Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
230 barrels of fluids, of which 75% water so approx 50 barrels of oil per day and 20 barrels eqv gas.
This well is pretty much a write off. If they can get the water cut down and improve output it’s just a bonus now.
The good thing is they got the 11p placement to raise funds for the drill program, had that not happened the company would now be in a real mess based on 16az’s actual performance.
This is just a punt in the end. GL
Yes let’s hope so....time will tell
Not posted for a while here but no denying this well is a mess. It turns out certain downhole equipment failed during the attempted cementing of the well during drilling. Did not report that in any RNS, quite important info is that not plus recent videos suggesting the 16az is going well????? Really!!!
I will hold as it’s not worth selling now and we still have a drill program but I’m not impressed with how this has been handled.
We essentially have a drizzle of oil and gas coming from this well and I don’t think it’s worth expecting much more from it but let’s hope the next drills go well.
Mike 11:07 post. Fair enough.
Mike, I agree somewhat, companies will try to to make the best of things on the PR front. I think there is enough hedging here with the upside to make this a decent punt though. Even if 16az ends up at 300-500bpd.
There are some external factors effecting the SP too. Oil price is lower, recession fears and summer illiquidity. Having said that I think the SP is suffering mainly because of the 16az initial flow rates as discussed millions of times. The company has stated on numerous interviews that 16az is going well and steadily increasing production. I accept this and assume there is not some bizarre different story which presumably would warrant an RNS.
Anyway big work program ahead with lots of upside potential. SP looking crazy cheap imo dyor gl
Yes let’s not get carried away. Step by step. I don’t think SP predictions are possible with small cap oil company’s , so much depends on news flow and success/non success events. History shows AIM is somewhat a casino definitely with no bottom. For example if the next drill is a fail then 4p is possible. But I think we have multiple bullets here so even if 1 or 2 hit then we will be good. Overall it’s a good punt and I’m in but trying to manage expectations. GL all
*their
But we all have the chance to buy now too!!
I don’t completely buy the manipulation story. PIs are there own worst enemies.
Gl
Terrier. Yep you would have thought we had no oil/gas and need to make a fund raise. Overdone IMO
I think some director buys would be good for morale and I assume there will be quite a lot of news due in the next months. GL
Yes I am surprised it’s gone this low but that’s spooked investors for you. Time will tell if it is wise.
What I like is that none of the 11p investors are selling. PH could do some director buys to show confidence but otherwise I will be adding once a stable support forms. Gl all
Yep, good summary. They know what needs to be done and sentiment will shift here in a flash following some good updates. They will learn from the patchy communication, in the meantime shares are cheap and the company has a very nice base to build on. Let’s see where she sits after the 2nd drill.
Yes I check in here a bit less often as a lot of the chat is school yard stuff but there are some good posts of course. This is a micro moment. Everyone has a different strategy and the macro will look different over time. That is of course assuming the right things happen. Gl
Holiday season, low volumes, oil price drifting and possible recession. I think that’s why we are here. Energy stocks always hit when growth forecasts are lowered. Lots of stocks are way down atm.
Still BLOE is fully funded through its program so no fear of a crappy placing. They did well to get the raise at 11p on hindsight.
We have no debt so what we sell is cash in the bank.
Let’s hope for some nice results of the next 2 wells and step up in production fr 16az then this SP will be long gone. GL all dyor
Summer holidays, oil down and Milton reducing. Honestly think this is a great time to buy as fundamentals still the same. September/October and business as usual, a rise here IMO. Let’s hope oil recovers with improved US/China trade talks
GL all Dyor
Good interview and great to start getting clarification on flow rates, gas off take etc. Very nice time to buy on oil weakness and poor sentiment. Seriously good prospect fully funded gl all
Brent at 57 will have an effect even here. I think that’s part of the selling. Keep calm GL all
Andrew asked a great question about management buying more shares.
A directors buy right now would be very good for sentiment IMO.
At least a few things cleared up in the interview so that’s great. GL all
Parkez, yes that was the problem with that RNS. Is the average figure of 360bpd since Jul 11th or since well testing in April? There was no data for the period Apr, May, Jun so it’s impossible to work out what’s happening hence the SP and the need for a good level of clarification. As I’ve stated before I am thinking the well has hardly produced since Apr and hence the clean up water cut etc...
We shall see
Oil stocks going only one way atm. Sure there will be an update in due course.