Member Info for MaverickD

Yes Branson - great update.

Following the relaxation of COVID-19 restraints on UKCS offshore operations, on 3 July 2020 the Company began commissioning the ESPs in the Lancaster production wells. Both the 205/21a-6 and 205/21a-7z wells are currently flowing with use of the ESPs and delivering combined production of c.15,000 bopd.

They will now working out the optimum rates from both wells being tied in and using the ESPs and we will see them build on 15000.

Looks like Polygon and Kite Lake will be toast today......and you know what Swazers actually called this last week and over the weekend

Funny how all the posters that were quiet come out of the woodwork to flood the board with posts when the actual news was positive. The shut in well has been opened up again, production up to 15,000, ESP’s are pumping the water and now a put option purchased to hedge 10k of oil - think the new CEO has played a blinder to be honest. That’s what experience brings to the table.

Now just need to look at Swazers charts as we should break through all key technical points on the upside.

Last week it was AMGO and now it looks like Hur.

I’m buzzing!

Guessing most will now be buying over 8p at open as average production looks decent and our second well is back online. Funny how the graph will change

@proverloop very balanced although I would think as a base case you go with $50 oil as that’s what I tend to use. Saudi and Trump are looking to get it back to around 65-70 longer term, but I expect it to rise to circa 50 in a few weeks. A number if players will then hedge. Jet fuel accounts for 7% of total consumption and that’s just started coming back as of this month.

As for Swazers I think he gets bashed for no reason - his charts add more insight into direction, it’s not an instant gratification as some on here want or perceive. Given time it will play out.

@DireEmblem they don't and that is 24 months away. They will be generating profits at existing levels and with my Brent call I can see it heading toward $50 this month. Today was a blip, tomorrow should hopefully be better as we await EIA data.

Lets see what tomorrow brings Oil data should be another beat.....Brent should go higher and hopefully the indices will be kind tomorrow.

Should see the offer go up with all those larger buys all above the 6p mark.

Not sure volumes are always the way to go all the time. Hard to call it here because the buys are showing on the sell column - take a look yourself.
On the plus side oil is making a move higher

Well look at PMO and TLW

Interested to know who else is buying - may see some large buy transactions come close. Just a case of make thing the most of it as the sector is down across the board.

Bagged another 100k just over 6p. I guess you have to make the most of these opportunities

What you are concerned about the Bond payments that are due in July 2022? Production will be increased way before then

The other point Malcy made was that at these levels you could see the upside and that's why I am invested. I appreciate there are a number with averages in excess of 30p and I understand how annoying it can be for them reading what I write saying the SP could well treble from these levels, as they are so much under water. The truth is it is always best to buy in tranches and then you have a chance of averaging down to a a sensible level. I thought this was a bargain at 13p, so at a little over 6p I can't tell you how cheap I think the current sp is.

Not sure you could say poor results. As far as I understand the issue at Lancaster is the close proximity of the two wells. If you listened to Malcy yesterday he said the same. There will be a technical fix, although production from the single well should be able to achieve 15k barrels - just a case of gradually opening the choke and seeing what is a stable rate.

Volume higher than usual and the offer price is going up. We may well finally get that all important update with Avion that will cause this to re-rate. GLA

But lets stick to what we know - the SP movement is is a technical break of trend and what I and many others would consider a re-rating of the SP.

Pedro what are you talking about? They have farmed into 50% of the Warwick and Lincoln fields already. The current valuation here is sub cash balance and spirit could easily table a cheeky £300m bid.

50p.....production restart at well 205/21a-7Z and production at 20K and then this could happen. At the minute it is just going through that re-rating phase, but longer term would be to get production to 30k barrels and explore Lincoln and Warwick.

Seen some posts about a takeover and a week ago I was being tongue and cheek suggesting that Premier Oil would take this on. Well after thinking about it what would stop Spirit Energy expressing an interest? They have taken on 50% of Warwick and Lincoln and are known to be reviewing options. They drilled a dry hole as announced yesterday, but Hurricane proposes an interesting proposition in my view.

Volume building up - we have had a few more chunky buys

460k and 160k buys filled, buy volume on the front foot and looks set to crack on again