Member Info for Razorman

He made a big point to me that he is not a ramper and by nature is prudent and will always seek to underpromise, to improve the probability he can over deliver. A rarity on aim. I think the RNS Friday is the first example of Tony’s influence

I spoke recently (last week) with Tony Hawkins. I calculated the repayments at $148k and asked about the companies ability to service that. He said that the repayments require a base level of production which they are already achieving. Also not all the funds from the two draw downs have been spent on saffron. Although he obviously wouldn’t tell me figures.

I would preferably see additional wells happen around Saffron as it's in the centre of the P90 contour and Clove is outside - I totally agree. Clove was just referenced as a likely costs for similar depth wells in better locations

“The interpretation for the Upper Cruse and Middle Cruse (the tertiary and secondary targets) are expected shortly.”
Shortly I would hope to be next week. Remember there was oil seep at the surface, there is a chance the oil is shallow at the SWP. If that is the case drilling costs would be much reduced to access it. Possibly we could avoid a JV or farm out. Ministry requires production from the lowest levels first, so all they would need to do is drill to the middle (or even upper) cruse and stop - making that the lowest point. Clove I think was estimated at only £500k to get to 2,200ft. I have a feeling there could be a strategy change once we see the logging results, hopefully next week.

I could be wrong but I think the mud which provided the heavier fluid weight when drilling to balance the pressure can effect the logging results - Bamps, what is your take?

“Whilst drilling, the Company encountered expectedly high formation pressures and undertook careful measures to ensure the wellbore remained stable. This involved increasing the weight of the drilling fluids within the Upper and Middle Cruse sections as well as spending extended periods of time maintaining the wellbore“
We encountered oil at all three targets, combined with high formation pressures feels like a good combination to me. Just maybe they found the gorilla and kept him in his cage with careful engineering. ??

Anyone else think that £60k trade after hours at 17.5p was a buy?

Willec - read some more of 12bn’s posts and see if you can spot a trend.

You bounce around like tigger... just chill out and try not to be knocked off your own opinion too easily (either way).

https://www.google.co.uk/amp/s/oilprice.com/Energy/Oil-Prices/How-Important-Is-The-Suriname-Oil-Discovery.amp.html

Yes bamps - unless PRD pay up $4.2m

Assuming their holding is now around 100,000,000 and that they are (worst case) looking for a complete exit and assuming they are comfortable with 2.5p for the lot - that’s £2,500,000 from another II or bigger fish in the oil pond to take them out. With saffron looking positive, and the business value underpinned by a successful oil find, I don’t see clearing schroders as being too difficult or taking too long. Saffron proves the SWP potential, a bigger oiler aware of the the favourable license commercial terms, buys out schroders which would help launch a cheaper hostile take over. And in a flash the journey is over. Leo moves on to next 3-5 year plan

Finding a quicker Schroders SHREXIT has to be top of Tony’s new CEO to do list. He’s taken the big job and here is his opportunity to prove he has the talent to live up to the role. Leo is doing his bit in Trinidad. I work for an AIM listed company (for 14years) until it was bought out and de listed. The board would regularly engage with the city and promote the business to existing and new II’s. It required a lot of leg work to keep that investor base steady and to encourage new II’s to join the gang. I would like to hear from Tony what his initiatives are in this regard, and not just because of the current schroders problem. At the AGM Gordon said that the phone rings regularly from the big guys (referring to larger oil companies interested in the SWP). The drill has been completed to TD without disaster and has found oil (Geological chance of success was 0.45) if Gordon was telling the truth at the AGM the phone should be ringing harder now. Schroders selling surely makes us a more appealing for a buy out. The CEO should be all over this situation - I hope he is not sitting back and leaving it to play out without his intervention. It needs to be addressed.

I did also

And what is our new CEO and VSA capital doing to broker a quicker exit??? These questions are valid for all shareholders

Schroders were selling long before the drill...

there's your UT chesh

304,348 at 2.9p and happy to wait for Saffron flow rates...

So the pre drill planned depth, based on the 3D seismics in the presentations was 4000ft. So they drilled an additional 634ft.

“In line with the Company's Total Depth criteria, it was decided to case and complete the well at 4634 feet.”

Does anyone know what the companies total depth criteria is based on?

Two weeks after France’s supermajor Total joined Apache Corporation in a highly prospective block offshore Suriname, the two oil corporations announced a significant oil discovery in the block, stoking hopes that the prolific Guyana discoveries are extending into the waters of neighboring Suriname.