Member Info for SEA7

i have bought twice in the 8p range and have my next buy price set for 7.75p - it is very close to that now.

after this I have buy targets at the low 7's and into the sixes. The best time to buy is when the company puts out a less than brilliant rns and everyone panics.

this has moved from being on sale to the bargain bucket.

spike the smallest would still be the 1/4 choke, however, they open it up wider, then reduce it again, to release and then increase pressure, which forces more fluids etc out, as they are heavier than the oil. - at least that is my understanding of it.

paul did indeed talk about the minimum choke and well stability, however, as it is cleaning up and drilling fluids etc are in the formation, it won't flow naturally at the expected levels until the heavier fluids are gone.

the well hasn't dropped off.

it is intentionally restricted. A big difference.

100k and 200k shares not cash!

there is quite a few 100k buys and one 200k buy showing up so far today.

to be expected - sentiment... no rns this morning about anything, those that have flapped about it all weekend, that didn't sell on friday and have convinced themselves to sell, are doing so now.

it can take weeks for a well to clean up.

They have been running down hole gauges for some time. I suspect that they have opened it up, taking readings, shut it off again etc etc over the last few weeks.

We have been running lots of pressure test studies, we’ve been running down hole gauges, for some time…just to get a feel on exactly how we should or should not produce this well…The current expectations we will bring it online anywhere between 800-1000bopd.

..........

FFS.... The well isn't online. It is in a clean up phase, with varying choke settings to clear out all the drilling fluids etc. What part of that are people struggling with.

Once it has cleaned up and they have confirmation of this it will then and only then be brought online at the communicated rates.

roger, another block director is a director at iksander energy, that holds 3.6% of block

directors shares

Paul holds 0.55%
Nial has 0.57%
Phi has 0.12%
chris brown has 0.02% - most on this bulletin board hold more than chris.

in the interview paul mentions moving to 100% at WR imminently. This means the interview was just prior to the rns on the 15th July .

When he started the interview and was doing the over view, he skipped over the reference to 1000bopd during testing
in the slide by saying how good it was, yet avoided actually saying 1000bopd.

as if he was not confident about saying it - the well had just been restarted then!

very good point exmex re the gas - that is a pivotal point which needs finalising, as it affects the whole well program going forwards.

thanks starbuck - good to get an experienced view from someone who spent ages in the industry!

thanks starbuck for that clarification on shutting a well - I had read about killing a well and pouring in mud etc and wondered if they had done the same here, with the intention of restarting later.

One question that isn't being asked - how did they stop the well from producing, as it was clearly shut in.

The well had only been producing from the test facilities, meaning it would have been shut off at some point to install more permanent facilities. They had an issue with storage and flaring, so I suspect they shut it in, shortly after April 17, as production wasn't referenced in the may corporate presentation, whereas norio and satskheni were.

They were using polymer as drilling fluid and during drilling this must be kept circulating, as it lacks gel strength, meaning cuttings will settle to the bottom and jam the drill string, if it isn't.

I would think that they did clean it up quite successfully initially, then poured in loads of polymer or mud to stop the well. This will have sat there until they restarted on the 11th July - this in my view is what is coming out now. The stuff they used to stop the well, whilst they sorted storage.

This fluid being heavier than the oil, will have seeped in everywhere and they need to get all that lot out as well as the fluids that they didn't recover during the initial clean up phase.

Just a thought - anyone with any tech knowledge on this - comments greatly received, as I am not an oilman.

yes and we await clean up to finish to find out

paul said " the current expectations are"

he didn't say we guarantee it will come on line immediately between 800 and 1000bopd.

an expectation is a strong belief that something will happen, -he didn't set that range in stone.

it is cleaning up and being managed accordingly. At this stage it is at 295 bopd with increases likely as the heavier drilling fluids are removed and oil replaces them.

stilbite- paul actually was under in that interview - the initial flow rate was 1500bpd - oil and fluids.

paul could argue that away in that he said pressure tests, down hole gauges - not producing at a bopd rate.

He said bring it online between 800 and 1000bopd - it is in a clean up phase he says - which technically means it isn't online yet - so we should be expecting between 800 and 1000bopd post clean up.

i try to read between the lines of what salesmen ceo's say to get the real story.