RE: Charts8 Mar 2023 15:49
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I think today if the larger sellers getting out before spud, there was 5m sold at 0.651, who could have sold for more before or after...I bet the MM as them tucked away for 0.75, and £5k profit..
I guess many will have adjusted their target to 0.75..
Zphr 5p, thats a 6 month low,,,,
1st Well, not fracked..
State 36-2 well update, run production casing, and another 4-6 weeks speculation..
Well intersected a major natural fracture network in the Cane Creek reservoir which led to a significant influx of hydrocarbons into the wellbore.
Workover operations and production testing are expected to take four to six weeks to complete..
2nd Well..
State 16-2 well update, fracked, further testing
. At a controlled rate of 2 million square cubic feet of gas per day and 100 barrels of oil per day (an average of 433 barrels of oil equivalent per day) the well flowed continuously and surface flow assurance efforts proved successful.
likely reason for drop
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As flow rates were increased above those levels, well performance became limited by fresh water pumping capacity and was subsequently impacted by the formation of down hole salt precipitate, an issue not uncommon with this type of completion.
The precipitate, which blocked and subsequently cleared multiple times, impacted the well's flow capacity to achieve extended higher rates. The Company was in early stages of testing higher rates when its mandated flaring limits were reached.
The Company is now assessing whether the precipitate issue is a function of continued flow back of injected completion (fracking ??)fluids or a function of normal flowing conditions. If it is a result of normal flowing conditions, a series of mitigation solutions that have been successful in the past can be applied, and the Company will likely test these solutions in the coming months (subject to regulatory approvals) in order to fully determine the potential of the reservoir.
I'm confident our team will devise appropriate mitigation measures as needed, and our plan will be to seek additional authority for continued testing
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