RE: Market madness. Oil shares down but the price of oil is not11 Jun 2020 11:07
Not really that important here TBH. We have a barrel cost of sub $20, think it may be $17 (someone feel free to check). Lancaster EPS is currently producing from the 205/21a-6 well at a rate of approximately 12,000 and this is being incrementally increased to find the optimum level of output. I would think the engineers are looking at the 2nd well to see if the installation of a pump or similar would help the water cut issue, in which case we are back on target for 20k barrels.
Current price is a give away - I think some that bought on Friday at 8.5p+ got twitchy and the MMs used this and took some stops out yesterday and this morning.