Member Info for NoEasy

Oiler I would be happy with that.

The proposed field development plan is for three vertical/deviated wells which at 20k bopd for each well would give 60k bopd (30k bopd net to ADV). Have only seen/heard 20k bopd net mentioned though.

Is it fair to say that the three well development expected to produce 40k bopd would give a mean production rate per well of 13.3kbopd. That in turn would equate to just under 7k bopd net to us (50/50 JV) from a one well fast track production scenario?

The key to getting accelerated production will it seem rest upon getting a MOPU contracted that meets the specifications and doesn't require modification. From the CPR I know they had a couple identified.

Okay so ST we could possibly be looking at an ultra fast track one well or possibly a fast track two well initial production scenario.

Anybody got a likely handle on what BP/Nexen pulled up per well or indeed what can generally be extracted on an average single well?

Here's adding two and two and getting ..?

The JV partnership has unambiguously stated they are now working towards early development of the Buffalo field.

The rig JU-107 has not as yet been contracted out beyond our drill as far as I can see. Indeed it is shown as being in Timor-Leste Oct 21 until Q1 2022. https://factharbor.com/facility/ju-107-jackup

Do we have an option to extend JU-107 for the second drill? If not can our contract be extended to put down the second drill?

Given Carnarvon have been working on optimising the development of this site since 2016 and have stated they already have a field development plan it is unlikely that they don't have precise options for drill No.2 either a fresh drill or a sidetrack dependent upon appraisal result.

The concept of the same rig drilling two wells was included in the CPR and would likely reduce costs:

'Carnarvon Petroleum estimated the vertical appraisal well to cost US$20 million to drill and suspend including 20% non-productive time excluding mobilisation/demobilisation. Carnarvon have advised mobilisation/demobilisation may not be payable if the same drilling contractor is used for the development wells. '

I'm not conversant with the feasibility of such a manoeuvre (extending JU-107 to carry out second drill) so perhaps one of our O&G specialists could comment.

I think they're worried they may break it if they let on about ADV

Following their buys in the April placing of close to £500k I have them at circa 6% of the company. Maybe someone can give you a precise figure.

Thanks for that wyndrum and you are right about the hardest buy. Should have chucked the kitchen sink in at 2.2.

'Sadly, I predict that within a couple of weeks we’ll have the 24/7 derampers, the rockets, “I wouldn’t want to be” brigade, the endless bickering over how many angels one can get on a pinhead, and the personal and gratuitous insults.'

So true, so true ;-)

Well composed post that Wyndrum, loved the humour. I could almost smell the tension.

That trigger thing you talked about, did it get pulled??????????

KS/Spike, I like JSE they have certainly done well for themselves but here the company has been specific regarding its strategy and that is two-party joint ventures. Can't say it won't be a consideration but based upon that strategy having JSE or indeed anyone else farm in to Buffalo wouldn't seem to be the way forward.

I get what you're trying to say Blubay but transformational moments for a junior seeking to be a mid-cap comes not at the end of the journey but at the beginning.

Hitting oil on its first drill in a few weeks time, that will lead to hundreds of millions in free cash flow, would I think be classed as a transformational moment for that junior company.

That's not to negate the significance of the further projects that the company has in the pipeline and to which you rightly draw attention.

Good posts, thanks for the views on the charts guys and Oiler for the rig movements confirming likely spud timeline.

How we looking guys?

And to you mate. Looking no better than we expected it to look. GL all.

' i feel breakout is imminent.'

You didn't buy a lot at the end there did you Staffy?

Crack open the bubbly.

Keeping it simple::

Our JV partner Carnarvon stating this drill will be transformational for them. They have an Mcap of A$485m. We have an Mcap of £36m.

I had no problem getting a quote for 782 :-)

Still 3.6 though.

Not listed on ii's trading site yet. Be interesting to see how this goes given the placing price was 122p. How much churn of the £85m placing are we going to see early doors?

For clarity anything below this post relates to the previous company holding the ticker MTEC.

Right time to have a look at Made Tech and see what it's made of.