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Great interview by Andrea . Best yet . Realistically confident . Loads of details about upcoming drilling and costs , funding .Will certainly raise a few questions but there can be little doubt now that Zen is really on its way . Havent watched the last 4 minutes as have to go out . Excellent stuff .
Zebediah . With regard Socar drilling C37 in 2008 only they will know the reasons for their drilling plan . What is known is that in 2008 is that the arse fell out of the oil price . It went from highs of over $120/barrel to less than 40 during that year . This had a major impact on oil companies throughout the World both major and smaller , projects were instantly stopped and future projects shelved . This is fact as I remember the cuts hit where I was working at the time severely . I am sure it would have had an impact also on whatever Socar was doing .
AJ . The company valuation has changed today and during the week , with no change in production . How do you know what the correct valuation should be . The market sees it as undervalued which is why is has risen .
AJ . Glad to hear your are happy that your investment is recovering . Isnt it just amazing how people being positive about what the coming is doing could have such a nice effect . Who 'd have thought it !!!!!! GL
AJ . I wouldn't like to lose 5 bpd a day so I am guessing no one else would . I dont know what I said when but I do know everything I say is only my opinions based on information at the time . Nobody can be daft enough to consider it fact but certainly something to consider and think about . They have told everyone the state of play in the rns issued on Monday . Everyone seems to be of the opinion things are finally coming together here , anyone who doesn't like it always has the option of bailing out . Better than just sitting moaning all the time .
Resourcehunter . Happy with current oil price and near term I think it should hold with Saudi and Iraqi commitments to cutbacks . I certainly agree , the financial situation and equipment arriving . Better information , better evaluated to pinpoint better locations to increase production and quickly . We are way ahead now more than ever and think this time we a getting closer than ever to start making realistic increases in production . . The next few weeks should reveal the finer details of what is going to be happening .
AJ . Yes what you say is true , fair enough but don't forget its not just about C37 . If you look at all the bits of info coming out and see it a whole then you can see what is happening . They cannot finish the tendering and bring a 180 on C37 until the workscope has been defined and agreed to . Look at the RNS.s , C37 workover started and procedure started to acquire 180 for 6 months to go to Z21 after C37 . Senior reservoir engineer arrives and the decision is made that they will drill C37 deeper after geological investigations find new structure . More recently C26 has been identified as a potential target . Plus the rns Monday and interview today regarding workover more modern wells potentially . I am sure that they could have had a 180 onsite a lot sooner based on what they were originally planning . But I am sure that any deviation orders from ZEN while the workscope is being carried out would have cost them dearly . I think over the next 2/3 weeks ZEN will clearly define where they want the 180 to be for the next 6 months and what it is expected to do . Go from one job to the next with no delay or confusion . Once this is agreed with the contractor they can crack on. With 12 companies in the frame I am sure they are a few close/standing by . I think we should all be a lot happier in a few weeks when they issue a definite program . IMO , as it makes sense to me .
Zebediah . Don't take everything you hear as literal but allow for some possible mispronunciation in what is said etc . Nobody should have expected much more than what has already been stated by rns. He generalized the path to where they are now and where they are going which is fine . Zen has never been a workover company or a drilling company they are who they are and we know what they need to do from the agreement with Socar . They are organizing some workovers which may require some drilling or not and they are going to at some point be drilling new wells themselves . Including areas of Zardab . Everything will obviously become much clearer over the next few week when the 180 has been organized and its scope of work more clearly defined . As for Z21/28 , it doesn't really matter if they turn up at the bottom of the list . We know oil is there but there are likely still unknowns attached to them and no guarantees of continued production if /when brought online . If they can increase production in the meantime by going in on something else more reliable then go for it . In the future they may find a better spot close to those wells that would be more productive and better to drill a new well . It remains to be seen but for the time being they have the reservoir experts and the information and I for one are happy for them to choose whatever as long as they get on with it and it is the quickest way to increased production . That I also believe is what they are about to start doing .
Zebediah . There is a bigger a picture that we get snippets of . If you cast your mind back to the brr interview there was a bit of a hoo hah over what AC said about workovers . They wouldn't be doing any more . What he meant was they would be much more selective in what workovers they would do as priority obviously depending on the information they have on them . Stands to reason after Z21/28 . Anyway , the recent geological survey have given them much more info and as far as the plan is concerned C37 which was drilled in 2008 by Socar is the best current target ahead of going to Z21 , which by rns is supposedly next on the list . From the rns the other day and the interview today it sound like if some of the other six newer wells of which C26 has already been mentioned turn out to be holding good potential and having good historical info of then obviously if they are evaluated as a better prospect than Z21/28 for increasing production then it all goes without saying .
Zebediah . What was left to do on Z21/28 is well documented . He wasn't asked that in the interview . He doesn't need to be an oil man as he has got the oil people working for him who can give the answers . They have already selected C37 because they have I believe already stated it would be the quickest/easiest route to increased production . I agree with Ezhik earlier post in that it is still on the list but just being pushed further down as the information they have got is now pinpointing more effective targets . The questions you have if you put them to zen have a fairly good chance of being answered I would think . .
Zebediah . If they weren't mentioned it could mean anything but they wont be dismissed altogether as they still have potential . What they have said via rns is that they are obviously focussing on what they believe are easier targets , newer wells with more reliable information . They also have newer info from their own geological studies to work through in order to pinpoint the best targets , hence why I think C26 was also mentioned recently .