Member Info for Edgein

Dicko,

You'll find that they are currently on their 37th day of drilling Tobias-13. Also there's more to drilling the well than day rates there's the cost of materials like various sizes of steel casing. Assuming this is only a two sting well and no intermediate casing that still adds up. Then there's cement, drill mud, barite etc etc and perhaps on top of that hiring costs for workover rig potentially for testing. From the correspondence I've had you're still not even close. Fear not though for 20% of this well the company is well funded, for this well and future wells. For some wells sure you are in the right ballpark, but not for Angola and not for T-13.

Regards,

Ed.

Hi Mike,

Exactly, they have multiple large exploration targets on all three licence areas. Once they establish a production base in Angola/Brazil they can get on with the business of seismic and expo drilling. Given all of the targets and the net prospective P50 of around 297mmbbls they have a heck of a lot to get on with already! Kon 16 is also over 30% wi so expo success would be high impact, especially pre-salt where the bigger targets are. There is potential for much bigger on these licences than the Tobias oilfield. From Mr Karam's actions since taking over and my correspondence with him I believe he's the man to get us there too.

Regards,

Ed.

Yrab,

Yes highly likely, they'll likely give an update either when the well has reached TD or when its been tested. Based on those results they'll then move to the next stage of more vertical or horizontal wells depending on the flow test of the first vertical well. I wouldn't rule out them going immediately into horizontal either not 100%. But likely outcome is result of the vertical well within 1-2 weeks. As for price movements, I've no intention to sell any on the result of this well. My outlook here is long term, T-13 only being a small part of the bigger picture. I'm here for way more than 1 bagger (I'm almost at that already). I'll see where the price is after they've done their redevelopment drilling on Tobias and Galinda.

Dickos numbers are more like the net well cost rather than the gross well cost. But CRCL thanks to the recent funding from Mr Karam and Extraction Srl are well funded for the foreseeable future at more than 100% premium to the current share price. Not long now to see the results of T-13 and that forward plan.

Regards,

Ed.

Thanks Luke for posting that. Looking forward to both the drilling update and forward plan. Cap is barely £6m at the moment, exciting times.

Regards,

Ed.

Hi Nige,

You're welcome. They sure did say October and we're now into week 5 of operations so I'd expect we'll get some news soon. I'm not sure its delayed yet as such, it seems that they're just taking a cautious approach to drilling so taking their time. Its an important well for Angola as they're hoping it establishes production once again onshore Kwanza basin, so not rushing it. Fingers crossed we'll hear something within the next two weeks.

Regards,

Ed.

As to further work, yes hopefully like completing the well and suspending it for production hopefully. Then planning further wells, as the company has said one or more wells including horizontals may be needed depending on the outcome of T-13. Then get new sales tanks etc and separators in if the wells flow at a commercial rate or if they can get those from horizontals etc.

Regards,

Ed.

Hi Nige,

Usually less than one week. They may do several pressure build up tests to see how the pressure and any possible production responds to that. Hopefully we'll get some results real soon, we're already near mid October. They have reported that there's around 100m oil column in the previous wells, that's pretty extensive. Could they then have opted for a sidetrack to horizontal, who knows lets see. Hopefully get the results and a forward plan soon.

Regards,

Ed.

Hi Luke,

Agreed. They must be well down there by now, hopefully in the testing phase at least, fingers crossed. Yeah good to see that post by Dicko re-CRCL tweet. Interesting timing by the company as you say, hopefully get an update soon. Sonangol likely having regular meetings with the NOPs as to the current and future operations. First draw down of the 0.8p premium funding due this month too, likely get an idea then what that is to be used for. I'm looking forward to the forward plan as much as the well result.

Regards,

Ed.

Good afternoon Luke,

Was thinking the exact same thing.

Regards,

Ed.

