Member Info for miker444

$11.50 in the ground hence Cadeby Reef Formation 74.1m barrels given an NPV $850m. All other NPV's in the RBD portfolio equate to $11.50 if you divide volumes by NPV.

Good analogy Heid,

rspronson, its huge figures although assuming we are going for monetisation and not remaining as a producer then the oil will be worth circa $11.50 a barrel in the ground. Still a huge valuation.

One is assuming that's just for the 45m column and not including the Deeper Cadeby Formation which early doors was expected to contain 79m barrels in its own right, now possibly a low estimate. That would give minimum 220m to maximum 300m barrels combined.

Being greedy but it would have been nice to have the extra 10% interest in WN via the 7m share swap with Rathlin which appears to have gone south, we would hold 50% of everything that comes out of WN instead of 40% and deision controlling . I did say I was being greedy :¬)

Bye then.

Good posts Helpful, imo as good as the market will receive exceeding the 150 bopd target it will be the RNS news of a deal with CAV which will have the most significant impact on the sp, that should not be too long after the 4 work overs are at stable production, hopefully.

Yes Selo is non producing so it will be exploration drills requiring decent investment, we would need to either raise ( could be the reason behind AGM resolutions for placings ) or do a deal with CAV who are the largest independent Fund Managers in Indonesia, it won't be cheap but CAV did state they look forward to working with ADL on future projects in addition to the current workovers and sounded quite bullish at this prospect ( from memory).

Helpful I have had a gut feeling that talks have been underway for a little while and this is down to the fact that on more than one occasion, albeit on their own website, they state:

" The Selo Field offers substantial upside with a number of highly productive formations that can be accessible by one well".
My point is this the Selo Field and not Betun where the current 4 workovers are sited. So why state that if you do not expect to be working not only on other wells within Betun but a different area altogether.
It has to be Greg Mawhinney who is running the show on the ground and he will be dictating to Simon of any potentials if they exist to approach CAV imo.
But Selo does sound good if there are a number of highly productive formations which can be got at from just one well. Money will need to be raised but this would have to be offset with the risk / reward returns and perhaps that's where the deal with CAV can come in to its own (participating interest) now we have proven the concept.
All my own mumblings I know but Simon has mentioned on more than one occasion other wells and accompanied them with maps, talks are and have been underway with CAV imo on where we go from here.

We fluctuated between 90 bopd and 120 bopd without BTN - 03. It actually states that they are waiting for stabilised figures from all of the wells not just 03 well so it's my guess they are still increasing the bofpd and until that is at full ramp, whatever that rate is, it may fall short of 6,500 bofpd, but once they are happy they have maximum production rate to the cut of water / oil % then we will see a final stabilised production across all 4 wells.
The mm's are only interested in that final figure and sp will remain depressed.
The next month of improving uptime and maintenance of equipment suggests that is referring to maximising the bofpd and so another month or so to fine tune the work overs before final figures (stabilised) are released. All necessary but the 'proof of concept' appears to be successful.
atb

doubleup you may be right mate, nothing is certain in this sector and our past history is ****e, that's a fact and I am fully aware. But on this project alone for once we look as though we will not only achieve what we set out to do but exceed it.
I truly see this project as hopefully and purely to allow us to get in further with CAV and turn the corner away from the constant failings of our past.
atb mate and respect.

I'm not wrong, the increased figures on their website are the very latest current ones which have not been flowing long enough to give a months average. The figures in the RNS are past completed month figures.

We will have to agree to disagree mate, no malice but I am happy that they are achieving what they set out to do, for once, and yes it's been a long time coming.

doubleup you know full well those are the figures for the whole average of October, the month that has gone, the update of the increase to 44 and 30.1 are the very latest current figures which have not got a months data to put the new average on.
They have and are increasing.

Once stabilised the last line states:
"will exceed their target of 150 bopd".

Well done, could have been a failure but they will achieve what they set out to do and better it. Now lets have some dealings / investment with CAV.

The actual increase from 04 & 14 is 20% from their update figures of a week ago ( 61 bopd to 74 bopd combined). Would be nice to know what the bofpd volume currently is., we were approx. 2000 bofpd and all going well can get near to 6,500, that's some increase.

That's approx. 10% increase on the figures last week which takes the 3 wells to 111 bopd, therefore BTN - 03 needs to come in at 39 bopd to hit the intended 150 bopd target.

Have to concentrate on Indonesia short term and let them so out Colter over time, nothing else we can do imo.

Think the last well is meant to be BTN - 04 and not BTN - 14

Patience has served me well in the past, it may or may not here but I do not rely on money I invest, doesn't mean I am happy in losing it either:¬)

See my last post, I am locked in. I am fully aware of the situation.

doubleup this is well known, we have all stated this as part of the proof of concept arrangement, no one is disputing that. Also many times I have said I am not investing further or saying people should invest but like many on here have been tied in from earlier investments seeing the sp go so low there is no point cashing in at a 80% loss.
I will ride it and see if the sp can recover to the 0.3's where my book costs are.

It was a compliment, albeit back handed. I may not always agree with you or doubleup but I have the respect that you are both knowledgeable with reasoned posts.
I expect the next RNS will give an update of future direction of further work and the terms relating to the revenue from this, which I expect and hope will not have the same 'proof of concept' criteria as the £50k has.
atb