Wll well well2 Jul 2018 10:09
What do i see
https://www.youtube.com/watch?v=HKERBS1Z_WY
Summed up as the age of whinging and whining, everybody elses fault, etc enjoy
For those with a more adult approach they will understand that IW2 is a stepping stone to success, yes Success!
Then there are those who never invest etc will tell you otherwise, are they shorting?, maybe. Those who thought they would make a quick buck, have had a disappointment, not their fault of course. Others have been here since TPET days, more reason to feel down that anyone else. Yet, carry themselves far better.
IW2 is a candidate for a farm out. the engineering and science for IW2 is pretty much advanced. The intellectual property for IW2 is what is being bought in addition to a proven resource that needs to be encouraged.
Too many treat IW2 as a one trick pony for shale, they are uninformed and under researched. For those that say ''if we had spent far more and placed all out eggs in the Horizontal shale drill it would have worked'', will probably be proven right, Certainly could have been a fail far faster option !!
So the focus is now on Farm outs Two for Conventional and one for IW2. The delayed success of IW2 has no material affect on the Conventional oil leads. I fully expect DW to bring home a very attractive farm out plan. the reality is we are sitting on potentially NET to 88E of 1.4bb of Conventional oil leads of High Grade API. The two drills will over stacked leads be able to prove up a deal that Armstrong will be envious of as his 3$pb was a deal at the bottom end of the market. His buyers already confirmed that.
For those whom think it is ramping to multiply the 1.4bb x 5$ pb=7b$, all I can say is, you have not being paying attention.
IW2 farm out even if we get no funding for it will when it succeeds start the creaming of the curve for the HRZ. The success conventional can then fund this. The latest JV project in the west has I believe been financially committed to , leaving us $5M in the bank with SOA rebate to come and no debt. Yes I would like to have seen the 1£ success party this year, next year will do nicely.
Lastly, those that believe the JV with BEX is no more, may be proven correct but not for the reasons they have given. The analysis for shale and Conventional has always been the responsibility of 88e NOT bex. This was made very clear in one of the earlier Q & A . Indeed Dr Staley runs the Conventional analysis he is not connected with BEX. Paul had done his job in proving up IW1 and deciding where to spud for IW2, the rest is science and engineering. Asking DW to fall on his sword because the science and engineering process for IW2 is not yet complete is in my view very wrong. I am sure that the JV relationship with BEX included management of the JV with either DW or PB not taking further part, it is called ''Key Man'' management an evolutionary process. For those who gambled and lost I am sure your next gamble is just around the c
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