Member Info for RatHole

Research deep water oil drilling costs offshore China.
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bigspike said "I think Dempsey only cost about £3/4m"
per Annual Report - Carrying Value Dempsey $3.224m (EME share )
Caveat Emptor

Having successfully completed the committed work programme for the first phase (GSA), the Company intends to exercise its option to enter a PSC on the Block, on pre-negotiated terms, with CNOOC. The key term for entry into the PSC is commitment to and demonstration of the financial capacity to drill an exploration well on the Block within two and half years.

per annual report

Yes 'at very least'.
The elephant in the room however is China funding.
This has to be sorted pre December to enter the next phase per annual report.
If no farmin the $20m min required - will take some flippin!
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Dempsey cost $10m+
All in the accounts of the JVPs so why the bulls hit?
Alvares is costed out at $12m on a trouble free basis
The SP ain't where it is without reason - despite the dim witted and dishonest ramps
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Kalahari you should not encourage people to visit HotCoppr.
I see you got 'owned' by poster 'gridder' over there.
I suspect most there also have you filtered - however that is the place to discuss Fiasco.
No one likes cry babies.
Discuss EME only here please.
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EME reported no decision, funding or timing on Alvares.
You can see why.
Tulainyo failed as did Dempsey.
They have more than enough well control to not throw other peoples good money after bad.
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I am pleased you got out didso, well done.
A dead cat bounce as per usual now but dive bombing is set to continue at open tomorrow imv.
Will be very hard to get a placing away now, well, over 4p anyway, what a shambles.
How's that frac coming along bigspike?
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Very keen to WWW's views myself - you witness m'lad
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Skin in the game? Smart investors will test this.
Most management shares have been issued free or at very low cost.
They do not have the same 'skin in the game' as most posters who are in at 20p+ i.e. Kalahari, Bigspike, Scarface etc, (going by past postings) however they do certainly have incentive to do their best.
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Well a placing is coming imho.
Just look at the costs and projects.
Good to see they plan to enter a PSC with CNOOC but they do need to prove capital adequacy and this must involve a massive fund raising - all in the final results - just a matter of where investors will 'bite' - nowhere near these levels given the risk imho.
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"At the time of this report, the work plan, cost estimates and timing of expenditure for the Alvarez prospect have not been finalised."
That should put an end to Kalahari's ramping on Alvares 'in the next 8 weeks'!
By the way why do EME call this play 'Alvarez'?? The well is named after the land owners - Mr and Mrs Alvares - not hard to get right is it?
No mention of fraccing Dempsey either - oh dear.
Any predictions on the placing price?
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Uneconomic in its current state bigspike - 23ft of pay and no ewt performed renders this incapable of value at this point .
This is another of your 'Dempsey will be fracced' brain farts - I do not think this industry is for you,
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Next to a pipeline lol.
Sounds like a sub-sea Dempsey ;-)
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Irrelevant.
Duyung is 'stranded gas' at current estimates.
More drilling required.
Currently impossible to put a value on it.
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Doubtful. Take Care
January's gross split regime
Indonesia introduced the gross split PSC in January to a decidedly lukewarm response from the oil and gas industry. Industry analysis of January's proposed production splits and accompanying adjustment mechanisms was that the regime was in many instances less favourable to investors than Indonesia's cost recovery PSC regime and was more likely to deter than attract investment for many upstream projects, particularly marginal fields, mature fields in need of enhanced oil recovery, projects located in frontier areas, and gas projects.
https://out-law.com/en/articles/2017/september/amendments-to-indonesias-new-gross-split-psc-regime-a-change-for-the-better-but-some-uncertainties-remain/

Gas offshore anywhere needs to be huge to warrant commercial development.
These numbers will not excite anyone I am afraid (ref mkt reaction)
Perhaps with further drilling a TCF could be proved up but that will take many years,mega bucks and great risk.
Indo fiscal terms are some of the worst in the world - yet another hurdle.
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Scarface - my advice to you is simple.
Never invest in anything you do not understand!
I recall your recent post claiming 1300mcf per day was worth £16,000 per day to EME - it was not worthy of reply.
Yes I punt around in many securities, and have an indepth knowledge of Oil and Gas. You can take or leave my posts anytime.
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Yes obviously leaky and not a good look at all.
However all this did was did the shorters a 'free hit'.
Blind Freddy can see funding is required - in large licks .
Annual accounts are due out which will likely add to compounding funding concerns imho.
That is 3 rns now where a el rapido PnD has followed - the simple reason being the funding elephant.
6p is a technical base and the assets are probably good enough for a punt from that level - although if China falls over then all bets are off.
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