Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
@findme. Let's contrast that with what you have produced. When you arrived on this forum, you told us you had 40 years O & G experience - I was looking forward to you sharing your experience and wisdom. So, what priceless nuggets of information have you actually presented? The only one I can recall is that you informed us that employees in O & G work on Christmas Day. Wow. The rest is ad hominem insults to other posters and cynical put downs of company staff that are making remarkable progress for such a small team. Antivenom is similarly constructive - I assume you are on the same (losing) team.
andy on twitter: "#prd - i'm trying to buy some more by sitting on the bid and its ******* impossible
2-3 different market makers with aggressive bids all front running each other
and to make it worse there is no real selling down here
fighting over scraps"
I see no reason why simple data such as initial flow rates and pressures would not be known straight away. More complex data would need to be integrated and analysed, probably by a specialist independent third party, before there would be a clear indication of reservoir volumes and connectivity.
If this is correct, and testing finishes this weekend as planned, initial simple flow data could be available as early as Thursday 15th February, allowing a couple of days for discussion and agreement with ONHYM and probably also Afriquia Gaz. Maybe they may wish to wait until signature of a definitive Gas Sales Agreement before announcing flow rates - difficult to know how long that would take, depends on what detail has already been agreed with both Afriquia & the government.
Given the small intervals being tested in Phase 1, I would expect (again only a guess) that detailed volumetrics will only be released after completion of Phase 2, possibly in the format of a revised ITR. The ITR seems to be formulated for easy & rapid updating, and would provide an excellent sales brochure for the Moroccan assets once full test results and third party volumetric calculations are included.
As far as I know, there are 3 telegram groups. I tried out the public one, which appears to cater to short-term traders hell-bent on manipulating the price - the admin is a well-known trader. After posting some facts that countered the nonsense being promoted by certain members who clearly had an agenda, I (and a few other reputable folks I know about) were ejected from the group. The other two are invite-only, and appear mostly to be friendly banter between a group of people who know each other. Most of the factual data are copied from lse.
However, I will ask the moderators of both groups how you get to be invited, and post the response here (probably tomorrow).
Should have added that in the 'free money' environment that had existed for several years until less than a year ago, a run up in share price leading up to drill results was the norm for most resources companies. I have notice that this is no longer the case now that we are in a risk-off era, and movement is only sparked by real results. This may explain the steady trickle of sells over the last couple of weeks - the more speculative or short-term traders may be fully or partially derisking, believing the lack of a ramp up in s.p. is indicative of poor results leaking out ahead of a formal announcement.
Interesting that most of these sells are being soaked up by post-closing bulk buyers, who are presumably taking a longer term and less emotional view of the company's prospects. Just my view, I can't claim any expertise in LSE trading patterns.
MOU-2 was drilled with PureBore Silicate fluid. They changed drilling fluid formula to Ultradrill for MOU-3 & -4, and the clays did not liquify as they did in MOU-2, so the problem was solved. Not an issue for future production, since the wells will be lined with steel casing, and if necessary perforations can be cleaned up quickly - small workovers are not uncommon for producing wells, but that is why you would want at least two production wells to ensure continuity of contractual supply. Mou-5 was always the next objective, it has been moved forwards because 1/ they now know thet have enough cash available to drill it, 2/ there is a window of drill rig & crew availability between CHAR's first 2 drills planned for late Q1, and their subsequent programme for late Q2 onwards, and 3/ it is potentially a game-changer that would dramatically increase the value of the company if successful.
At the halfway stage of Phase 1 testing, the 'controlled leak' was that things had started on time and were going very well. a sentiment that seemed to be repeated in the up-beat wording of Monday's RNS.
Hi @BRV. I agree with your third paragraph. Figure 5, p.17 of the ITR suggests that I was wrong in assuming that the shallow overpressured sands found in MOU-3 continue across to MOU-4. I agree that these should be called "A Sands". It is the next horizons down, shown in pink, that may or may not be tested in MOU-4 under Phase 2. Unfortunately, although Table 4, p.48 of the ITR shows these as being tested in Phase 2, the more comprehensive Table 2, p 42 does not - under either possible name ("Top M1 Sand Seabou equivalent in Rharb"; or "Multiple thin shallow sands (Miocene)" that appear to have been used for this formation!
