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Now we have some real good news to fire out hopefully we will get JV news in the not too distant future. With the aim of drilling 3 initial wells that could be producing 7500 barrels of liquids a day that’s going to be worth over half a million dollars a day it will enable us to raise cash and to drill lots of wells each year, this really is a game changer and really just the start. The big field of 1Bn barrels is still to come.
Brilliant news. Also of note is that it is nowhere near the £350M to bring into production that was originally used as a figure. Now onto Theta West and the 1Bn barrels of producible oil waiting for us to get out.
Depending on results a farm out might be on the books, however, farm outs can take quite a long time to come to fruition as there is significant money involved. However, maybe that work has already been completed and they are just waiting on results. Whatever happens I don't think we can waste the up and coming winter and I would like to see something happening with Theta West which is where we need to prove up the 1B barrels. If that means a cash raise then so be it.
I would not think they would want to do this presentation and Q&A if the news was bad from the frac and collection of data. So hopefully a good positive RNS and presentation with details of any planned winter events, as I do not wish to have a non event this winter. If needs be raise some cash, but just get on with it.
Rabito I absolutely understand how frustrating people can be when they lie, make stuff up etc but every time you respond too him you give him air and allow him to respond with yet more cr.p. Please do us all a favour and just ignore him, there is lots to discuss and engage with, without allowing him to bung the board up. Any potential investor who comes and has a look at this board is probably going to run a mile, which is exactly what the a hole wants.
some of what they do with this well, will depend on if they intend on using the well for other purposes. is it possible to go back down and do another horizontal but in a different direction or is that more expensive than just drilling a new well. anyhow if they are not planning on using the well again then there is no reason why they shouldn’t open the taps after they have all the info they need. i fully understand wells are choked back to protect the reservoir or indeed the frack. but as this is not a production well so i am sure they will find out what the flow rate could be. no need to say that is what they intend as that will just open doors they may not wanted open at this time.
just shows what a **** up those two wells were that they failed to get flow rates from. it was quickly glossed over but i wonder where we would be now if we had that information now.
Once you have gained the information you want there is no reason not to see how fast it will flow. Those statements are to manage expectations and allow them to not release any figures if it does not flow like they hope. It’s a very sensible way forward, as if they had announced they would flow test it then certain members of this board would be discussing silly numbers that could never have been met, end result disappointment and a sharp decline in the share price. DH keeping things sensible and not allowing a certain person room to say it’s been a disaster.
Well at least they are not going bust! It all comes down to the JV, get a half reasonable one and we will be on our way. This mob really are something though, they new everybody was hanging on this RNS so why not have it lined up for the normal 0700 RNS release. But no it comes out literally seconds before the market opened.
Yes I do fully understand how they report sells and buys but I don’t think I have every seen such a big difference between the two. 5m sells v 17m buys. There are going to be some big numbers reported after hours I suspect.