Member Info for Harryshang

From the RNS dated 13/10:

Over the coming weeks, a number of external studies, utilising the knowledge of specialist carbonate reservoir modelling energy consultants will be conducted, encompassing a wide range of potential reservoir stimulation treatments, the results of which could be applied to the West Newton series of wells, in order to achieve optimum flow rates.

Is it time such analysis by the said energy consultants is complete with an RNS reporting advised actions? Or will “ coming weeks “ evolve into “ coming “ months.

Harry

Exploration,

Many thanks for sharing your knowledge on these difficult carbonate structures. One can only hope they are consulting the competent 3rd Parties. Better still, why not employ a crew with experience of these horizontal specialised drills. I would be delighted to hear such news via RNS.

I have to say I was not enamoured nor surprised at the result when Rathlin announced they would approach the A2 test in the same method as B1.

Harry

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