Member Info for icemax

Whilst I confess that I struggle with geological concepts I did find the snippet on Rødhette from this report (page 12) of interest. https://www.concedo.no/wp-content/uploads/2020/06/Concedo-a%CC%8Arsrapport-2019-opp****.pdf(the pdf seems to take time to load)4 weeks to go!

https://www.energyvoice.com/oilandgas/353451/norway-well-slot/

Westwood Global Energy reports that there were five exploration wells and one appraisal well active as of 29 September, two of which are suspended. Key exploration wells drilling in September include the Dugong Tail, Rødhette, Dovregubben and Merckx wells. A total of five appraisal wells and 20 exploration wells have completed and to date in 2021, from which eight commercial discoveries have been made giving a 40% commercial success rate to date.

North Sea
Lundin spudded the 17/8-1 Dovregubben frontier well on 16 September but was suspended shortly after as the Deepsea Stavanger rig mobilised to drill the 16/4-12 Merckx well which spud on the 19 September. The Dovregubben well has a range of targets from Jurassic to Carboniferous. The Merckx well is targeting the Paleocene and Permian Zechstein.

Neptune spudded the 33/6-5 S Dugong Tail well on 26 August, targeting Upper Jurassic Intra-Draupne Formation and Middle Jurassic Brent Group Rannoch Formation sandstones in a downthrown fault block terrace trap. The top hole for Dugong Tail was drilled with the well suspended c. 1 September, then the rig moved to carry out a DST on the 34/4-16 S Dugong appraisal well which is still ongoing.

In August, DNO spudded the 2/5-15 Gomez exploration well which was then completed on 24 September having encountered hydrocarbons in the Paleocene target. The producibility of the oil in the reservoir has been questioned so no estimate of resources has been announced yet.

Lundin’s 16/1-34 S, A Lille Prinsen appraisal well was completed on 15 September. The well confirmed hydrocarbons in both the Paleocene, as part of a Verdandi appraisal, and the Permian Zechstein and Basement with combined resources of 12 – 60 mmbbl. The well failed to prove Jurassic sandstones in the Garum lead.

Norwegian Sea
The Equinor-operated 6407/1-9 Egyptian Vulture well was spudded on 24 September and is targeting a Cretaceous turbidite stratigraphic play. This was the second of Longboat Energy’s seven farm-in wells to spud.

Equinor spudded the 6507/3-14 Black Vulture appraisal well on the 28 July and completed on 18 September. The well has been plugged and abandoned dry and will lead to a downgrade in resources.

In June, Wintershall DEA’s 6406/3-10 Bergknapp discovery well was re-entered to complete data acquisition, including a DST, that was unable to be performed in the discovery well due to Covid-19 and associated restrictions. The well was subsequently sidetracked on 14 July and the well completed on 31 August. Three drill stem tests in the original hole produced at a combined rate of >5,500 bopd from the Middle – Lower Jurassic. The 6406/3-10 A sidetrack discovered gas in a deeper Lower Jurassic interval. The combined resources are 97 mmboe.

Barents Sea
The 7122/6-3 S Rødhette well was spudded by Vår Energi on 16 September and is targeting the Middle Jurassic – Triassic tilted fault block.

oh dear, if Helge is talking to Malcy I reckon that comment about not promoting the share must have hot hard. Not sure that I shouldn't just sell up now....

But peak, the MMs are playing games. As today, they keep the top bid up to provide the presence of there being a floor, whilst the second set of bids below these slowly get eaten away as the day order book (sells) for the II is completed. Then, head presto, once done, the bid crumbles. It's so transparent.

Peak, I think you might have missed the point. The bottom of the bid is there to protect the MMs in case there are too many PI sells, as the bottom bid marks the lower of what they are letting IIs out for at any one time. A large spread means they can very quickly bring down the bid to PIs down by operating on the spread, which is indeed what we have witnessed here this afternoon. It's not about what a single trade provides at a given time. When IIs are selling, IOG is very easy to read.

IIs will always have their moving profit target, regardless of LT momentum.

There you go, very quick to adjust the bid downwards on PI sells.

The reason for the spread is to discourage PI selling. They always do this when they have a sales book to fill for an II. We saw this yesterday, we see it today, we've seen it often before. As always, the question will be what is the bottom price at which the IIs looking to sell. You've got to expect a period of profit taking and consolidation when a share has risen so abruptly.

Well, not much detail given, so it may have been simply drilling issues.

Link to BV well map https://www.npd.no/en/facts/news/Drilling-permits/2021/drilling-permit-for-well-65073-14-in-production-licence-159b/

and EV https://www.npd.no/en/facts/news/Drilling-permits/2021/drilling-permit-for-well-64071-9-in-production-licence-939/

It was interesting that at the presentation Helge thought the EV CoS at 25% had been played down. Regardless, for me it's about the odds and potential across the portfolio.

Saav, as other have said, not directly or even indirectly relevant in terms of location. I posted this simply because it was drilled by West Hercules semi-sub, and some of us had been watching on it at BV before it moved to EV. Perhaps I should have pointed that out in my post, apologies.

Black Vulture coordinates
65° 58' 55,25? North
07° 43' 07,48" East

Egyptian vulture coordinates
64° 58' 46,07" North
07° 02' 55,18" East.

Appraisal well classified as dry.

https://www.ogj.com/exploration-development/area-drilling/article/14211166/equinors-black-vulture-appraisal-well-comes-up-dry

What a bizarre question, about the company not promoting itself. What more is wanted exactly. Is the lack of pumpers a problem?

....is there ever?...clever?

All the best (nope..)

ps beardozer, not wasn't meant as a bash at your post!

Any of the experts here care to calculate possible mcap on the mboe for each drill? Sensible figures, not rampy ones!

Excellent work, thank you for posting.

I was also in trp when nobody wanted it (average 0.27p), as it had gone to a recent low, it's debt and cash profile were known, and there was a catalyst in the wings. (I confess I sold out too early, but still brought a rabbit or two back home with me).

But buying a share when it's low and without a catalyst in near term view and when the accounts are about to be published after a delay of 6 months, amid much uncertainty is quite another matter.

I didn't see anything at all positive in today's RNS, quite the opposite in fact. Development of a field that will produce at much below expectations is at least six months away and for which there is no funding, nor for the other assets.

The CNN has been folded, as its timings and its terms had become irrelevant, and now they are looking to farm out (just who would want this, I have no idea) or else raise on uneconomic terms. I'd be concerned also, that there was no mention of when the overdue accounts are to be published. It's the case, however, that traders and the naive PI make strange bedfellows, and how strange it is that there was a downwind yesterday.

Caution will pay you better dividends than simple hope on luck ('positivity').

Much could be commented and observed about today's RNS, but I leave that to the infighting, least I be dragged into the bull pit. But as something of an aside, anybody who uses Simply Wall St., in any shape or form should have all of their investment money, savings and piggy bank taken away from them. I fully appreciate that it might be used as a junk link to support ramping, but if used in good faith then you have absolutely no business betting on the aim casino. It's simply algorithmic, out of date junk when it comes to penny shares.

2 Massive trades late reported. Hard to say if they are buys or sells, but odd that the bid and ask only changed by a penny either way, all day. Thoughts, anyone?

Yes, looks like we've burned through the recent contractor options.

The worst case scenario currently on the table is that the exploration tax rebate would be reduced from 78 to 72 per cent. Meanwhile, the company has received the first of its negative tax instalments for 2021.