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I've never had strong views on the SAG one way or the other and consequently I have not joined.
However the involvement of Tom Winnifrith has changed my opinion and I now see the TW and SAG combination as something that could be bad for me as a shareholder. Trellis stated that he has had no contact with TW and I have no reason to doubt his word but I fear that TW will seek to weaponise SAG shares against those same shareholders. SAG members should be careful who they get into bed with, be that unwittlingly or otherwise.
Levelup, the restriction on OGIF making a bid for the company expires on 18 September 2020 - three years after their 272,000 shares were admitted for trading. This is detailed in the RNS Dated 12-Sep-2017.
FSC certificate problem has been fixed so you should be able to login again
DB71 where does the understanding that the new owner is not going down the BOOT funding method come from?
Response from Sarah regarding the website being down:
Seems like a technical problem – we are not the only company with the issue I am afraid but they are on it and should be up again soon.
Soundingoff, when the TE7 RNS came out the "increased recovery" question was asked and answered as follows:
Q: Can you please tell me what if any material uplift this gives to the horst “Recoverable” gas of 377bcf?
A: Essentially, these data confirm that the reservoir in the TE-7 well does not consist of small volume isolated compartments that would require drilling additional wells to achieve the same recovery factor. In this respect, it supports and increases confidence in our field development plan (FDP) consisting of a number of horizontal stimulated production wells spaced to optimise recovery. It has no material impact on the expected recovery.
Trade in endangered species is illegal - shame on you Gasmunter
Petroleumeng the term "artifical lift" was used in the RNS so I provided the SLB definition of this to help people understand that we have natural flow of gas to surface.
Point taken that artificial lift is mostly for oil wells and only intermittently used in liquid rich gas wells - hence the wording on the SLB website.
Folks, read the RNS:
The Company is delighted to report that it has secured hydrocarbon gas to surface (C1 to C5 composition) from within the primary shallow zone, a section of which was perforated from 1932 to 1938 metres MD. This has been achieved without stimulation or artificial lift.
Just in case you still don't get it here is what Schlumberger say about artificial lift:
Of the approximately one million oil and gas wells producing in the world, roughly 5% flow naturally—leaving nearly all of the world’s oil and gas production reliant on efficient artificial lift operations.
There is an Oscar Wilde quote for most occasions, including the return of MTT:
"Some cause happiness wherever they go; others whenever they go"
I was just interested where LM2 was getting his figures from? One always needs to keep one eye on cash with a company like Sound.
I'm very happy to be paying for testing at TE10 and looking forward to some results.
Agreed it would be nice to know what the idle rig cost is but Saipem gave us a good rate when we had it stacked at SM so hopefully the delay in drilling TE11 does not add significant cost.
According to the 2018 final results we had £20.5m (pounds not dollars) at the start of 2019.
Admin costs for the 2018 year were £8.9mil (up from £8.5mil in 2017).
Where do the numbers you quote come from?
DS speaking at UK Investor Show 2019:
https://www.ukinvestorshow.com/videos/david-sefton-anglo-african-oil-gas-plc/
For those that have not seen it.
Thanks for posting Dixie33.
Sarah must have had a few queries (one from me) and appears to have summarised them in a single reply.
One thing to add to my previous post is that TE5 horst reserves could be upgraded if a more free-draining reservoir (inferred from today's RNS) leads to a higher recovery factor.
Previous post should read "... 66mmscf/d to ONEE ..."
As I understand it the TE5 horst is bounded by faults so I don't take today's RNS to indicate greater connectivity.
However, it is undoubtedly good news, and not just because we need fewer wells to provide 66mscf/d to ONEE for X years.
Surely we have better permeability that first thought because we appear to be draining a larger area from TE7 that predicted. We may also have better porosity (more gas in a given volume of rock) than thought and therefore perhaps we are nearer the top end of the host GOIP estimates rather than the mid-case.
All IMHO.
Lelo, JJ answered this during the May 2018 Fireside Chat:
Question from Lewis_Suffolk
Would you be able to give an estimate of how much gas can flow through a 12in pipeline per annum and a 20in pipe per annum?
JJ Traynor (Chief Financial Officer)
12" roughly 80mmscfd, 20" - 240mmscfd
Tres drole partridge :)