Member Info for miker444

It does appear the Environment Agency have basically said to Rathlin do what you have to do, no restrictions, looks as though due to the size and possible national importance that the EA have been 'persuaded' to be lenient :¬)

Well spotted lucky2, they are moving at quite a rate, already over 800m drilled in what is only 4 whole days from spud! All permits in place for extra 'running room'/ drills and just shows how you can crack on compared to all the hoops you have to jump through in the UK.

Novy that's correct a total of 70 bopd from 4 workovers, incredibly it is quoted as having an NPV of $10m just from that!
Thanks to ajb as I get my info from the rns's, there will be one that stated initial flow rate accumulation of 370 barrels from 36 hours but they have stated 200 bopd from VG-3.
It was this flow rate which was thought of as being so high above expectations that made them go for VG-4 and that flowed at 1,029 bopd before as we all know it was choked back to 480. These are the wells we need to accelerate but RBD and IMS know that!
I do believe stable production figures with reduced casing gas will surprise us all from VG-4. (480+) I hope so anyway!
atb

Definitely 200 bopd from VG-3 ( 370 barrels from a 36 hr period which is nearer 235 per day but 200 quoted as stable) and 480 bopd from VG-4 so can add another 120, considering 'accelerating' another well from the VG-4 stable, I should think they are.
Cali production update must be close.
atb

Agreed, if you look at the chart where it shows the oil produced from fluid volume we have been getting 20 bopd from 300 bofpd, we have gone from 300 to 450 bofpdso should be circa 30 bopd from that, it was also mentioned by Greg M and Simon G that they want to increase the nodding donkey pump rate from 7 'beats a minute' to nearer 10 'beats' which should get 600 bofpd ( ish ) and in turn nearer 40 bopd, the cut is coming in at 93.7% giving 6.7% oil by volume.
The next update should be much more promising, shame they have got to undo an rns whose intentions were well meant but misinterpreted.
Can see 150 bopd from all wells once completed, and agree that it is the 33 bcf of gas in Selo field which is the intended long term goal.
atb

ajb you are correct but the workovers I think worth a total of 35 bopd net to RBD so worth having but notaffecting the bigger picture imo.
Shouldn't be more than a couple of weeks to hear stable flow rates hopefully.
atb

Hi Lucky, nothing wrong with your calcs as they are the figures that are known but as you also probably know VG-4 was choked back due to excessive gas pressue / volume. It is my belief that now the gas has been 'tied in' to the existing pipeline therefore reducing the pressure the oil will flow more freely therefore we may see an increase from the 480 bopd, just a guess but possibly 600 bopd is possible. It initially flowed at 1,026 bopd but I accept has to be choked back to get a stable flow rate. It will be impressive figures irrespective and our 50% interest will bring in circa 500 bopd net to RBD. That is incredible considering how few wells we have ( for comparison UKOG no where near that).
So with anything up to 10 more wells and plenty of running room in California alone I expect a year or so down the line we will surpass 1,000 bopd and anything up to 2,000 if we do accelerate the wells mentioned that bring in 400 -500 barrels a time. That's without and forgetting to add Grizzly Island of course.
Who needs West Newton and Parta :¬)
atb mate

Hi Jimbo, I'm talking about the 08:34 trade at 1.125, it's bang in the middle of bid/ask so undetermined. Agree the 1.10 is a sell.
atb

Buys piling in a £30k, £20k, £15k and a £56k which is unknown and numerous £5k - £10k, no sp rise, mm's really keeping the lid on this.

comes back to a poorly worded rns in that they appear to have left some detail out on the one thing that mattered, we cannot get revenue on 4.5 bopd only above 70 and they state twice that we are. I have actually seen with other companies another rns addressing concerns of misinterpretation by shareholders on bb's ( believe it or not)

The other thing of course is we know we only are going to get revenue (90%) of anything over the existing 70 bopd, so it would appear if we are getting some income now, albeit small, that current production must be 74.5 bopd.
Otherwise we are not entitled to it?

doubleup I actually agree 100% with you on this, I actually think the RNS was meant with the best of intentions and to say this is where we are at, it's taking a bit longer than we expected due to scale, permits etc etc but they or at least Greg Mawhinney was not or did not appear phased by it and that must be down to his 30 year plus experience of similar in that time.
It was an update but to add the 4 bopd was all that jumped out and beggars belief that it was included. It could have even been stated 'we have oil shows' in the cleaning up / acidization process which we did not expect and are extremely encouraged by this. Same thing but comes across as much more positive.
In fact the RNS title could have even been workovers still on target blah blah. There are positives for me now that I have calmed down in that whatever has been thrown in front of Greg M he has not seen it as a setback ( that can't be overcome) but just got on and dealt with it, and sorted it I might add.
Just needed care in the wording and taking shareholders in to consideration, a good PR team would have helped.
atb.

I think after the dust has settled it's obvious now that it was not and is not a production RNS, nothing wrong with an update and let shareholders know of the progress and also the problems but to add the 4 bopd (when they didn't expect any oil shows during the clean up) has not only been misinterpreted but given ammunition to those with an agenda.
25 - 30 bopd still expected from BTN - 14 alone and even more from BTN - 03.
End of work over production totals will not be 4 bopd, will they be combined to get to 150 bopd, a tall order but I will wait before judging. either way.

Very good, could it still be a savvy deal, time will tell, approx. 4 weeks and counting....

comes across much better, it's obvious 4 bopd is not the final figure but I also bit on the RNS and agree somewhat with Fatherbrown that why give out that figure it was naive at best and not necessary, Greg Mawhinney actually states he did not expect to see ANY oil at this stage of the clean up and acidisation process.
There is talk of BTN - 14 giving final figures of 25 - 30 bopd for that 1 well and BTN - 3 is quoted as hoping to come in even higher with perforation of new zones once explosive permits in place ( 3 weeks or so)
My point is we are no further forward on the total figures but 150 bopd was quoted again as their target, a poorly worded RNS which should have given the work to date and all the unexpected problems, scale etc but quoting 4 bopd was an own goal as its not remotely connected to BTN -14 final figures but has come across as just that.
If we are still on 4 bopd once all 4 wells are at optimum production then I will buy doubleup and Fatherbrown a well deserved drink!

If they can get it to 5% oil then we are there agreed, we need to increase flow volume of fluids as well but accept this will be accumulative from all wells and it is very early days after all.

The oil / water cut has always been 95% so very high which is why volume is all important, we would need 5000 barrels of fluid to get 250 bopd and pro rata at those %'s.
I'm going to say if no one else will and that is that 4.5 bopd is of no use to anyone far as I'm concerned and will hope that this is just an initial update of cleaning up and far better figures to come when all wells worked over.
I'm invested so not a de-ramp but we need better than this, quite a bit better but accept it's early days.
atb

Simon, O2B, & 37H cracking last 3 posts chaps, just reminds us why we invested in the first place, as time goes on sometimes that becomes less apparent and a timely refresher is needed..
atb

Not if they are treating all 4 workovers as a single project, they may also wait for stable flow figures, certainly caught BLOE out and trashed their sp when they quoted initial flow rates and then revised stable down from 1000+ to 300.

Hi Greg, it's probable that BTN - 14 was completed at least a week ago and seeing that no update was given then it may be as we suspected that the update will be a total production figure of all workovers likely announced at end of month / once work competed.
Would have thought they have advanced to at least the second workover by now and even perforating untested layers and so an update right now would be bang in the middle and not be one thing or another imo.
Now I have said that Cue an RNS 1st thing tomorrow :¬)