Member Info for Ezhik

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.

One day tyb you will get your tasty Italian fayre accompanied by a bottle of Chateau Cattaneo from his personal vineyard---it's the least he can do in return for your support. maybe even 2 bottles.

I took a couple of million yesterday but that's it for me now- no free cash in my account unless I sell something else which i'm not minded to do as by circa April those other stocks should have had beneficial news. Nothing to do but wait--

@deano. There are some tasty dishes that come out of a slow cooker-- the proof will be in the pudding though.

Well, one thing's for sure, folk didn't like it and are still selling-presumably most are at a loss at this level.

@HMS. Sorry old chap--when I said double I was thinking about once the jetting is complete in 2-3 weeks--and we are getting somewhere around 200 bbls with the rod pump--but thats not what I posted is it :) If we get some traction and a bit of luck on the next drill then 10bags would do for me. .69p is the target for a champagne and chocolate celebration.

You/we should get an initial increase in 2-3 weeks time. Trouble is, folk will read it and say its a disaster because it's nowhere near 900bbls day therefore the CEo was telling porkies and its all a scam to allow mates in at low prices--or some other such carp. Had a small top up myself, has to at least double from here.

Yep. Well, most of my posts here get deleted, when you post the truth, someone doesnt like it. The excuse about the well data applied mainly to the work attempted by the small mobile workover rig (s) that they had on loan from SOCAR. These were supposed to be low cost/low reward but aimed at building from the 350 or bbls a day up to 1000 over a 12-24month period. Maybe there were inaccuracies, maybe not, but also it shouldnt have been a surprise to find that early casings were corroded and the cement behind them had deteriorated, so when they went into the wells, they pretty nuch disintegrated. Some pre-entry logging/measuring and testing may have identified the issues before attempting the workovers - in hindsight. At the time, whilst each hurdle or failure came about- being an ex drilling person I understood the issues and supported Zen with comments on the bb and never criticised. There were others that wanted AC's head on a pole but that wasn't me as I took the view that wasn't the one operating the rig. I also agree with your post that the 'deal' with employing Azer labour also caused some difficulties--whatever the issues were we really dont know for sure, but at one time there were about 200 employees mentioned in the company reports which if accurate was completely bonkers -- imposed by Socar as you say.

I just wanted to put you right on the BD 260 which ended up not being utilised and its purchase was not such a good move- in the end. The motivation and rationale for buying it at the time appeared to make sense and if they had actually used it to any degree may have proven to be positive but it only came out of its box once, it did operate well and despite it being alien to the drill crew, they, together with representation from the supplier managed to get to where they wanted. How they managed to make a complete mess at C37 will remain a mystery.

There was a package of drill equipment bought to support the rig operation therefore in theory, all of that should still be available and it won't need to be bought again, but will need re-commissioning as it has been sat idle for several years

Kazakhstan-- on the face of it, less constricted as you say. If they manage to bag a decent lump of dirt there I would contract out the drilling process-at least at the start and then bring in their own after any success.

