Member Info for Marunam2

Why have they not updated on the results of the recently drilled well in Egypt.
Are they still encountering well issues in the testing ?
Every few hundred barrels is significant for cash flow with poo at above $80 and oil in the Bahariya would be a new find would it not.

Even at 1100bpd an extra $1 per barrel is going to be very welcome to help conseve some cash.

That should read extra $11 per barrel.

Looks like the Abu Sennan concession operator , Kuwait Energy has been bought out by a Hong Kong based company, United Energy Group, who have a market cap of $5b.

KE were heavily in debt and most likely restricted the development of the Al jhaara Assets and others .

May explain the News below of a 4 well drilling agreement at Abu Sennon on the 16th September.

https://energyegypt.net/egypt-signs-10-mn-ep-agreement-with-rockhopper-kuwait-energy-dover/

They must want to develop the Abu Sennon Concession and other assets with the financial backing they have .
This is very positive news imo for the Egyption assets.

Still awaiting news on well test and oil shows in the Bahariya target !

We need a spur to the sp as I am surprised there has been a holding pattern here for weeks, with poo at $82 its now or never and I believe it will be now.
Why ramp up the headcount if there were major issues re funding.

Also noted that the realised price for the MEd oil was $68 or so pbo in H1 .
The average price for POO for Brent Crude was $71.
Even at 1100bpd an extra $1 per barrel is going to be very welcome to help conseve some cash.

I was told H1 results will be next week .
bought some at 34.75 so a bit below my buy target of 35.50, all welcome.
I hope next week brings some bounce , re results showing admin more than covered and generating some extra cash to at least slow down cash reserves spend.

Also a positive result from the production well and fingers crossed a new discovery at the deeper target.
The result is literally due at 60 days of drilling and testing.

If there are sanctions against the russions and they are to include oil, then the POO will shoot up drastically surely.

Happy to invest here long term and trade as long as POO holds above $65
GLA

The average poo was over $71 for the H1 .

This drill is well over 40 days , they must have reached TD on the 1st target.

Was told that H1 results in the latter half of 1st week or early 2nd week in September.

Both should be good, espicially if the deeper target on the drill is a success.

Rpoodle, I wonder why it's taken so long to , 1, Get the vendors signed up fully and confirmed via rns ? , they indicated it was nearly all done some months ago. 2, There must a reason the lead bank being named is being held up, as both used near term words to announce the timeline. With POO at these levels, political unrest, OPEC fissures and US shale production about to be very constricted by oil pipeline constraints , banks would surely be vying for the business if not counter bidding for the business. 3, We must also have a deadline for the contracts negotiated with the vendors approaching in the near future . 4, cant believe negotiations with FIG re any form of amendments / tax issues / concessions must be also done by now, they have a lot to lose if this does not go ahead. They must be approaching a few deadlines now so a fai bit project finance news and logistics may come altogether, I certainly hope so.