Member Info for miker444

Yes 1.28m barrels if and when. I don't know what price oil in the ground commands but at $65 should come in minimum $10 and maximum $15 a barrel. Would add 1p - 1.5p to sp in one hit if it does get monetised.
Of course the extra license acreage awarded in last OGA Rounds could see this increase but would not be cheap.
Helpful your thoughts on ADL RNS possibly 'exceeding' 150 bopd. It is not inconceivable that if CAV are impressed by the final flow rate they could want to buy in to ADL
atb

It is good news and agree the figures are not up to speed yet even on known past flow rates, 17,124 over 2 months is approx. 280 bopd.
VG - 4 on its own was doing 480 bopd, add in VG - 3 approx. (200 bopd) the 4 workovers (70 bopd) and that comes to 45,000 bopd for just those 3 so the figures should increase substantially from now on and blow 17,124 out of the water.
MM's will be looking for daily production figures and not monthly accumulations in my opinion before they move the sp.
atb

Correction, water injection pump being commissioned awaiting operation. A confident statement none the less regarding hoping to exceed 150 bopd target, may be working out the figures using total bofpd and oil / water cut. If they can get towards the 6500 bofpd then just 3% oil will be nearly 200 bopd. That would be incredible, looking forward to total stabilised figures and further work awarded as a result.

Good RNS " All permits received". This will be the explosive permits needed to perforate the untested layers of BTN 03. Also nice comment that they are not only looking to achieve 150 bopd target but hope to exceed this.
Larger pumps now working and soon have the stabilised production volumes from all 4 work overs.
Nice and solid RNS, no shocks but may achieve what they set out to do, a rarity in the past for ADL :¬).

Fair point and yes 4m barrels was needed to make it viable and 15m attributed to Colter South, the extended license acreage could push it even more in our favour once the necessary proving up is done.
atb

Hi Helpful, I do think Colter will happen the downside is I don't think it will be anytime soon. As for ADL I can see a quick sale as and when of our 8% and at a discount just to monetise and get something in the coffers asap. The remainder or best part of the CLN will be held back to fund the extra work required to bring Colter to commerciality.
I wouldn't even bet against it being Xmas 2020 so for me its on a back burner and still not definite unlike our work overs which shouldn't be underestimated. As small as they are they are 100% real and look as though they will lead us to better things once proof of concept shown, and we are somewhat there on that score already.
atb mate

Yes I noted that but to be fair it was only ever going to be the 4 work over wells ( to start with ) and if these were successful
( proof of concept) then the aim is a participating interest in CAV for the bigger prize at Selo, also it has been mentioned of the many other work over opportunities that could be offered in existing Betun wells ( from memory approx 19 I think ).

Agree, in fact whilst there will only be 1 NPV recalculation there were 2 offered by Connaught Management, one for the 189 bcf gas @ NPV $247m and one for the Cadeby Reef Formation ( Oil ) @ $850m.
Now that we have the oil confirmed the NPV I am assuming will be aimed at that.
I suspect the 45m oil column will hold higher volumetrics than were assumed for the Cadeby Reef Formation which as stated above was given the staggering NPV of $850m.
Therefore it is not beyond the realms of feasibility that $1bn NPV could be breached, comfortably. (50m barrels should do it).

Fyoz, yes absolutely mate just a generic term I have used loosely in terms of how big it could be for the sp although I do think S&S have seen they can take us forward for a bit longer timeline wise and rather than just monetisation of the 6 or so projects we have. I think of late they have hinted at other similar projects to Parta which look appealing, certainly in east and central Europe. This will add a couple of more years at least to what was the original spec of 'cashing in' the company in its entirety as soon as was possible. The more projects the bigger the money pot / sp once wound up so not complaining.

I'm all for debate mate and differing views are important, just seemed to be getting a bit heated / personal but no problem we will get news and a CPR as and when it's ready, its the content that's all important and Dave Bramhill seems confident in what was a very good interview.
atb

Guys compared to a lot of other bb's this one is pretty good in the content and quality of posters, leave the spats to other boards, after all we share a common interest and that is we believe we have an exciting company maker here and still basically in at the beginning of where and what we can achieve certainly sp wise.

What posts have been removed? That would be down to LSE not the PI's.

