Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
Lol so obvious to see how many accounts âplantedâ has after this sobering update
Appointment of new ceo experienced in FB. Production back up and running & sniffing about for a drilling rig. Buy and enjoy the rise in the coming months. All negativity has been priced in with previous doom and gloom rnsâs
They did have the Stena don scheduled in to drill earlier this year slift before the pandemic so if resources are viable enough I would imagine they will carry on with the planned drill but probably at a discounted rate then first agreed. Bleak day for shareholders, nothing short term In terms of raised SP but next year could be a different story, slow burner this SP but with a bit of luck in 6-8month time itâll be a far brighter outlook. But as of now itâs ride out the bleak low SP storm to all those who are willing to wait, myself included
Hurricane Energy plc
("Hurricane" or the "Company")
Lancaster EPS update
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update on the Lancaster Early Production System ("EPS").
The Company is pleased to report that the commissioning of the Electric Submersible Pumps ("ESPs") has been completed successfully on both Lancaster EPS producing wells. Following the successful ESP commissioning programme, the 205/21a-6 well has been returned to natural flow, while the 205/21a-7z well will continue being produced using an ESP.
Following the Company's most recent update on 8 July 2020, a period of ESP testing has seen Lancaster EPS production increase from c.15,000 bopd to c.17,000 bopd as oil and water production from the 205/21a-7z well has stabilised.
Currently, individual well production rates are as follows:
205/21a-6
205/21a-7z
Oil production
bopd
c.12,000
c.5,000
Water cut(1)
% total fluids
c.12%
c.53%
1. Expressed as total water produced divided by total fluid (oil and water) production
With the 205/21a-7z well currently flowing using the ESP there has been no evidence of the performance issues which led to this well being temporarily shut-in at the end of May 2020.
As part of the ongoing geological and technical review, the Company continues to evaluate options to enhance production from its West of Shetland asset base. Production guidance will remain suspended at this time until the technical review is complete or until production uncertainties have reduced. Further Lancaster EPS production updates will be given when appropriate.
Hopefully early because theyâve upped production and needed it out earlier ;) couldnât be more in need of a RNS
Hoping for a 7am RNS tomorrow to answer all these questions. A lot of worries and unease at the moment. Letâs hope for a stable water cut & increased production, or at least plan to slowly increase and this stock should fly and never see these lows again. The next RNS is going to be significant either way you look at it
Correction 22nd July at the latest ** two weeks after the 8th July RNS
Began commissioning the ESPâs on 3rd July as per the RNS. Depending on how long that would take the period of testing is upto two weeks, so 15th July at the latest, would presumably be make or break day for the share price, following the RNS ops update