Member Info for Manwell02

or maybe mental miloh sold his entire holding....who knows....

or did someone take advantage of the low price and top up.....

RNS inbound ????

Ordered some bits late on Thursday evening and got order number 8691. Just ordered some other bits and got order number 9001. 310 orders in 4 days. Be interesting to see order number in few weeks time.

Does anyone know the flow rates from Caelus on the well they drilled into the torok at smith bay? Can’t find them anywhere.

My thoughts on this are that Premier are our soft farm out client. That's why they don't mind paying the additional to drill deeper. They will get the extra data to help them make their final investment decision on the unconventional. There's no way they would pay for us to drill deeper to get data if we was liaising with another client.

Not as nice as the 30 & 10 million delayed buys....

https://news.sky.com/story/cbd-how-safe-is-it-and-how-are-us-authorities-responding-to-this-industry-11856648

Flex; it’s a table which has been inserted into the report so I cannot post it here. My guesses are it was imported like a pic so it won’t copy like normal text.

If you go to cenkos website, then research portal section the full report is in there. You just have to enter email address & validate to register, it then redirects you to research-tree site.

https://*********************/dashboard/DownloadResearchNote?id=39_2019110503492285051

Research-tree

Valuation
Our risked valuation for the HRZ Shale and Cascade prospects has increased slightly to take into account the recent shift in the USD/GBP exchange rate. Across the Conventional Project Icewine portfolio we increase our valuation to US$280.1m or 2.8p per share (from 1.2p per share). Whilst the early stage nature of 88 Energy’s portfolio makes our valuation speculative, the upside potential is huge, unrisked, we value the 88 Energy portfolio at 47.8p per share or US$4.8bn. Full details of our valuation can be found below.

Beyond Charlie-1 - If the Charlie-1 well is successful, the partners anticipate drilling a horizontal well during 2021 followed by environmental approvals in the lead up to development, with first oil production anticipated in 2024/2025.
? Yukon and Western Blocks - Across the rest of 88 Energy’s acreage, discussions are ongoing with nearby lease owners to optimise the monetisation for the 86mmbbls Cascade Prospect. In the Western Blocks, additional regional 3D was purchased during the quarter, aiding in the ongoing evaluation of the Western Blocks.
? Financials - During the period the Company successfully raised A$6.75m (before costs) via the placing of 540m shares at 0.7p. Completion of the placing significantly strengthens the Company’s balance sheet in preparation of the Charlie-1 appraisal well. At the end of Q3/19 the Company reported remaining cash reserves of A$10.1m. Estimated expenditure for Q4/19 is expected to be A$1.6m.
? Valuation - Drilling of the Charlie-1 well will be a defining moment for the Company, as it seeks to prove the conventional potential of the Project Icewine acreage. We have updated our model for both the HRZ Shale and the Yukon Leases, whilst updating a full DCF model for the Icewine Conventional acreage. The result is an increase in our valuation and our price target to 4.8p and reiterate our BUY recommendation.

Billion Barrel Prospectivity - Charlie-1 has been designed as a step-out appraisal of the Malguk-1 well, drilled by BP in 1991. Malguk-1 encountered oil shows across multiple horizons but was not tested due to operational complications. 88 Energy subsequently undertook petrophysical analysis of the Malguk data, revealing bypassed pay within the Malguk-1 well. 88 Energy also completed the acquisition of a modern 3D seismic survey over the licence in 2018, helping the Company to determine the extent of the discovered oil accumulations. 88 Energy will operate the Charlie-1 well, with the cost of the well to be funded by Premier Oil (up to a cap of US$23m) as part of the recent farmout agreement. Charlie-1 will penetrate seven stacked prospects, including four appraisal targets, interpreted as being oil bearing in the Malguk-1 well. Drilling is scheduled to commence in February 2020 and will take two months to drill and test. Total gross mean prospective resources across the seven stacked targets is 1.6bn bbls (480mmbbls net to 88 Energy). In penetrating the seven stacked targets, the Charlie-1 appraisal well will also test the HRZ shale play, the focus of 88 Energy’s Project Icewine unconventional acreage. Additional data gathered from the Charlie-1 well will complement the Company’s ongoing analysis and aid in the ongoing informal farmout process.

Last week, 88 Energy provided an update on the Charlie-1 appraisal well in which the Company announced the execution of a rig contract with Nordic Callista Services, for Rig-3, the same rig 88 Energy used to drill the Winx-1 exploration well in March 2019. Permitting is proceeding as planned, with drilling scheduled to commence in February 2020. The Charlie-1 appraisal well will be fully funded (up to a cap of US$23m) by Premier Oil as part of the recent farmout agreement, and will target seven stacked horizons with gross mean prospective resources of 1.6bn bbls (480mmbbls net to 88E). The farmout to Premier Oil is expected to complete by the end of November. We update our model and our target price to 4.8p and reiterate our BUY recommendation.

Bridgedog 1001: yes we can retain the HRZ interest. BP did a similar deal with Perenco on the ravernspurn field in the SNS. Mind you when they eventually got round to drilling, it took them 9 months & £100 million for it to go puff! Bet they wish they’d sold it now.....

Hey adoubleuk wrt your 1227 post I thought the plan is to run & cement a 5” liner so the 6” section will be isolated. IMO they have to test all gas zones from this wellbore. If we encounter a liquid column then that could change everything. Could turn out to be similar to WN scenario. If we have oil in the lower zone then surely would test that first then isolate. Then move up to perf & test the gas zones.

Rovers66 there wasn't a blow out, it was a kick, two different scenarios. if there was a blow out we'd be in serious trouble. Also no need to pump cement as pumping LCM. Kicks which induce losses are common when drilling through fractures, they pump the LCM which has fibres in it to block the fractures so they can drill ahead with caution. just hope they weigh the mud up enough to stop the formation coming in above them when they drill ahead.

You’re on the right lines Jiddy, but those people are blinkered. It’s oil exploration and with that comes a risk and a cost. Those that are moaning have no idea about O&G. We all know there’s going to be a raise at some point, after all we did approve it at the last agm. Let’s just hope it’s after the drill when the sp is significantly higher. Last raise was at 1p so let’s hope it’s done at a premium.

Anyone else notice the 200k discrepancy in our cash in bank as of 30th June? Quarterly statement said we had A$6.7m but in the investor report said we had A$6.5m. Perhaps Dave took 200k for the transformational work he’s done. Quarterly costs for admin, operations & interest A$1.4m so we should have enough to keep the lights on for a while.