Member Info for Manwell02

Miker, Yes its the readings of the the gasses within the well. I think the chart is C1 - C6+, in layman's terms the higher the number the greater potential for flow. It is just another good indication. Will be interesting to see what the level was in B1Z as that was from A2.

Dave, yes it does, everything I read, see and hear about the project is all positive. But make no doubt about it it has still got to flow and for me that's the final box to be ticked. Less than 5 weeks until March which is the month when I think the EWT will commence. Might see some updated volumetric's in Feb but who knows.

SP is now lower than when we spudded WNB1.
60% increase required to get back to last placing price.
65-metre hydrocarbon saturated interval encountered in A2
Identified oil zone where in excess of 30 metres with good matrix porosities approaching 15% were measured.
Core also exhibited natural fracturing which is confirmed by an imaging log run across the entire Kirkham Abbey interval.
A-2 well data provided a good tie to the high quality three component 3D seismic data volume that covers the entire West Newton project. (this is significant)
“C5+” readings in the mud gas. (not been any reports of this however found it tucked away in a report)
B-1Z well encountered a gross 62 metre hydrocarbon bearing reservoir interval in the primary Kirkham Abbey target formation.
Overall Kirkham Abbey estimated hydrocarbon column is at least 118 metres, significantly exceeding previous observations.
The oil-water contact is yet to be encountered at West Newton.
Enhanced porosities of over 14 per cent.
18 metres of core has been successfully extracted from B1Z.

I would say its a NT to buy based on the above info Chris.

What site did you get that price on Chris? HL quoting 0.58 buy 0.54 sell so is a large spread in % terms. The spread was a lot tighter on Friday.

The original opinion request was lodged to the council on 17th December so this isn't something that's just come out of the blue. The request was answered on 20th Jan. The planning will be worked on in the background alongside the EWT's.

Another crazy drop this morn brings a buying opportunity

No kiwi, the ewt can still go ahead without the extension approval.

The extension approval is just another box to tick which will make the asset more attractive. It’s just like buying a house with land and the land has planning approval to build on.

The only thing cracking here is Dariens mind ! Clearly not read any of my responses to his repeated question about casing the well. For the final time IT HAS BEEN CASED & CEMENTED IN PLACE & THE RIG HAS DE-MOBBED!

Testing will be next which I reckon will start late Feb/March time.

Yes agree about going to the market once for a larger sum, however wasn't that the plan in Oct 19? Which fits in with the RBD business model. These guys don't need another 24 million along with another 2 wells for WN. Prove it up and sell it on.
We all know the flow test will have to be good to release the value of WN and if that's achieved I believe it will be sold (for 100's Millions not Billions as some have stated), so we may not even get to see a WNB2 well.

Persi why would there be a placement when they have the 5mil credit facility available to drawdown? The well tests plus 1 additional well are all paid for from the last raise.

Could the real persimmon please stand up...a positive post...how does it feel? lol
Do you see 2.5p as a real possibility thou? Lets say If RBD end up with 250m (for arguments sake) for their share of WN then that's surely got to put the SP at 2.5p minimum based on that value alone.

It is a bargain indeed BlackHopper. I for one am still scratching my head at how the price can be below 1p on the recent discovery. I guess the market takes news like this with a pinch of salt now. Personally I think its due to all the ramping that UKOG did with HH.
I look at other similar shares like 88e who have had 4 consecutive drills of which all have been deemed failures by the market, they don't produce anything and yet their SP and MCAP is higher than RBD. Tis a strange world we live in these days.....

My view is that it will be sold 100%, current consortium do not have the cash or expertise to take it through to full development.

Not really thou ChimeyBleue, here’s why.

Total - Not interested in uk onshore.
Chevron - Sold all oilfield assets in uk with exception of small interest in Clair.
Petronas - sold all their uk onshore assets years ago
ConocoPhillips - only have the refineries in the uk no oilfield assets. Sold them all in 2019.
Ineos - is about a 10% chance they’ll be interested. Got rid of ineos shale (their onshore division) by combing it with ineos Breagh to become Ineos O&G and have since changed that again to become Ineos Energy.

They want your shares as cheap as they can get them as they know what’s coming. Flushing out the weak and impatient along the way.
Depending on your investment would you wait 6 months to make 50-100k, 100-250k, 250+.......

ChimeyBlue, id be very surprised if this was sold pre EWT tbh.

I've not looked into the permit side of things, but it would make sense for them not to have it in place, as they would apply for it after reviewing all of the well data. If you look at what happened last time on A site with the permit that was in place and the outcome of that then it makes sense for it not to be in place.

Pre- sake talks will be ongoing now. Won’t take much to finalise after flow tests completed.

The issues with ‘getting news out’ is that if RBD said they expect to mob the rig on X date, then have rig up completed by Y date, then flow test results by Z date, a certain amount of investors would hold them to those dates. Then when those dates come around and there’s a delay (because we don’t live in an ideal world where everything runs smoothly) people will assume there’s an issue and start to panic and sell, which then puts another dent in the SP causing other holders to moan even more.

Also remember RBD are not the operator, there’s still a lot of planning & contracting to do to ensure the test goes ahead. Main drilling rig has been de-mobbed about 2 weeks so chill out, sit back relax and let them do there job.

Darein, you obviously didn’t read my response to your previous post about the casing and flow tests. There’s no delay.

Darien, the well has been cased and drilling fluid removed and replaced with a heavy kill weight brine or similar fluid. The flow tests won’t be until February at the earliest. They’ve got to finalise the test sequence once all the data has been reviewed, contract a workover rig if not already done. Then mobilise and rig everything up, then perforate and run completion then clean the well up and get it flowing.

All the above takes time. When they said next steps in the RNS they didn’t mean straight away.

Just appeared from yesterday....