The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Quoting the 11th of August H&P report: "The rig used by HE1 was a low-cost rig that drills slimline wells, which enabled HE1 to gather a large amount of data to de-risk the play at a total cost of only ~US$2mm despite the longer than expected time to complete the well."
I think the main issue was the fact that the hole was simply drilled too small in an effort to try and save cash, which is fully understandable to some degree but hopefully these lessons will be learned and we'll have better drills going forward
What's all this about spring haha why would they want to start drilling at the height of the rain season?.. There's not a chance they would waste so much money and time de-constructing the camp, sending the equipment off either to storage or other jobs, everyone back home etc when they could quite easily carry on right now. Wouldn't surprise me if they just re-drill Tai especially when DM talked about being cost efficient and HE1 now called it Tai-1A. It's been mentioned previously that the issue was the hole being too small and at least a 6" hole being needed which is exactly what this drill can do. Thus, a possible play DM is making is waiting for larger piping to be delivered whilst they clear another area out nearby ready for re-drilling; can't see them uprooting everything to go somewhere else only to come back here again at another date
I'm really hoping for it to be tomorrow but as Kevin said, that many have passed now that in a way I haven't got my hopes up. However, at the same time, if does take them another week it must be the ultimate motherload of a discovery. They had sidetracked and were probably in the curing stage of the casing of this sidetrack on the 12th/13th. Given that the sidetrack would've had to be fairly gradual you could say that by the 13th or so we were at 500m. So going off of previous drilling speeds we should've reached TD around Thursday/Friday, potentially a bit sooner since they knew the geology from 500 to 552 (when the helium show started) and could've gone faster. Now I don't know how long wirelining, maybe a couple of days and maybe a week. Hoping for the former but we'll just have to wait and see
SeaHawk I know what you mean, in a way I would imagine they would but I don't have any experience with oil and gas drilling so I can't say that it's what's always done. Personally, I think they've reached TD and are preparing to wireline now and then going to combine it all in to one big RNS on Monday
They should have already reached TD. We don't know exactly what's going on; the drilling speed, whether the plan has changed and they're going deeper etc but I'm very hopeful of an RNS on Monday. Something serious either another issue (which would have to be announced) or something really positive would create a further delay. I would hope that at the minute they're starting to run the wireline and process the data over the weekend. Looking like it'll be an incredible discovery but we'll just have to wait and see. I think the tweet earlier this week pointed to no RNS this week unfortunately
I think it being one big trap is very unlikely as the seismic data showed there being two separate traps: https://www.youtube.com/watch?v=A4zVkhSXlNw&t=2124s&ab_channel=InvestorMeetCompany
They probably have more data to look through and more reasons to slow down; if there was no/poor data there would be no reason to take it slow and vice versa so really this is all a good sign. It's a shame we keep having to wait because we're all so eager to find out the results and the market response but it is what it is, looking like Monday RNS at the earliest because of the latest tweet
Also bear in mind the fact that 4% He equals 138BCF and 4.9% equals 520BCF. I honestly wouldn't be able to even guess at the potential concentrations at the various traps but 2.2% uncalibrated at 70m where the ground is relatively less compact? All looking good, let's hope they announce the discovery soon!
Thank you! Yeah, that is true, they did seem to take it slow up to that point. Just makes me wonder whether this was intentional, due to the composition of the mud or because of the expected difficulty of drilling at such a depth
But definitely, I'll be checking that RNS :) More than likely start of next week at the earliest but can always hope for a bit of something in the meantime!