Member Info for rossannan

The classic mixed bag…

I at least hope to see an RNS this week stating that the sand problem has been cleared and that testing is back underway. In any event, silence would be unacceptable and would show that, despite their rhetoric about better communication, they have learned nothing.

SuperRoty

I think you maybe need to read the RNS again.

ShortShrift

There is always plenty that we can and should criticise AIM BoDs for, but in this case that sounds like a counsel of perfection.

ShortShrift

Not a failure on the part of SYN, unless you are assuming that they did not fight their corner as best they could in the circumstances. Are you?

ShortShrift

The original RNS is pretty clear:

“ The workover program has been modified at the request of the Directorate of Hydrocarbons ("DGH"). The revised program calls for the removal of the production tubing and milling out of the bridge plug that currently isolates the original four fracked zones from the two currently producing re-frac zones.”

Not their choice.

ShortShrift

Really? Is this frustrating but remediable situation not better than SYN rolling the dice on its relationship with the DGH, particularly with a potential JV out there?

Gordon1237

It is important to remember that removing the bridge plug was not SYN’s mistake - what the DGH wants, the DGH gets.

Fair enough, the downside seems relatively limited with WTI where it is right now.

PipeDragger

Agreed, I think they are further behind than they are admitting. Hardly a surprise. But I do not agree that 300 bopd would be a great result. 500 would, but not 300 - it would take them ages to get their money back at 300 bopd and declining.

Ab76

“If you don’t think a company is any good, what basis do you have to believe that others will invest and raise the share price.”

What happens on AIM every day? In particular the history of TRIN and other AIM oilers?

SuperRoty

“oil has flowed”

Sorry to fact check you, but where did you see that confirmed?

Ab76

“Trinity have maintained production at around 3,000bopd for years, despite normal depletion rates of 10%.”

Yes, but (as you know from their recent presentation) they have admitted that they will not be able to maintain it in future.

SuperRoty

“a big discounted placement to flow test and bring the well into production”

Not sure that even the most sceptical folk on here think that, and there are few on here more sceptical than me. Folk sell for a rainbow coalition of reasons.

PipeDragger

So what? TXP’s last Royston production test “produced light crude oil, with wellhead shut in pressure up to 2,450 pounds per square inch. Production flowed to the surface at non-commercial rates. This section of the formation appears to be a low permeability reservoir, and further testing will not be conducted.”

The Royston wellhead figure could presumably have been 3,500psi with the same result. And Jacobin’s production tests could presumably still be as disappointing as Royston’s have been thus far.

Ab76

That barrage of quotes does not really answer the question, but if you like I will put it another way: on what basis can they suggest that Jacobin is commercial when it has not even been flow tested?

On what basis can you say that “Jacobin is commercial” when it has not even been flow tested?

Not impressive.

I suspect they did not return the investment, but we may never know.

Good point, well made.