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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.
Drilling at Deep Well AKD-4 has reached its planned total depth of 3,922 meters and preparations are underway to test the well. – THEY WELL WILL CURRENTLY BE BEING CEMENTED AND PERFORATING THIS WEEK SO WE COULD HAVE THE FLOW TEST RESULTS AS EARLY AS NEXT WEEK.
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. THEY WILL BE CEMENTING THE WELL AT WEEKEND IMO AFTER HITTING TD THIS WEEK AND PERFORATING THE WELL NEXT WEEK SO WE COULD HAVE THE FLOW TEST RESULTS AS EARLY AS THE END OF NEXT WEEK TOO.
Next week/ week after could prove to be company changing with these two deep wells – will the train finally leave the station?
Coffeecups,
CAB is at a carp level hence the loans, if they hadn't have got the loans we'd probably have seen a $5 million fund raise i.e. around 150 million shares added to the shares in issue pot so they've been scraping by - let's hope they don't announce a dividend when their bank account hits a million quid.
Block 8 will hopefully rock and roll next week and their cash balance will reflect that in the coming month(s) with these two deep wells producing - proper gushers would nice.
Coffeecups,
They've drawn $3.4 million this month from their $5 million loan and had $500k in the bank 30 June 2023, it's not a lot to work with considering the drilling program they've set out for the rest of the year, however if these two new wells on Block 8 flow decent amounts of oil they will be able to sell 100% of the oil locally which would help firm up their coughers, however, the acquisition hasn't completed yet so will they get paid beforehand or will they have to wait until Procyon Investments Limited, the UAE registered holding company of EPC Munai LLP, which is the Kazakh registered holder of the license for the Block 8 contract area has been sold/ signed off?
They need cash asap so hopefully there's not much more of a delay.
Coffeecups,
The A6/ A5/ 801/ 802 Deep Wells have flowed oil to surface and with the seismic data they will have a very good idea of the size of each zone/ structure, they need to get them flowing for 6-12 months to firm up the P1/ P2/ C2 numbers. If the two 'new' deep wells on Block 8 continually flow decent amounts of oil per day then by year end they'll be confident of the size of the prize - how many of the three structures have been drill? - with the name of the wells it sounds like the two new wells have been drilled on each of the two other structures making all three structures drilled? will they sell this block off to fund BNG?
Lets see how the perforating goes, hopefully no blockages.
Got to say it's looking good for the share price/ Reserves increase.....
The Block 8 contract area extends over 2,823 km2 with three identified structures and production from two existing wells with the acquisition of 3D seismic data over approximately 456 km2. In recent years two deep wells have been drilled to depths of 4,203 meters and 3,449 meters respectively, from which oil has flowed at rates of up to 800 bopd and current production is approximately 110 bopd – so we’ll probably see a couple of workover rigs going back to these two older wells. Drilling at Deep Well AKD-4 has reached its planned total depth of 3,922 meters and preparations are underway to test the well and 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, so we’ll have 4 deep wells hopefully all producing oil next month though from which structures – all three?
They’ve got 456 km2 of 3D seismic data – how far will these 4 deep wells cover in proving up the seismic data in this area and are all three structures connected?
They’ve managed to drill two deep wells on Block 8 with continued flow rates and apparently with no problems getting to TD, abate these wells are a thousand+ meters shallower than some of the wells on the other two BNG deep structures so Block 8 may prove easier to drill overall, soon to be four wells which should enable them to book some P1/P2 Reserves - is a new CPR due next year to incorporate P1 and P2 number from BNG too that wasn’t expected from the 802/803 Deep Wells to boot.
These two Block 8 deep wells that are currently drilling have been overshadowed by the 802/803/A7 Deep Wells/ other wells, but it’s looking like Block 8 will be in the spotlight in the coming weeks, hopefully these wells are flowing decent bopd too.
All that’s needed is for the Kaz/ UAE governments to sign off on it, why has it taken a year thus far, will it be signed off before YE so we can book the Reserves shortly thereafter?
What other structures are in the rest of Block 8 - that still has 2,367 km2 seismic to be done?
At least we’ve got something significant to look forward to in the coming month.