Member Info for ShouldveSold

RE: Tiburn
I think the dichotomy between a commercial and a non commercial Working petroleum system is monumental.

Maybe Stephan Sanderson would be interested in drilling a couple more off-shore Wells in a acreage which only flows at 15-200bopd lol
I can see the tankers now, all lining up to fill up at a safe rate of 82bopd to protect the integrity of the well :)

I think the term "Working petroleum system" is something The Wolf Of Wall Street would say to get someone to buy shares lol.

I dont agree that finding 2bbl of oil which doesn't flow at commercial rates is "something to be proud" of or classed as a success. ( I paraphrase)
I think the oil is there it just won't flow. I don't believe another company will take the chance of spending $15-30m farming in for another Well.
For the Super Majors who can fart $30m a day, maybe. But if Potter is suggesting a few are interested, maybe a free carry for $1 is fair value and BPC surrender operatorship & end up with 10-20% JV.

I will admit that I am not a fan of S Potter. He doesn't come across having any interest or empathy for shareholders. The way he presents and interviews & writes the RNS's is like he is beyond reproach.
I don't know what his track record is for oil discoveries or production increases of Wells he managed but, we are stuck with him for now so.. One can only stick this in the bottom draw & hope.

RE: NellyB
I think the other replies have covered the "duster" terminology.
The result is what it is. My opinion doesn't change that. I think the reason they stopped the drill short of TD was because the data was crap & the logging only showed more of the same.
I don't believe they have now analysed the data and have found a better drill target which another company wants to farm into. I think the licence will be surrendered; which oil companies do all the time if the oil isn't there in commercial quantities.
CERP didn't finish testing all the zones in the Saffron well so let's hope they can open a few zones which can get production to that 2500 figure S Potter keeps mentioning.

I have never read or heard about any company that farmed into a licence after a duster result.
Surely #P1 was the best target area to drill in the entire licence acreage. I find it hard to believe that there are companies lining up to Farm In.
I accept its completely possible to drill another well within the licence & BPC may find what the 3D Siesmic data says is there, but I am not convinced S Potter is being transparent about it.
If #P2 requires $30m to drill & Uruguay also needing similar funds, I could see the pathway if #P1 was commercial. But they won't be able to fund those projects with 400-2500 bopd.

RE: Buy-Sell
I'm sure its usuall practice to sell any ore that is found in the exploration phase, as with hydrocarbon exploration, rather than being told that have to keep it lol.
I am presuming there is a limit on what that can produce during this phase. My understanding is they need to prove its worth reopening the mine for full production. Who knows how long that will take.

Re: Wizard125
Its my understanding that Alba doesn't currently hold any production licences, only exploration licences. So they aren't allowed to mine, they can only drill, dig trenches & test the samples.
So until they apply/ &/or are granted permissions, all they can do explore... with zero cash generative income
:S