Member Info for JoeSoap

Richy, imo it depends who or what you believe to be true.
If you believe the 21 August 2019 RNS, then you have a different timeline than those who think BH are simply going to turn up pour some magic acid down a 4 and a half kilometre deep hole hole, listen to it fizz and await the surge of oil.

Were the results of the planned cementing at A6 ever reported?

[RNS 21 August 2019
Our other Deep Wells



As previously announced, we intend to use acid technology new to the Company at Deep Wells A6 and 801. Economies of scale dictate it is best to conduct this work at both wells at the same time. However, before we can commence work, we need to source more powerful coil tubing equipment to clear the wells.



In any event, as the work at Deep Well A6 requires drilling mud and drill pipes allocated to Deep Well A5, which we do not expect to become free until the end of September 2019, and that the acid treatment does not require a rig, we have released the rig previously erected over Deep Well A6, to commence the 10 well infill drilling plan at the MJF structure.



We expect the acid treatment work at Deep Wells A6 and 801 to commence in October 2019.]

jimo

joe

Anybody want a few extra?
They seem to be being passed around like pass the parcel. lol.
yesterday
16:34:00 13-Nov-2019 42.38 GBX 1,406,250 595,968.75 Off-book PRIC AIMX
today
16:17:52 14-Nov-2019 41.973 GBX 1,406,250 590,245.31 Off-book AIMX
16:17:52 14-Nov-2019 41.973 GBX 1,406,250 590,245.31 Cancelled CANC AIMX
16:18:40 14-Nov-2019 41.966 GBX 1,406,250 590,146.88 Off-book AIMX

GLA

@cc
It was less than 3% and didn't take the holder over a threshold either so we don't know, except it was outside "the family".
Probably (part)payment for services provided.

MAYBE that is who has been feeding the market...

adrianz, lol the bag was open, guess the cat came out because it was getting hungry...

I agree with your comments on the tardiness of the share tranfers; I refrained from commenting when cc passed comment about 'giving away' because my understanding is that RO (Snr) and RS were original holders and KS bought the other 1/3 on their open market. The CASP RNS seemed to infer that it was KO that had increased his holding, whereas it was actually his family (his father). Just a comma missing...

RS was also known to them as a member of the Concert Party at the time of the Roxi/Baverstock exchange. Mrs Raushan Sagdiyeva held 20,482,986 2.19% initially and down to 1.23% post merger. She was the sole owner of "Raditie" and Raditie had the right to convert a loan into a 30% share in Munaily Kazakhstan LLP, a subsidiary of Roxi Petroleum: these were the rump of that deal.
It could be that things take an inordinately long time to process out there or it could be that they shout well before they are done, because they don't realise how long remains. Another example was CC saying the licence had been delayed, whereas it had yet to pass through the formalities of the public meeting.

I noted the wording in Point 8 in the Interim Results where there was some financial massaging of the value with receipts from the sellers and some 'goodwill' on the books.

But hey, there are three red buses and a CPR for MJF due....
Ding Ding - All aboard.

With a 50% filled glass, some might just say you bought a glass twice the size currently needed.

Ho hum...

Mindful of this from the FY Results (24may19) "Under the terms of the inherited work programme [for 3A Best Group JSC) we have the obligation to drill one well to a depth of 3,000 meters by the end of 2019 at an anticipated cost of $1.2 million and a second in March 2020 at a cost of $1.4 million.", and the current date I had a look around Google.

I do not know if MO has looked for this company on the Kaz Matrix but I thought it was interesting to note that the company reports here, https://kase.kz/en/issuers/BSGR/ , and the CEO, Bimuratov Berik, was once at Zhaikmunai that made it to the FTSE and now within Nostrum Oil & Gas where this was released last month, https://kase.kz/en/news/show/1415635/ announcing that they been unable to sustain a commercial flow of hydrocarbons from the well.

Maybe those that can read cyrillic scanned pdf documents could advise what the recent 3AB BoD meeting discussed?

Also interesting that 3AB (& the service division) are held by ERAGON PETROLEUM FZE (Jebel Ali Free Zone, Dubai).
That's :- No corporate tax No income tax No capital gains tax No property tax No wealth tax Low property transaction cost.

