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Exploration,
Would there not be synergy in a Deltic acquisition/hostile takeover of RBD?
Given Deltic’s Zechstein assets In the North Sea coupled with the Shell JV and their prominence in dealing with these difficult reservoirs.
Harry
Exploration,
Thanks for the link. I shall read and attempt to comprehend.
Harry
Exploration,
Thanks for that-let’s hope those papers are consulted.
Harry
Exploration,
We can only hope NAM are consulted, better still use their people who are obviously highly competent in the procedures.
Harry
An RNS is imminent. What has been tested and the viability of that test is important- pressures, expected flows, technicals and future plans.
What we don’t need is waffle.
S&S have bet the farm, their reputation, in Sachin’s case, some serious family wealth on WN.
Harry
into the A2 WT, they need to update PI’s on the technicals of their proposed actions.
No news creates suspicion.
Harry
Exploration,
Your first paragraph mirrors my own take on “ the cart before the horse”.
More excellent analysis and importantly plan of action.
You have my endorsement as consultant to S&S, perhaps they could offer you a temp contract and divert one of their salaries to yourself.
Harry
Many thanks Exploration.
GP, excellent analysis I’d say from E.
Harry
Good questions there GP.
Secret blueprint is the man to answer those.
Harry
While I agree with the concept of the “value curve”, to date, S&S have failed to execute a successful liquidation event-perhaps, had such an event occurred, PI confidence would be buoyed.
Furthermore, given the funds allocated to WN, I would like to have seen a top professional outfit with the wherewithal appointed to both the drilling and EWT.
Harry
Increase in HGV drivers’ salaries owing to dearth of drivers- in short, increase in the price of pies, saturated fats and buttered leeks in bechemal sauce.
Harry
… emerging' Zechstein play on the internet and the amount of references to the West Newton discovery is quite amazing with several youtube videos on the subject. There is definite interest from several large companies including Shell in how it plays out. I would have thought that given it is onshore and relatively easy to experiment with that they would be contributing their thoughts on how to progress this next test. From Jusmasel on AdVFN.
Can only be good.
Harry
CB,
Clearly some informed radical action is required to stimulate flow and thereafter they have access to ESB/LNR.
Do we have a crew with those attributes- who are they?
Harry
attributed by a fellow poster on the current debacle is probably richly deserved. And, I have probably been one of the most vociferous critics of their incompetence.
However, I now play devil’s advocate. Perhaps their deal with Corallian ( spelled correctly I believe) is a master stroke, at least, in diversification of the portfolio.
I preferred DB’s RNS and the boys could learn from experience.
Good flow rates from A2 will give balance to the SP, however, they must then address the further financing. A partner of national standing would be most welcome.
Many thanks to Manwell’s objective posts today.
Harry
With the protracted EWT- almost 3 calendar months- one may reasonably infer that the funds earmarked for the B deviated well will have been gobbled.
That leaves the Acuitas 5mm death spiral ( I name it so because I personally arranged such finance some years ago on behalf of the sharks I worked for) which will leave RBD like a beached flounder. It’s almost 20% of current MC.
I’d like to hear news of revenue secured from California to assuage my fears. Or, I’d like to hear news of a JV or a hostile takeover.
Harry
I beg to differ, S&S are very competent in self enrichment. I’ve heard a rumour ( tap room debating points) that Corralian have the Marquee booked with cordon bleu and fine wines for the Bank Holiday. S&S are seated at the top table. They passed on Henley Regatta for obvious reasons.
Harry
to wonder whether Rathlin’s exit strategy is not an exit at all and not aligned with RBD and UJO or whether they don’t wish to exit?
Are Rathlin looking to IPO and thereafter operating to full value? Any potential buyer must have a “thick skin and deep pockets”- a quote from a knowledgeable poster with wide industry experience currently lecturing MBA students.
Is there a dearth of news because an option has been granted to this potential buyer?
Or, the drillers ****ed up and left a mess for the EWT operators?
All will out eventually if one has the funds and patience.
Notwithstanding, S&S have managed to illustrate their incompetence in which I take no satisfaction.
Please assist the Afghans where you are able!
Harry
Uggy,
I agree with your well put together post.
I would add that S&S should be dictating to Rathlin given their 59% controlling interest and, I cannot defend any abdication of their responsibilities by hiding behind the veil: we are not the operator.
I remember (some 4 years ago perhaps) at an inaugural meeting with investors, when directly asked by a potential investor
“… how will you control the disbursement of funds if you are not the operator..”
Stephen answered “… all funds will be in escrow accounts…”
Potential Investor
“… so, funds will be released from escrow as and when specific targets are met…”
Stephen
“Yes”
Given their catalogue of failures to date, IMO, they ought to resign to make way for a CEO ( singular) with a proven track record of onshore oi/gas fields.
I remain of the strong opinion that WN will be commercial in competent hands.
Harry
Uggy,
Well put. I agree with the entirety of your post.
We are 8 weeks into the EWT and, if Twitter is to believed, we have plugged the lower sections about to perf the 19 m section.
Can we please have an RNS on the lower section result.
Harry
Grey Panther,
“… in the original programme…” is my understanding also.
I am also guided by an excellent post by Manwell where pertinent questions were incorporated as to why the EWT was so protracted.
Please see his post.
Harry