Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Sidetrack operations doesn't necessarily mean they have started drilling therefore be careful about trying to project an end date. Photo shows the bop still on the ground so at the time of the photo they weren't drilling.
@banksman. Surprised about your post. R.J. is correct with his comment. All of that has been overtaken by events and is now irrelevant. There has also been a more recent mention of down hole pressures which to me was better than I had initially thought it would be. --Its probably in one of the rns's or a presentation.
Ha, yes, costly error poor chap(ess). I almost did that once with tpx and txp.
Odd trades today.someone bought at 8.00 and sold30mins later. Was probably expecting a miracle.
HMS there are plenty of things that 'could' go wrong, but there is always a solution and a recovery option-unless there are no hydrocarbons at all or they only flow 4 barrels of oil in a 10 hour period - ahem!--If you are 'in' then you must believe in there being a good chance of success otherwise you should be 'out' !. I'm still 'in' with a stupid amount of £ gambling on them getting a decent volume out of the ground even though I am aware as well as most on here as to what 'could' go wrong as I spend most of my life involved in risk management, cause and effects and the eternal 'what if', questions and I am still 'in'. Either I am completely reckless - as WN may presume or I have a comfortable state of mind and trust in the drillers getting us into the target zone without having to ram the hole with heavy mud again. The only way to find out is to sit and wait it out. First off, BCE have to get the rig released to them, get it set up and tested and make sure they have considered a whole bunch of what-if's and made suitable contingencies for them.
They expect it to be materially in excess of 250bbls/day. Just as a wild guess, I'm going for 450 which will hopefully prove to be a conservative figure. This time next month rodders. --with the caveat that the rig is released by its current customer on time.
We are expecting oil and gas. Both under pressure from the depth, the amount of rock sitting on top of the reservoir and pressures exerted by underground faults pushing upwards etc. Effectively the oil is pressurised by the gas and vice versa. Gas pressure is inversely proportional to volume, the smaller the volume becomes ( squeezed) the bigger the pressure, therefore once the pressure is released, as in someone has drilled a hole in the ground, the gas can escape and flow at increasing rates as it expands and rises in the well. The gas brings the oil with it and the natural fractures and high level of porosity allows for the oil to come out unassisted--hopefully in huge amounts of at least 3000bbls a day !. (don't quote me on that as we have no idea yet what amount will come out). The oil under pressure at depth is less viscous than when at atmospheric pressure and less able to flow but once the gas escapes it allows the oil to expand, become more viscous and flow more easily. Only problem with the gas is to find a way of dealing with it when it arrives at the surface- hence the gas pipelines across the Paradox that Zphr will hopefully be able to utilise commercially. I think :)
Well. WN was almost right, current drilling operations are not completed. End of May now for us to wait for the sidetrack completion. Not unusual and not the fault of BCE and in a way better for me, I wont be stranded on holiday with poor phone signals, can go and relax knowing jack ships is going on with BCE. Might see a wee drop in SP though.
Scssscscsss. The stuff I am making up comes from the rns, so perhaps you should direct your comments to the company that is spending your money if the figures are made up. I also said it was for a single 20ft frac and that the figures were only reliant on there actually being 50bbls of oil produced in a day which currently we all know wasn't actually the case. They most likely had a little spurt of oil that moved the dial momentarily to a flow that equated to 50bbls a day--big difference, but I gave them the benefit of the doubt and called it 50 a day--because thats what they implied. There were several comments and handbag fights going on about oil cut so I attempted to put some sense around the figures the company have provided. If they made the figures up then call the FCA or somebody. I also noticed that the rns states that they were under nitrogen lift for 100% of the time, yet they also say it was a natural flow to surface. It can't really be both so give em a call and ask which version is right. Have a look at the oil and gas definition of contingent resources, it is a step up from prospective which is a bonus for shareholders but still means that it is not yet commercially recoverable for some reason or another, it is also based upon estimation using standard oilfield parameters, therefore in other words you could say its another made-up guesstimate figure. 88 is no different to any other miner or oil explorer, I'm not having a dig at them but until the barrels are churned out and sold, its all just guessology--and a long way off from this point in time.