Member Info for Blubay

That makes no sense at all, all the wishful thinking in the world can’t predict that. There are very encouraging gas shows at multiple levels, and we’ve known this since 2021. That’s great, but no conclusions here until we have the data and samples.

Are you just making this stuff up Cyber? You’ve misunderstood almost every point.

And you joined this site two days ago just to help us all out with the benefit of your third hand rumour of inside info? Remarkably community spirited if you!

The ‘big boys’ will not come in pre-results. They don’t take risks less they know the outcomes.

If they believe they can get to depth to wire and sample basement, on the basis of the current data and rig repair, then they might defer independent lab verification until they have that deep gas in the sample jar. The key thing is to maximise data now and decide whether to risk drilling deeper.

In case you missed it, they are not currently in a position to directly test the basement, although they got within just a few meters of TD. That should give enough wireline data, the key question now is about downhole gas sampling. Fingers crossed.

Tempered by the fact that…

“The expectation is that the rod pump will be replaced with an ESP in the middle of the first quarter of 2024”

Don’t tell other people what to do with their money Coco, you can tell us what you’re doing with yours if you want. Are you in or out?

FFS Joe and Cyber, get a room or something. You're obviously the two best traders in the world, buying in cheaper than anyone on the forum and selling higher every time.

I suspect there won't be an interview today, while they diagnose the problem and we might get one Monday. At least, it's very common for a Friday bad news RNS to be holding place for the weekend.

I think that's a fair appraisal. It's also possible they worked on the rough neck seals and that led them to realise that the hydraulics were the source of that damage. It sounds like they haven't fully diagnosed the problem when writing the RNS, so it remains unknown (could be simple, could be more complicated and expensive). The main thing is no current risk to well integrity and the 1.5km string is still turning but they won't want to leave it down there any longer than necessary. As you say, risk increased, hypothetical reward still intact.

Spud was on 25 September, for a two week drill (9 October) plus two week test results (23 October), plus a similar second drill. We are now heading towards at least seven weeks before testing can start (possibly longer)

Of course they will have thought of that. Why would you invest in a company that has no plan for future sustainability and only has cash for short term operation? The cash raise was for the two drills and six months further working capital to keep the lights on until summer 2024. This was all in the funding prospectus and entirely normal.

The risk is not the breakdown, which is mechanical and above ground, therefore fixable. The risk is the time delay and the rate of cash burn, with a crew of 60 people, third party services etc. With luck we might get an interview to elaborate whether the problem has been diagnosed and a timescale.

Yes, personally I'm not out, just de-risking the amount I have invested for the moment

I managed to get 5.11p, not too bad, will buy back later if it drops

Are you in or out Joe?

No need for daft conspiracy theories. It is what it is. They have a mechanical problem with the rig s**t happens, it's exploration, it's high risk, everyone knows this.

That's incorrect, there is a massive resource opportunity here, which they know is potentially commercial if they can prove it. All the evidence points to that. The execution is frustrating but that's the way it goes with exploration unfortunately.

It's a completely different problem Jem, there is no down hole problem. This is simply a problem of fixing a piece of mechanical equipment on the surface