Member Info for Bubblepoint

My take on the current field status is that they had all wells shut in for around 48hrs, to perform the noted maintenance and possible pipework installation, the start up flow did crank up rapidly to hit its 3 well contribution rate at over 9mmscf/d, but it has tapered off since then, dropping at around roughly 2mmscf/d, with today only hitting 3.7mmscf/d.

My gut feeling is that on starting the 3 wells back up they will have taken an initial purge of condensate from A4 well and likely a built up purge of unwanted's from B7T.

It looks to me like they have been having to crank down the flow from A4 & B7T to a level where they are only producing dry gas from the 3 wells, and I "suspect" that this may be because they are unable to tanker out condensate/liquids for reasons beyond their control, meaning either the offload point at terminal is not accessible for some reason, maybe their own maintenance or other, or related to tanker provider delays or tanker movements.

If it is as above, then hopefully it is only a very temporary hold up.

The plant & one compressor has to be operational to be providing the current flow, A4 can't produce 3.7mmscf/d on it's own due to condensate production (roughly 2mmscf/d + All condy), B2 doesn't produce condy, and can deliver around 3 mmscf/d & B7T is capable of around 4-5 mmscf/d and likely still cleaning up some residual liquids & muds when flowing hard, so flow is likely from strongly reduced rates on all 3 wells, or limiting reduced rates on 2 wells.

I could be wrong, but from what I am seeing, it looks highly possible.

So I am assuming we are back up and running with a likely last part of yesterday being on flow, hence the 33k therms.

So fingers crossed all went well and we resume normal expected flow rates or more.

Srk,

Much of the plant has been in field a year, not all of it, as the 2nd compressor was added later etc, but 12 months will require inspection, including thickness tests, and possibly some line pressure tests and the separator will have a detailed requirement, which is typical under annual certification for integrity, safety and insurance purposes.

BV,

To be totally honest, I struggle to find a reason that they would put need to RNS the new pipework as a stand alone rns.

They could include it within a general update, but as it is almost certainly not going to change the flow then it is nothing more than a material change on site.

They "may" decide to general update to confirm the maintenance is completed successfully and flow is resumed, and potentially include it in such an rns, but again, it is not a value adding rns, and we know they are doing it already.

BV,

There are many outfits that can produce such pipework, but I would almost certainly think it has been done by the same outfit that manufactured the compressor systems for them. Logical option for me.

Ab,

It'll be cheaper to run the new pipework because the temporary pipework is almost certainly under temporary rental from the outfit that did the welltest, therefore they will be getting billed daily for it until it is returned.

BV,

Much of the "temporary" pipework was in part almost certainly needed for the B7T extended cleaning up of unwanted's from the well, and to route & facilitate diverting the gas & unwanted's to the plant and storage on site.

I would fully expect the B7T well to be producing with fairly minimal unwanted's now, so the temporary pipework and it's routing are not really necessary.

It is logical to try and do the pipework installation during this "maintenance" period, as it will put the whole surface system in the same annual cert window.

What you don't want is various parts of the surface set up having notable different renewal dates, as you would end up doing small shut down's every other month, so getting it all regrouped in a one'r is the smart way forward.

I also really doubt the new pipework will make any difference to the flow rate at all.

The surface flow is almost certainly being carefully managed to keep the reservoir and wellbore to surface managed relative to the "dew point" which will help keep the condensate at reservoir manageable.

That's my take on it anyway, and all good.

Well it likely is a really good time to get the scheduled maintenance done, since they are so far ahead on the monthly production curve.

I expect much of this is annual system & pipework tests for certification & insurance, & hopefully getting that final bit of pipework installed at the same time.

I haven't been posting much Donek, 7 posts in as many days lol, though I am my own boss and I have pages open almost permanently to take random look in's throughout the day etc.

Agree Donek, It's a lot of noise over on UKOG board, same with MATD, it is typical when there are so many avenues of both potential & controversy, and that there are often 2-3-4 times as many posts daily as actual trades.

Thankfully Angs is in a reasonable sweet spot post drill and generating decent revenue to service debt and build for the future.

Lol Surreylad, I will NEVER declare my position ever again, trading or longer holding stock, only general & tech discussion now ;-)))

Gas price volatility continues, and this is at a time where demand is the absolute minimum for the year.

What we have seen is the fragile reality of the supply & limited storage capacity, it really only takes something quiet minor to cause a significant butterfly effect on industry prices, and I am sure there will be more fluctuations to come.

Add to that, the perfect storm with the Gov dropping a fat chunk off the windfall tax that has been weighing heavy on producers etc. should make for a bumper return for Angus.

WG,

I NEVER EVER told or recommended a buy/sell or hold, on any post or opinion selector, that is for others to decide, not me.

What !! you think people taking positions, LTH's, traders etc are not adult enough to make their own decisions on when to click the buy or sell, hmmmmmmmm delusional and selective as ever WG.

As for me, I will never declare what I am doing or what my position is anymore, I will simply do my own thing as and when the price dictates. Cheers.

Whatever WG,

All that matters is the general average throughout the year, and so far it is proving ME right, you can pick up on a little summer dip, but all I see is a correction back to where it should be as a minimum.

As for judgement, well, I will stick to mine thanks, yours isn't worth the effort to read, happy days ahead and plenty more trading opportunities to be had, thanks for your concerns lol.

Disappointed in WG,

I thought he might show some reasonable level of balance and also post on the prices rallying back OVER a quid, all well and good to post the downward trend, but it was short lived (as expected) and hopefully this recent uplift will push on into the backend for winter stock.

BV,

They have plenty of redundancy in the 2 compressors we know of, meaning they are running at around 70% of their maximum capacity.

A 3rd compressor will give them more "producible reserves" simply because they can continue to produce at lower reservoir pressures than the 2 main compressors need as feed in pressure (surface pressure).

Meaning once the reservoir reaches close to that critical pressure, then they simply run the lower flowing pressure gas into the 1st stage 3rd Booster compressor first, which will then drive up the pressure between the booster compressor and the main compressors to an acceptable pressure level, a level above critical for those main compressors.

A 3rd compressor will do nothing, other than provide back up at this time, which is a "nice to have" but expensive when they need to get these initial short term debts cleared.

Totally agree ab, easy to get an offer on 3m plus shares in one lump, looks like this is the bargain basement price for now anyway. sitting on hands as likely when they eventually reveal the actual financial status on debt and revenues it may well kick in hard.

And why wouldn't a foreign entity put decom costs astronomically high ?? hmmmmmmm, plenty of reasons they would do that, it simply suits you to favour the RF estimates.

You would struggle to spend that on a tiny North sea well abandonment using today's tech, on UK land it is a fraction of that.

And the associated deeds link:

https://www.gov.uk/hmrc-internal-manuals/oil-taxation-manual/ot28701