The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
''CTS LLP, the Group's drilling company is currently working under contract on two wells at Block 8.''
Looks like CASP own the two rigs then through CTS LLP and if they’re worth their salt they would have already ordered the acid/ cement a long time ago for these two deep wells being a drill Company and knowing that sanctions have delayed delivery lead times.
Let's just hope they're not dusters.
Proving up P1/ P2 Reserves next year along with a new CPR could possibly push KO into a sale the year after or so with him approaching his mid 60's and wanting to spend spend spend while he can, and hopefully he doesn't plan on his CASP legacy continuing through his kids and we're still stuck here for years to come.
Hopefully by significantly proving up the P1/ P2 Reserves next year will see the beginning of the end and we're all able to spend spend spend too while we can.
Divermike yes, and that's interesting they found 6 intervals in the 808 Well, which is a shallow well @ 3,200m TD as well as finding 4 deeper intervals in the 801 Deep Well making 10 intervals? All four of the 801 Deep Well intervals are below 4,535m (got crosshairs with the 6 shallower intervals in the 808 Well) so lots of layers - how thick?
Ten intervals across this structure stretch how far and now have another shallower deep interval(s) in the 802 Deep Well so 11+ intervals with the 803 Deep Well to confirm connectivity between the shallower deep interval(s) in the 802 Deep Well – why aren’t they drilling the 803 Deep Well deeper to test the four 801 Deeper intervals?
That's a lot of layers - how many intervals flowed oil in the 808 Shallow Well/ 801 Deep Well?
The next Op's Update should be interesting.
The Deep Well T-2D had 92m still to drill 6 days ago, his will have hit TD by now and preparing to cement/ perforate the well for flow testing this week. They say Q4 for various spuds etc, but that could be December if previous announcements are to go by.
In the past year they had 8 wells to work on and only did 3 wells so won't be holding my breath here, Block 8 looks very promising and when these two deep wells have completed where will the two rigs be going, drilling other structures on the block thereafter or going to BNG sites? Who's rigs are they?
Two deep wells having revised TD's a couple of hundred meters from the 4 intervals tells me the COO hasn't got a Scooby Doo.
New COO needed and KO needs to put a proper map together showing where the wells are etc..
According to the CC they're happy with the old CPR that doesn't include the 802 Deep Wells shallower intervals or Block 8 that could be another Flagship license.
There's been 12 months of extremely bad cash and logistical planning.....
The BoD were asked specifically at the AGM if they would be drilling the 802 Deep Well to 5,200m TD or at least drill down to the 4 very significant 121 net pay aggregate oil bearing intervals found in the 801 Deep Well and they said yes – however, the 802 Deep Well TD has been revised to 4,200m, which imo will end up being sidetracked again if they can not remove the stuck pipe – but either way why not drill deeper and test these zones the heat pressure is the same?
And they were asked if they would drill the 803 Deep Well to test these intervals too and said they would do, however according to the latest RNS they won’t be?
‘’The first of 6 meters between 4,535 and 4,541 meters; the second is of 20 meters between 4,554 and 4,694 meters; the third is of 59 meters meters between 4,635 and 4,694 and the fourth is of 36 meters between 4,812 and 4,848 meters’’
RNS 25 September:
‘’In Q4 2023 we intend to spud Deep Well 803, which is a requirement under the current BNG work programme obligations and which has a planned total depth of 4,350 meters.’’
The first 6m interval in the 801 Deep Well is less than 200m deeper than the planned 4,350m the 803 Deep Well is drilling to. Why are they not planning to drill into the 4 deeper intervals with the more powerful G70 rig? Does the seismic date say they are not connected? What's going on?
Anyway, they should be ready to perforate Deep Well AKD-4 this coming week as it reached its planned total depth of 3,922 meters 6 days ago (if not already) so testing the well is imminent, hopefully it's a gusher and connected to the other three structures to boot.
‘’Drilling at Deep Well T-2D, which has a planned total depth of 3,500 meters, has reached 3,408 meters. After the remaining 92 meters are completed the well will be prepared for testing.’’ This well will have hit TD a few days ago and they will be getting ready to cement/ perforate the well this coming week too, fingers crossed it's another gusher.
Hopefully lift off next week, but I have to say I’m very disappointed they’re not planning to test 121m of aggregate net pay in the 4 intervals found in the 801 Deep Well.
So after the £80k raise and having $994k CAB 30 June they're probably sitting on around $1m bucks now.
No doubt another cash raise on the horizon which will probable triple the 6 billion shares currently in issue.
Hopefully they get an asset soon and the share price rises so I can get out of this carp Company with a few quid, lost many tens of thousands of pounds in the sh.t show.
Mike,
I now take what CASP say with a very large pinch of salt, however they said the 142 Well sidetrack was at 2,090m at the time of the Interim Report so on this occasion we have to believe them.
Block 8 news next Monday?
Divermike,
The well depth was at 2,090m three days ago so no it's update news re depth.
''Following remedial work at Well 142 production levels briefly returned to previous levels before the water in the well forced another closure. We then started drilling a new 2,450 meter side-track, which at the date of this report has reached 2,090 meters.''
Like I said they would be cementing and perforating one of the Block 8 deep wells this week that had hit TD, which they may have now done and the well is flowing.
The second deep well will be cementing and being perforated at weekend with flow results too next week. imo.
Looks like we could have a gusher!....................or two!
The 300m boo probably doesn't include the 802/803 Deep Wells unexpected shallower intervals so will need an uplift - is the 300m boo OIP or Recoverable barrels, if Recoverable what RF % are they using 30%? I would think these are OIP numbers.
If OIP that would be around 90m barrels of P1 boo @ 30% RF (we currently have 15m P1 barrels from the shallows - what RF % are they using?). Have they included the 801 Deep Wells interval in this 300m?
Throw in the other structures and block 8 and 15m P1 boo is looking a tad light.
I wonder if these two Block 8 rigs are CASP's rigs? and after drilling these two deep wells will they do the workovers/sidetrack of the two other wells that have seen production drop from 800 bopd to 110 bpd or spud two more deep wells on Block 8? If they are our rigs will they go to drill the A5/ A6/ 155 Wells in Q4 - if not where are the rigs for these three BNG wells coming from? The G70 rig to spud the 803 Well / there's a rig at the 802 Deep Well / 142 well and other shallow wells so where are the rigs coming from to drill the A5/ A6/ 155 Wells in Q4? I think they have 5 rigs but they seem to be already dedicated to other wells.
Big quarter ahead.