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I think the RNS was written or re-written by a lawyer to withstand any scrutiny by the Scottish shareholder group.
Now was that in the interests of all the shareholders or the BoD is a different thing entirely
I cannot decide or make an assumption as to the state of the well undergoing cleanup.
The TD RNS message reported oil showing and well flowing.
Chemical wash appears to be standard practise to cleanup the well before testing/production.
Additional chemicals to remove/reduce caking to increase also seem standard practise. And you would again expect Baker Hughes to have these on standby.
Part of me wants to believe that due to the shareholder groups actions and accusations the bod are being very cautious and exposing just the information required. And that this is all a regular point and just communicated in a way deemed fit by a lawyer for arse covering yet not in a way the market expected.
The flip side of this is the bod are shysters and either the well has failed or they are trying to get the action group shareholders out by setting fire to themselves.
The “support” group did want an audit. It was voted down on the basis of cost.
Be interesting to see what the support groups next move is. If any the assumed intention was to take control and then extract the remaining cash via consultancy fees, flog the assets and then the shell.
The shareholders choose to continue with the next two wells. The first one of which at the moment is looking doa.
https://cdn2.hubspot.net/hubfs/4396589/Engineers_Guide_to_Oil_Field_Chemicals_and_Fluids.pdf
Apologies it is long. Page 295 appears relevant. Do not see why the chemicals used would need two weeks.
If you take this RNS as a single event, yes it is a sound perception.
Those of us who remember how wr38 unfolded with the TD, flows, extended testing, remediation, it’s ******ed.
This is all feels like deja vu, just without the share price pumping flow rate announcement.
Maybe they are just trying a rinse and repeat in a different order this time. ;-)
Sure every well will not be a hit, but sequential failures and not disclosing them in a timely fashion is my issue.
This was also not a sidetrack, new drill, using baker Hughes to “ensure success”. Anybody know what the payment terms to baker Hughes was. You would like it to have a large element based on outcome/performance.
Anybody know what the chemical options are for clearing muds. And why it would take two weeks to arrive.
Everything I’m aware of (like using diesel) is probably banned, and is widely available.
Wanted to research usage/success rates but not sure what to look for. I’m a bit concerned they are bull****ting us and just buying more and more time to spin the wheel on another well.
Maqsood. No matter how many times you post it, this isn’t going over 2p today. With probably another 4 weeks till an update and this will bobble and drift and that is if we do not get a sustained seller.
I too have contemplated selling up now the sell has stabilised. I was uneasy a week or so ago when Paul made comments around blocks other activities than the drill in testing. It seemed odd to me at the time and I convinced myself I was reading too much into it.
Regret ignoring my gut now.
If I do not sell I would use my 6.6M shares to vote PH out.
Under cleanup for a month ! knowing the status deadline of the q3 ops report was coming this is **** poor.
You would expect them to have something in a month. They have really told us nothing and leave it to the market to assume the pivotal well is a dud.
Well TD RNS on 9th September. This update on 7th October needing shipment of cleanup chemicals.
What have they been doing fir the last month and why wait to announce this pivotal news in a quarterly update.
I have now lost faith in the BoD and want changes.
We have enough funding for the next drill as well. Continue to conserve cash ensures this. Paying salaries in cash would of prevented having funds for 2 wells.
Although I’m not happy about the dilution it is better that employees have skin in the game with enough funding for 2 wells.
Just need to hurry up with the flow test results.
if this drill fails, Sclhum and Institutional investors will force BoD changes, unlikely to involve the concert party. I cannot see PH surviving under any circumstance but positive result.
fingers crossed it doesnt come to that scenario and we are all partying like wolves of wall street next week.
Highlights
· 170,000 operational man-hours worked, with no lost time incidents
· Two-well programme progressing, with WR-B1a well, spudded in June 2021, currently testing and preparations for the second well underway
· Total production during the period of 87.0 Mboe, comprising 55.5 Mbbls of oil and 31.5 Mboe of gas
· Oil and gas production resumed from wells WR-16aZ and WR-38Z during Q1
· Oil sales of 41.9 Mbbls, with revenue of $2.33 million (30 June 2020: $313,000), representing a weighted average price of $55.70 per barrel
· Gas sales of 103 MMcf, with revenue of $328,000 (30 June 2020: $nil), representing a weighted average price of $3.18/Mcf
· Memorandum of Understanding ("MOU") signed with Baker Hughes in support of current and future operational activities
· Integration of Block Rustaveli Limited ("BRL") successfully completed, with staff now in one facility, creating a more collaborative and productive working environment
· Cash position of $5.5 million as at 30 June 2021 (31 December 2020: $6.3 million)