Bolton,

Absolutely, especially when Anavio have agreed to discuss make whole amount pending the outcome of the JV talks. If they know JV with cash payment is going to be signed, suspend the shares to maintain an orderly market and enter into those talks with Anavio. Ahead of this recent financing there wasn't an orderly market with that 25m trade at 1.61p when the share price was recently 4p. So in order to maintain an orderly market on a successful JV, suspend the shares, get Anavio paid off, get the admission document in again like this year and let it trade after that. Orderly market maintained for a change.

Regards,

Ed.

Nige,

Hard one to guess, lots going on here. Depends on what comes from Tobias and Galinda, will Tobias prove to be bigger than previously thought with horizontal wells? What will the Brazilian asset fundamentals be and how many acquisitions, also will they consolidate in Angola too? So really hard to put a figure on the next few years. What we do know is that the current two redevelopment projects have circa 16mmbbls of net contingent which could more than rival many of the £30-50m AIM listed oilers out there if successful. Plus established production would fund our share of future expo wells and that's where we have 297mmbbls or prospective oil targets. Even if 1/10th of that comes in we're looking at potential mid cap like JSE etc. As you say exciting times given our small cap and drilling a large field, should be plenty of infill and horizontal well locatons to come, but lets see what the first well results are before we start spending the money.

Regards,

Ed.

Good morning Nige,

Yeah its almost £150k rolled from the looks of it at almost 0.5p, may double their money or more if T-13 comes in well. My thoughts on timing of T-13, I'm checking for updates several times a day at the moment. Lets hope we all get the news we've been waiting for in the near term. Its now 1 month to the day since T-13 spud and the company stated on their website results expected October, so not long left now.

Regards,

Ed.

Smkr,

I don't agree with that, its way above ISA limits. With the 12 second gap between trades looks more like a rolled trade to me. Perhaps its one of those spreadbet companies rolling client positions or something.

Regards,

Ed.

JBT,

Agreed, very good to see Mr Jennings adding even more to his holding at this late stage of the Angolan drilling. He holds a fair few now.

Regards,

Ed.

Y99,

Sure when drilling these wells with water based drill fluid lots of it was lost into the Frontier-1. Now with the well completed in the Frontier-1 they're recovering the old drilling fluid as well as a little light oil. Once the drill fluid is produced the oil flow should increase in that well. Probably a well they were going to stimulate in conjunction with the JV. That would do the trick to recover more drill fluid plus oil. A horizontal would do an even better job though.

Regards,

Ed.

Took a few of these this morning off the back of that interview. Hopefully this time they will get that rig contract signed and the asset farmed out.

Regards,

Ed.

Hi Luke,

You must hold a fair few now, well done! Yeah fingers crossed that we may hear something next week, I'll be checking those 7am releases that's for sure. I hope so too, not much priced in here at present! Hopefully we'll get lots of details in the next update on the results and the forward plan, one or more wells was mentioned, potentially horizontal drilling etc. Perhaps even a bit more seismic on some of those large exploration targets too. CRCL funded up to the eyes too with first draw down expected next month.

Regards,

Ed.

Hi Nige,

Yeah I would imagine so, but would expect that to happen after we secure something in Brazil, our transition isn't complete just yer. Last we heard there was to be more from Brazil and potentially consolidation in Angola too. I guess when we get some more of that we'll get a rebrand to something that matches the Angolan oil theme or something. Corcel is ok, but doesn't shout oil and gas and there's probably plenty out there that think this is still a mining company. But lets see, gonna be plenty of action over the next few months imo.

Regards,

Ed.

Luke, SP71,

Thanks for posting those tweets, big DL clearly expecting a good result from the completion of T-13. Fingers crossed will be the start of the transformation of CRCL, given the current oil price production early in 2024 would be super. Also won't take much in the way of booked reserves to see our tiny £7m cap increase.

Regards,

Ed.

Morning Nige,

In a previous article I posted it said that the fields onshore Angola were shut in due to socioeconomic issues, also the oil price back then was much less too! Angola is now stable and encouraging companies onshore, also the oil price is over $90/bbl. So right time right place.

Regards,

Ed.