RE: Shell farm out7 Aug 2021 14:03
Hi GP
I find this difficult to fathom, if you are correct, then it strikes me that this is an operator that does things rather slowly without contingencies in place and doesnât want to point this out to the shareholders.
This 500 bbls/day production which they have been strongly suggesting (almost promising) was supposed to happen last year. So first we try to reperf using I presume bigger guns to try and get beyond the skin damage, clearly that didnât work, although we donât officially know what the rate was but everyone assumes about 100bbls/day. So then itâs a PS which was endlessly delayed whilst folks were counting tankers to understand what was really going on. Then itâs an update with a definite 2-4 weeks until PS, so eventually itâs happened but then either they didnât book a CT unit, presumably because they didnât think they needed one, (if so whatâs the issue) so itâs either a longer wait until it turns up or perhaps it hasâŚand we still wait for the result and if itâs not 500/day then we sidetrack but no suggestion of what rate we need to avoid that (and the endless further delays and costs).
Bottom line, they just donât seem to want to be open about the plans and timing (or ranges of time), they wonât tell us what itâs actually flowing at, simply expecting folks to hold on until they get an answer thatâs acceptable or there is no alternative to actually break the disappointing news. In the meantime they borrow and raise money to keep the lights on promising other activity that they neither have funding for (Side-track at Wressle if needed, Biscathorpe etc etc) or is years away (Shell offshore activity) or will never happen (UK fracking for gas)âŚ
Just âfess up guys rather than continuing to blow smoke up eveyones @rseâŚ
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