Well Brom unfortunately you are not the internet police, nor the billboard administrator. So let’s keep discussion relating only to 88E. Also, for the record I was only trying to share the wealth by offering alternative shares which other posters may be interested in (think it was my post regarding RBD you are referring to?)- maybe helping others recover losses here. For example somebody tipped VRS on the IGAS bb many moons ago, back when they were - lowly 15p. Thankful to the PI who shared it, we are all here to make money! Just because you only hold one AIM share doesn’t mean you should shout down others. Anyway back on topic, I spoke with DW on Friday and queried him regarding the proposed ‘testing’ of the HRZ, whether there could be a flow test or purely scientific analysis of core depending on what we find - he stated that there is no point flow testing it, as we do not yet understand the parameters of the formation. He mentioned that it’s effectively a free data point and akin to farming the HRZ out but retaining all the WI - and referred to it as a ‘massive coup’. Perhaps we will see some SP recovery now we have a few quid in the bank, well depending on when the sophs see fit to dump their new shares.
The primary reservoir is the Permian-aged Zechstein carbonate sequence and, more specifically, the Z2, Kirkham Abbey Formation (KAF), which is a tight carbonate reservoir overprinted by a high permeability fracture system. Despite considerable investment and effort over the years, the historical development story of these fields has been very much one of repeated technical and investment failure, with approximately 39 Bcf (billion cubic feet) of the mapped gas initial in-place (GIIP) of c. 326 Bcf produced to date, an estimated recovery factor of 12%.
Historical production data show that all the Zechstein reservoirs have experienced early water breakthrough, leading to impaired gas rates and low recoveries. The water influx is due to a highly mobile, but finite aquifer, which under field production conditions preferentially flows through the high permeability fracture system, bypassing the gas stored in the tighter matrix.
Worrying reading, especially considering we’ve had 3 nitrogen tankers on site already. Let’s hope Rathlin have a good plan to get the oil out.
Very similar Today is the Day, except to date we are doing the absolute inverse of what Cove energy did. How many dusters did Cove drill and how many times did the raise at a lower price than the previous one? They got bought out while we merely farmed out 60% of the conventional asset and received no cash, leading to an extra 800m share dilution. I think both companies being listed on AIM is about the extent of the similarity.
They’re given to sophisticated investors who will dump them immediately putting the shackles on for months and dragging the sp down further and also resulting in over 7billion shares in issue total afterwards. All just to keep the lights on. Brilliant. Charlie-1 has to flow or its game over.
RE: West Newton - Addtional Storage Haz Substances10 Sep 2019 21:17
I would like to hear something. It’s been 1-2 month since the last update, would have thought a stabilised production rate has been achieved by now. Even if it hasn’t stabilised fully, just an update on the amount produced since last update...
£1 party? So we are going to get a few hundred barrels of oil per day (if we are lucky) from Charlie-1, and then have 6.3 billion shares (plus the additional shares from the incoming CR) worth £1 each. And be worth 10x our farm out partner premier oil who have a 700 odd million mcap? Seems legit.