Quite possibly, would have thought though they may have had an indication when deciding to constrain it, but good that it has exceeded expectations. On that matter surely there is actual capacity on site to cope / expect 100 bopd, if not then we may have well used pots and pans so to me that bodes well that we should see 100 bopd+ on full tilt.
As I say no dusters to date.

"Constrained flow rate of 40 bopd" due to insufficient production capacity or words to that effect .
Stated that it will take a couple of weeks before full flow rate is announced just would have been nice to know what the flow rates were that they could not currently cope with.
Pleased that running room is allowing VG - 5 to be drilled but again no update on VG - 4 which had flowed at 480 bopd even when choked back from initial 1,026 bopd flow rate.
The gas 'tie - in' has been sorted so does suggest things taking a bit longer than expected but eventually enough small potatoes will fill a sack.
Solid RNS and not hitting dusters at any stage in California. Steady as she goes.

Greg I think and always have thought we will go up to the wire of the 6 months before deciding on Participating Interest. If we get to 200 bopd which is easily do able from 6500 bfpd that gives revenue 'net' to ADL on 130 bopd ( 200 - 70).
Taking low onshore production costs out (approx $20 ) and assuming $45 profit per barrel that gives $1.05m in 6 months.
Pro-rata on figures up or down but the £500k should be paid back in time imo. ( just 62 bopd would do it)

double your take on things is well documented and that is your right, I am happy with the current situation in Indonesia and what it may lead to.

Cheesey I agree it is the workovers we now have to look to. Many including myself are well down here but we have a choice, either we sell up or hold / average down hoping for a turnaround.

If I could go back in time and do things differently I would but the bottom line is no one made me invest it was my decision.
We keep talking about future deals with CAV and the 33 bcf gas from Selo which hopefully will come about as will many other work over drills looking to increase existing production.

But we mustn't overlook or underestimate the current 4 workover wells in what they could achieve on their own. If Greg Mawhinney can get anywhere near the 6500 bfpd from our current 2000bfpd the final oil volumes wil be extremely attractive if the oil / water cut even came in at just 3% we would get 200 bopd, we are currently getting slightly above 5%.

Those are impressive numbers for a MarCap of just £1m. To compare RBD have a 50% interest in 4 work over drills in California producing 70 bopd and therefore their take is just 35 bopd but believe it or not even that tiny amount of oil has been given an NPV of $10m over the life of the wells.

Not long ago after the fiasco of Bunga Mas, Badger all we had was hope of Colter, nothing else and that will take a couple of years and further investment / costs if it happens at all. We are now producing and its something we have never had and if explosive permits and additional water storage separator tanks can be acquired then it could be the start of a turnaround for ADL as a company and hopefully the sp.

I will wait for final production figures before I give judgement one way or the other but am happy to allow Greg M the timeframe to put in to practice all he intends for the 4 work overs, he deserves that at least.

I am happy with Greg Mawhinneys performance to date. It would appear we currently can process up to 2,000 bfpd and we know the oil / water cut is 93.3% or thereabouts so 6% ish of oil by volume.

We may not get to the full tilt of 6,500 bfpd or even maintain a 6% cut of oil but even 5,000 bfpd and just 4% oil we are still looking at 200 bopd.

Nothing to say it will happen and nothing to say it won't except I will take the rns detail that extra storage water separator tanks are being sourced along with intentions of larger pump jacks / explosive perforation permits as genuine intentions.

I do respect others views but hand on my heart I am actually very happy with the progress being made and accept whilst it is taking a little longer than hoped am very confident we will achieve the 150 bopd target when all 4 work overs completed.

Greg I suppose now its a question of timeline in how long it will take to source the extra water storage tanks and get the explosive permit for site.
We were achieving a 93.7% water / oil cut and if we can process anywhere near 6,500 barrels of fluid per day then it will be an impressive total.
BTN 03 an unknown quantity in that additional multiple zones untested and be interesting to see once perforated what we may or may not have.

from 2000 bfpd and that's without any production from BTN 03 which has had explosive permits agreed for storage and now need permit for site and also BTN 01 choked back.
After re - reading this is actually a very solid RNS and 150 bopd target should be met but that's my opinion and I am sure others will disagree.
My point is for once ADL have stated what their intentions are ( work overs) and appear to be on their way to achieving that and possibly more. No false promises of grandeur and its not huge, but it's a start.