Member Info for GreyPanther

Hi Uggy100. I've never had the slightest impression that keeping Reabold's shareholders in the picture, either by issuing timely RNSs or updating the website when necessary, is very high on S&S's priority list. I sometimes wonder what IS important to them. It's clearly not communication, so maybe it's merely their inflated salaries. They are certainly paid rather a lot for doing things that don't seem to do very much for us, and there are two of them on the RBD gravy train too!

A company's management style is very important, of course, but it's also possible that UJO have out-performed some other onshore UK players like ANGS, EOG, EDR and RBD because they have assets besides Wressle and West Newton that have progressed in the meantime to some degree. Some of ANGS, EOG, EDR & RBD's other assets have their technical merits but unfortunately others of them look more more like "pie in the sky" to me. Where these other companies have technically interesting assets, they seem unlikely to progress much in the short term. Shareholders more familiar with those assets will no doubt disagree with me, but I reckon there's more to it than just UJO's positive management style. Luckily - or otherwise - I'm invested in three of these companies but I'm not about to tell you which they are! Other than EOG which, if any, would be on your short list?

Hi RNST. Thanks for that, and I agree with your general comments about the company. I haven't seen any recent aerial shots of the Wressle well site so I've no way of knowing if my suspicion about the possibly delayed CT work has any real substance. However, my over-riding opinion about Egdon, which I feel is quite well run at the technical level, is that they have been "running on fumes" financially for far too long. Until their most recent, sizeable placing (at the knock down price of 1.25p per share) I'm guessing that they didn't know where the next few £ would come from. They must presumably have been trying to space out their expenditure to meet their work obligations across far too many licences. IMO far too many of them will never come good, and I'd include all their shale gas licences in that comment.

Hi RNST and Tovoc. Egdon may possibly not have started the clean up yet as I'm not completely certain that the coiled tubing is already on site. Egdon wouldn't have known in advance that they would definitely need the CT equipment, so there were probably good financial reasons not to have it on stand by for several weeks. Also, I don't know where it's come coming from, or is still on the way from, but it may not be merely "down the road", or even somewhere in the UK, as these kits are somewhat sparse at present, especially onshore UK.

Hi there Tovoc. Wressle at 1,200 bopd? That might possibly be the immediate flow rate for the first few hours after coming back on stream but, as for sustained production at that level, this can only be a dream IMO. Let's hope I'm wrong.

Hi there Serif. Thanks. GP

Regarding the Wressle PS result being expected almost any day, I'd be interested to know if Egdon already have on site all the equipment they need to re-start oil production. I'm assuming they will need coiled tubing equipment to clean out the well first and, from the aerial shots of the well site that have recently been posted elsewhere, I couldn't tell if the CT was on site or not. Does anyone who is familiar with these things have an opinion? Thanks.

Hi deemule. Thanks for the link to the article. As far as my arithmetic goes, 40 Euros / MWh is close to 100p / Therm, so not too far behind the current UK's NBP price. This makes sense to me because the internal European / UK gas marker is fairly efficient, with prices not usually differing much across Europe unless there's a supply crisis. Which, of course, there could easily be this winter, thanks to Comrade Putin.

Hi Tovoc. I was going to say "dream on" until I read your post in it's entirety and then realised that you were already dreaming. Good luck to us anyway.

Hi deemule. Thanks, that's a fair point regarding Victory, and for WN once we have a flow rate. As far as Parta goes, though, do you know what the gas price is in that part of the world? Unfortunately this asset, like California, seems to have gone very quiet as far as RBD are concerned.

"Gas already up over 3% again today now 106.96 per therm". That's wonderful for some, of course. But are RBD producing sales gas anywhere in the UK, or are we likely to be doing so soon? Not this year, IMO

Thanks Manwell. I too suspected that the Raptor tool was never run in the B-1Z well. So I asked a friend - who is usually in the know about well logging matters - about the Raptor tool's availability. His opinion, FWIW, is that there is probably only one Raptor tool anywhere in the UK and it's apparently been unavailable for some time because it is being used offshore in the northern North Sea. This might perhaps explain why it never got to B-1Z

Harryshang. Thanks for that. I've had a look at Manwell's previous postings and he certainly seems to know what he's on about operationally. It's therefore a pity that interesting comments like his often get drowned out in the almost constant bickering on this board.

Hi there Harryshang. Are you completely sure that Raptor cased-hole logging was carried out on the B-1Z well? I believe it was in the original programme, but I don't recall seeing a comment from RBD that it was actually carried out and the results incorporated in their evaluation before commencing the EWT. Not that RBD ever tells us very much, of course. Thanks.

Europa are up by about 6% on today's Wressle RNS, UJO are down a tad, but no change here at Egdon. This is a rather disappointing market reaction but most potential investors are presumably waiting for the post-squeeze flow rates before getting too excited. Egdon's team seems to have managed to inject a decent volume of proppant in to the Ashover, so I remain highly optimistic.

It's quite possible that the squeeze operation has already taken place, but that the well still needs to be cleaned out using coiled tubing. Maybe the CT kit is not yet on site, and will take a few more days to arrive. So yet more patience needed, I guess.

"No. Equipment on site. Thats confirmed" Confirmed by whom, may we ask?

Hi Monster666. Your comment about Heid "So many overly positive posts under the pseudonym Heid, makes me wonder who is behind it, David, Chris, maybe even CJ". IMO that's a bit wide of the mark. "Heid" may well be a pseudonym, like most of us on this board, but I'm pretty sure there's a real investor behind it. And she (assuming it's a woman, of course) doesn't seem to be reluctant to speak to UJO's Chairman from time to time. She may well be "overly positive" and an extremely frequent poster too, but isn't that her privilege? And I'm sure she's quite able to defend herself. Sorry Heid; being so gallant I couldn't resist!

Hi Exploration, thanks for that. I agree that H2S might become a problem when / if production occurs WN, and even, perhaps, during testing. It has not, as far as I know, been mentioned so far by Rathlin and their partners, but I'm sure they will be monitoring for it. My post was just to point out that a bad smell at WN would not necessarily be due to H2S. All the best.

Clean condensate usually smells more like petrol, rather than H2S. When more than a trace of H2S is present it can be toxic, smells of rotten eggs, and the well site would most likely have to be evacuated. If there is an unpleasant smell at WN, it's more likely to be due to traces of mercaptan, which is another sulphur compound, and which is often encountered in carbonate reservoirs like WN. Mercaptans also have an unpleasant smell, but they're more like rotten cabbage, but not nearly as dangerous as H2S