Member Info for deltalo

One person loss is another person's potential gain, that's the way it goes sometimes but now it's all focus on Saffron 2 appraisal well and the settled production rates.
200bopd and I'll be very happy, anything more and I'll be overjoyed.
We'll soon know next week and I guess Monday-Tuesday,
Arena are waiting with their checkbook of up to to 17m to fund the Saffron2 future well's until they produce and fund themselves.
I'd say if anyone is interested in investing here then either buy now and get in first or wait for news and possibly find it impossible to buy. Or not.
Gl to all investors and we'll soon see the outcome.

Looking very likely that the importance of correctly preparing the lower cruse reservoir for a good production rate will open this up for a full field development, we'll know for sure next week.

Lol, make sure you do John.
We'll have a chat then eh.

Shorters should be worried as Saffron 2 is obviously going to be massive for the company, funding for a full field development is waiting on results from the production testing. I like how the rns yesterday on the share's rewards for employees new or old at 4p + comes just before the S2 results.
It's simple as Zag, they already know ffs.
I hope there's no RNs Monday as it gives time for investors to buy in, and shoters move our.
Big rise coming this week. Imho.

Lol, it is good news that's why you said it..
They already know now S2 is a gusher and good on them. I don't mind sharing the wealth.
Shorters with any sense will close fast Monday as I would. Have a nice weekend holdersy :-)

It's won't take long if the production rates are going to open up for a full field development, they plan on another 5-9 wells by year end. I expect 5 wells if rigs are busy and 9 if not. They'll be at least two rigs on site I expect.
We'll have the funds available of up to 17m to drill as many we'll as possible before oil revenue fund the rest. It's an excellent position to be in if all goes well with the production testing.
We'll see next week. Gla.

News imminent, RNS tomorrow.
We'll see.

Nice one Starchild, cheers.

Good morning Star child, I totally agree, in yesterday's S2 update I believe Eytan may have given information on the outcome of the lower cruse, as he mentioned the upper middle as a reservoir and the "first" of the lower primary cruse target horizon as reservoir's, so I take it they've intersected the upper lower cruse reservoir and set an intermediate casing to protect the upper middle from collapse. Multiple reservoirs sounds big to me.
An extra 7 days is worth the wait imo , what do you you think as I'm just analysing the wording.

Eytan Uliel, Chief Executive Officer, commented:

"Our last update on Saffron-2 highlighted to shareholders that we had encountered hydrocarbons and identified a very encouraging net pay of approximately 165ft of oil-bearing sands in secondary well targets. I am pleased to update that drilling has now reached a depth of 4,126ft, intersecting both a mobile shale zone and the first of the primary Lower Cruse target reservoirs, and at which depth based on drilling conditions we decided to set intermediate casing. This is so as to stabilise the mobile shale and protect the upper Lower Cruse reservoir sands, thus best assuring our ability to deliver Saffron-2's core objective: production. As with the first sections of the well, we have again encountered hydrocarbons in the most recently drilled section, and logging the balance of the Middle Cruse has indicated a further 42ft of net pay - meaning that we have now identified a total of over 200ft of oil-bearing sands in secondary reservoirs of interest. Drilling continues, to an anticipated TD of 4,557ft, at which point the primary reservoirs of interest will be logged. We will provide a further update once drilling is complete."

Oil pay all the way down hence the intermediate casing to stabilise the mobile shale. Excellent news here as we have 200f of oil pay in the middle section alone.

The Bahamas renewal of the licenses are very important to the company, they've spent 150m there so they're not going to give up on it.
Dàta report should be available at anytime now as Eytan said in the proactive London shareholders questions interview that it'll be 6-8 weeks, we're now on week 7.
A farm-in is highly possible as there's a possible Jurassic petroleum system with many structures that could bring high interest from oil majors.
There's 80km of acreage of licences in the Bahamas and we've only stuck one well in it.
Still all to play for there.
A core focus of this review will be an assessment of the technical and value potential established by the drilling of Perseverance #1, and the definition of further activities that will maximise the Company's ability to monetise and thus create value from its extensive acreage holding in The Bahamas.

The Company considers the results from Perseverance #1 - notably the confirmation of migrated oil within the Aptian reservoirs - will significantly reduce technical risk for any future/further exploration in this new frontier province. In particular, BPC considers that the results from Perseverance #1 may provide a strong technical basis for renewed farm-in discussions, with a view to future drilling at other target locations within BPC's licence areas.

In parallel the Board, with the assistance of the Company's advisers and brokers, will review the Company's broader portfolio of operations and opportunities, to ensure its plans deliver maximum value for the foreseeable future. This review will focus on ensuring progress of the planned 2021 work program in both Trinidad and Suriname, and associated production growth, as well as the potential to deliver prospect/lead maturation in Uruguay from reprocessed seismic . The Company's 2021 work programme in Trinidad and Tobago and Suriname is targeting exit production of c.2,500 bopd.

This is the time to take position.
News imminent.

L2 looking strong for a tick up.
Buy and hold.

Excellent news today and more to look forward to next week when we reach the initial target depth.

Shorts closing more likely, and who'd blame them, if all goes to plan with Saffron 2 and it delivers predicted oil production then we're in the money. Just have to wait and see.
Oil prices are rallying so the 60 dopb revenue that was previously predicted is now alot higher. Makes this well, and the overall field Very rewarding for the company and very attractive for investors.
Very strong buy imho.

Buys moving in now, should start to move up shortly.
Buy and hold

This is going better than I thought, we're at day 22 out of a drill time of 25-30days. I'm very confident of an excellent result, Bargain price here.

And Ross, if Bahamas license is extended and a P2 is drilled with a farm-in major, will you then apologise for your bull****.
RNS update at 7am.

The very important thing to remember here is Saffron 2 is an appraisal well not an exploration well, we know there's oil down there and as I believe the deeper lower cruse hasn't be logged before so as Simon Potter explained they're drillng from the well pad that Columbus drilled but we'll be drillng slightly downdiped to target a deeper /richer reservoir. I think we'll be very pleasantly surprised I really do.
Dyor.
About time the sp cought on.

It'll move up very soon, they're be near the end of drilling through the deeper middle cruse by now and should have an update Monday- Tuesday, then the lower Cruse evaluation.
We're on day 19 and it's estimated drilling time is 25-30 days. Looking like 25-27 day drill is all is going well.
Many doubters will be bricking it shortly.
Buy and hold.