Member Info for Simon_Said

"We've decided to abandon the well because we don't know what to do with all the hydrocarbons."

- Nobody, ever.

The storage tank thing really isn't vital, they'll just use more tankers if they can't store on-site. This is very much a sideshow issue! I suspect it's just to help regulate tanker movements by having more control over how much leaves and when. Not mission-critical.

Coiled tubing is no longer required once the cleanup is done. So good sign, should mean moving from the cleanup phase to the actual flow testing. Great to have these site updates. As long as you ignore his interpretations (which are all wrong) and just take the actual equipment movements, they're very interesting.

Not meaning to stoke the flames, but could anyone please explain to me why people in UKOG want West Newton to fail so badly? I really don't get it. I don't hold any UKOG but I don't want their wells to fail, I can't follow the logic.

Doesn't have to be 'breathtaking' - it's about profitable, consistent barrels. Don't fall in the trap of thinking something is only worth having if it's a thousands of BOPD gusher. High margin, low cost, and crucially low dropoff rate is what the Cali wells are about. All money feeding into the balance sheet.

The Twitter rumours have been put to bed now. Seems to have been based on a protestor's misunderstanding of the stage of the EWT and the role of coiled tubing. But it created a dip and I got a topup so it's all gravy.

He first takes the statement that the field/license area might be significant enough to rival Wytch Farm, and deliberately misinterprets it as if people are saying this 1 individual well is bigger than Wytch Farm. I assume that was deliberate misunderstanding, anyway.

Then he makes a strange baseless statement about 'lifting' oil and some misnomers about the formation.

This board seems to be a troll-magnet. Reminds me of the UKOG boards around the BB1 fiasco.

Between this and the 'fishing' claims which have now been revealed to be based on nothing but a misunderstanding of the stage that the EWT is at, this has been a fundamental waste of time. Except the dip allowed me some cheap shares. So I suppose can't complain.

Even if so, not the end of the world. Modern well servicing has many, many technologies for that kind of thing, it's come a long way. All just part-and-parcel of completion and testing (which is an EWT more broadly, not just a flow test).

Christ look at them all trying to change the debate point. He said 'oil won't lift' which is a specific statement, and that it was a 'joke'. I took issue narrowly with these statements. See how the rationalising is all special-pleading which attempts to neuter the original statement to something less objectionable, then pillory me for opposing that new argument which wasn't even the one I took issue with.

The ways people argue on here can be sneaky.

It's a huge gas find and the start of a new field. Even if the market gets it wrong, potential asset buyers won't, and sheer size of the numbers when fully de-risked and converted into pounds will drive the point home to the market.

But there are very good reasons to believe there is oil too, and your attempts to skirt your failed argument are not working.

That's all great, but you've rather moved the goalposts there, because I'm specifically taking issue with your comment about oil. You're focusing on the more out-there claim about Wytch farm, presumably because your oil comment was baseless and doesn't appear to be convincing anyone.

Fantastic, thanks Badger. I admit I'd forgotten much of what I briefly knew about Parta! Great to see the results are looking to exceed the pre-drill estimates. And they have an option to increase interest later on as part of the deal, which they can exercise if it turns out to be really juicy.

Strength-to-strength for Reabold at the moment.

Both UJO and RBD's BoDs are known for being quite conservative in their claims, yet both have seen fit to comment multiple times since the discovery that oil is now a strong possibility. Neither said much about it prior, and neither are known to be prone to making outlandish statements. At the very least, the idea that the oil is a 'joke' is certainly out-of-step with what we're actually seeing. Unless you've somehow accumulated more knowledge than the very experienced teams actually managing and executing this well.

Being positive on UKOG doesn't mean you have anything to gain from damping down excitement here with ill-conceived doom and gloom.

'Puta' is yet another UKOG shareholder trying to cause disquiet for West Newton. I find this 'war' beyond baffling.

Interesting snippet there - Sachin says the exploration targets that they are now seeking deeper in IM1 are outside of the CPR that the NPV for the well was based on. He says of the results today 'We've derisked what's in that report'. So any additional finds could push the NPV higher.

Ah and just after I post that, the High Court approves. Here we go :)

The 'drop' is barely a shift in the spread, just a few sells in low volume. Traders coming in and out as you'd expect, some have very short investment horizons.

Just like with West Newton, Parta had a nailed-on gas target (since this was a redrill) and a lower COS oil target. Great news that the oil appears to have come through.

Really important to note that prior to West Newton, the CEOs named Parta as their favourite project, as it is a redrill in an are with great infrastructure access and a compliant government.

Reabold's BoD tend to think (and speak) in terms of 'economic barrels', i.e. not just sheer BOPD but the cost of getting those barrels out of the ground and the margins achieved. Parta is the epitome of this as it's only a redrill. Even a modest success here would be extremely profitable to Reabold, and in this case it looks like the less-likely oil target has potentially come good too. This would make Parta a huge moneymaker for Reabold.

In at least one of the conversations I had with Stephen Williams, the plan was to produce from Parta and enjoy the cash stream from it. This would fit well with the recent Capital Reduction (which is being heard at the High Court today for final approval) and could be a great source of dividends down the line. There would simply be no need for a Capital Reduction if they weren't looking at doing this yet, as it can be done at any time and doesn't take very long (just a few weeks).

Between this and West Newton, and the constant income from California, and the potential to at least recover investment costs from the Corallian programme (there seem to be indications a sale is still a strong possibility), Reabold have a great deal of income both flowing in now (Cali), in the short term future (Parta) and further down the line (WN and Corallian/its license areas). They have other prospects in-sight but they wouldn't have applied for capital reduction if they didn't also plan on distributing some of the huge cash they're starting to generate.

This board is a total ****show but it's fun to read all the madness.

Nope, all his tweets are there including today.