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Yes, i'm not convinced AC has anything to add. He still maintains he is delighted with the outcome but there is little to back this up. Most likely wants to get over to C30 quick sharp and give it another go. We should have had a more detailed explanation of the hanger failure and why it was not possible to source new equipment, even if it meant a delay. This seems like a logical way to proceed.
Silence says it all hey.
AC believes that the message has been mis-construed from what was a good result. Ok, let's see something tangible.
I think it’s important too remember this was not the chosen completion method, very much a last resort. Had this been cemented and perforated the results would have much improved.
RNS should have explained that but ACs quote makes it sound like this was a good result and all to plan. He’s tried to put a positive stance on the outcome which has just added to the confusion and dismay.
Feel your pain Ezhik, disappointing week and material. Don’t be a stranger for too long, this board is better for you being here. All the best.
Where's the cement drying tweet? No complaints with the groundworks team.
Would be nice to get a suprise like that but we don't have form on that front.
We need a bold strategy going forward and and a recognised oil man at the helm with the freedom to make operational decisions. AC as Chairman but a new face on Proactive investors sitting with Andrew Scott, we cannot keep promising 1000bopd year after year and not deliver, we cannot always be unlucky. -of course we will not get taken seriously.
Take the bloody rig and plant it next to Z21 - drill a fresh hole that will produce 1000 bopd and can be controlled at every part of the drilling phase. These workovers and extensions just cause problems at every turn.
I have e-mailed AC on a number of occasions he has replied once. I sent some questions yesterday and hope to get a response following an RNS short on detail.
I think the expectations of 250 bopd an above were fine and correct but we never made a good connection to the reservoir through cement casing and perforation. This is a crucial phase since the quality of the connection has a major influence on well’s future performance including enhanced flow and reduction of water/solids. We were left with an openhole situation very much a save to get something flowing.
We will never know on c37 it would appear as this failed somehow, let's hope this is not the case on the larger Mid Eocene at C30.
When C22 was drilled all those years ago producing 700bopd how was it completed?
I believe the RNS lacks a lot of info and doesn't explain the full picture.
Why could a new hanger system not be used if the existing not anchoring properly if that was the case. Had this set as proposed and the perforation carried out what potential should the 15m pay have held (more than 100bopd?) Any thoughts?
Appreciated.
With open hole production there is no casing or perforation - its flowing naturally ? What could the flow rate be assuming cementing and perforation had taken place? The RNS again leaves many questions.
Intersting comment around the 7.30 mark:-
The result was better than expected but best to be over prudent in oil and gas and over deliver. - many investors are punting on the first well delivering a lot of oil -we will see.
Then again guidance was a bit loose, talking about achieving 1000 bopd in the next few wells. Hopefully this is the prudent part he was talking about.
Still can watch via the twitter feed
More or those 3.8p conversion shares.
Lets hope there is no RNS
AC does like backing himself in a corner - not suprising we are seeing a drop off before the weekend. Timelines slipping and sporadic tweets not helping. Don't revert to the old habits ZEN.
The base is so low here. Any success would be proof of concept and a big investment tick following years of very poor performance. Zen has been written off by many as Junk status.
A proper re-rate will occur subject to oil hitting the tanks and signs we are on for 1k bopd by year end.
KB, I agree with this view. Anything less would mean little chance of achieving these long held objectives for year end coming up short on expectations once again. Having said this AC clearly indicting c30 should flow significantly more which should be in by Nov/Dec.
I'm interested how long the rig is going to take to move the 200 metres or so? I have asked ZEN
His reference to a comfortable 20's share price can only have slipped out knowing what he knows of 37.
I think we're on a winner here Trig, play it nice and cool son, nice and cool. You know what I mean?
You were expecting 5p before results last week.
haha, did you read the board yesterday?