
There are approximately 1700 abandoned wells in 100 fields.

Trinidad straddles the northern edge of the East Venezuelan basin, the Orinoco basin is in the south of the basin.
All the maps I've seen show Suriname way to the southeast of the oil basin

Estimated reserves are classed as P10,P50,P90 where P50 is the mean at Saffron it is 11m barrels.
To move an estimated reserve to a commercial reserve the company has to have the technical and commercial means to extract it. It can then move from a P50 reserve to proven,probable,possible.
proven reserve 90% chance being recovered
probable with 50%
possible with 10%

Since 2013 these have been classed as 1P,2P and 3P
Where 3P is proven+probable +possible

It is fairly expensive to obtain this information, so most junior companies only issue 3P for certain fields or prized assets
Why issue it, well the investment community uses these figures as their investment tools and without them they won't invest
Canada have made a law that companies issue 1P and 2P figures
On Aim 3P is the norm
Big companies use these figures to buy in or farm in, so smaller companies may not issue them unless they have reason to do so

Hi Peter, Offerman
Saffron is on the Bonasse license, probably our best fiscal license on a $60 oil price we get $50.
Being close to existing infrastructure it looks the best value for money.
When it was first announced I never believed it was one of the 12 targets.

If the Pmean of 11m barrels recoverable oil is achieved this will nearly double Cerp's recoverable assets . When confirmed with a CPR by independent specialists this should propel the sp
ATB:))

Hi troubles
So you like poor Old Tom :))

Hi troubles
I don't drink much beer but prefer Banks
Bought GK for £1.50 sold at £8.50 had loads of dividends and 20% vouchers off food and drink , Loch Fines restaurant was good. Old speckled hen beer was ok

Hi Nige
So PF sells shares now looks like he's going to get some of them back cheaply. Money for old rope

11,500,000 barrels of estimated recoverable reserves is a lot of oil :))

Hi Nige
I've got 2 systems:-
My gut instincts and my head i.e. Aim and divi stocks, my gut is winning this year first time for years. I stuck with that little boiler maker Insp until they blew last week and sold half the other half taken off again well pleased. 2 oil stocks just about to blow, bit nervous.
My divi side got big boost with Greene King being taken over, bit sad another Brit company gone in foreign hands.
Surely 2020 will be the year that Tw breaks the £2 barrier, I'm hoping so but not confident after PR sell
ATB with your system:))

Does anyone know if reaching total depth is a reportable occurrence under Aim rules. Surely we would be told, most other oilers disclose it.
I wonder if they have paused to evaluate the Upper and Middle Cruse before continuing to total depth

His wife must need a new car too :))

They give the company cash in exchange for shares . Their business model is set up to lend for shares and then sell the shares for a 5-10% profit.
They may have certain restrictions controlled by the company such as - no lending to short sellers, can only trade up to 15% of the days volume, a base floor of say 3p like the last loan or the company pays a certain amount back every month.
They will want their money back whichever way
ATB:))

Hi Peter
If we confirm 70-100m of reserves and a flow rate of say 200 bopd the sp should re rate higher but the Lind deal will have a negative effect when they start selling to get their money back , so who knows what's going to happen but a re rating will come as more assets are confirmed- Saffron, Innis Trinity, Suriname and Swp follow ons.
I don't think Clove will have any effect it's too small a target
ATB:))

If they find the reserves they are expecting then funding options become easier.
IGAS have just arranged a RBL (reserve base lending) facility with BMO Capital Markets for £25m.
I'm expecting an increase in assets at Saffron mainly the Upper and Middle Cruse are unknowns. I hope they can confirm these as soon as possible to lift the sp.
ATB:))

The mud is used to contain the pressures,oil and gas but as the drilling slurries come out they will / maybe contaminated with oil. I doubt if the colour would change much but you would see the sheen and possible gas bubbles.
For environmental reasons they have to control the oil and gas emissions and every risk planned for.
In that pit still looks like mud slurry to me.

Hi SweetTooth
She would need heated handlebars :))
If you haven't driven with a heated steering wheel I would seriously try one out you wouldn't look back. No more driving gloves
ATB:))

Hi Peter
That's the mud slurry he's keeping his eye on it for oil sheen and then dipped his glove in it and looked at it, then a great big beaming smile :))
Just watched the 2017 presentation again, it's worth another listen although out of date
Leo remarked why am I being coy about the SWP is to preserve competitive advantage. He goes on about the original costs for 4 targets was about $12-14m per well, they then found out they were only going to cost $2-4m and the company could manage these themselves. When they will look at joint ventures or farm in is when the targets are in their 100s of millions not 10s of millions
Well worth another listen :))

Leo with a big smile, great to see.
"The well has been lively" the pressures must be good.
On the clip at the end I was looking for an oil sheen on the slurry which wasn't visible
"A tight drill, I'm not allowed to say"
Why does it have to be a secret.

Great appointment they want to keep him. His first video for Cerp did impress me well worth another look and he's doing another one shortly.
Happy days :))

Hi Nige
I'm not selling any Tw at the moment although this 7 month wait is a long gap between dividends. I've had some luck with INSP the Northern boiler firm who have had a meteoric rise this last week. I took a fair bit out and decided to move it from my growth stocks to my divi stocks and I bought Town at around 2.10 , very pleased with the rise yesterday .
Put all my Tw dividends into my growth stocks namely JLP so sort of swapped. Jlp are likely to start paying out next 18 months if the share price was based on earnings it could be 6p next year and 14p year after.
Good news on my old car found a little garage guy who said no problem I'll sort it, so that's good until I get the bill
ATB:))