The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I wish, Paul!
I think that you both make good points. Seems nuts not to keep drilling if they can while the equipment is there, esspecially if it helps answer questions re. the lower formation size.
We had some decent late trades come through yesterday that made me hope we might hear something today, but alas not yet.
That being said we're 39 days since the initial DST RNS, so they said 6-8 weeks and we're at about 5 and a half weeks in now, so it'll be fairly imminent.
I don't know how long they usually take to plug these things post DST/drill - but new tech seems to put it at 3 days and older tech at 10-14 days, so it could be anytime really for us to get results, as I think the majority of the work is probably done by sticking numbers into spreadsheet formulae.
I've dripped a little more in today. Nothing massive, but it's nice to see my average gently decline.
I think, Ash, that the well isn't a duster in the traditional sense. I.e. We know there are hydrocarbons there. The bigger question now is: "is there a functioning reservoir?".
The DST should answer this. The thing is, it's much harder to guess based on ship times, etc with this bit, because there's no proper documentation from OMV to compare against.
Fingers crossed we get something soon. Feels like it will be this week based on volumes, but equally that's just guess work from me.
I wonder if that £17k buy is the start of those in the know taking positions before we get results. Fingers crossed!
Many thanks!
Yeah, i'd be interested to know this too, Des, if you get a moment. Any rough idea on how long it will take us to get results once the flow test is completed?
I suppose IF they're flow testing now, then there's a good chance we might get news early next week.
I guess 24 hour flow test, maybe longer, but then I would imagine the data is put into a spreadsheet that then spits the rest of the numbers out, so I would guess bar any hiccups that would mean news quite soon.
Now, you may well be on to something there!
You have to zoom in loads to see it (1 nautical mile or so on the scale).
Has anyone else noticed the weird extra ship that has appeared? Vessel finder has it down as: 982570102
I noticed it yesterday and thought nothing of it, but it's still here now, the only downside is that it doesn't update the tracking as often.
I suppose the key will be how analogous the reservoir is to the Tune field next door, which currently it looks like it is.
My hope is that it comes back effectively the same as Tune (or hopefully better!), which would then be a big green light for us for having a prospect that could be monetised easily.
That's interesting. It lines up, TBH, with both the BOD's time lines and the time line from Heather Baily (Department Manager Integrated Studies, Business Development at OMV) on Linkedin.
"We’ll know more in October/November once we complete sidetrack and DST"
Valid point!
Ah, I didn't know about Gullfaks, so that's a good oberservation.
North Pomor on the way back to Norway. Might be nothing, but I think that's one of our tug/supply boats. Also, of note that thr standby safety vessel Stril Merkur that had been hovering around us is now off to another field, so perhaps that suggests they've completed a flow test?
All complete guess work, but fingers crossed.
Looking at more DSTs,
SDX, 2020, onshore Egypt, 16 days
FPM, 2018, offf shore Norway, 80 days,
It seems like the more I read into this, the more it seems to be somewhat pointless getting nunbers on it to compare, as they're increasingly such a wide sample set.
Well, only the DST times! Hopefully, we never reach a point when we have to compare the rest of the aspects of the firms!
USOP did a drill stem test in October 2020, now it's undoubtedly different, but they only quoted 4-5 days for the actual DST part of the process after drilling.
I guess that for us, the bigger question mark is probably less how long the DST takes and more of how long does it take to get to target depth from where the side track has been drilled.
Lots of tug/support vessels around the rig today. Might be purely coincidental, but equally it might mean they're getting read to flow test.
IF that's the case, then they'd be seriously infront of the BOD's 6-8 week time frame, which is the only thing that makes me doubt it a bit.
Well, on that note, I spotted that the tug/supply ship, KV Jarl had made a trip to the rig today, so something is obviously happening.
I would have lost a lot of SPAG marks for that post, sorry.
So looking aymt what happened with DSTs at Faroe:
They had one that took pretty mich bang on 8 weeks (27th April-29th June 2018), but thay 2as with a completely new well.
They had another one in 2014, that ran from 6th March - 10th April (nearly five weeks).
On the basis that they tend to over do time, frames I reckon that this will be a 4.5/5week run until the results, putting us in the news zone in the next 14-19 days.