Slightly misleading post IMO Exploration. The wells in the vale of Pickering are mature and produced gas for 20 odd years (albeit declined significantly over time). Since RBD and co will not be putting the wells into production, all they need to do is successfully illustrate flow rates before selling the asset. Unlikely to get water breakthrough after a few weeks in my opinion. We already know gas can flow to the surface from the flaring at A2 and gas kick at A1.
Hi mixster, thanks for the reply. Perhaps I’ve misinterpreted it, although to me ‘testing’ means gas to surface, hence the extensive flaring that took place on site during operations.
As far as I’m aware they didn’t core A1 otherwise they’d of known the liquids were there prior to drilling A2. How can they test ‘4.5’ with no core and only wireline data? For the record I believe 4.5mmscfd is about ~650boepd which is why I was particularly excited.
Hi mixster, I’m 99% certain it was the graham bull presentation before A2 was drilled so late 2018 or Q1 2019 before the March 19 fundraise (not the June 19 presentation I’ve just rewatched it and it definitely wasn’t that one as that was after A2).
I’m certain he said it tested at 4.5 and muttered what the unit which I’m assuming was mmcf - then in the later June presentation said they got a gas kick and killed the A1 well.
Struggling to find any earlier presentations on YouTube from that time and UJO twitter comms seem to stop at January 2019 so make of that what you will. Feel like the boy who cried wolf now trying to find the video but I’ve heard it with my own ears.
Thanks for the concern Redirons, but no I believe I’m perfectly entitled to come and post my musings on here, after all it is a free country as far as I’m aware.
I’ve bought into placings, I’ve given cash to the company and met Big Davey. I still get the RNS updates and will still look to make cash on this rather poor performing share when the time is right. I’ve traded this share before as has the likes of Brombarb who openly admits it, no shame in that, imagine the losses if no trading had been undertaken! Don’t be salty because other people’s investment strategy differs from your own :-)
I think it’s also perfectly acceptable to call out people who are verging on delusional and talk absolute tripe, effectively misleading naive investors. People like S4KSecurity had some absolute belters.
I took a few more today. Current price is grossly undervalued IMO. People forgetting we hold 56% of WN where GAS flow has already been proven at A1 and confirmed by UJO geologist Graham Bull. Oil is the cherry on top.
No Brom, just a habit. Speaking from experience, until there is a firm plan forward and a way to finance it I wont be touching any shares here. Once something tangible is announced and funds have been raised / potentially shares consolidated I will then perhaps dip in for a trade up to spud after Davey has been on his annual PR visit - but will absolutely in no way hold anything for results. Once bitten, twice shy, third annoyed, four ti... well you get the idea.
WAussie, don’t be so hard on Dave, he didn’t pick the spots we drilled in. At IW1 and 2 where $30m+ of PI cash has been wasted (Oh it should have been to the west where 50% of the leases are in still the fairway although there is no data to support this hypothesis, just pure guesswork - never heard back from that regional analysis they were doing), then the Winx failure (oh that was Otto’s fault they chose the wrong spot and their 3D wasn’t the fancy new kind of seismic) Let’s not mention the RMP oil / no oil debacle or the exorbitant costs booked to working with Winx partners on ‘analysis’, all PIs got was just a sarcastic we’ve bigger fish (dusters) to fry comment), then comes Charlie (blame it on PMO for choosing wrong spot again, although that was the new fancy seismic but that was also wrong too. 50/50 chance of commercial oil flow apparently but low and behold it wasn’t even oil).
What Davey does is collects his pay check each month and fills out paperwork (duster permits and cash raise applications) for 10 out of 12 months each year. It’s a tough old life for the bloke cut him some slack.
Rubey, we are potentially giving away 12m quid in exchange for shares in RBD which is effectively a form of dilution. God I do despair sometimes reading the tripe on here sometimes.
“Completion of the Possible Offer at the Exchange Ratio would result in Reabold shareholders holding approximately 76.2 per cent. and Deltic shareholders holding approximately 23.8 per cent. of the combined group's issued share capital.”
Rubey, perhaps for investors/traders who have spare change or a bit of pocket money invested it might be exciting to see a potential blue sky expo drill in 2021/2022. For those with sizeable investments awaiting the sale and/or special divi from WN this would be an extremely dilutive (around 25%) event at nearly historical low prices while we are allegedly on the cusp of huge success at WN.