Of course, this assumes that these drill terms are still valid as presented and not a will o'er the wisp like 147 or 150 being next....

But as for CASP being ready for AIM 50, I think not, and there is more regulation on FTSE.

Hey MO thanks for your response. more to follow.

I think that most PIs want to see what values they put in cells A5 & A8.
Can you help them with code for dividing by 90? lol
---
I have seen BH blamed for the failure to hold the acid timetable, but your first link was interesting because it wasn't BH.
BH are due to cement and that will be deferred until the well is drilled to TD and lined, but the acid man is only called "a leading international consultancy", and may well not be BH.

I recall that CC said that he thinks the RNS should read like a story: and it seems he thinks of himself as an Agatha Christie. With plenty of clues but ever more red herrings, the PI has to deduce which ones will be valid on the last page.

Trouble is his publisher hasn't given him a deadline so he will keep spinning the tale and it becomes more incredulous, a six week delay on 150spud which only 4/5 weeks earlier was expected on time. Is that actually due to the shortage of funds that adrianz mentions?

@cc I have a mental image of the subterranean activities at A5 and it looks like a rocket with three auxillary fuel cells waiting to burst through to the surface - a bit like TB 3!
But that was fiction, wasn't it?

Another RNS has dropped and the BBs are full of posts, most having an interpretation of the content of Clive's latest edition of Carverspeak....but are we any wiser?

Thanks to MO (Wed 13:24) for highlighting their continuing failure with simple maths. How do they manage to produce accounts??

The daily rate improvement of c.3% is welcome, but we don't know if they have done any more workovers and therefore whether last months improvement is transient, [Sept +183b/d, Oct a further +39b/d] or whether there was some other factor involved. Nonetheless, headline is volume up, even though income is down due to market mix, (and no explanation as to why, and whether it is to be the norm).

The failure to spud 150 was not a great surprise, but the reason given was a bit of a lame excuse. Looks like 6 weeks to add some antifreeze, and yet was winter not known about last month when they planned to 'complete' 3 wells this year, with two spudded by now?

A5 was 'paused' for logging, and has now advanced 36m after 'pausing to broaden the wellbore'.
BH have been stood down again until the end of the month for cementing after reaching an as yet to be decided TD.

At A8 work has now 'paused', even though 'Work to clean the well is progressing satisfactorily.'
They now await the full complement of coil tubing equipment, first mentioned in the 21st August RNS, and no ETA.

A6 and 801 await patiently for their turn in the spotlight.

When will/could that be?
If they still intend to use the drill pipes and mud from A5 it would be after cementing/perforation/cleanup and then there is the possibility of coil tubing and acid and... so this year or next?
Of course if they do not need the drill pipes and mud from A5, RNSed as required 21Aug, then it could be independent of A5 and, er, imminent.


jimo
joe.

Couple of other bits of info that you may have overlooked:


No point BH turning up to cement A5 if the drilling was paused 200m short.
If they have been able to reach TD and line it then BH can cement. Then perforate, clean up and then full 90 day test.

A8 has completed most of these steps but seems to need further clean up before 90 day testing.
They have got flow of gas, it's 'now being flared.' [RNS 17 September 2019]

801 will happen after A6.
But,
"before we can commence work, we need to source more powerful coil tubing equipment to clear the wells.
work at Deep Well A6 requires drilling mud and drill pipes allocated to Deep Well A5" [RNS 21 August 2019]
And A5 has yet to RNS 'all done' so unless they've changed their plan, and there has been no info (except that the rig over A6 has been replaced with a crane and moved to drill 150 and that should have spudded this month) A6 and acid will still be waiting.

pirots, if you transfer to your ISA you will have to sell and buy back, and that will open you up to tax on the gain.
Before you transfer look into gifting your spouse some. Its a tax free move. Then she can bed and isa selling at the gifted price so no gain to tax.(unless it rockets between the action dates!)
Then you can sell yours into your ISA and declare £11k tax free gain.
As I understand it!
Google may be your friend here if you don't have a professional advisor.
Good luck.

Cebo, fact is they only have one seat on the BoD with Kelly; Cheng and Tao are appointed Alternate Directors and have their own interesting links.
Compare and contrast the situation when they sold, drilling situation and company promoting II interest with the CMD and where they are now...

