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Yes RH . Don't think we have heard the last of C37 just yet . They were pushed to getting some figures out but will be good to see what they get under production conditions . If they can get onto C30 quick enough and get the same or more then I don't think it will be too long before we start to get a realistic sp . With the C30 drilling already financed and more money coming in to the coffers it would be good to see what other field activity is going on .
Thankfully ZEN have enough people under employ who understand the business that they don't need to rely of this BB's armchair oil experts for advice on what they needed to do . This comment does not apply to you Ehzick/Sea7
Actually most people still holding . Not much volume traded . SP punished because the news was not amazing . Reality is production increase and more money coming in . Cant see the sp staying down for long .
Actually ZEB , you are quite correct . In fact I myself at the time had the firm belief that we were going to use a contractor for the workovers as per the rns's and was dismayed when it didn't happen . But exactly that , it didn't happen for whatever reason and this current rig used instead . Maybe once we have production up to a determined level will this drilling rig be used for a new well and something else for general workovers . The crew are though getting experience of rigging up and down the new rig in preparation for a new well and money is currently being saved utilizing our own equipment . Once production is up things should change and money available to operate on multiple work fronts . I am hoping for some upside to the sp by close today or tomorrow
Zebediah . All your questions could have been asked before today but you didn't . If we had hit 300bpd would you be asking them now . Obviously peoples flowrate expectations have been high . . As for the ZEN drilling company there were details published at the time but obviously could be followed up . As for the truck mounted rig you were describing , it is a bit late crowing about it now , if you think you have better oil industry experience you should probably put yourself forward for a job with them . Todays result is obviously not what most people were hoping for but is going to be a production increase putting us on a better financial position . The next well likely will do the same . Then the next . The sp will catch up sometime .
Nothing wrong with the strategy at all . The comment wouldn't have come up if the result had been a higher flow rate . The rig will now move to C30 and somewhere else after that . No long term planning for expensive rig hire giving ZEN the flexibility to drill where and when they want . A very good strategy that is already starting to pay off .
Nothing "Fishy " , Mr. Pretending to be someone else . Market waking up at last to the reality of ZEN . Financial wizard at the helm of the biggest onshore operation in Azerbaijan . Infrastructure and finananci g along with all the equipment to complete its own drilling operations . Plus massive reserves to pump out . The market is starting to prepare for a transformation . GL holders
mis678 . Yes looks like the worm has finally turned . SP finally starting its meteoric rise . No turning back now , sp building in anticipation of that top drive rns announcement . Then the drill bit turning . Then drilling news flow . A sniff of oil and who knows !!
From what I remember , or think I remember and should really check , but cant be arsed , they would not lose the contract by not reaching the target . Though could be penalised . There was a bopd target to achieve along with field rehabilitation activities [storage tanks , replacing pipelines etc] , drilling a new well into the cretaceous etc , geological studies also , by a certain time scale . There are penalties within the contract but not cancellation of the whole . I also think as SEA7 suggests that since a lot of activity has taken place even though BOPD increase has not happened as yet progress and investment will be looked on in good light and nothing adverse to ZEN enforced . It is not like Socar have just left ZEN alone to get on with this but looks to me as if the has been a lot of interference , guidance and I have interpreted some RNS as delays due to approval from Socar . As such in a close partnership some delays could be the responsibility of both partners . Nice rise today in anticipation hope to see the back of 4p soon . Then 6,7,8,9 then for me happy days . Hopefully C37 will light the fuse for this sp , GLA .
Meadow , thanks for the info . So going by the last tweet that the unit was in transit , then assuming it was coming from the same place as the rig it is now a minimum of 2 weeks into the journey . It could have course be any amount of time into its journey or just setting off as it was "in transit" on the 30th May. I think if I was a betting man I would be inclined to agree with Oil Expert and say the 17th to rns that it is either onsite or ready to start drilling . Based on the closed period as Oil Expert says and a lot of guesswork regarding when it started its journey and from where . So news this week would be good or failing that then news Monday also good . If someone could arrange that for us please .
Meadow . What was the last transit route? . Its just I wasn't really keeping up with this but at the time I was looking at two routes from Italy . Both really just a matter of a few days if by car . But was allowing for very slow lorry speed and delays at customs . Did we get details of the previous route taken when moving the drilling rig ? Do we know where the top drive is coming from and the route it is taking? I haven't been keeping up with all the news and tweets .
Ezhik . Always the case with low sentiment and lack of news flow . The mms will punish the sp .The top drive is on its way just a question of when it turns up and I don't know how that can be speeded up . My concern is with the AGM and 'special meeting' on Monday is it going to be Mon/Tue before we hear anything . I , like everyone else is checking every day but would certainly be hoping to hear something before the weekend . Could be a good chance to grab some more this week but some may hold back with concerns of what the special meeting may be about .