RE: The 2024 AGM Recap Part 229 Jun 2025 08:31
'TheAimCasino'
we had a very interesting 30 minutes with miles newman who explained in depth the ease of obtaining land to drill, the seismic which they did themselves as they had all their own equipment and how mineral rights were dealt with. quite interestingly, you can literally drill wherever you like in oklahoma even if the farmer doesn't want you to drill on his land. he gets a payment for his inconvenience, a further payment is made to mineral rights owners who they can trace and cash paid into an escrow for any they cant, in case they come out of the woodwork later. equipment is incredibly easy to obtain, for most it is a case of literally 'going to the store' and it's delivered later that day or the next. miles was very animated with this new relationship with union jack and came across very well. interestingly, he said he felt 5-6 wells could be drilled on the andrews site and he said this was an exceptional formation. as for the flow rates, until they get the gas piped in, which is seemingly quite active, they can't stabilise the oil. there was no suggestion anywhere that they were disappointed in this first well and expect to announce the spudding of the next one very soon.