Member Info for gordon1237

Interesting to see what the market makes of this. Hopefully, wont drop too much.

Only my opinion sausage. Thought that all along, but was really, really hoping to be proved wrong. Remember they only ever said in a Tweet that the jv wasn't contingent on the pump installation. If it turns ouf to be wrong, all they have to do is claim they genuinely thought that, but the jv had other ideas. In reality they will probably make no comment.

Sausage. That will be because there is nothing to say on the jv. Unlikely to be signed until the pump is up and running. Seems like I have spent half my life waiting on this.

So even if they hit the revised schedule that's a minimum of 40 days late from the original 90 days.

VF. Didn't you say it would be rns'd when it arrived on site?

Rns of 9th March.

" The Company aims to have the jet pump solution for the C-77H well operational in the next 90 days."

Strictly speaking 90 days is up to 7th June. So that's 7 days from now, or if we assume they meant 3 months, 9 days from now. Either way it's looking unlikely. As they say in Paris," Quelle Surprise ".

I suppose it demonstrates how bored we are with waiting for something to happen, that we are even discussing this nonsense. Lol.

Even funnier, these twonks are actually predicting that this time next year the company will be worth around 3 billion quid!!!!!!!!!!!!

Yes, pretty amusing. Almost certainly just made up, rather than A I. Surely, no one would actually take this twaddle seriously.

So according to these nutters, this time next year, we'll all be millionaires. Lol.

You could also look at the 8 months it took the GOI to approve the transfer of gspc's 55% to Oilex.

That's even considering Oilex had been the operator of Cambay for many years. Makes you wonder how long the approval of the new jv will take.

Today it is exactly 8 months since the farm out process was initiated.

20 days since they Tweeted that the pump was being readied for shipment.

Sausage. It's a bit too much information that you get a stiff ignoring. Ignoring what BTW. Lol.

That's what I thought VF. Had this conversation with Jack before. Not convinced there is any tax implications in selling, or having welld drilled in lieu of cash, of part or all, of an asset that has accumulated losses of $125 million.

Jack. There would be zero chance of Roland answering an extremely price sensitive question like that.

They have said multiple wells Iain. How many that means is anybody's guess.

Glad I missed that. Wasn't even aware of this very generous offer to " valued" retail investors until this morning. Would have been pretty pointless taking part given the sp is now slightly lower. Weird way of doing it, but guess it didn't really matter given it was a totally ungenerous offer.

So it took from mid October when they thought they could devise a solution themselves to finally deciding on a jet pump in March. If that research had been done in advance they could have ordered the pump in October/November and it could have been up and running probably before Roland even went to India in February. OK, there was a slim chance it might not have been needed but it would hardly have cost a lot to do the groundwork.

Sorry if that's a bit long winded. Mostly cut and paste. Anyway, that's what I think. None of it will really matter if it all comes good. Gla.

Hugup and asimpleinvestor. My bone of contention is not with the 90 days from deciding on a jet pump and it arriving at Cambay. Which looks likely to happen and is not unreasonable. It is with the fact that the 4 or 5 months of research that it took to decide on the best solution, between October and March, could easily have been done before the refrac even started. They have known since the original frac in 2014 that fluid loading was a problem which seriously inhibited flow rates. This is from the December Investor Presentation.

" Prior to the refrac, C-77h was produced from 4 zones fracked in 2014. The well would load up with liquid after 2-3 days of production and required shut in periods of 2-3 days to rebuild flowing wellhead pressure."

In an email exchange with Roland in November I asked why they had not prepared in advance for this known problem. He replied as follows.

"Without wishing to get too technical, the fluid loading exhibited by the original 4 fracked zones was complicated by not knowing how efficiently these zones had been fracked and completed."

In other words perhaps the poor flow had been partly due to poor fracking as well as the fluid.

Fair enough, but at the very least they must have known that there was a strong possibility that they would need artifical lift. That being the case why on earth couldn't they start researching pumps before they refracked?

These are the rns's they posted on the subject.

19th Oct.

"The Company is currently designing a revised completion string incorporating a downhole pump to lift fluids from the wellbore and to enhance production rates."

11th Nov. "The Company has engaged Wellynx, a recognised leader in completions technology, to design an artificial lift solution for the C-77H well. Wellynx have engineered a revised completion that incorporates a progressive cavity pump (PCP) and downhole pressure gauge to optimise well draw down. The design is complete and the Company is sourcing the required components from accredited Indian suppliers. It is anticipated that the cost will fall within the existing budget."

1st December." An order for artificial lift equipment for the C-77H well is being placed with PCM, a world leader in progressive cavity pump (PCP) equipment. Delivery times are currently being finalised."

1st Feb " We have been working with the preferred PCP supplier, PCM, to identify an artificial lift solution for the C-77H well which can be applied to future new wells in a full field development programme."

9th Mar." Extensive evaluation of the artificial lift options for the C-77H well and future Cambay new wells has resulted in the Company electing to adopt a jet pump solution for the C-77H well. This is due to a combination of technical, cost and availability drivers."

" The Company aims to have the jet pump solution for the C-77H well operational in the next 90 days. "

Continued.