The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
“The next step, because we’ve spent a lot of shareholders’ money while the oil price was low, is to do a deal with an industry player. We’re going out there to see if we can get someone else to pay for the work that needs to be done.
“We believe the Icewine project is a very high quality asset. A farm-out process is under way to progress the exploration and appraisal program. We’ve set up a data room and we’ve got a number of interested parties and we’re confident we can get a compelling offer by the end of the year.”
Wall has every reason to be looking forward to 2019.
I couldn’t attend the recent presentation at the Forge but have listened to the Vox markets podcast over and over again. No doubting the fact that the conventional has caught up with the shale in terms of size and scale and will/should be easier to monetise in the short/medium term either through farmout or in the case of Winx possibly revenue from production. However, I am really intrigued and excited by the Cascade project and feel this could be something very substantial in it’s own right – I am really looking forward to the final assessment and announcement of the 3d interpretation towards the end of the year. I like most here hung my hat on the HRZ being a success and was bitterly dissapointed at the outcome but the future really does look bright and not long to wait by the sound of it. Chick
Q: And why did you want to go horizontally and then go vertically?
DaveW: We thought we could skip a step in the normal process?
Q: And why did you think you could skip that step and then change your mind?
DaveW: Because we had obtained enough material and log and data that we thought we would be able to get to a point in our interpretation and analysis that we could reduce the uncertainty in where we would land that well, but we can’t at this point in time.
Q: Why not?
PaulB: We had log quality issues. We had washouts in the hole. Because the formation is very over-pressured. Where we had core we have certainty - there’s no uncertainty. But there’s part of the hole that we didn’t get all of the information that we need - and so in this vertical well we're also going to be able to acquire the additional information as well as the induction falloff testing, we’re going to actually to frack into these zones - we’re going to be able to measure the height growth and the embedment and all the other things like that.
I think the announcement is a bit ambiguos. I took it to mean farm out for both Conventional and Unconventional before year end from the paragraph below.
The dataroom related to farm-out of both the conventional and unconventional prospectivity at Project Icewine has now been formally opened. 88 Energy and its Joint Venture Partner, Burgundy Xploration LLC ("BEX"), are aiming to complete a farm-out prior to year-end that will result in significant expenditure over Project Icewine to continue evaluation of the large conventional and unconventional potential identified over the past three years by the Joint Venture.
Guzzler Yes it does appear Garry and Olderwiser are the go to men. It is also interesting that one appears to have written the project off and the other intimates there is nothing to worry about - so who do you take notice of?
As you say the next RNS will be telling - any problems will no doubt be explained if the flow rate hasn't increased as expected in the meantime
Courtesy of Olderwiser on HC. I had a nagging doubt over the 10 to 14 day timeline for fluid flowback. So fact checked it with 88e The modelled timeline begins with N2 lifting on 13/6/18 @ 0845 AK time, not the beginning of flowback @ 11/6/18 2230 hrs Strip it back to actual runtime by subtracting change over activities like velocity string installation and we are ~ 80 hours into a 240 to 336 target on 17/6/18 at 0530. So still early days, with a theoretical adjustment to ending now in the range 23/6 2130 to 27/6 2130 AK time