For a major shareholder to demonstrate its continued support for the Company for just 120 days (with an on-going drilling program of similar duration) they may not be as loyal as CA.

Spirit are as yet unsold and seem to be investing and committing to the Chestnut field.
https://www.scotsman.com/business/spirit-energy-and-dana-petroleum-unveil-major-investment-in-north-sea-1-5022324
as are Zennor which is also up for sale.
https://www.energyvoice.com/oilandgas/north-sea/207711/zennor-pushing-forwards-with-new-central-north-sea-projects/
Interesting to read Mr Rowe's comment about them all being "big boys", and the timeframe.

When is that 120 days up??

ADUK
"My guess is that ...... something like" perched water?
;-)

afaik, the price HUR gets depends on the price BP get.
It is paid at off-take and then adjusted later.

MO on the ball again, seeking to create a level playing field with updates for the UK PIs...keep it up!

And that brings me to a conundrum.
In particular the 5th Nov 2018 RNS.
Here we can read
"We have also identified the site for new shallow production Well 147 to be drilled on the MJF structure shortly after the receipt of the MJF structure's full production status."
and that well does not feature in the recent planning list, so is it one of the bases they are preparing or has it been dropped, or renamed?

Then we have
"New Contract for up to a further 3 deep wells

The Company has entered into a contract with a leading international drilling company for up to three new deep wells, A8, A9 & A10. Under the contract the leading international drilling company will be responsible for the first phase of drilling with Caspian Sunrise taking over for the more complicated final phase through the salt layer and the high pressure and high temperature zones expected below the salt layer, until the well reaches total depth."
and yet there is a tender out for the next well.

I understand that the contract was amended on who does what, (and then needed Sinopec's agreement to stop drilling and test) but it begs the question whether it was voided and also whether there was an earlier tender now replaced.

But what is constant, is the use of the word partner when referring to Sinopec.
I know that CC said something to the effect that the RNS should read like a story, and I do not claim to be a semanticist, but as contractor and a partner have different meanings in business jargon I would not expect even CC to conflate the two.
jimo
joe

There was also the deferred Technip bill and it's 7% interest.
18M iirc

The gas solution is 75% funded by Spirit, on the assumption that they commit to FID which includes the Lincoln Well tieback to the AM.

HUR must also commit, of course.

Looks like the other half of the 'XOFF' deal reporting to me.

Thanks MO for the quick reply confirming that they have approval for the change to 18 in the time of 10.
E150 lol Resequenced. Relocating, repurposing, depth amending, and retiming of first oil patiently awaited.

So where's the CPR Clive?

Good day MO.
Cheeky question for you.
Have you seen anything to support the increased MJF drilling plan on the matrix?

I ask because the CPR Question in the ConfCall, CC said something about finishing of the commercials, but 'would be disappointed if not up by end of August'. I'm thinking that the commercials would be affected by the recovery rate and also lower capex for the drilling. (Rent free if we own them, but being rented at arms length from UAE subsidiary, if I understand it correct.)
The CPR might help with some of the " host of estimates" in the WHI comment (09.21 below) and provide a better MJF value than 5.9p!
TIA.

SIPPn00b said
We have not had any positive price action on Lincoln Crestal despite having migraine price action on Warwick Deep.

imo, LC was never capable of reversing the WD drop, but it could certainly have added to it.
WD was to prove the flowrate of the 'below closure'. DYOC, but perhaps it has upended the thinking.

LC was a crestal appraisal well and would never establish below closure flow.[That will require a repeat well. Whether that will come from the next three remains to be seen. WW may possibly be another attempt, it's no longer called WC. (Yes, I know what they have said, but it's a forward looking statement and may not come to pass)]
But DrT said we are delighted with the result. Of course, "We have confirmed the presence of light oil which can be produced at commercial rates." Imagine - what if it hadn't?
However it did not flow as well as 6 or 7z nor at 12,000b/d as in their 2P accumulator and they did not say it was limited by topsides, neither have they disclosed the drawdown. But it should improve on full clean up, just as 6&7z did. And then it's 50/50 on whether it will stay dry or have perched water.

These are the uncertainties that the market does not like.

Always beware of confirmation bias.

jimo
joe