Member Info for goldieshotz

Guys i’ve sold up after 3 years. Its been a bit of a journey but i agree with shakey that this company although not on the brink, it may still have a future, it is however on the slippery slope now.

I leave on a loss about 30-40% which isnt as bad as some. Why this share got pushed so low will never make sense to me. It had so much potential, stable income buy maybe lacking the reserves to push forward.

Its been a pleasure gents, I wish you all the best.

Hi maestro

Its likely they were trying to time the well test to happen about the same time as the hanut well so the same team could move over to hanut on a successful well.

This would be to reduce costs significantly. All my opinion, and i might be wrong.

Today is day 13, by my guesses id reckon payzone today or tomorrow. So news by the end of the week is my best guess once theyve got to TD and done their wireline logging.

GL people

This happened across the industry at large during the oil price downturn. Out went the risk taker ceo’s in the oil industry and in came the bean counters.

Thats why the drilling market is so deflated and wages un the production industry is very low. Its an industry i am tempted to leave these days.

Hey legache, i guess you made some money on the OG doing its thing back in the day like me :)

Maestro, again those wells were smaller targets. They may have changed the design of this well due to the bigger size, they may expect more pressure.

Also with regards to well test results. Another insight. So to get the results they dont just open the valves and choke and see its maximum flow. They need to bring a crew in to rig up to the well and clean it up as it first begins to flow. Once theyre happy theyve got all the well cleaned up they start to do the well test recordings.
Its important they do this, i’ll tell you why. At my last job one of the test seperators they used for cleanup nearly burst due to well material firing into the seperator after the wells guns had been fired. The well hadnt been cleaned up properly. This is why, a burst seperator is production ending, life threatning stuff. You cant rush well tests, do them properly.

Maestro thats not how drilling works. Its not a uniform rate based on depth. There are casings that need to be set which takes time and if its not done properly it can rupture when they get into the payzone.

Its likely they’ll be still shy of the payzone now i reckon. Couple of more days they may be ready to go into it.

I’d argue they’d be there or there abouts. I work in oil production rather than drilling, but my last platform they could drill very quickly the first few stages of the well design and get quite deep. When they get closer to the potential pay zone the rate will drop right off.
Lets be patient.

It would appear messinian sands are under the KES sands at hanut. I would go so far as to argue that this is not factored into the reservoir potential at all.
The 139bcf seems to be just for the KES sand channels.

GL and hopefully the drillbit delivers

Keep up the success guys. Fingers crossed for Hanut-1X now.

Seems prd have finished with the rig and its on its way back to us.

Tigris your maths are a little off. Sobhi was 24bcf i believe which is 100% owned and is therefore 4mmboe on its own. This doesnt include morroco.
I think you both have fair points, but the time for buybacks isnt until south dissouq is in later life and morrocco doesnt deserve further investment.

I do however believe if morroco doesnt deliver in this campaign and egypt does they need to start to scale the spending back and focus on south dissouq.
Morrocco needs bigger fields from single wells, 4bcf+ per well to be financially worth it in future.

The BMK cluster has 8bcf of targets to hit over 4-5 wells. Thats not hollywood sizes but when you consider that theyre paid 4x as much as in egypt, thats like finding Sobhi again in south dissouq.

As shakey stated, they need a big result in morocco, hit a 5bcf target in one well, thats 2 years of production at currents rates.

As for egypt, lets just wait to see what Hanut has to offer, a betting man id have drilled mohsen over hanut first with the ability to sidetrack into el-deeb. Hanut coming in will transform that license, theyll need to spend a bit to get it going but if it comes in at estimated size they’ll have doubled their entire company gas reserves in a single well.

Correct to last post, south west corner!!

As posted on Advfn, i’d like to see them add Warda to the drill campaign if Hanut is a success. Free’ing up a slot for next year to do Mohsen & an appraisal campaign on Hanut.
I do believe this time next year all going well, we should be looking at diversifying out of EGY & MOR with non-operated license that can produce such as what United oil & gas operate in Abu Sennan.

All that aside, the southern 3D seismic has never been brought to our attention as to the targets that could exist in that area of the SD license. Looking over what seismic images they have presented to us, it appears Hanut goes south, and there is a reservoir in the south east corner of our current 3D seismic against a fault that runs south and may be worth a look as well.
I’m looking forward to Hanut, i’m not overtly keen on morocco until they can increase production/sales to 20mmcf/d.

Its a buy from me, morrocan drilling out the way til late next year and 6 months with the only expenditure being a welltest and 6km tie ($3.5m) for the sdx-12 means that we will be sat with a decent flow of cash by the time the two well campaigns restart.
I see everyones concerns, but well campaigns are paid gradually not in a one off cost. That cost has largely been paid with the next batch to start 2nd half next year in egypt and morrocco.
I’ve added again.

RKH are the favourites for not only egyptian assets but also italian assets IMHO