just a little clarification on the chevron deal.
https://www.***************************/challenger-energy-ceo-on-charlestown-deal-new-board-member-and-offshore-license-updates-lonceg/4121160479
Thank you for that info.
Like most on here, I am so used to hearing negative news regarding anything BPC related, that I automatically jump to negative conclusions.
You are probably right that it's the four week change over.
This is not good news I guess? Petrol was started 35 days ago and it should have lasted between 55 to 65 days:
An oil well may be abandoned prior to reaching its target depth for several reasons:
Encountering unexpected geological conditions like overpressured formations, salt domes, or fault zones that make further drilling too risky or costly.
Drilling complications such as stuck pipe, wellbore instability, lost circulation zones, or kicks (influxes of formation fluids) that cannot be safely mitigated.
Lack of commercial hydrocarbons encountered, making the well a "dry hole" and rendering further drilling uneconomical.
Mechanical failures of the drilling rig or equipment that cannot be repaired in a timely or cost-effective manner.
Environmental or regulatory concerns that prohibit further drilling activities in the area.
Changes in market conditions, such as a significant drop in oil/gas prices, that make the well no longer commercially viable to complete.
In summary, oil wells are typically abandoned before target depth due to unforeseen geological challenges, operational issues, lack of hydrocarbon discoveries, equipment failures, environmental restrictions, or economic factors that render further drilling impractical or uneconomical.
Just a heads up that the results for Argerich-1 are due from 3 weeks today until July 7th.
Key Expectations
Argerich-1 is targeting a deepwater area called CAN-100, located around 300km offshore from Buenos Aires province in water depths of 1,527 meters.
It is being drilled by Equinor in partnership with YPF (35% interest) and Shell (30% interest).
Drilling is estimated to take 55-65 days and is expected to spud (begin) in April 2024.
The well results could open up a new deepwater exploration frontier in the North Argentine Basin if hydrocarbons are discovered.
Conversely, a dry well could dampen enthusiasm for further deepwater exploration in the area.
So in summary, the Argerich-1 well is a high-impact wildcat that could potentially unlock a new offshore oil and gas province for Argentina if successful, but carries significant risk given the frontier nature of the play.
https://www.linkedin.com/posts/welligence_argentina-exploration-alert-equinor-has-activity-7193433788129988609-YAp5
The Comments section has some interesting insights as well.
Every man and his dog has had his say on platform regarding challenger Energy. In some cases some of the men have even involved their parrots too.
Given the current craze with Artificial IntelligenceI, and in the interest of fairness and anti-discrimination to our future masters, I believe that we should give Ai a chance to contribute his two pennies' with too.
https://www.perplexity.ai/search/what-is-the-Yx4MO1P0TkiEESDZdblnmg
I actually think that's John Briggs is not only right, but I am going to take his advice and go even one step further.
I am going to wait for the Chevron payment to be made, the 3D resuls to be processed, the drilling to take place and end and buy my shares after any oil has been discovered.
By that time the share price will be very high, but every investor knows that you must buy a share when the price is high.
I am not a chancer, and I don't have a monopoly over anything.
Whatever I say will be disputed by one side or another on this wonderful chat room, so I am leaving it for people to use their brains and work out what was said.
All it takes is for you keyboard warriors to send an email to BPC and ask what was said during the presentation.
I believe that the question regarding funding was answered during the recent company presentation in Mayfair.
You may care to watch the video if it's available online for clarification.
Somebody was dumping big chunks yesterday from the minute the market opened, which explains The drop in the share price.
Surely that kind of volume needs to be reported if it was one of the board members or the larger holders.
We shall know within the next day or so.
The 68 million shares is somebody moving it between his or her own accounts for example from physical to spread bets.
IF (big if) there is an increase in the share price this is very tax efficient. However if there is no movement then the holder will have to pay interest and if the share price falls the losses will not be able to be cleaned for tax purposes.
I don't know if this is a Pump and Dump or not, but one thing is certain:
Although there are 10+ billion shares in circulation, Eytan has managed to get his wish of having 'Sophisticated Investors' (I realise that there are different definitions for this term) on board, and I believe they own 60-65% of this company. This means that the shares are around 3.5 Billion shares available for trading.
Unfortunately not many of the current larger shareholders are the ones who lost money on BPC, as they are the ones who 'deserve' to recoup their lost cash.
Just remember that IF (a very big IF) this company makes any money in Uruguay, then I am sure that there will be movement on the Bahamas licences.
TW: What about the more exciting parts of your business, like the Uruguay farm-in?
EU: The process is progressing well. We've been discussing this for months, but attracting a large multinational oil company to a project in a frontier basin requires time for technical analysis, numerous reviews, and comparative studies.
I have consistently stated since the beginning of the year that we are working towards a farm-in deal by the end of this year, and we are steadily moving forward in this process. It has been formally managed with advisors and discussions with various companies.
Europe is currently a significant area of interest and has rapidly become an exploration hotspot. The timeline may extend as needed, but interest remains high. We are committed and confident in achieving our goals. Once we do, we hope to demonstrate to our followers and shareholders that we have delivered on our promises.
TW: How certain are you about the timeline for the Uruguay deal?
EU: It's not entirely within my control. I can manage our company, our board, and our approach to transactions. However, we are dealing with major oil companies whose transaction methods differ significantly. I understand our shareholders and the market desire quick results, but oil projects are complex.
They require 3D seismic acquisition, followed by exploration and then production wells. These stages take time. We've been working on this for over a year, having formally started our farm-in process in June. I've consistently communicated our goal to finalise a deal before the year's end.
We ask for patience as we work towards embedding a strong partnership in the project, which is crucial for future developments. Let's see how the rest of the year unfolds.
https://www.proactiveinvestors.co.uk/companies/news/1032907/challenger-energy-discusses-asset-sales-in-trinidad-and-deals-in-uruguay-icymi-1032907.html?rel=scroll
The situation obviously looks dire, but it's interesting that there are 10 million chunks being bought.
Something is up, and we shall have our answer very soon i am guessing.
For better or for worse the story will be concluded soon.
Finally somebody who understands the concept of numbers puts up a post. Thank you.
It is astonishing how many people are airing their views on here who don't even know the difference between two, to and too or fail to even demonstrate 11+ levels of mathematics, and expect others to take them seriously.