Member Info for gordon1237

Jack. Still not sure where you are going with this. We know Oilex have been very unsuccessful in Cambay in the past with conventional fracking technologies. They commissioned the Baker Hughes /Schlumberger report which made recommendations to address the problems. We will know in a year whether it works. Nothing is certain and that is the gamble they and we are taking. In the words of Roland, " It's not a slam dunk". What more needs to be said.
Callum. I must say I don't really understand how Oilex will make a lot of cash buying mature fields. Sounds very long term. Presumably the purchase price would be based on paying some multiple of whatever the annual profit was. It would then take at least that number of years to even get your money back. Perhaps someone with more knowledge could elaborate. Atb.

Thanks Callum. Interesting.
Got to say, it's p*****g me off that it now looks we will be waiting the best part of a year before we know whether the recommendations work. Let's hope Roland's other plans give us something to get excited about in the interim.,

Yes Callum, I know that and have said so many times that this problem is what we hope the new Baker Hughes techniques will address. We agreed about this only yesterday. I was merely quoting that article to illustrate why ongc gave up on fracking, not saying it was an insurmountable problem. Atb.

Hi Jack. You seem to be putting words in my mouth. When did I say that? Not sure what point you are making when both Joe and Roland have acknowledged the difficulties of drilling in the geology of Cambay which is very different to that of North America. The rocks are more elastic which means the fracks tend to collapse reducing flow rates. It is this problem which hopefully the new techniques will address. This article makes the point that this is why ongc gave up on fracking. Our big hope is that they are wrong.

https://m.economictimes.com/industry/energy/oil-gas/ongc-ends-shale-exploration/articleshow/72233370.cms
"The US has permian shale while India has much younger, tertiary shale. The US shale rocks are brittle and so easier to hydrofrack while those in India are elastic with more clay content, resulting in little yield from fracking,” said an executive. “The general assessment after drilling wells and data analysis was that it may not be a productive idea to sink more capital into shale projects.”
Atb.

Espen. Can I get paid in malt? Lol. Atb.

Espen. Once you have a controlling interest, what direction will you taking the company in? Lol.

Yes Espen, but I'm too long in the tooth to wait for it to mature to a 10 year old. Lol.

Agreed Conger. Boy! Did you ever do the right thing, getting our on Friday. Well done. If I hadn't been up in the wilds of Bodmin Moor, I might have done the same. Atb.

Bugger. Worse than expected. Gla.

Well, the price in oz finished at 0.45 cents which is 0.24p, so pretty much the same as here. Wonder if we will hold at the current level. Let's hope so. Gla.

Anyway, as Callum and I discussed earlier the key to getting anywhere near even the lower amounts on the web site is the success of the recommended new fracking techniques. That's what we are all hoping for. Atb.

Jack. The condensate is a fixed % of the gas. You cool the gas, you get the condensate. You can't get more than is there. The quoted amount will be based on the known % of condensate per billion cu ft of gas.
I repeat, the definition of a contingent resource is one that is not all commercially recoverable. The actual amounts of proven, probable and possible reserves are given on the website. The increase in gas prices, if it lasts, may increase to some degree the amount that is considered commercial. Atb.

Just trying to be polite wolf. Perhaps you could try it. You never know you might like it. Atb.

Jack are you having a laugh? Sounds like you actually think they can get the condensate without bothering with the gas. Hilarious. The condensate is part of the gas. You can't have one without the other.
Also, that amount is the contingent resource which by definition is not all commercially recoverable. The true resource is about 10 % of that. If Oilex get even that amount out of the ground they will do very well indeed.

Sounds fantastic Callum. Atb.

some great pub lunches

Yes Espen. Cornwall was great. Had done great pub lunches. Great scenery, decent weather and able to chill out with few people in sight. That was until we went into Padstow to buy a couple of souvenirs for friends. Nightmare, with thousands of people in sight. Made a quick getaway and spent the afternoon sitting in the sun on a cliff top. Atb.

Yes Callum. That is a departure. Joe's plan was for two vertical wells and then depending on the success, add the horizontal element.
I wonder how ongc will feel if Oilex are successful, given that they abandoned there own multi billion fracking project due to the difficulties with the geology. Atb.

Yes Callum. That's spooky! Lol. Atb.

Hi Jack. Fair comment, Roland may well know the best team for the job, but they will be doing it with the knowledge from the Baker Hughes study which will be passed on to them. I reiterate, that this type of geology has not been successfully fracked to produce commercial flow rates before. They won't know how well it works until they try it. Indeed, Roland himself has said " It's not a slam dunk". The whole crux is that if it was a certainty then Oilex would be already multiples of the current price. That's the gamble we are taking here. Atb.