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Obviously the Portland has depleted since "decades ago" at Brockham. The results of the BRX2Y are piss poor. Why bother if they were only expecting those flow rates?
Yes, Angus managed over 100bopd from the Portland years ago. The BRX2Y well resumed in March 2018. That is all they are producing from their Portland production licence at Brockham.
Ukog vs Angus Portland flows...there's only one winner.
"Given the knowledge of the Portland's true flow potential, plans are now being formulated to drill either the HH-1z sidetrack or HH-2 new drill as a horizontal Portland appraisal well, with a targeted* sustainable daily production rate of 720 to 1,080 bopd, 2 to 3 times the forecast calculated* HH-1 vertical well rate of 362 bopd. All planning permissions, Environment Agency permits and the HH-2 well cellar are in place for a horizontal well. If successful it is envisaged that all future Portland production will be via horizontal wells. "
Alan2017...
"How long has Angus been producing from the Portland?" Since March 2018 at under 5 bopd apart from the dubious last recorded for September at 25 bopd.
https://itportal.ogauthority.co.uk/pprslive/production-data?start_date=Sep+2018&production_type=OIL&production_unit=OIL_FIELD_UNITS&operator=ANGUS+ENERGY+LIMITED®ulatory_jurisdiction=LANDWARD
https://www.investegate.co.uk/angus-energy-plc--angs-/rns/angus-energy-brockham-and-lidsey-update/201801151030018682B/
And how long has HH flow tested from the Portland? Weeks at over 300 bopd.
"13,920 bbl (2.21 million litres) total KL3 and Portland production as of 0700 14 November."
Alan2017, all that means nothing without an RNS. The longer it takes to issue that RNS, the more it looks like a not so good result. Check out the Portland flows at Brockham compared to HH and the Portland BRX2Y is a horizontal well. Is Brockham really in the same sweet spot as HH? You don't know yet despite your wealth of oil drilling knowledge and neither do I.
Don't trust the BOD to look after PIs interests first.
0.9p is major resistance / support here. 0.26p saw some support back 4 years ago and again recently on the 14th Jan. If you bought in then, happy days my friend!
Chart...
https://postimg.cc/BjF5Wycj
Nice video and song....
https://www.youtube.com/watch?v=BC2dRkm8ATU
Alan2017, they seem to be able to delay announcing news about flow rates. Take the UKOG RNS today as an example. The critically commingled flow test started 6 weeks ago and flow rates have been hidden until today. Angus and their amateur BOD are probably going to do something similar letting their mates out at 9p before announcing.
Stephen Sanderson is also the chairman of HHDL Alba's CEO is also executive chairman. Nice little extra for them both no doubt.
http://www.horsehilldevelopments.co.uk/page.php?pID=2&page=Board+of+Directors
Reminder from 17th April 2018....
"The Company has received several expressions of interest from industry players interested in working with the Company to expedite the development of Petišovci, including through farm-outs and general strategic partnerships. These discussions are all at an early stage and there can be no assurance that any of them will result in a transaction acceptable to the Company. The Company is not currently in receipt of any approach with regard to a possible offer and is not in talks with any potential offeror.
Following receipt of the expressions of interest, the Board has decided to take a proactive approach and initiate a strategic review, including a formal sale process under the City Code on Takeovers and Mergers (the "Takeover Code")."
The IPPC approval would mean the interest of the takeover would then be back on the table. PI interest after that will dictate the price.
Picardy, what annoyed me with today's RNS was the time it has taken to tell PIs that the commingled test had started...it started on December 4th, 6 weeks ago! Why wasn't it announced then? The SP has been dropping steadily over the last 6 weeks as probably those in the know were selling out as the flow rate is not what the market cap. was reflecting. Just my thoughts.
I have been following this share for a while. The SP would have been much much higher if the IPPC permit had been granted as expected before JL intervened. Obviously circumstances are not the fault of Colin Hutchinson as he did everything by the book. The SP has risen over the last 2 days significantly. Don't get carried away that it will carry on like that without further news.
Buy when posters are tearful and sell when they are cheerful. Generally works.
Flightman, unfortunately when people start posting like that, it is usually time to sell. The RNS gave hope but that's all it was hope. Hopefully an RNS confirming the stimulation permits will be announced soon. No guarantee of course but I feel like others there is a better chance now.
Rodders74, very little short interest here now at this price. 351 bopd from KL3 + 4...what will it be at the end of the EWT in Spring?
It's not stopped falling yet IMO. Still a bit left to drop.
What we need is DHC to tell us again about the "empire state building" column of oil that should have flowed at over 1300 bopd...where is he today? sold out I bet after all that ramping.
Sorry, 1.6 tankers a day. 351/440 *2
Rodders, I think you are the one with the misleading post. The original pump had a capacity to pump 475 bopd, there has been a bigger plunger installed by the looks of it and they initially got 525 bopd. Last reported commingled *KL3+4 rate was reported on the 14th Jan at 351 bopd or 1.25 tankers a day.
There is no mention of choking back the flow in today's RNS and the pump is capable of pumping more than 351 bopd.
"Following the installation of a new downhole pump and an optimised surface hydraulic pump unit, stable commingled production resumed on 7th January at an increased initial rate of 525 bopd. The sustained daily rate over the subsequent week averaged 303 bopd. A de-waxing treatment applied on 14th January led to an increase in hourly rate to 351 bopd. Commingled production continues."
£2.10 finish, just...next post at £2.20, see you then.