Member Info for bigspike

https://www.oilfieldtechnology.com/drilling-and-production/23052018/sacgascos-dempsey-to-produce-commercial-gas-flows-at-1-200-000-ft3d/

Lol, thought you would turn up! Venoco went broke due to a oil pipeline closure. http://www.venocoinc.com/restructuring-faq/

https://www.ogj.com/articles/2007/11/sacramento-basin-guinda-frac-encouraging.html Venoco Inc. we’re fracking this basin 10 years ago, the Guinda formation is also known the g1. Venoco went bankrupt due to a leak causing there oil export pipeline closure, they were also over exposed to the down turn in the industry. It’s frustrating GJ hasn’t fracked Dempsey yet! Come on China and undo news...

He’s definitely doing things on the cheap, evident by his penny pinching shift pattern. You could say, GJ is even tighter than the sands at Dempsey!

- Over 90% uptime achieved from June 2017 to Q1 2018. - 80% increase in share price equating to �120 million increase in market cap since last CMD - record high production rate for OML 40 of 23,164 bopd from the four producing wells (Opuama-1, 3, 7 and 8) in March - Signed rig contract with KCA Deutag for T57 land rig. Mobilising to Ubima in May, onsite in June. - Sabotage around oil installations has abated largely due to strong dialogue between the FGN and Niger Delta resulting in limited militancy around oil operations - OML 40 JV exports through the Trans Escravos Pipeline, which has significantly less downtime than Trans Forcados Pipeline - Gbetiokun EPS (re-enter and complete Gbetiokun-1; drill and complete Gbetiokun-3 by Q3 2018; commence production at 15,000 bopd gross using leased floating facilities with oil export by ship along the Benin River to the Benin River Valve Station, prior to injection into the pipeline to Forcados

I wonder if the equipment they were waiting for has arrived yet? Malcy said they needed to kill the well. I think this is why they tested the kione first, Zone 4 will be higher pressure so killing the zone 4 would be more difficult. So imo the plan is to flow zone 2 & 3 through the lower completion and zone 4 and the kione through the upper completion. The next rns will give the combined flow rate and a plan on how they intend to optimise Dempsey through stimulation. Dempsey is not the average well, in fact the first for the region, so GJ get yer finger out and put that permit. Potential still remains here to open up a new play so ffs prove the well up and get a move on.

new corporate presentation provides details of the planned 2018 and 2019 drill programmes in Nigeria, which are included in a US$123.9mln capital programme. Additionally, the company said that it had continued to perform strongly in the first quarter of 2018 and highlighted that it had benefitted from higher crude prices, lower operating costs and an improved balance sheet.. Revenue increased to US$39.8mln for the first quarter of 2018, up from US$16.3mln in the final three months of 2017, similarly, earnings (EBITDA) rose by 136% to US$23.9mln compared to US$10.1mln in the preceding quarter. The company ended the quarter with US$18mln of cash. In regards to project financing, Eland noted that its improved balance sheet can allow an increase in leverage, and as such it is now seeking debt funding. It is seeking US$150-200mln of debt over a three to five year period, with the proceeds used to support its field development plans. The company said it believes US$150mln of debt would be serviceable at the lowest Debt/EBITDA levels of its peer group.

Wow!

The scheduling for evaluation and production of Ubima 1 is planned for 2018, with full field development being scheduled for 2019. The exact details of the development will be subject to the results obtained from the Ubima-1 re-entry. Work is currently on-going with pipeline surveys to both evacuation opportunities to the south through the Bonny Oil Terminal and to the north east through Brass River Oil Terminal. We expect to finalise these studies prior to completing the Ubima-1 re-entry, and we still anticipate production from Ubima field to commence during 2018. The opportunity for a significant reserves upgrade from the results of Ubima-1 highlights the true value of this asset. Great news! The question now is, after opuama 10 where’s the swamp rig going? Gbetiokun? Eland is moving forward exceeding many oil company’s on aim and backed by a strong oil price, diversifying its production as it goes....World class asset!

i'm trying to find the cpr, can someone point me in the right direction please? Ive noticed the N sand has already been proven in the basin, anyone know the COS% for the wells on the drilling programme?

Still using the same flow station, pipeline and terminal. The pipeline that has many problems is the one discussed in stuartv’s link. That has a history of problems.

Eland have just returned my call. He said ela use Trans Escravos Pipeline and there has been no problem with export. Based on my conversation I have bought back in. GLA. Panic over for me...

Just rang the Aberdeen office, they told me to ring London tel: 44 2070163180 Answer phone only, apparently preparations for capital markets day!

No comment in today’s rns, wtf! Is this genuine or not? I’ve sent the link to ela.

Planterman, would you mind posting that link, I haven’t ready that one. That seems different to others posted on here today. Cartonet, I contacted ela via their website.

What makes you so confident planterman? I’m surprised the share price didn’t drop further...

Unbelievable they haven’t updated the market!

Emailed the company this morning still no reply!

Good spot, I think Ela needs to update us on this!

An independent conceptual field development study on the Mako field has estimated the gas initially in place (GIIP) to be 705Bcf with an upside scenario of 1,317Bcf. The recoverable contingent resources for the Mako field are 433Bcf (2C) and 646Bcf (3C) respectively. Based on an analysis of the latest 2D and 3D seismic, additional high-impact exploration prospects have been identified in Duyung PSC. These prospects are located among the deeper synrift sequences and offer potentially recoverable reserves of more than 2Tcf of gas with condensate or close to 1 billion barrels of oil.