Member Info for blackelv

Interesting discussion around the shut in wells. Although plugged and abandoned, it may be cost effective to re-enter existing wells.

Depending on the water contact and the planned produced water capacity on the rented production facilities, it may well be worthwhile in these higher oil price times.

If it was 4000 bopd when it was shut in, then that figure will be higher on initial production. It has been years since it was produced and the Oil/water should have settled in the reservoir around the production wellbore.

The reservoir data sets from produced wells and seismic interpretation will tell the JV whether it is worth it and financially accretive.

Would be a great addition to production, however it depends how quickly the water cut on the other two producers ramps up.

Produced water processing will be the limiting factor for older wells, initial new wells will have very little water in the short term after first oil. GLA

As Carnarvon are the duty holder and not some Super Major, I think we will hear once the rig is on location.

This is a considerable milestone for both companies. For Advance it is our maiden development and catalyst project, for Carnarvon it is near term production to boost their portfolio.

Think we will het an RNS once on spudding location.

GLA

The go Sirius is a supply vessel, likely aiding in setting up for the tow, but will not be utilised to tow the rig.

The tug is now sitting around the edge of the 500 m zone. Could be connected by now.

Towing will be underway by tonight by the looks of it.

If the East Timor regulators are anything like the UK OSDR, then they will be asking loads of pointless and stupid questions of the drill plan and risk assessments.

Or they may be making amendment requests, which achieve absolutely nothing more than a justification of the ridiculous amount of money the regulators charge operators, to review and accept said drilling plan documents.

NOTE: this statement may not be true - please forgive the cynic in me!!!!!

As ST said previously, although is it not Valaris 107 jack up?

One is back on the map when I view it now. They had both disappeared previously. My conspiracy theory brain kicked in for a minute there!

It is still 12.18 miles from Mauntara ventaur FPSO. Once we see this distance changing from a fixed position vessel we know its underway.

Or alternatively they have both sunk simultaneously, whilst stationed a reasonable distance away from each other…..?

Would tugs moving a rig be classed as ‘price sensitive’ data?

Can see a gap up on Monday…… drilling rig mobilisation news imminent.

The tug vessels have now ‘disappeared’ from the Marine Traffic map around the Valaris……..

Very strange…..

Almost as though they have ‘switched off’ there systems…..

Oakey, as noix has shared I now just use Marintraffic.

I used to have access to AIS where I could track almost any vessel in the world with real time data (position destination etc…) however I am no longer in that position. I would not pay for it as basic location information is live on that site.

Once we see the tug vessels moving in close to the Valaris rig, we know it is prepped for voyage and they are connecting for tow.

Could be today…. Could be a week from now…. Depends on what works the Valaris has to do prior to getting going.

Put it this way, the current operator who has it on hire will want it off the payroll lol!!!! The longer its on the location, the more costs incurred from the current work activities.

GLA

Ok so there is a boat being worked on location as we speak and two additional supply vessels and two tugs with the rigs proximity. Move preps are definitely underway.

Think it was around 300km to the B-10 location so just a short tug.

Exciting times……..

GLA

Cheers,

I am by no means an expert, however I have worked been exposed to a lot over the years. Happy to give my tuppence worth if it helps people understand a little more. Especially when they invest their hard earned into it.

Operations, Engineering and safety background.

Just feel that with the activity picking up around the jack up, something is happening with the rig.

GLA

Have not messaged on this forum for quite some time, due to being burned a few years ago by some unscrupulous conmen CEO’s……!

I am involved in this industry, primarily the upstream production and exploration sector. I have spent a lot of time on both production facilities and different drillers during exploration, workover and decom activities.

This however is a ‘once a cycle’ oil and gas investment opportunity.

The potential drilling outcome is as good as it gets in this sector, looking at the CPR and details from both companies. The reward to risk is actually a little unbelievable!

I invested around three months ago just shy of 3p and have build up around 2 million shares.

This is a life changing share providing the oil price holds up above $50 and the development can be fast tracked as Carnarvon alluded to int heir presentation.

Looks like the Valaris is getting busy around its 500 m zone. The beginning of the demob of all of the current operators equipment and stores with a tug waiting on lovation along with another supply vessel……. Demob, leg lift and move over the weekend…..?

Best of luck to everyone and imagine where this will be in 6 months. Easily 4x from here on a successful drill.

Well this is a dissapointing day to be a shareholder. I am possibly a little lucky to of sold my ISA holding in Oct at just below break even so i am sorry for anyone who has lost their tax free wrapper of funds they had. Hopefully there will be more info forthcoming from Zaza in the coming weeks, although i feel this is going to have to wait until after the February at the earliest. The team can not be seen to undermine the case in any way as it is in the balance at the moment. I agree that this suspension may be in the best interests of the future of the company and block 12 (under FRRs stewardship). I have a large holding in my SIPP which was always an end game investment, therefore nothing lost YET, other than the ability to sell and reinvest. My worry at the moment is the back up plan of the NY loan, will this still be available to us as an unlisted company? If not then the courtcase outcome could be the final nail in the coffin for the company as fund raising will be almost impossible now.... so many questions i want to ask the management at this time. My fingers are crossed for everyone getting something back from this in the future, but remember that at the moment the asset is still ours, and i still believe in block 12! GLA

Too much has happened in the past with with FRR. This strikes fear into the PI’s decision making process. The only thing that will move this is an announcement of a deal with a major and the rapid progression of field exploitation. Or, flowrates of the past years drilling and reworking of Tarabani wells and a clear plan to progress field development ourselves. This is still a binary play, if a ‘no deal’ with the majors is announced then this will drop like a stone unfortunately, if its a ‘yes deal’ then it will fly. Regardless of what we think about it, the markets value is the markets value. They value us at £60 million with our current debts, unproven resources and past problems. They may value us at £600 million with a major partner and field on the way to producing 10’s of thousands of bopd.

