Member Info for Helpful

80% of capacity: not bad to start with.

Given all the time they have taken over this I wouldn't be too surprised if they do more than 1,000 bopd.

I think you misunderstand the role of operator and how the permitting system works.

The current permits will transferred to the new operator when recognised by RRC.

You seem to want to make more of than it is. Operators are ten a penny. The contractors for the workovers are separate from the operator. The operator doesn't own the leases but it could do: in this case it doesn't.

Just as at Zink Ranch we had operators other than Mayan and now we are changing to Mayan.

I don't know but I would expect an update on FH and ZR soon.

http://westtexasresources.com/board.html

WTXR operating Inc is a subsidiary of West Texas Resources.

My understanding is that WTXR are out as the operator and will be replaced. Your link was old information. Note none of the changes to status were recent. The company's RNSs have alluded to this.

Hopefully the company will be explicit on the next update: which should be anytime now.

For me the big one is to get Morris 1 perforated in the Escondido and the gas find confirmed.

DYOR

Link?

https://www.bloomberg.com/amp/news/articles/2018-07-06/oil-spike-above-150-feared-as-investors-demand-cash-over-growth?__twitter_impression=true

Calculate the netbacks based on this and then work out how 1,000 bopd based on Stockdale gives us. Fingers very crossed.

DYOR

To give an insight into the Stockdale deal we need to look at some metrics. I am using these because I know them.

In OK wells are valued at between $30k and $40k per flowing barrel. Some adjustment is made for the sands or intervals that are being exploited.

So if the new wells are Stockdale are valued similarly and are similar to Morris 1 the valuation would work out along these lines

Oil 80 bopd
Condensate 10 Bopd
Gas 100 bopd equivalent

Valuation then is: 190 x $30,000 = $5.7mil

Cost $35k per well and say $70k per well workover and gas hook up etc

So for $105k per well and a bit of messing around with a rig over say two weeks per well we have an asset possibly worth $5.7mil per well..

Note when doing these metrics and comparators it is best just to regard them as an order of magnitude thing. Ie., the value might end up being $4 mil or $7 mil per well but it is a lot more than $105k per well.

Again as a comparator NTOG was getting excited at drilling wells costing circa $350k/$500k per well, producing 50 bopd per well and making two times their money back at $40 oil.

It is down to how these wells turn out: will they each be like Morris 1? Was Morris 1 a complete fluke? We should know pretty soon though I think the Austin Chalk wells will be the ones to get the TLC. Whichever way you cut it, these wells would have to be pretty bad for us to lose money on them at current prices given the deal that Eddie has cut.

DYOR

How would anyone know who is selling or buying?

I bought some yesterday because the price is too low but no one would know except I mentioned it. It was done online through IG. There is no way anyone could know unless they access to my IG account.

Sometimes it is fairly obvious like when Cornhill was forward selling their warrants a month or so back.

My opinion is that a few traders are selling to move into stock like UKOG or ANGS where they think they can make a quick upside and then come back here, possibly at a cheaper price.

Who knows and why does it matter? At the end of the day people make their own decisions and they are either right or wrong.

It may surprise you but not everyone posts bile and invective. Sometimes a nugget of information or an insight makes it worthwhile.

PQE finished well up yesterday. Good news on the way?

David Sealock is key at PQE. He wants to make a lot of money over 3 years not 3 weeks. He has joined to acquire more assets for PQE and roll out the technology worldwide.

They are just waiting on all the permitting in Utah. I know everyone thinks the US is still like the Wild West but everything is highly regulated, as Mayan has found out.

Block should be on with the workovers next week and then we need to keep an eye on Schlumberger. If Schlumberger come good next door Block is off to the races.

DYOR

Looking good. We just AB to start getting his RNSs out.

Things that might help:

1. Mayan being recognised as the Operator for Zink Ranch: means that programme can start
2. New operator recognised for FH; means that they can hook the worked over wells up and complete the rest of the programme
3. Confirmation that the work on Morris 1 is/has been done and is hooked up for gas/electricity sales
4. Confirmation that the DD is done and that the deals for the new wells are done
5. Confirmation PQE has received final regulatory sign off and can start sales of oil and full production
6. Confirmation that Block has started its workover programme

Stupidly I picked another £2k this morning; I never thought we would see this price again.

DYOR

Never let the facts get the way of a good troll hey! Not too weeks. It was horrendous and continued for weeks. At one point the had an ice storm that froze out the mobile communications towers.

Nobody?

Cornhill didn't take any of the placing not did their clients. I am not a Cornhill client and never have been.

Time will tell whether the 500 bopd target will be achieved or not. I think it will be and easily but that is just my opinion.

Re the weather. The difficulties lasted longer than the weather being bad. The ground was so wet they couldn't move kit on and off site. So once the weather improved they had to wait for the ground to dry out. It affected everyone.

DYOR

DYOR

Incoming!!

https://www.youtube.com/watch?v=WprVeIvofOs

No way is KSA going to pump an extra 2mil barrels per day anytime soon.

http://thehill.com/policy/international/394951-trump-asks-saudi-arabia-to-increase-oil-production?amp#click=https://t.co/DahFVCJXhU

Currently around $73.50.

$80 next week?

https://www.prnewswire.com/news-releases/west1-and-scott-dorey-announce-investment-in-para-resources-300674785.html

Perhaps you should ring them up and explain why they don't know what they are doing?