Member Info for dazzle1000

Questioner: At what point does one decide it was below average and not good enough? Then, with the immediate 6 to 12 months, after that, what sort of things would you be looking at doing? Dave Wall: Let's go through a couple of scenarios which I think will help clarify how that will play out if it does get to that. Say we got 75 barrels a day which is okay, not great. If we could understand that the reason why we got 75 barrels a day is because 60% of the stimulated interval had just not worked because there'd been a blockage or something had gone wrong, then, we go, "Okay. Well, if we could frack 100%, then that 75 barrels in that context looks pretty good." The market would be going, "Hmm, I don't know. You guys, we don't trust you so much anymore because you didn't execute properly." That's why things sometimes go wrong.

Questioner: [inaudible - I'll just build on that, partial result you're talking about.] If you got a partial success, what's the timeframe for getting after another well? Dave Wall: It depends. Say if it's partial success which we understand why it failed and we think we can do better, we would fast track the drilling of the next well. We're looking at Q1, Q2 next year, realistically. The way the permit works is that most of the major permits allow us to drill another well pretty much immediately from the pad. Permit to drill is something which takes a couple of months to put together. It's fairly complicated engineering document. It usually only takes two to four weeks to get approved. Theoretically, if we understood everything immediately which isn't going to happen, within three months, we could be drilling another well and also access rigs and all those things, and funding. Realistically, it's going to take longer than that.

Dave Wall: Thanks, Steve. Just wrapping up, this is a bit of a recap. Paul has talked about this a little bit before. These were the objectives in the first well and this is why we were confident in increasing our acreage size and moving to the next phase of the project. Really, it boils down to the viscosity. You need a hydrocarbon that can flow more easily through these tight rocks which means it can flow at higher rates. You need hydrocarbon pore volume or resource concentration, which is the amount of oil in place per acre per foot, which means that a single well can access more oil and therefore can flow at higher rates again and have better ultimate recoveries.

DR STEPHEN STALEY : Now, back in 2013, the US Geological Survey estimated that there was about 2.1 billion barrels to come out of what's called Brookian or the Brookian system, which is the conventional here. It extends into our acreage. Since then in those very few years with these three discoveries. Caelus there in the northwest, Armstrong and Repsol here, and ConocoPhillips earlier this year, they've already almost doubled that estimate. There's an awful lot of potential here. They haven't, by any means, found everything there is to find.

DAVE WALL : If you reverse calculate that back to what we need, and we think a horizontal well needs to flow two to two-and-a-half thousand barrels a day on IP for the economics of this project to work. As you'll see in the appendix and as we've released before with this breakeven less than 40 bucks, it's about 100 to 150 barrels. That's the measure of success. We get a 100 or 150 around that range and we understand why we've got that number. It's not because it's a fluke or because we've failed for the wrong reasons or whatever, and get a low number. Then, that, for us, is the measure of success. That's the guidance.

DAVE WALL: There's quite a lot of different ways to represent this data, but this is one of the more, I guess, powerful, easy to understand ways, which is the evolution of how these plays develop over time. What you can see on the left is really the start of a couple of the plays, so vertical appraisal wells from the place where they started out. Then, as you go towards the right, over time, the technology has advanced and people have perfected the completions in horizontals and had moved predominantly all of these plays to horizontal development. You're seeing 15 to 25 times uplift.

PAUL BASINSKI: Dave pointed out a little cartoon map. There it is. Like Dave said, this represents a lot of different information. Effectively, what this represents is the integration of not only all of the core data, but then we've come up with some new IP that we are able to, with very high probability, be able to tell where these wings are. To make it real simple, what we came up with, the essence of it is that we have a number of wells that are drilled on trend with us, around eight or so.

Then, obviously, when you look at the frack design, one of the things that we had been looking at was a multi-stage frack because what we're trying to figure out is what the most productive part of this interval will be for locating future horizontal wells. There's also another objective, which is to prove the producibility and also to maximize the flow rate from this well because if you don't maximize the flow rate, and we get 50 or 60 barrels and only one stage is working, but we understand that that's very significant because we can go and drill horizontal, the market is not going to give us the love that we need to take the project forward. We change the priority to be equal flowability and locating the right zones to be primarily maximizing the flow rate, because that will be the thing that helps us move the project forward in the most meaningful way for everyone in this room. Then, second, but only about a small amount is determining where to put horizontal wells in the future basins. What we're doing is we've changed the logging program to help us with that second part, so run information, the image logs and a more sophisticated logging suite which will be run before and after we do the fracture stimulation, and putting traces in the fracture stimulation so that we can understand better where the productivity is coming from. We will be able to answer that question as well.

Will the reduction of the core width reduce the flow result DW We are not taking core – we already did that. The reduction in the diameter of the tubing will not reduce the potential flow rate. I know you stated in the RNS 6 months shut in, do you have an exact date for when the well will be opened.? DW No – it is weather dependent What will be the first lot of tests carried out once opened? DW It is a flow test! We will also look at the pressure data to determine whether there is any evidence of fractures closing up whilst we are flowing back.

Anyway Enough minute by minute sp movents...back to reality and research. ...question to you all why would dave wall by 3d seismic on yukon gold before buying the leases kinda fast traking a potential jv farm out maybe? And to what advantage does this help us financially if at all to icewine. Be it that we own 100% of yukon gold...

Was i tempted to sell .... did a dummy sell of 2.3 million shares mm giving 2.6p....just before it was 2.65p for 300000 shares

Lol omg meant to type shut in ffs. Predictive f.ing text ;-) sorry dave w. Typing on mobile... my organic digits are restrictive in allocating space between a keyboard...

Agree with yah 9.43 am post ... also late last year after shit in dave did mention that it was a good time to buy into 88e...1p ish great opportunity to derisk upto now...

Jiddy 123 not the time nor place... best stick to 88e share price gloriously inching back up.... to better and greater things...dazzle

Unic you sound a bit rogerless over and out...yawn zzzzzzzzzzzzZzzzzzzzz ...

Hmmmm... no worries not for discussing on this forum too hot lol...time and a place for everything.... time now to help those to help them selves make better informed decisions and not loose money...no advice intended or given just my experience and know how trading / investing over the years....each to their own council and inner individual strategies. ... we are one big 88e family of course and init together till the big pay day... dazzle

https://www.investopedia.com/university/ Always found this site informative and helpful.... dazzle

Hmmmm Gordon brown sold gold at $200 an ounce to fund labours so called new revolution ... alister farling had a toxic 100 % mortgage that the usa triple aaa was to blame...and dont mention immigration policies. ...remember gordon brown mic still on when that lady asked him a civil question on immigration wayyyy back and he called her a biggot....plz dont get me started....

Jiddy agree with you on blair and a broken britain a good example of what not to vote for...as for the sp we need to fill the gap up to 2.7p pre CR level then push up beyond the resistance of " 3p by friday" then onto 4p and upwards. ... famous last words of course.... fogi... fomo....derisking.... .....topslicing....trading.... and topping up as a lth holder.... all relative of course depending on ones inner strategy and competence in executing out a timely and successful trade...this time next year roddney!!!

Hi, here is something I thought you might find interesting: Chart Of The Day: Here's Why Oil Is Likely To Jump To $72 (And Beyond) For the full story: http://uk.investing.com/analysis/chart-of-the-day-heres-why-oil-is-likely-to-jump-to-72-and-beyond-200201746