Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
@Troajan. Was just a bit of fun whilst I was sitting at the computer at work on a Sunday!. One has to have a light hearted view of life
@ Rogerjolly. That is about the crux of it mate. Enough beans coming in to cover the development costs and the sooner the blyat better tbh. I was hoping to get over 0.15 and near to .02 asap and then chuck it all into TXP until end of year. Timing's all going awry though.
Hepseal. We should be back in production as soon as the pump was installed. The flow rates are likely to be variable initially and tbh, may be detrimental to the company and us if they post what it is straight away. It is a bit of a nail biter in the hope that it will be a decent amount after an agonising wait but better to wait until the rate is more or less constant before saying anything. e.g today it might be 80bbls, tomorrow 70bbls, next day 120 and so-on until the various bits of detritus are clear from the fractured pathways and the oil is flowing as well as it is likely to under the prevailing conditions. I'm no geologist at all but I picture the rock like a crunchie bar, full of holes. The holes need to be connected in some way if you want to melt the chocolate on one side of the bar and get it to emerge on the other. If the chocolate goes cold on its journey, it will solidify, block the holes and stop the chocolate flowing through. This is what we have ( a well full of chocolate mud ! ), so the jetting has blasted some holes in that cold chocolate so that the warm chocolate can start to come through again. As it comes through, it will bring bits of the cold chocolate with it and open up the connections between all those holes a bit more and allow the melted chocolate to come through faster. Conversely. some of those cold bits might then restrict some of the jetted holes as they loosen up and break free until they in turn break up into smaller bits or melt to allow better flow again. In the end, all of the cold chocolate that is likely to either melt or break free will have done so and the amount of warm chocolate emerging on the other side will be as as good as its going to get (unless they pressurise the crunchie bar to force it out quicker) So as the saying goes, "life is a box of chocolates, you don't know what you are going to get until you get it"
I was going to post much the same about side track a couple of days ago but decided it might sound negative so I deleted the post before actually posting it. My thoughts were that if the jetting penetrates past the approx 3m blockage there should be an initial spike upwards in bopd which again may drop down as the new horizontal holes formed by the jetting could become impaired with further debris from the 3m wide damaged area. If this happens, they could repeat sand jetting, maybe with a different technique to drill horizontally way past 3m or they could just plug it and side track. Only PITA is the time it will take and the ££ needed. Hopefully the completed Jetting work and the debris caused by it is being flushed out as suspended solids in the oil and the remaining formation is staying in one piece. I am expecting a successful outcome one way or another and would be very happy if they manage to get to the stage of actually needing to install the ESP after this initial work. i.e. steady flow at the maximum capacity of the rod pump without further intervention, S.T, ££ and delay.
"It'll all come out in the wash"---literally. If there's no news this week I wouldn't be worried. If there is, lets hope it's positive.
1 sell of 15m, 1 cancelled trade and 1 sell of 15m. which equates to a total of 15m, plus there's another sell of 5m, so 20m in 2 trades, not exactly a stampede.
Could also be that someone has seen a trading opportunity at say 'PREM' to add 10/20/30% to their pot and to buy back a few million more as we have to 'Stand easy' for a jolly good while yet.
Long time to wait until sometime in April. 6-8 weeks
Another great result over at AXL, undervalued and unloved at the moment.
Personally not expecting big numbers initially after installing the rod pump--it depends upon how far into the undamaged formation the jetting has managed to reach. Would not be surprised to find it well below 100bbls initially which should incrementally increase as/when clean up continues over coming weeks. Just a theory though.
Nice to see a couple of blue days, 2-3% every day would do me very nicely ta.
They have to keep the well under control. The power and depth capability of the rig is theoretical to some degree. Far better to pull out and maintain the well than keep going and get the drill string and thousands of gallons of mud stuck down the hole. They have a very handsome potential production interval to work with--as it is.
None of them received a hero's welcome
Ajmalkhuram. I owe you and others an apology here. I have no idea why but for some reason I never read the rns relating to the acquisition in full. I must have read the first couple of paragraphs which are somewhat confusing and never got past the reference to a deep well of 6000mtres plus and never scrolled down to the end- which makes my last post on here somewhat irrelevant. ATB
Just looked--an hour too late. Thanks for the tip though.
Horizontal water jet well stimulation dramatically increases the surface area open to the formation with potential to dramatically increase flow. That 900+ from just 1 well looking achievable after a couple more months of cleaning up.
Not
Probably oil started to flow into the wellbore after the first run. More jetting to go = more oil to flow = more money you know.
Pboo. Sounds like you have an issue with DB and Heid. What they may or may not have lost is up to them is it not? Unless they actually sold at a loss then they haven't lost anything.
"We have met with the management of Beacon and are familiar with their onshore assets in Germany, which we consider hold impressive scope and upside potential for both the near and mid-term."
@Ajmalkhuram. I prepared a fairly comprehensive reply to you yesterday and then just before posting it, my internet connection failed and the message was lost--very annoying.
I won't try and replicate it entirely but if the proposed acquisition comes to a conclusion, the way the rns reads is that the license area is a deep structure, the conditions of the production licence which follows the current exploration is dependant upon a new well to be drilled and the current licence has about 12m before expiry. Which, if I'm reading it correctly means that if Zen obtain it, they have a year to drill a deep well. Currently Zen have no 'oil-men', no crew(s) and the rig will need recommissioning, and testing. They could obtain folk and try to build the necessary crews but they would likely be individual contractors as opposed to a cohesive and experienced crew. Deep wells are not for the feint hearted and often experience high pressures and sometimes high temperatures which a cobbled together inexperienced drill crew may well struggle to manage. If they contract out the whole thing to a drilling contractor, the crews are more likely to be familiar with each other and there is more likely to be a culture of good safety and quality amongst them..not forgetting that the drilling contractor takes responsibility for a successful drill---as opposed to Zenith directly, i.e. someone else to sue for damages. Once they get this first drill out of the way then by all means start putting together their own teams to carry out development wells using the knowledge gained on the first well. I'm not a 'finance' or 'international tax savvy chappie' so there may be financial advantages to use their own people, but from a pragmatic and expedient perspective with the time limitations from the license conditions I would contract it out. Anyhow--in reality it's none of my business tbh, just voicing an opinion.