Member Info for gordon1237

Plus the refrac raising, which presumably is ring fenced.

Found it. Jssper calculated the monthly cash burn at around $300k. So at the end of March there will be about $500k left.

They had, $1.4 million left at the end of year. Can't remember what Jasper said the cash burn was but they must have run through a fair bit by now. Presumably the raise for the refrac must be set aside for that.

Meant to add, or maybe not if the production gives enough cash flow quickly enough.

Yes oilman. That's pretty much the point of doing the refrac on 77h before drilling any new wells. To demonstrate that (hopefully) the new techniques give a dramatic increase in flow rates and enable oilex to get much better jv terms. The original plan under Joe was to dig two more vertical wells.
Roland's plan is a much cheaper way of proving up the well. With it now looking like 6 months before refrac results they may need some more cash to tide them over.

Spot on Toptuf. I would have been delighted if it had rerated but just couldn't see any reason why it would. The rns was nothing but a delayed timetable for what we already knew. It had been obvious for weeks that the refrac wouldn't happen this quarter. It hopefully will rerate at some point. When that will be? No idea, and neither does anyone else. Gla.

intimated

Oilman. Yes we have our update. Not exactly what was intimate though, was it? What rerate?

Thanks Blue.

tsbs. I am not surprised it will take time to get the kit. Its just that some were saying with Roland's experience it wouldn't be an issue. I have been saying for a while we wouldn't see the refrac in q1.

TBH. No I didnt know you could buy prior to market opening. Like I said below it's more like 6 months not 8 weeks. Dont get me wrong, I am sure it will all happen eventually. Its just that I dont get why this is so positive. Yesterday, many were saying production imminent, refrac still on schedule etc. Today it's still production imminent and refrac considerably delayed. Not sure how that's an improvement. Still let's see what occurs. Gla.

Oilman. I quoted what you said, which wad that Roland's knowledge would obviate any equivalent delays. How am i exaggerating? They said refrac q1. It's now not starting until July, with 30 to 60 days flush through. That takes us to August /September. So around 6 months for any results.

How can a 0.23 buy have gone through when the market hasn't opened?

A bit more than a few weeks delay to the refrac oilman. Looking more like 6 months before we see any refrac results. OK it's out of their hands but they never seem to see these things coming. A little while ago you were confident Roland's experience would ensure thte were no equipment delays.
" Idle equipment costs money. The ordering would coincide with the taps being switched on to maximise value. Supply issues can occur but Roland knows the industry so I would doubt here would be any real delay." Atb.

Blimey Oilman, to be still investing you must be expecting to make your century at least. Lol. Not bothered about the funding, not new, just the interminable delays. Atb.

Too right, the older you get, the quicker it flys. Atb.

Oh to be 34 again. 74 in October. Lol. Looks like refrac results in October if we are lucky.

Blimey WTB. Didnt realise you were such a new boy. Lol. BTW, I can remember my old mum saying " Dont wish your life away", so I have no wish for it to be suddenly late summer. Atb.

Last April, I got a lot of stick for suggesting that the two new wells wouldn't be drilled until late last year or early this. Now it's looking like late this year or early next. You are right Toptuf, it's always a case of " Never explain, never apologise".

Also, someone we were told by someone " in the know" that the refrac once started would take no more than 3 weeks. Now its at least 2 months, with lower expected flow rates. Atn.