ATB

Half of the trouble here is that we were told the situation in Mid December and then the research note confirmed a jetting process and then Pi's miss interpretation and over expectation from what they were told. This water jetting is not just a karcher patio cleaner that runs up and down the inside of the well bore cleaning off mud that after a couple of runs magically restores the flow rate. This problem arose during drilling which could be attributed to vast array of possible errors from the type of drill bit, the ROP, WOB, mud design, mud weight, viscosity, unknown unexpected pressure, lost circulation, driller had a brain fart, and list goes on. To save the well they decided to use heavy mud that because there is such a good permeability in the sandstone has migrated into the formation rock and literally gone almost as hard as the rock itself but without the permeability-in other words, like installing a 3m thick sticking plaster over the production zone and expecting the oil to find a way through it. This is what we were told mid December and now they are starting to cut through it just as we were told in mid December so they are doing what they said at more or less the time they anticipated. If anyone wants to argue about the 4th week or the 5th, then the chances are they were setting up the equipment during the 4th week and have started jetting in the 5th. To me, they have done pretty well this day and age with the huge issues everyone is experiencing with supply chains. The expected duration of 14 days, to me at least, suggests that they are cutting the holes individually at each of their identified zones as opposed to doing the entire zone in one hit, although if anyone on here has done this operation first hand then they may have a better idea. I/we never got to use what is essentially hydro-demolition back in the dark ages of offshore drilling so I haven't 'done it'--The offshore wells that we drilled were likely too deep and too deviated for jetting in any case so at the time, we only used explosives for well stimulation. This business is definitely frustrating but there is usually a solution to most of the problems--other than there being no hydrocarbons of course. Some years ago I bought Serica at about 12p, they had run into problems with their delivery pipeline and had to shut down production, SP of course tanked and the company were just a bunch of crooks according to various posters on the SQZ board. It was obvious they would resolve the problem--even if they had to run a new pipeline, so I sat on it for a while and waited and the rest is history as they say. Hopefully to be repeated with BCE.

They said they would start jetting in the last week of January--its still January. The duration for completion is just a guesstimate so 1-2 weeks can easily become 3-4 weeks. If anyone has worked in O&g they would know exactly how it is. In the meantime HE1 has gone ballistic--got out too soon on that one.

Its exactly as I expected tbh. The jetting operation cuts numerous small 20mm diameter horizontal holes into the sandstone using high pressure water jet with an abrasive, i.e. sand. A jetting head can usually cut through about 3m which should open up the reservoir to the well bore. There is generally a better result from sandstone over limestone. Water/sand can be used in a different designed jetting tool to achieve up to 100m horizontal. As I posted Friday, there are further options to pursue if the well data supports it so there are other options once the results of the initial jetting operation have been established. We have been told the well has excellent characteristics and good permeability so I am anticipating a decent result. Maybe 300 to start would be a decent amount with a build up to the best that it can do over the next couple of months. 900bbls might be a stretch but who knows. In the meantime, preparations ongoing for the next well, confirmation of increased reserves, money in the bank, live to fight another day.

When did he do that?. Neighbours can sometimes be a distraction.

Soon be time for loading up here, IMV whatever happens with the hydro jetting the flow will increase to above where it is. If they are going for jetting the entire production zone in one go then the results should come through fairly quickly. Maybe even if they get 300+bbls a day--bring in some coin then they can always go back in at a later date and cut some longer horizontal holes with a jetting head to cut right into the formation a few more metres and get that 900 they fancy.

Money to be made here from this point and not long to wait.

'rugs. There is nothing to stop you buying back in once there is a sustainable upwards trend in price and volume.

The thing on the right is the IR inc pipe spinner. Prob sat on a frame with runners so that it can be position directly over the hole. Can be repositioned on the drill floor as required-- maybe they lift it using a hoist/steel wire attached to the mast. The original rig IR that sat between the two mast sections was broken and removed together with the hyd system feeding it.

Cant see what all the fuss and criticism is all about. - apart from there is no gas :(

Pulling out to change the bit to a 3 1/2" to get through that trap?. Or adding some measuring tools to the bha. Hey, just rambling--anyone's guess what they are up to but yes indeed the DP has been down the hole by the looks of it.

If there is anything to say, it should be any time now.

Looks like errors in the reported trades. 2 x 15m sells, one cancelled. 2 x 10m buys, one cancelled. Daft advertised spread. confused bot.com

Duly punted. 5m punt showing on the trades ( not mine) but a decent wedge of confidence.

Sounds like someone on here doesnt like women to be in control :). She sounds human, reasonable and honest (as honest is).

J80. I've just bought back in after getting out at 6p on the last rise. I agree with your sentiments--SP could make a significant jump up by next week.

Watch out for that rat hole on the rotary--it's about the right size to get your boot in there and watch your leg disappear up to your knee---now that you have your hard hat and coveralls on again.