Member Info for gordon1237

Yes Eagle. The original refrac target quoted in rns's was given as 2 mmscfd. That was reduced in the Q&A in that link to 0.5 to 1.0 mmscfd. When I queried with Roland in September why they were now saying that 0.15 mmscfd was ok, he said the original target was set by the frac specialists without reference to previous production of 77h. Which is fair enough, but that being the case why did they rns misleading numbers in the first place?
Anyway as you mention they seem confident that multiple fracs wont cost much more and the required overall flow rate can be achieved. Hopefully they have convinced potential jv's.
Also in that Q & A from last April they say
" • What would success look like on all fronts 12 months from now? A successful C-77H re-frac, a successful new (C-78H) well drilled and on production, a farmout agreement on Cambay, and the award of a CCS licence for the Medway Hub with FEED underway."
Hmmmmm.

Investing.com is good for live prices.
https://uk.investing.com/equities/oilex-ltd

My point is it was substantially discounted to the price at the time the placing would have been agreed just like every previous placing and the latest deferred one. A minor point but it beats me why you can't concede that.

Ssccss. They tweeted this about the cash.
" The loan announced this morning is for general working capital requirements pending the finalisation of a Cambay farm out."
Don't know how long that will last as we don't know the cash burn which is dependent on flow rates and oil sales.

Jasper. Can't believe you're still insisting the placing was at a premium. Technically correct but only because the sp dropped from 0.30 to 0.20 when we knew it was coming. So the placing was at 0.21 a piddly 0.01 higher than the sp. It could easily have dropped slightly less to say 0.22. Would you then have said " Got that wrong it was at a discount". Don't think so.

This is what Roland said in an email reply on 28th November.
" We urgently wish to drill new wells to build our Cambay production base but as has been stated previously, we are seeking to farm out up to 50% of the Cambay license and we hope the buy in price will be a “carry” for two wells by the successful farmee."
It states in the presentation that the wells will cost about 10 million usd each so that gives a price of 20 million for 50%. Obviously worth much more but that is what they are aiming for. Several parties are keen so that could drive it up.

The years I mentioned were in the past. That is it was in 2014 that they first knew the condensate was a major issue. You seem to be saying it might take years from now. Thd company hasn't even hinted at that. I am not for a moment suggesting they should have been working on this for years but they could certainly have started working on this before the refrac.
Shan't reply again, no point in debating with someone impervious to logic. Have a nice day. Afb. Gla.

Zag. Would that be on this board or arriving at Cambay? Lol.

I think you'll find it was you who mentioned a ludicrous figure of 30 million And you who mention years. " If they have spend months/years looking for a viable solution how much will it cost and how can they cover the cost without the finance?
For what it's worth I think it's very unlikely that they won't find a solution,that's not too prohibitive in cost. It's only the timescale I have an issue with. Gla.

For crying out loud! Of course I don't believe they should know what the cost will be before finding a viable solution. The point is they've known what the problem is for many years and could have found that viable solution before refrac. Probably would have cost very little to find out beforehand. If it hadn't been needed, all well and good.

Got to say this drop seems way overdone.

Again you appear to be deliberately missing the point. Which is that by preparing in advance they would likely have known the solution AND the cost before the refac even started.
If I believed in such things (which I don't) I might say you are deramping, with ludicrous made up costs, and talk of timescales in years.

You are getting more ridiculous. Why would I have solution? I am not the one being paid to come up with one. Do you not understand my point that whatever the cost turns out to be, they could have prepared in advance?

Bloody hell. Wasn't expecting this rout in the sp. One trading day since we topped 0.2.

That rns was from 11 th November. I don't know much about pumps but I do know about evaluating seals for compatibility with Hydrocarbons having done it many times in my scientific career.

asimpleinvestor. Where on earth do you get a ridiculous figure like $30 million from? It may be expensive but still a very small fraction of that. This from an rns.
" 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."
" Within the existing budget ". Ok may have gone up since then, but your figure is absurd.
My main point, is that whatever the cost turns out to be, with s little more foresight, it could hsve6 been sorted months ago.

tested the seals for suitability.

Conger. Have said a few times that I'm not impressed with the way they've handled the condensate issue. They've known for more than 8 years it was a major issue. This from the 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."
They could have investigated suitable pumps before the refrac even started. I am sure thr suppliers would have tested the srsls66for suitability at no cost, knowing that a sale(s) was likely. They could have placed an order soon after the refac started and we would have been up snd running months ago. Even given that they didn't do that it shouldn't be taking over 2 months to determine the best option.

Agreed Conger. Unlikely to give any sp boost for s good few years. However, it may help in raising Syn's profile with the DGH.

if Roland will do a Sharetalk interview now. Might help.