Member Info for SecretBlueprint

I remember all this marginal stuff back in the late nineties at $10 a barrel and the then UKOOA and the the contractors were pulling together initiatives and collaboration and all that. Who remembers CRINE.? Fact was that all of that was ditched in "short order" when oil prices went up. Every man for himself again. Aberdeen is now prosperous again and million pound houses are selling like toffee. The marginal game is over in my view. I hate to say this, but seen it before. Minty is a day late and a dollar short.

A rising tide lifts all ships, but it floats those that are stranded far up the beaches as well, so that they might sail away. I fear that the rising tide of oil prices means that Minty may have not only missed the boat but missed all of them. Iran might be a catalyst for that rising tide and MFDEVCO is a solution for yesterday's problem. He has had a few years of marginal opportunities but landed none so far, and now it getting tough to do so. The one thing that undeniable about this company is its ability to extract defeat from the jaws of success. Not a single project ever brought to fruition. It's a gamble on Garden Hills now. This short order MF business is nonsense in the new PoO environment. I think Minty has even let Bentley slip though his fingers after reading LT posts

Hello vale 121 My vocation is currently a retired hedonist, spending the pension acquired from a career in the oil industry and more latterly financial services on sex booze and rock music

I was heartened to hear that the well site at Port au Port was under half a metre of snow just three weeks ago. Why? Because I flew over the PAP peninsula on a BA flight to USA in clear skies last November and it was covered in snow even then. However some posters here were saying that Canadians are immune to snow, Mounties always get their man , and the TransCanada highway is always open in winter and such Desperate Dan nonsense. Clearly the place has been snowbound all winter, which explains the delays. The wireline boom truck which Simon showed on Twitter was parked inside the compound last September, I have a dated photo of it. So it has just thawed out. If what they are doing is swabbing, that is a tad disconcerting, they were doing that last August. Swabbing is the last resort when a well will not flow naturally so I hope that is just a clean up operation prior to an open flow test. One presumes the mysterious blockage has gone, whether it was salt, a dropped drill bit, or a lost tool. All these have been put forward as explanations. One point to ponder. If the site has been inaccessible all winter, there might be difficulty producing all year round since it is by road tanker export, and the road to the site is surely more of a cart track than the M6. Perhaps a road upgrade and snow ploughis required. If the PR road show gets to site shortly, we might see something useful.

At the previous and discontinued production test, the water cut was 44% without any water injection to maintain reservoir pressure. That would suggest the reservoir is far down the depletion curve since the Hunt Oil days, and formation water production will exceed oil in the near future. There ought to be enough oil to make it worthwhile, but any suggestion of hundreds of millions of barrels is fantasy. If PVF manage to sell 10 million barrels they will be laughing all the way to the bank but it won't be transformational to nuog. None of that matters as long as the Twitter team can push the sp up to 2p, and everyone is a winner, apart from the LTH who will never sell.

Surely ?

Looks like Garbled is still spouting nonsense from his chair at Deano's Bar

The material breach in this case is a BOP which has consistently failed and needed repair on every well, often without the skills at hand to do so, so creating expensive delays - the directors of RKH talked about it at the recent AGM and it has been the subject of RNS notices. There are other reliability issues witn the rig to compound things. You cannot safely drill a well with an unreliable BOP, hence the material breach. The Jane East, Isobel 1 & Chatham P&A did not require a usable BOP. Chatham and Rhea cannot be drilled to TD without a reliable BOP and a replacement would be 12 months lead time. It's game over for now anyway. If Noble can or wish to mobilise another rig to meet the 2016 drilling obligation that is another matter, but the ER is off to the scrapyard IMO

Noble has no direct contract with Ocean Rig. They have a rig sharing agreement with Premier Oil. As such they would be party to the breach notice and any contract termination. The rig is off to the scrapyard after failing to remedy the breach IMO. It is not fit for purpose. RNS tomorrow IMO

Looks like the game is over and the ER is now off to the scrapyard. I did mention this a couple of weeks back but someone got the post deleted.

Seek and ye shall find!

Noble Energy Falklands Limited has now been given consent by the FIG to drill the Rhea 1 exploration well with spud expected in September/October 2015. Rhea 1 is therefore the next well up with Eirik Raude continuing under Noble operatorship. Premier has moved back along the queue it seems.

The meek shall inherit the earth. The greedy shall dine with the devil Cheese 50p HMRC

I see that "falklandinvestor" is still the nasty piece of work that he was as "Essex" and "Garbled" and "Sparrow Cove" . He hurls abuse at anyone who does not agree with him.

The Isobel well is running a month behind schedule because of operational problems, and so the Rhea spud is at least October now or maybe early November. And licence PL001 is 75% Noble as operator and 25 % Edison. Argos has no working interest in the licence as things stand today. A royalty might be payable if a discovery is brought into production. If nothing is found then 100% of nothing would be handed back to ARG

"This is NOT a farmin deal IMHO, It's the first step for Noble to take over Argos." >>>> What a senseless suggestion? Having acquired all of Argos assets of value through licence concessions in JV with Edison, why would they want to take over the Argos rump cash shell ? To have an extra bunch of directors salaries to pay? No hope. Argos will delist from AIM - it has no further requirement for access to the capital markets.

So after pumping this like an Atlas Copco compressor for the last 3 years, and bragging about inside info and "50p mates" and ending up at 6p after all the shouting is done, all that Essex has to say is "Yawn" The Pied Piper has left the building.

Decisions to make at 08.00 Garbled might be surprised IMO

I buy it. The Phipps family have been on this campaign for decades now, and it is only a small part of Phipps & Co. They have no hope of mounting another drilling run, with or without PMO. There is no cash left and they are exhausted. It's time for them to move on. They will never be a production company. At this price, someone with the cash has scented a prize and I would expect something around 40% of NAV and even at that, you can expect 60p a share. It's a buy for DES and for you too. I have just doubled my holding for the opening tomorrow.

Aye, and $9k have changed hands at SPE as a result of that news. Trading halt? LOL