Member Info for Hepseal

Chesh - my assumption was that PH wrote a letter asking the Georgian Gov to support the Chairman and the GG were not prepared to go that far but were prepared to write a letter supporting the company.
But all a bit academic now I guess.

Chesh - "ongoing processes" - i.e. the resolution to remove Phillip Dimmock as Chairman.

Hi Spudsoil

To a certain extent I think we are saying the same thing, lets look at it a different way, from RNS:

"Production in Q2 was supported by a consistent performance from well JKT-01Z and well WR-38Z being brought back into production towards the end of the previous quarter."

The above statement together with the reported Q1 / Q2 flow rates suggests that the flow rates from WR-38Z have dropped back considerably over the quarter.

Guzzler - if you look back on this chat board you will see that there is an e mail from Nigel Burton and also a post by City relating to a discussion with ME and both posts point to the next reported revenue figures being for the quarter (or possibly longer period this time) ending 30th June, i.e. this coincide with the accounting year end. It is anticipated these figures could be available towards the end of July, but lets say first week of August to be safe.

Sorry - all my boed's should read boepd.

What I object to is PH saying the flow rates are stable.
At first glance that would appear to be the case, i.e. Q1, average 512 boed, Q2, 519 boed.
However, well WR38 was shut in for most of Q1 and when it was brought back on line at the end of Q1 the combined flow rate as per RNS at the time was 630 boed, yet the average for Q2 is now only 519 boed.
So IMO the flow rate is not stable and in fact as 519 boed was the AVERAGE the combined flow rate is now likely to be less.

The conversation seems to have reverted to monthly figures but MOS have stated and/or indicated that they will be reporting revenues on a quarterly basis from hereon and it is likely that the quarter ending 30th June will be reported on end of July or possibly beginning of August.
If we take SAF 's mid figure of $175 per month that would be $525,000 per quarter
If we take Amtech's figure of $500 per month that would be $1,500,000 per quarter
I am hearing what you are both saying but how about if we split the difference and go for $1,000,000 per quarter.
Bearing in mind there should be a sizeable chunk from IGS that does not seem unreasonable.

investverysmart - "increase in production shouldn't be far off" - you reckon?

Production may increase when they complete the side track to WR-BO1
The side track has not yet commenced.
Commencement would appear to be dependant upon additional funding becoming available.

Scrodingerscat - Exactly, which is it?? (I think we know the answer).

WR-BO1 is part of Project 1

From RNS:
"Project I is primed for non-dilutive debt funding and discussions with potential lenders are at an advanced stage."

rlightor
I never thought for one minute the average rate would be 600 + boepd - that was my point.
The production rate is not STABLE and therefore as Q2 started at 630 boepd with an average rate of 519 boepd for Q2 then the exit production rate for Q2 is likely to be LESS than 519 boepd. - Simple maths.

The above despite WR38 being shut in for most of Q1 but producing throughout Q2.
The AVERAGE oil production rate for the quarter for ALL wells was approx 364 bopd.

Tony - I would not call the Production Rate a "slight negative", I would call it a fact - simple as that.
Ask your self this question, why did Block quote an exit production rate at the end of Q1 but did not do so at the end of Q2.

Spudsoil - Unfortunately the production rate is NOT stable.

The Q1 RNS stated a strong exit production rate of 630 boepd.
The Q2 RNS states an AVERAGE production rate of 519 boepd
Therefore the exit production rate at the end of Q2 is likely to be a lot less than 519 boepd

Despite carrying out no drilling works in Q1 and Q2 the expenditure has remained circa $2M per quarter and the cash balance has only increased by $200,000

Chesh - Always best to get the paperwork sorted prior to commencing the action.

(apologies to serious poster's here - won't happen again)

Pompal - link down the page - D Burton @ 06.40 this morning

really think

From RNS 12th November, 2021:
"Following the side-track of JKT-01, downhole operations at WR-B1a will resume with a low-cost side-track from the same well bore. "
Eight months on and still not started???

Does anybody really thing they are going to manage a side track every 60 days??

Guzzler - You seem more interested in discussing TMS than MOS - have you actually listened to the new a new ME interview with Sarah Lowther - I actually think it is one of the best interviews he has done and I am surprised more people here are not mentioning it,

Sorry - Did not mean to post that - pressed the wrong button - But if Guzzler really has done his research he will know why.

Charles Goodfellow