RE: Flow Rates18 May 2019 12:32
Steve73 post
I'm sure he will not mind as we all want the same outcome. If he does I appologies now :0)
Proving" test-runs offshore are often scheduled over a weekend. There are usually less disturbances from the on-shore support managers continually phoning up and asking "How's it going?", although in our case I would suspect our most senior guy will be enjoying a cruise during this critical event (on the AM). The schedule for our "First-Oil" event is during H1, so there is little benefit in it being a few days either way from the "much anticipated" 3rd June RNS, other than it'll be great to have the news confirmed for the AGM, and as others have righty pointed out, they probably wouldn't want to issue the RNS on the actual morning of the AGM. My estimate for the works still likely to be required following the "introduction of HC's" was at least 2 weeks before they could be in a position to commence the 3 day test run, taking us to next weekend, and so giving them a clear week to schedule the 3 day run. Remember though, just because the "run-period" has been started, doesn't mean they won't be producing beforehand. It's even possible they'll be operating steadily for a few days beforehand, and then "pick" the appropriate 3-days anytime during such a suitable period. Obviously BW will be pressuring them to commit, since they then go on to a day-rate contract (and they "win" any funds still left in the lump-sum contract), but again there will be some flexibility in these discussions, especially with the future possibilities being at the forefront of their minds. So if it were me, I would plan to commence the "test run" (although with production already having been underway for a day or 2) on the Wed (29th), with a scheduled finish 72 hours later on Sat. Any leaks (of information obviously) during the last 12 hours or so couldn't affect market trading, so there'd be plenty of time over the weekend to disseminate rumours before a market announcement on the Monday. Also, any delays (of up to a day or so) in formally starting the test period, would not affect their ability to announce at 7am Monday. They will almost certainly update progress on the Warwick Deep drilling during the AGM, although any material news would require to be announced separately beforehand. I'm not familiar enough with the proposed drilling activities to comment on where they could be by now or by the date of the AGM. I'm certainly looking forward to the next couple of weeks, even though there'll probably be concrete news (other than WD). We can expect lots of "positioning" posts, so I would warn readers to believe nothing they read here.. and the irony of that comment doesn't escape me...!
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