I guess we will have to wait and find out 😕
They know there is shallow gas in MOU-3, because it was at such high pressure that it nearly blew out the well. They now want to confirm how laterally extensive this reservoir might be, hence the step-out wells. My guess is that just testing what they think is the same reservoir in MOU-4 will not provide this information - only that there is shallow gas at MOU-4, which might be the same formation. Once they have three wells available for testing, they can use pressure transient analysis and other techniques to provide more comprehensive information to prove reservoir extent and connectivity, and give a much greater degree of certainty on what could prove to be an additional sizeable resource.
@Jimmy - I think that this interval is now given lower, not higher, risk status, since it is shown as Contingent rather than Prospective in the ITR. In the 13th July RNS (MOU-4 update) it was determined that there was a gross interval of 50m after Nutech analysis, so this appears still to be a future testing target. I assume the reason that testing is not being conducted under Phase 2, is that they want to wait until the two MOU-3 derivatives are drilled, so that they can determine reservoir connectivity over what could be a very large area.
@Nigel - there are plenty of billabongs in the UK, just a different name, people would think I was more than a little odd if I were to suggest that when you are asleep you would be doing so in an oxbow lake. "Just my honest opinion".
Here's another interesting fact for you, considering your continued mockery of one of my nationalities: 85% of all Australians with a higher degree and professional qualification were born overseas - I, my wife & my elder daughter are all within that 85% - none of us drink beer, speak with an accent like a steel garage door being slammed, nor wear hats with corks hanging from the brim. Do you realise that Crocodile Dundee was just a Hollywood film?
@Jimmy. I think this is PRD doing their usual trick of changing names without telling anyone. I assume that these MOU-4 shallow sands are the same as those untestable behind casing in MOU-3, awaiting new drilling. They are shown in the schematic on p.17 of the ITR in light pink, where they are described as 'Top M1 Sand Seabou equivalent in Rharb' and I assume are the bottom line of the table on p.42. as Contingent Resource, 'A Sand Shallow', where testing is to be confirmed. I assume testing is TBC since they will wait until the two new MOU-3 wells are drilled before testing in MOU-4, since on p.17 they were described only as 'shows' in MOU-4. The classification as Contingent rather than Prospective is due to gas entry at high pressure into MOU-3. Confusing, I agree.
proactive video from eog yesterday may be of interest from about 2m onwards - talking about the licensing & commercial issues for ireland, much is relevant to corrib south.
https://*********************/media/europa-oil-gas-says-inishkea-west-gas-prospect-presents-lucrative-development-opportunity
@Wacky - I'm in full agreement on the location, it is the same as Paul has previously indicated as the culmination of the structure, 1.7km to the SE of MOU-4. However, I don't think we can necessarily assume that this is an indication that the flow tests are going well, since the MOU-4 Jurassic section was not scheduled to be tested until Phase 2. In fact, any testing of MOU-4 in Phase 1 was only a contingency. I suspect the rapid firm booking of the SV101 drill & team is linked to the CHAR announcement today regarding their imminent drilling plans.
GRH has recently suggested that Shaikan / Sheikh Ali is a 'rounding error' compared to Guercif. The Shaikan 2019 CPR gives 2P recoverable resources of 622 MMBOE , which is equivalent to 3.7 TCF of gas. That will do nicely for starters.
@IJWT - "Appointment of an Investment Bank as advisor would have needed an RNS." It's not only investment banks who put deals together. A well-connected outfit specialising in resources, especially with an office in the Emirates, "offering a full range of independent corporate finance and capital markets advisory services for both public and private companies". would be perfect.
RNS 15th May 2023 " Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil & Gas Company with near-term gas operations focussed on Morocco, announces the appointment of Fox-Davies Capital as joint broker to the Company."
The quote above is from the first paragraph of their website: https://www.fox-davies.com/