The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
they might need to show they have money for the first drill as part of the approval process.
stick an out of hours rns out friday. because maybe just maybe next week we get the rns’s we were waiting for so from an sp point of view we leave 3.3p in the dust on the up.
part of it is we have all been burnt to often by **** management . the end goal does not change.
Ithaca have done the right thing buying my ENI’s UK assets. Better that than paying 70% all in tax burden in the UK. The more stablished players are protected with earnings abroad. So best re invest the money.
They are good people one of the best i have worked with over the last 2-3 years.
If or shall i say when Labour get in that tax rate increases to 80%.
Know wonder all investment goes abroad. All our gas majors are home grown so get hammered also.
Tescos made 3.1 bn profit but screwing the farmers and suppliers is ok in the UK governments eyes.
In some ways it has been like this for years with north sea oil. I have to get to the US t get paid correctly £65k in UK vs $225k US.
Anyways i digress. Ithaca is goi my to regroup in 2024 with lots of drilling 2025 onwards. This is a slow burn a great long term dribble of money to invest.
Dividends in the future also. So do not get disheartened.
Now is the time to get in. The Vertical well proved there was oil in the layers. Now the Horizontal is the all or nothing. This next well is the one to get the production testing from. From this current raise price there will be profit. Whether you wait for those results or not. So easy to pit in a little money in this now. The Difficulty is for the LTH who need money to average down , their risk is higher plus the money is not working elsewhere.
What this comes down to is people on here thought it was going to 2 p in an instant.
Some say we drilled and teated two wells.
These vertical wells are to prove oil in reservoir targets. They have done that.
Now they need to do post well analysis, the well that is important is the first horizontal well which can now hit these targets. ( if one was without oil you want to know not to drill it in future).
These wells do not clean up in the short time they test. I do samples whilst drilling and a clean up can be 30hrs if not more just to get the virgin fluid in the well and that is a non Alaskan tighter play.
Most full completions can take 7-10 days to clean up in a proper setting.
I have just drilled 3x horizontals all from one surface slot, all tied together to maximums pressures and flows.
We need to know their next move so. Post well RNS and forward plan. Finances are key from here so i suspect some of that is in the current SP.
I really think this needs a few days to settle. Iran Isreal is hammering all stocks in the sector today.
People betting on a huge rise. 2p was never on the cards. 1p would have been more realistic. Early days. People follow the herd and get scared.
We have proven oil, which was the goal.
Next step is post well analysis and plan to drill horizontal well.
I heard on LSE this was two wells -wrong. So people dont even research.
Now yea it could have been better but i think this needs a few days to settle. A lot of good shares are down 5% or more just on Iran attacking Isreal.
Not the best RNS, but everything is getting hammered due to Iran and Isreal exaggerating the fall.
Many are only here for a quick profit so left.
This morning on this site i have heard that we drilled 2 wells. I mean how basic can you be wrong.
These snapshots with vertical wells are just to confirm Oil and those numbers are not the production bopd rates vs a Horizontal hole.
But they need to finance the future drill after post well analysis.
The first horizontal is the key one really.
It was 1 well with 2 zones each tested. These are not the production rates. These are to prove oil is present. The next step is plan for horizontal well drilling to maximise pay zone exposure.
The next step will need financing i guess.
Maybe that drip is to catch people out. Stop losses in AIM are really a pain. Especially if you cannot keep a close eye on a stock.
Maybe people are fed up cutting losses to invest else where.
Again if a stock has already moved 20% most of the time you are to late to jump in. Same as chopping and changing does nothing unless you really lose faith, then the question is at this point did you research enough.
We have 1 flow test from 1. We need the second to be good. Then an RNS with both results collated and the future plan.
But the results always are what we need good or bad.
JChrist. Here is an example that i used for some environmental nutters near me. A big cruise ship uses 75k-100k gallons of fuel a day, a day!. Now think about every ship peddling Chinese built cheap crap around the world. So if you use any cheap crap Chinese made product. You cannot lecture on environment. If you actually knew anyone in the O and G industry we actually do value the environment and usually do more to protect it on a daily basis. At a very basic level you would not get me littering for example, environmental nutters litter and do very low level damage like they are exempt some how.
Oil and gas powers the world, oil and gas profits built wind farms, nothing is free in this world.