RE: There you are18 Apr 2023 12:11
Bistable, I think you were totally justified in your immediate reaction to the RNS and I shared your concerns.
Everyone who knows me on here will accept that I want this to work more than anything but I'm not willing to blindly join the tiker tape parade just because I want it to work.
I THINK the results behind today's RNS are pretty good but I don't know for sure because they couldn't have written a worse RNS if they tried. It is shocking!
It states and I quote "Based on the results we have concluded that at present, the well is capable of 4-5 mmscfd at a FWHP of 30 barg flowing into the system with the two other wells."
Whilst I accept (and jolly well hope) that means there will be an additional 4-5mmscfd, it doesn't say that. It says that the rate of flow is 4-5 WITH the other 2 wells. Who proof read that and thought, "yeah, that'll do"? The immediate reaction in the market is understandable in my view and I'm thoroughly hacked off by it.
It's gone from the sublime to ridiculous. Through March we had Twitter updates on 2nd, 8th x 2, 13th, 14th, 15th, 16th, 17th, 20th x 2, 21st, 22nd x 2, 23rd x 2, 27th, 28th, 29th, 30th and then 4th April. These then stopped completely.
We had the 28th March RNS where they stated they expected "first export during the week of 7 April" but by the 4th April RNS we were told flow was up to 4mmscfd after 60 hours flow with linear increase with no deviation but the connection date of the 7th has disappeared and they were going to connect to the plant directly after the clean-up. ".........we expect to realise the combined flow rates of all three wells later in the month".
Then nothing for over 2 weeks until today's rushed, unprofessional update in which we learn there is a temporary flowline set-up in place that will be replaced to acheive full plateau during the summer. The linear increase with no deviation ended the moment they wrote it down so it seems and the connection to the grid isn't mentioned at all.
Push, I accept that much of this may come as no surprise to you with your experience but it's news to me and almost every other person on this board, whether they are willing to admit it or not.
Cynders, I was somwhat surprised by your reaction saying "idoits wanting instant success and gas flows". You need to look at the timeline to get us here in comparison with what GL and the board have stated. We were meant to have paid off the debt and start receiving a dividend in a matter of weeks accordig to George's interviews!
Before I get jumped by the usual mob, I'm not deramping, I'm not selling up, I still believe this will come good and I really, really want you all to make a good wedge from this. However, they do not help themselves and today's RNS is probably the worst, laziest, half rrrsed attempt (or lack thereof) I've seen!
GLA.