They will need to necessary approvals from the HSE, the Local Council, the Oil and Gas Authority, the partners and the Environment Agency.
These applications are interlinked and cross-referenced so should any one document require revision or amendment (which is very possible), it could well mean changes to the others which will add time. You can say the company is expediting the process but they can only affect matters which are in their control. The review and approval process is not in their control and these independent bodies will not be rushed just because Tidswell wants to get his pipe in the ground.
The market has not forgotten the previous flow rate at Brockham - its just that they see it for what it was - a very short term test.
The market knows that in the real world, to realise that sort of flow in a commercial production programme takes extensive testing and field modelling - not to mention the regulatory undertakings that need to be complied with. Unfortunately, recent history shows that Angs could organise a piss up in a brewery. They have a LONG way to go to prove them selves to the market.
They may well do it in the end but the market is rightly very weary of the skill and competency of this outfit. They smell significant risk here and it is that skepticism that is reflected in the SP. Vonk has a bloody lot to answer for...... he got clean away IMO and that whole episode has put the company back between 6 months to a year.
This is going to 4.6p tommorrow at least and probably 4.5p on Thursday. H&S sign off is at least 2 weeks away (assuming there are no issues).... anyone can choose a rig but until it is available and that H&S permit gets signed off it will just sit there on site... along with the water isolation kit. I hope they have security on site.... can you imagine the rumpus if it got nicked by pikies in the meantime.....
Yep, all down to the dreaded 10%ers (again...) nothing to worry about. Over £41k of shares sold in the last 10 minutes of trading today. Fireworks in my pants! Placing shares all sold for minimal gain. Love it! Blue skys forever. Share price will be 20p by April no worries.....
'Fireworks going off in my pants'.... thats the best post ive read on here all day by a mile! I think there are some who will likely be exhausted after today!
I sniff the stink of a P&D here to. Yes its oversold, yes the comms are far better, yes the oil is there, BUT the vonk legacy has not been forgotton, the well is still broken and the H&S approval has only kust been submitted. I really hope they have checked it as a reapplication could easily add weeks here.
The fact is there is plently off time for shinanigans to play out before the big eruption. Ignore it if you want but the MMs will take full advantage of peoples FOMO here.....
Lets see where this is by mid to late week.
Alan2017 - You raise a good point there regarding the coiled tubing. It is not my area of expertise (I am a geologist but not a petroleum geologist) so I put your point to my colleague with whom I discussed other issues with this morning as it is only right that ideas and interpretations be tested.
His response was that, although he has not been present on the site itself, the lack of a coiled tubing unit did not preclude a nitrogen purge being carried out. A coiled tube unit is used to target and essentially 'jet wash' a localised area of cementation or clogging within the well and, for that purpose, it works very well.
However, for a general cementation / silting problem throughout the pay zone it can be an expensive option and an excessive use of resources when compared to a general chemical 'soak' by gravity and then a simple nitrogen purge to finish up after. They will have known which option to go with following the results of the wire-line logging of the perforations.
I hope that assists.
From recent observation, we know that a significant amount of nitrogen gas has been used on the well recently so, knowing the experience of this chap, I would believe his assessment.
Don't underestimate what an utter pain the Local Authority and the EA can be on sensitive sites if you circumvent their planning conditions. I work professionally as a planning consultant in the construction industry and have had a large scale residential site literally unable to complete the sale of their units because the LA refused to sign off the planning docs. Ostensibly this was due to monitor technical discrepancies but in reality it was an unofficial penalty from the LA to teach the developer a lesson not to mess with them and take them seriously as they had previously started on site before planning consent was given.
IMO there is absolutley no coincidence that the Planning Consent for the pump came out the day after VONK was replaced.
Of course it wont be official but I think it is highly likely that SCC gave ANGS a steer on what 'would be in the best interests of the company' if it wanted to get things done moving forwards.
SCC will want to be squeeky clean with this development as the environmentalists will be all over them if they are seen to be permitting irresponsible development.
Yes I would agree with that assessment. Vonk was viewed as problematic due to a damaged reputation with the Local Authority over past planning breached. Fresh start required, streamlining the boardroom and bringing in finance specialists.
I expect a monster RNS very soon s a deliberately strong opening statement from the new BOD detailing completion of nitrogen purge, successful sign-off off rod and mobilisation of rod and pump kit to sight.
That is a possibility - and may explain HSBC being so vocal about wanting (and then cancelling) to request a GM which IMO was specifically to force the BOD issue. Ultimately no-one knows who owns the shares held on account by HSBC and we know that other nominee holders also supported the GM.
They could all the Tidwell's shares but more likely some were, whilst others were owned by retail investors and by the institutions directly. The point is, nominee holders do not usually get involved with company issues, unless that is they hold some direct interest.
In my view, from reading the RNS, there seems to be a clear link between the retraction by the GM request by HSBC and Vonks' resignation.
Reading between the lines on this, there has clearly been growing dissatisfaction with Vonks' leadership and IMO several of the larger institutional shareholeders got together (with HSbc acting as spokesperson as the principal institutional holder) and basically gave an ultimatum to the Board that Vonk should so.
In my view, the purpose of the requested GM was to hold a vote of no confidence in Vonk, with the II's proposing the motion. Now Vonk has gone, the GM is no longer required to effect the change and the meeting has been cancelled.
The institutional investors will be taking an active interest and involvement in the recruitment of the new MD, of that you can be sure. They have probably even provided a preferred short list of candidates to the BOD. They will want their investment to maximise its potential and are clearly prepared to get their hands dirty to ensure that happens! Key to this is improved governance and investor communications.
Very, very good sign in my opinion.
I remember back around the 6-8th June 2018 when the SP last hit 1.08p and everyone was doom-mongering and there was a little raise like this apparently on nothing...... then DL disclosed that he had bought in well over £100k in two tranches and that was it!
I am certainly not suggesting he has but I would laugh my socks off all weekend if DL had done it again and swagged a load for himself at the same price again!!!