How come?? They hadn't made the onshore gas discovery 10 years ago or had a farmout partner. Plenty of over reactions and exaggerations seem to be the norm on BB these days. Old crusty holders have clearly had their fill. Move on and let others see the positives so they can be rewarded.
I think it's just shareholders getting uptight and making mountains out of mole hills. The main news is the licence extension and the start of the 3D seismic. Who really cares about last years reporting.
Correct. Aminex are not running the show. It's ARA. Not sure why people refer to Aminex as delaying things and not sticking to timelines, when all along it's been down to the Tanzanian authorities who hold things up. Thankfully, that seems to have changed with the new President and the drive for investment and gas projects.
Why is it a kick in the balls?. They are allowed a 2 month extension for results due to Covid. They just say results will now be in June. Might be next week or might be last week of June. Results are backward looking and only until end of December 2020, so nothing new. 3D seismic due to start in 2H, amongst other activities. That's the main news we want to hear.
RE: RNS out , Commencement of the Drilling of Saffron#226 May 2021 07:37
Any success will increase 2P reserves from 1MMB to 12MMB. CEG currently valuation based on 1MMB. If Saffron 2 appraisal proves up 11MMB then this opens up a lot of options and is a valuable asset. dyor.
Hopefully now the Placing is out of the way and with consolidation of the shares next week and Saffron 2 beginning the drill with results in the next 30-40 days, the emotion we have seen from a lot of posters will end and we can get on with proving up the 2P reserves and building production towards the targeted 2500bopd by year end. A number of drills can be drilled from the same pad at Saffron 2, so the wells can be in quick succession, allowing immediate production and cash generation.
Don't know how much was oil. 40 degree API oil flowed to surface. There's videos of it. The rest was water and drill fluids. It was 500bfd. The formation was damaged due to the heavy mud needed due to extremely high pressure. Whether the pressure is from a larger reservoir or gas cap, I don't know. I guess Saffron 2 will give answers.
Saffron 1well was perforated at the top of the Lower Cruz formation. The reservoir was damaged due to the use of heavy mud. 500 barrels of fluid and oil flowed 7-8ft of perforation at the top of the Lower Cruz formation.. The Lower Cruz is a 300ft thick high quality reservoir sands which has yet to be fully tested and perforated. The 200-300 bopd flow rates are estimates and can be higher or lower depending on well bore integrity and reservoir condition and pressure.