A positive update. We haven't lost 300 bopd DHB, the production would be c2.3k if 150 and 153 were still producing at 500bopd. The 1700 reflects 153 production only for a few days so May numbers should be c 2000bopd until Yelemes licence upgraded and can sell at 'export' prices, that's good news and their expecting a production upgrade, more good news, The only piece of the jigsaw missing is the oil revenue number. Reading the 4th May RNS they state that oil traders are giving short term advances, maybe the oil is being stored as opposed to being sold hence the lack of detail. Can't see where Casper store 60kbopd pm going forward ? maybre the local traders are storing it in tankers but important we get clarity on that. I'm not overly worried if KO and local traders are behind the company, G&A costs are down and people going back to work. The comment in the 4/5 statement re tenge v $ benefits, why make it if not getting paid ? Needs clarifying though. Also no update on 151 and they stated that they would dictate the pace. Maybe it does point to the storing of oil and getting advances from the OTs until things get back to the new norm, pardon the pun. The company are in good shape from a financial perspective based on the info communicated but they may not be selling all of it. Maybe that's a tactical decision to wait for oil prices to move north or maybe it's a supply/demand issue.
I'm the first to criticise when the RNS content is shoite. I'm not expecting every MJF well to deliver 500 bopd, the average I have got the field is 300bopd x 24 as per their FDP guidance and 7k bopd, Caspian expectations I believe we're 8k bopd.They were expecting a better result at 153 but I'll take the 200 and as stated, many intervals to target so this process will continue.Deeps, yep disappointing re no progress but the truth has come out re the flow rates at A5, the question is why is the flow rate declining ? Flowed consistently for 40 days, there's the good news but was it the broken link that caused the fall off or was it mud as has been the issue to date. Good news is that they are still spending time on it , something they wouldn't do at this time where cash is king..Not going bust and share price underpriced.TT
VDish reversal. Next stop 6 p.The completion of the seller would be extremely significant bearing in mind the downward pressure he exerted on the share price.They caused the move from the 10 p to 6 p.I heard it was a holder on the register that the company had little control / contact with.If they have gone this could be very significant.
Incredible that now we have a depressed market that both the last two RNS report better than forecast news. Just shows that CC has in my opinion not always been straight up when it comes to previous RNS. Good news today though and may it continue.