The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
This is note 25 in the 2022 accounts from Rathlin - states as follows:
"On 01.03.2023 the NSTA formally agreed with the Company's proposal to reorder the additional components of the Company's work programme such that the drilling and testing of a new Kirkham Abbey deviated or horizontal appraisal well be undertaken by June 2024, the recompletion or sidetrack and testing of the WNA-1, WNA-2, or WNB-1Z well also be completed in that same timeframe, and a field development plan be submitted by June 2025."
note "completed in that same timeframe". Paul my guess is if drilling/testing is underway as at 30.06 they will be given more time - almost by default. If nothing is happening it's my opinion that the permission to drill will expire and further permission will have to be applied for from the NSTA. Does anyone read this differently?
"A rig, all long-lead items and the relevant oil field service contractors have been secured to undertake the side track which is expected to commence in the first half of April 2024." yes the sand blasting failed but a successful side-track will re-rate Bacons sp.
Https://www.europaoil.com/wp-content/uploads/2024/02/20240227-LSE-Webinar-1.pdf
Wressle comments
I see today as a good news day but not because we have another worthless commitment to drill WN. It's because we now know UJO will spend very little on WN capex this year, freeing up the best part of £2m to spend on projects that have a real chance of success. Although a little sceptical at first, I hope DB spends more on US drills.
I hope it is good for the sp but a little early me thinks. I think a major re-rate will only come when Rathlin confirms funding, until then it's all spin to keep investors on the hook. As for drilling "late 2024" - not a hope in hell imo
WN rns this morning
· A proposed well ("WN-A3") planned to be drilled during late 2024 will be twinned with the West Newton A-1 discovery well ("WN-A1"), which was not tested
· WN-A1 is interpreted as having a 27 metre gas column within the Kirkham Abbey formation ("KA Formation") as indicated on the logs of the WN-A1 well
· WN-A3 will be directional, offering significant cost savings compared with a horizontal well
· An additional material secondary target in the deeper Permian Rotliegend Sandstone will also be evaluated during drilling of the WN-A3 or by the re-entry of WN-A1
· A feasibility study is underway for a single gas well development plan at WN-A3 well to follow successful testing and well completion
· Planning is already in place to drill and produce from the WNA Site whilst other associated approvals are being accelerated
· Revised drilling plan is cost-effective with an above average chance of success, offering a rapid early-stage development scenario with access to significant early cash flows if successful
Just a thought...perhaps Oza and Williams should become the poster boys for Just Stop Oil, let's face it, they have spent £10m's of investors money and have yet to produce enough oil to lubricate a door hinge :-)
Hi persi, note 25 in the last accounts from Rathlin states as follows:
"On 01.03.2023 the NSTA formally agreed with the Company's proposal to reorder the additional components of the Company's work programme such that the drilling and testing of a new Kirkham Abbey deviated or horizontal appraisal well be undertaken by June 2024, the recompletion or sidetrack and testing of the WNA-1, WNA-2, or WNB-1Z well also be completed in that same timeframe, and a field development plan be submitted by June 2025."
note "completed in that same timeframe" which means it's not the funding, they have a mountain to climb in 4 months!
Morning gwynwin, plenty of spending power atm. we may found out more about WN tomorrow as RBD has an evening presentation. if WN dies a quiet death we should save at least £2m capex, which means extra to spend in the USA (or elsewhere). meanwhile no news from Egdon re Kedd or Bisc and no planning application for Penystone or the 600m pipeline, so will there be much capex spent on current pedls in 2024 or will Bramhill have an opportunity to ramp up investment in the US? The US does sound quite promising.