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Yep I agree with that but I would expect some gas.

Let them stump up the $450k and carry us for the workover costs.

Placing coming at RRR to pay for the $450k and exposure to the workovers. NCT have them by the short and curlies.

No mention of the gas from that workover.

At these numbers I would be happy with no new drills and just workovers/recompletions.

No comment by them. These numbers means it will cost them big time if they want in on the full potential of Shoats Creek.

Add in the numbers for the other workovers and RC#1 RC#2: that is a lot of money.

Excellent.

That might be Indigo but it could be someone else. If they can get on with gas sales now that would make a difference. The issue with gas sales is that it takes about six months to get paid; probably what NCT would need to do is use invoice discounting. 90 cents in the dollar plus 2.5% financing would do okay. They could probably drop the invoice discounting after a year. http://www.1stcommercialcredit.co.uk/invoice-discounting-factoring-for-oil-and-gas-industry-in-the-uk/

RRR said they were looking to negotiate a position on the workover potential. Same probably applies to Gulf.

I am pretty sure that Indigo has its own tank farm and gas processing on its acreage.

For starters I would like to confirm they now have a contract for sale of gas or have a way of selling it in the absence of their own contract; then that they either have or are about complete to the hook up of LM20, LM14, RC#1 and RC#2 for gas sales; then that they have reviewed the portfolio and have six immediate targets for workovers that will be worked over and hooked up for the gas sales by the end of August. That would indicate a sense of urgency and indicate progress. Get that done and they do LM21/LM22 whenever they like. With the oil price softening again, the workovers and gas sales become more important than new drills. IMHO DYOR

Well I hope we are both right: this is worth a lot money to me if it they come out with the right news and it is well received.

Getting impatient? It has been a bit of wait. I hope they come out with a proper update that does answer questions. If the management team is being changed one issue will be the NOMAD. Unless they are happy with it there will be a problem. So it could that any announcement is delayed by the NOMAD doing its due diligence. DYOR

This is him https://www.linkedin.com/in/jeff-welch-1a460420 Interesting, looks like he has a background in gas trading.

http://www.bloomberg.com/news/articles/2016-07-20/the-future-of-big-oil-at-shell-it-s-not-oil

Shouldn't you be on the RRR site?

Oml113 is a great asset. CPR should be out soon.

Stefan gave an interview a few weeks back and was asked about JVs with Pemex and he said they were no longer looking to do them. I took it that the potential JVs were using GE's BVR technology and now that they don't lurve each other any more, the opportunity had gone.

I know nothing about what is going on at ADL other than what is in the public domain. I have never spoken to anyone involved there except for Jorgensen when he was with NCT. It just seems about the right time. ADL should be updating us on TOE2 shortly and once that is boxed off it will be time to do the next deal. ADL has a big team in place, a lot bigger than the one needed for TOE2. The announcement on SIAK came out in December, so it is now seven months. Five months for negotiations and two months for legals plus the timing from the relisting seems about right. The big deal with SIAK is the next door field operated by Chevron: the PSC is up for renewal soon. I think the Indonesians will not renew and do a similar deal to the SIAK deal. IMHO DYOR