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Maybe and maybe not. But what’s not in doubt imo is RBD have just raised around £24m with the intention of investing £16m + into WN. They are not imo going to sink that kind of cash into a well without being confident of what’s down there and able to extract it.
GK,
UJO are not the operator, Rathlin are so UJO have to wait for Rathlin to announce. So IMO until the Reabold / Rathlin deal in completed things will appear to be on hold. Why would Reabold announce progress whilst trying to complete a deal with Rathlin? It's like showing your hand at cards whilst playing. You just don't do it .
GK,
IMO they put a hold on EWT when they discovered that they had primarily an OIL find instead of gas and also due to the deal between Reabold and Rathlin not being completed yet. Get the deal done with Rathlin and i would imagine the EWT will commence again to test OIL providing they have the required permits and equipment in place to do so
I’ll stand corrected on price of condensate but was answering a question about condensate and yes I concur condensate would be at the top of the oil column hence I said gaseous oil. I wasn’t implying the 45m oil column was condensate
Uggy,
My reasoning is Reabold are about to sink approx £16m into WN and i would guess you don't need that amount to prove validate the field size, EWT etc. That's why i'm thinking Reabold may take WN to production. It sounds plausible
Condensate is gaseous light oil and i believe is more valuable than crude oil and flows really well :)
So what are they going to do with Bisca then? They think that it's going to be bigger than WN. If they can't handle taking WN to Production then...
I personally would like to see WN taken to production that way start generating cash and if a major comes along and buys it then at least we have maximised WN sale potential Win win then IMO.
It all changed IMO when it was discovered to be primarily an oil play rather than a gas play.
Reabold decide to take WN into production?
I know it’s been widely discussed that the the WN is to be proved up and sold on but now that Reabold Have done a deal with Rathlin does it open up the scenario of taking it to production. If so what are the implications for UJO? Discuss