Member Info for SEA7

untouchables

yep - easy one there maladoni well done!!

the AIM market .......you will never find a more wretched hive of scum and villainy ever! We must be cautious.

easy film quote added in there.

sudden upsurge in volume - price moving up - leaky ship maybe

sentiment and nothing else. All derived from the PR disaster that was 16az.

Thing is, we have a fully funded 5 well plan underway.
some production.
investigations into 16az taking place
38 flow testing.
3d seismic

then we expect to the next well prep to be announced.

until they give us something good and concrete that allows 16az PR mess to be forgotten about - we languish

https://www.rigzone.com/news/oil_gas/a/57687/canargo_greater_reserves_still_remain_in_georgia_gas_field/

forgot link to source.

whilst canargo had issues at Manavi 12 back in 2008.. we should take note of the observation..in relation to our own well WR16 and how things can change.

The initial flow-back of frac fluids (spent acid and chemicals) contained encouraging shows of oil and gas, but following clean-up, the maximum oil cut observed was only 5-7%. It appeared that there was a significant water incursion into the wellbore with no indication as to the source of this excess water. It was noted that following the simple acid wash completed in April 2007, an oil cut of approximately 50% was observed.

...................

mind you, they made a right mess of it after that though.....

Before further testing could be done, it was necessary to replace the 5 inch frac string required for the stimulation operation with proper 2 7/8 inch production grade tubing as planned.

The original plan was to set a plug in the well using the Schlumberger coiled tubing unit which was onsite for the stimulation operation, however, a failure of the injector head led to the coil parting and dropping into the well. It took several days to retrieve the coil and it was only then realized that the plug had been damaged and lodged in the well. A wireline unit was mobilized from Baku to reset the plug. This was successfully completed, but on extraction of the frac string by CanArgo Georgia it became apparent that damage had also been caused to the completion which resulted in a modification to the final well completion being required. The production tubing is now in place and pressure tested and operations are progressing to retrieve the mechanical plug and continue with the well testing operation. In the meantime, Schlumberger has demobilised from the site.

As part of the testing program, a wireline-conveyed production logging tool will be run in the well to help locate fluid entry points to the well and provide downhole flow rate and pressure data during the test. This data will assist in the evaluation of well conditions and reservoir performance and help assess the overall potential of the well.

.........

http://georgiaoilandgas.ge/georgian-oil-gas-industry-history-and-highlights/

One of the first oil fields developed by Georgian Oil was Mirzaani, which is located in the southeast region of Georgia. It was this field where the first deep (540 m) exploration well was drilled which flowed oil. In the next two decades more than 200 production wells were drilled, with the thickness of productive zones as much as 30-40 m. Mostly oil was produced from 500-1200 m depths and daily production varied from 4 to 100 bopd (per well). All producing wells initially flowed oil and after the initial rate dropped, they were produced for decades by pumping. Total production to date from Mirzaani Field is 7.9 MMBbl.

Norio Oil Field (close to Tbilisi) also was found in 1939, and Satskhenisi Field was found in 1956. These fields are characterized with high variation of initial rates, which is explained by low permeability of the reservoirs and fracture-based nature of oil flow. Total produced oil from these fields is approximately 2.1 MMBbl.

............

Pumping for decades they said.....- this is what we are all about - getting the initial flow rates done, get the wells settled in and then continually pump for years at an optimised rate - not full bore!!

ha djm1 - thanks

i doubt it pays much!!

someone just picked up 500k shares at 5p

disclosure of inside information does not have specific timeframes as such, however, it is covered under the Disclosure and transparency regulations.

https://www.handbook.fca.org.uk/handbook/DTR.pdf

Legitimate interests and when delay will not mislead the public .....................................................................................................

(1) Delaying disclosure of inside information will not always mislead the public, although a developing situation should be monitored so that if circumstances change an immediate disclosure can be made.

(2) Investors understand that some information must be kept confidential until developments are at a stage when an announcement can be made without prejudicing the legitimate interests of the issuer.

and...

When to disclose inside information .....................................................................................................

(1) [deleted]
(2) If an issuer is faced with an unexpected and significant event, a short delay may be acceptable if it is necessary to clarify the situation. In such situations a holding announcement should be used where an issuer believes that there is a danger of inside information leaking before the facts and their impact can be confirmed. The holding announcement should:

(a) detail as much of the subject matter as possible;
(b) set out the reasons why a fuller announcement cannot be made;
and
(c) include an undertaking to announce further details as soon as possible.

(3) If an issuer is unable, or unwilling to make a holding announcement it may be appropriate for the trading of its financial instruments to be suspended until the issuer is in a position to make an announcement.

(4) An issuer that is in any doubt as to the timing of announcements required under the Market Abuse Regulation should consult the FCA at the earliest opportunity.

..........

In short - anything that would be deemed price sensitive and inside information must be disclosed to the market at the earliest opportunity, however, short delays are permitted as indicated above, however, if there is suspicion that information is leaking out, then a full disclosure must be made, in accordance with rule 17 of market abuse regs - think that is the rule!

that headline is a direct quote from the recent press release regarding the credit rating report

forecast production costs, as well as levels of investments needed to extract the proposed level of hydrocarbons could become higher ..

second page down of the justification of the rating section...

https://raexpert.eu/reports/Press_release_Zenith_Energy_Ltd.18.11.2019.pdf

yep -have a good weekend hepseal et al

ahh thanks maladoni

aliens

seller done also by the looks of it.

Yep thanks djm

I note the price marked down on no volume, After 15 mins since the open

The communicated expectations for the both wells are 325bopd - that is what I am expecting, anything more is a bonus.

The company is profitable at 110bopd and we need to see a result here and some update on the logging at 16az.

maladoni - ha ha!

bet they don't charge they same I have to pay for a cheese and onion toastie at pret - £3.99 ffs