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"pump itself seems to be quite cheap?"- The workover required to pull and reinstall a replacement is expensive and will leave less money for the BOD to award to themselves!
"I do not see any reason for 35% SP fall. Please enlighten if I am missing something." In simple terms- A BOD that has absolutely no knowledge, experience or expertise to qualify them to run a company in the oil/gas production sector!
Worked in the Field for 25+ years in well service. You can never assume anything about a well never mind a oil-field; the performance of P6 suggests that the geological profile is more complex than originally postulated and deserves better appraisal. Think this field has a lot more to offer!
Market Abuse: The FSA; see:- https://commoditieslawandregulation.wordpress.com/2011/06/06/market-abuse-the-fsa/
The present trading patterns and spread are being carefully groomed ensure that it is "unable to break 10p "!
HUR is probably sitting on one! Field Appraisal to assess size and configuration of the Lancaster field was shambolic, needs to be urgently addressed . All knowledgeably observers see is a huge effort to deprive shareholders of their asset value, in a normal world this is deemed to be legally unacceptable.
I have come to a reasoned evaluation that the whole HUR setup has a very nasty smell- I suspect like others on this blog who have worked in the industry and have experience in well services/reservoir evaluation. Reminds me of the sloppy evaluation of the Heather field in a time long, long ago! Risk is one thing, theft is another!
From EXPRESS:-"huge blaze broke out near the area of the Druzhba oil depot, located in the Russian city of Bryansk, near the Ukrainian border in the early hours of Monday morning. A second fuel tank explosion was reported by local state media in Bryansk at a "military unit". Some reports have indicated it could be a possible attack by Ukrainian forces on the Druzhba pipeline, which sends oil from Russia to Europe through Ukraine and Belarus. "
My priority would be better geological mapping!
Memories of the Buchan oil field, initially considered very marginal in 1974. In the early 1990's detailed plans for abandonment were drawn up but Oil production continued until May 2017, when the Buchan Alpha platform was shut in for safety reasons relating to the platform infrastructure leaving still significant reserves!
The RNS looked like a amateur 'cut and paste' effort. The sustained Lancaster flow rates pretty much confirm that the original geological profiling of the field was shoddy and well of the mark and that this whole block needs a professional assessment targeting future development drilling.
War in Europe has highlighted how essential our strategic fossil fuel reserves are and a hopefully a massive reality check among the Westminster/Whitehall. The RNS simply does not reflect the harsh reality of 2022, the modern battlefield runs on oil of windmills!
NORTH Sea-focused Jersey Oil & Gas has seen its shares surge six per cent after an analyst predicted interest in the company’s flagship project would be boosted by the Government’s energy security strategy. https://uk.news.yahoo.com/north-sea-field-development-project-040000008.html
We are about to witness the final liquidation of a modern European city, seems they have already used WMD's; and this will be closely followed by the bloodiest land battle since 1945.
Within the week there will drastic escalation of BOTH economic and direct military action against the Russian Federation. oil sanctions will be draconian! These will be justified legally under the the Budapest Memorandum.
On December 5, 1994 the leaders of Ukraine, Russia, Britain and the United States (France and China also provided similar assurances) signed a memorandum to provide Ukraine with security assurances in connection with its accession to the NPT as a non-nuclear weapon state.
They committed to:
-to respect the independence and sovereignty and the existing borders of Ukraine.
-refrain from the threat or use of force against the territorial integrity or political independence of Ukraine, and that none of their weapons will ever be used against Ukraine except in self-defence or otherwise in accordance with the Charter of the United Nations
-to refrain from economic coercion designed to subordinate to their own interest the exercise by Ukraine of the rights inherent in its sovereignty
-not to use nuclear weapons against any non-nuclear-weapon State party to the Treaty on the Non-Proliferation of Nuclear Weapons, except in the case of an attack on themselves, their territories or dependent territories, their armed forces, or their allies, by such a State in association or alliance with a nuclear-weapon State.
The Lancaster needs proper geological assessment followed by a profession program of development; Hurricane has never managed either of these!
C19 probably damaged him just like many others who were severely ill! Looks like he's aged 20 years since 2019.
Think you are right. It is clear that the original geological assessment of Lancaster was misleading at best and maybe even deceiving! (production figures tend to prove this). This field cries out for proper profession assessment with a view to extensive future development. This running of this company over the last 3 years needs to be investigated forensically!
With Putin's hordes on the move!! Who knows.
"But despite falling below the threshold, production issues are yet to arise and Hurricane’s largest shareholder, Crystal Amber believes the field could produce up to 2025." This field is still largely undeveloped, in terms of big operators the present production is coming from early development wells/well. Wonder which 'Mr Big' wants in on this action?
This can't do any harm! "Rishi goes nuclear and scraps PM's green plans - six UK oil and gas fields to be fired up "