Member Info for NoEasy

Just goes to show no human really knows what down there until its drilled. Puts a perspective on other drills that have an even lower chance of success. A number of lesson to take on board this time regarding independent reports and more importantly state-of-the-art seismic's and the reading of such, plus the fact that they drilled 3,415m in 19 days (might come in handy in the future).

Big disappointment is an understatement given the CoS we expected here.

Don't post here much and try to keep my posts down the middle but I don't feel I'm letting myself down by saying I feel the wind is right behind COPL now and it reminds me of when 88e first started getting REALLY noticed by investors. Provided we don't get any shocks this should make considerable headway (which may be an understatement).

Pretty happy with the way this is going. Fully funded development is a big plus and I have added since my first post here and will add more as and when other investments make some headway.

Its my dream to make sense one day WJ. Competing demands sometimes makes it harder than it should be to post accurately. i must try harder.

A 5% chance of not having geological success that should read.

East Timor roulette 1. We have a twenty-shooter revolver and only one chamber has a bullet in it.
( A 95% chance of not having geological success - the expected geological structure, hydrocarbon charge or sealed trap).

East Timor roulette 2 - We have a ten-shooter revolver and only one chamber has a bullet in it. (A 10% chance that the oil falls below the commercially viable 1C classification).

If investing was about playing the odds..............!

What's not to like.

'I don’t think a FS is needed to attract buyers and sell a project. Many potential buyers will do their own in-house due diligence, and possibly some design and economic studies. Likely information from a PFS would be sufficient to give them what they need. A well advanced Environmental-Socio Impact Assessment may give as much or more comfort than a completed Feasibility Study would.'
https://kuchling.com/four-study-stages-concept-to-feasibility-which-should-we-do/

https://www.independent.co.uk/life-style/gadgets-and-tech/tesla-battery-electric-car-b1994523.html

The one thing holding me back here has been the possibility of the next generation battery not requiring graphite such as the lithium-sulfur batteries I believe. It seems that Tesla have answered that with my previous post on securing graphite and with the above link on what the next generation may look like and it still contains graphite. Anyone with more technical knowledge than myself have an idea how much is used?

Appreciate this company is not a one horse pony regarding possible use of their graphite but see mass market potential in battey use.

https://eu.usatoday.com/story/money/business/2022/01/17/tesla-deal-china-dependence-electric-vehicle-battery-graphite/6554822001/

Excellent rise today and more to come with this extremely high chance of success drill. Still under the radar for many.

Yes, been a bit too busy for me on this board over the last few months. Easier to watch from the sidelines.

Hope you're keeping well Bob.

Good to see you are up for this Bob :-)

I agree this should be the start.

Thanks EG. Simply the best.

EnergyGeo even though you weren't away long it seems like a while, testament to your well written, forensic posts in a style that unravels the complexities for us laypeople. Many thanks.

Now about that 8 1/2" hole. When they find the oil, as almost surely they will, do they use a smaller pipe should they go into
production, as almost as surely they will? I say this as they have talked about a 5 1/2 inch tubing for production, just for future reference please.

Secondly CVN have simulated the OWC as being 26m higher following the original development at 3290m. Why would they have a total drill depth some 210m beyond that? Trying to work out if that's to offset a margin of error in the geology forecasting and if so would the same margin be applied to the top level of the reservoir?

What do you mean by the term 'They will need to make a decision on completion of the well ...' and could this in any way tie in with the slight but noticeable difference inserted by ADV in the otherwise exact announcements of 22nd Dec.

CVN - 'Once the oil column encountered has been determined from wireline logging, the Buffalo-10 well will be suspended....'
ADV - 'Once the oil column encountered has been determined from wireline logging, the Buffalo-10 well will likely be suspended....'

Again thanks for your help.

No MM's left Jezza....... they're all at a party somewhere!

- Young company only started 20 months ago.
- Raise of £22m in March to fund JV with Carnarvon Energy.
- £450k participation by management in the placing.
- Cash in the bank for G&A plus £2m for any extra drilling costs on Buffalo.
- Highly experienced management across multiple disciplines.
- Very small team - only six members keeping G&A low. All six
on the BoD.
- Management own 5% of the company.
- Strategy targetting only discovered resources, no high risk exploration.
- Wants projects that can be brought online quickly with one other partner.
- They are not looking at small or difficult discoveries (Buffalo 20,000bopd net to ADV) and they want quick results to provide cashflow so they don't have to keep raising funds.

- Obtained 50% interest in Buffalo-10 in March 2021
- Amongst best PSC terms in SE Asia.
- Operating costs better than neighbouring Australia.
- Will not be an operator (leaves the drilling to the JV partner Carnarvon).
- Fully funded shallow water appraisal drill (not exploration).
- Replica drill of many done in the area by other operators so low risk.
- Targetting 34m barrels at 2C for 40,000bopd via 3 wells.
- Independently assessed as 95% chance of geological success
- Independently assessed as 86% chance of success of going into production.
- Production capex shared 50%/50% with CVN.
- Capex $125m equating to less than $4 a barrel.
- ADV confirmed funding would be available to develop before they closed the Buffalo deal.
- Cumulative cashflow at $70 Brent circa $400m for first year.
- Economic project even at less than $35 oil price.
- ‘Champagne’ oil - 53 API minimum $2 premium over Brent

Just seen on MarineTraffic the Australian navy has surrounded Buffalo.

Wow, so much for trying to keep the lid on expectations, that video clip from Whoppy on ADVFN has blown it, thanks for sharing DPYC. If that's key information then its key.

The magic money tree is being dug up.

RNS was perfect, the Valaris crew are expertly proficient and the geology is behaving itself.

Only 14 days since spud and already drilled 77% of the way. Some time back someone questioned whether it was possible to get to target depth in anything less than 70 days. They're hammering it.

Not reading anything into the casing being set at 2700m, the 2800m was an approximate target. Additionally they remain 'on prognosis' so no change to what was/is expected.