Member Info for gordon1237

The workover rig is being deployed to C19z on the 14th July for " approximately " 5 days. So that's at least the 20th until it's at 77h. Then maybe 8 days to get the pump up and running on 77h. Might be a bit less if some of that work can be done whilst the rig is at C19z. Then presumably at least 5 days to see what the improved flow rate is. My guesstimate is at least early August before we see the new rates.

Lloyd's has gone down as interest rates have increased. It obviously follows that when rates go down again Lloyd's will shoot up. Everyone convinced? Nah! Me neither.

A nice big rise would be even nicer Sausage.

Wilf doesn't do polite.

Google is not exactly reliable though. Is it Rolf?

I feel for you Steven. I too have 10 million at an average of 0.19. From what you have said previously, I guess yours is about double that.

Still quite hopeful. Atb.

You can't rely on Google. It seems to come up with anomalies. Remember a few months ago when it seemed to show ghost trades all through a weekend? Turned out to be totally non existent.

Desree. That wasn't the reason gspc wanted to sell. This was.

https://www.livemint.com/Companies/tcNs2RUmfqs6lFGC5HxhUP/Cambay-oil-field-faces-closure-as-GSPCOilex-joint-venture-t.html#aoh=15845610484282&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.livemint.com%2FCompanies%2FtcNs2RUmfqs6lFGC5HxhUP%2FCambay-oil-field-faces-closure-as-GSPCOilex-joint-venture-t.html

Also, India has never stopped wanting it's own oil and gas. It's had a massive shortfall for many years and will for many years to come. See the graph in this article.

https://www.energyvoice.com/oilandgas/asia/342886/indian-gas-boom-dampens-demand-for-lng-but-not-for-long/

All good for Syn if it all comes to fruition.

Yes Gujarat state owned 55% through gspc. They were keen to get shot of it because of the huge losses. They put it on the market the first time in 2016 but didn't go ahead presumably because the offers were too low. Oilex put in an offer themselves. Then in 2019 they made a deal with Oilex that they would sell again. Both sides dropped all legal cases. At the end of 2019 they had a preferred bidder, who we assume dropped out during Covid in 2020. That basically is why it eventually dropped into Oilex's lap for a pittance.

I simply do not understand why you cannot see that the 4 old zones originally fracked in 2014 are irrelevant to the new wells. Only one of those zones produced any significant gas. Anyway, at the end of the day we all want the same thing, so let's hope for a good result.

Er. This is actually increasing the delay.

Anyway. It is what it is. Let's hope whatever data they get is enough to convince the jv to sign.

" not contingent on the C-77H pump installation"

my ar5se. Lol.

No Jack. It's not a case of the more zones the better, when some of those zones are irrelevant to future wells.

Desree. That makes mo sense. The unsuccessful fracking methodology used on the original four zones will not be used on the new wells. So it is pointless including them in the before and after comparison. Whatever improvement they get with the pump, there will be no way of telling how much has come from which zones.

Desree. If you read the investor presentation from last December, you will see that those four original zones, as well as being impeded by the condensate, we're also considered to be fracked sub-optimally with the majority of the production coming from one zone. This sub-optimal fracking was the whole reason for the refrac to demonstrate the efficacy of the new methodology in the new wells. Including these in the comparison, before and after the pump, totally confuses the issue. They had previously intended to reconnect them later, to increase output and cash flow pending the new wells.

Ps. Meant to say, we have had no oil sale figures recenty so we have no way of knowing how much is coming in now. They did say the initial figures would be higher due to being shut in.

Hi Jack. Yes those sort of sums from the oil are very welcome and will no doubt increase once C19z, and perhaps some of the other old oil wells are cleaned up using the pump. However, they are not enough to make the company cash positive. Early last year before anything much was happening, I calculated the monthly cash burn at around £170k. Someone else came up with something in the same ball park. Must be greater now, even without all the current extra expenditure. Too many unknowns to make a similar calculation now. We should get a good idea of the cash situation at the end of the month, when the 6 monthly report is due.

As I said, any reduction in cash burn due to increased oil production and gas flow, once the pump is applied to 77h is good news. However, the real point of the pump is to demonstrate to the jv in waiting and the GOI etc the potential of the new wells when the flow is not hindered by the condensate. It's just a great pity that the DGH have confused the picture by insisting on including the old sub-optimally fracked zones in the comparison. I would imagine Roland is not at all happy about that. Atb. Gla.

No reply yet Jack.

Desree. We know how long installation takes from the 1st June rns. It's 8 days.

Lol.