Starrage, I agree with that timescale of a year. Future drills and flow rates along with downhole pressure monitoring will all be required before the next CPR and larger reserve numbers are verified by third parties. The initial transaction income will be from the potential partnership will dwarf our measly MCAP for starters and give us a strong balance sheet moving forward into field development phase. For us as company moving forward with our other block 12 assists, we need to start progressing with proving up what we think we have. An updated CPR with RBL will really speed up our transition into a multi billion $ company.

First hurdle is getting a major on board. As i have said all along, this is too big for little old FRR. The market will be all over this if a major comes onboard after due diligence. If they believe and buy in then just watch this fly.............

Not been on here for a while but I have been keeping an eye on how things are panning out, and looking in on the board regularly.

The YA and Caymen islands actions are great work by Zaza and the BOD's. They have put a muzzle on one and it looks like Mr Hope may have illegally went against his fiduciary duties as a board member. We will see how this pans out in the future - but i expect this to be settled in our favour, Zaza must be privy to some juicy information on the subject and he is merely removing potential barriers to boardroom machinations going forward.

The talk of the majors is very interesting. It is obviously happening and the mention of the more advanced talks of increasing profits and reducing CAPEX at Tarabani (as discussed at the shareholder meeting) then this major is trying to persuade Zaza that THEY will be good for our company. Remember this guys and girls, this is our asset and we have sunk a fortune into it so far. I am not sure exactly how much on Tarabani but say its £100 million, then the partnership will certainly include past costs sunk into the field. At a 50/50 split we could be due 50% past costs just as starter before discussing whole asset value and potential further payments on proven reserves going forward or profit share after initial expenses are recovered. There are so many ways we could structure a deal here.

With regards to funding our half ourselves with some form a partnership going forward, then i imagine this won't be a problem. We need to get reserves on the asset register and balance sheet. A look at one of my other stocks HUR, they have just farmed out to Spirit energy for the Warwick area for a carry of upto £450 million and this has NO RESERVES proven yet but is well defined with seismic and historic drill data (sound familiar). They also got funding for the FPSO and early production system for hundreds of millions with only 30 odd million in reserves in the lancaster field and hundreds of millions of resources.

Now we are onshore, low cost, next to a huge distribution network. We are at the end of the beginning now. I can see a JV being announced in the coming weeks, an updated CPR on Tarabani, a revised field development plan utilising the majors expertise and possibly some fresh, modern exploration drills along with it into the deeper sections.

All looking good here now. It is only a matter of time before our market cap reflects our assets. And at 1 million barrels a well recoverable over 250 well site locations across just the Tarabani, then this figure may shock a few people.

All in my own opinion of course.

GLA serious investors and thanks to the FRR team out on the ground doing the dirty work for us.

The gas from the Eldari B is a great problem to have. Although its wet gas and requires a more complicated production chain, this is not all that different to dry gas. After separation the dried gas can be re-injected into other horizons to help increase the production profile of those zones (ie charge the depleting pressure) whilst we hopefully await large scale gas processing from the Garaji. The oil and wet gas will also produce water and condensate which will be separated from the incoming oil through a series of seperators and further processed. The water can be cleaned via filters or further settling tanks with skimmers or left to evaporate in ponds or even sent off site for disposal. The separated condensate can be sold by the barrel at a premium to the oil price much the same way the oil is at the moment.

There are lots of possibilities and variations available, but it all depends on the plan of attack and more importantly the finance available. We have lots of hydrocarbons to process over the next few years, so the field development may be a very complicated beast.

Just watched the LSE interview and I am very happy with my investment here. The deeper zones in Eldari B are obviously much more financially rewarding than the higher zones in Eldari A.

It makes perfect sense to drill deeper initially - produce Eldari B zones until reserves are removed, then plug the production tubing between the EldariA/B and re-perforate/stimulate the Eldari A zones to continue the production of those zones.

The oil is looking very rewarding indeed! with the added value of the gas in the Eldari B and 800m below that aswell. As I stated previously, and what Zaza confirmed today - we are now proving reserves for financing options by getting a 'proven' quantity added to the CPR. Hence the reason for the extended, exended, extended well testing.

Once all this comes out in an RNS then this share will start to motor on up and break the 1p easily. All in my own opinion of course.

GLA!!!!!

Mmmmmm nope you are wrong! I am talking about one individual well. We will not run out of oul across the block, but around the immediate area OF THAT ONE WELL! If you open the choke fully and for instance you get 1000 barrels a day from that well, by the end of that year the flowrate will decrease very quickly. Hence the need to bring on more wells to keep your production levels higher. As you drain the oil from around the wellbore, the pressure drops at that point, and higher pressure oil rushes in to balance the pressure out across that area of the well (permeability). You need to remember that the oil has to migrate the through the resistance of the rock - it is not just a big tank of oil that we open the taps on!!!!! We need to allow recharge rates. Not a deramper here mate, i am heavily invested here (all be it originally for gas lol) have a look at my posting history. Just trying to explain things for people who are not in the industry.

You cant just throw ipen the choke and expect lots of oil to flow forever. We need to find a balance between flowrates and well recharge rates. Much like draining a bath with the plug removed and turning the tap on full, the amout coming out exceeds the amount coming in and eventually the bath will empty! We dont want empty wells, if you just open the chokes up then there is not enough time for the hydrocarbons to migrate to areas of lower pressure within the well (around the wellbore production string) and you wreck the wells.