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We should see the 142 Well back producing next month and the biggie is Block 8 with 2 deep wells about to be flow tested which could up their Reserves significantly (and production) so next month is a big month for us - but we don't own it yet, everything else is all about next year.
It's taken a couple of months to remove 500m of stuck piping from the 802 Deep Well, how long to remove the remaining 3,400m of piping? can see another sidetrack happening here.
Look like the 803 Deep Well is the final 6th deep well commitment then.
Q1 should be a good quarter for CASP.
To add, next week will be two months since the last Op's RNS and they said the either the A6 or SY would spud mid August (6 weeks ago) and the 142 well workover would start by the end of August (a month ago), and the 802 Deep Well coil tubing should be completed next week, and the new 155 Well should have spud two weeks ago to boot, and the A5 Deep Well sidetrack and the 803 Deep Well are expected to spud next mid-month to double boot.
They're way behind on their timelines, which I think everyone takes with a large pinch of salt nowadays.
They say the above work is dependent on available rigs and crews, so where are they Timbuktu?
Op's Update has to be out next week (Monday?) along Interims.
Rhertig,
It would appear the A7 Deep Well and the 802 Deep Wells are included in the 6 deep well drilling agreement, so no worries, it would seemed therefore that so long as the drill bit has started turning on the A7 Deep Well, though not drilled to TD (nor the 802 Deep Well - original target depth is 5,200m TD current depth is at approx. 4,100m) counts as a 6th well , so there 2024 year end deadline has been met.
A6/SY well spud update on Monday?
Rhertig,
There is no way they will complete the 803 Deep Well by year end to 5,200m TD even with the more powerful G70 rig and there's no immediate plan to complete the A7 Deep Well which will take another 4 months plus to drill to TD - either of these will fulfill their 6 deep well commitments. What constitutes a deep well re depth - this could be around the 3,900m mark where the salt layer is at so the 803 Deep Well might be able to drill to this depth by YE with the new G 70 rig, however I read somewhere they had until April? to complete the deep well program so they may have plenty of time to drill below the salt layer.
If you can please show the 2024 YE deadline agreement.
Which year? They should keep their mouths shut as they obviously haven't got a Scooby Doo and have embarrassed themselves further with the below statement, even so the 2022 AP won't matter to the share price nor will the interim update that due before month end, what they have in the bank to day will as they're pretty much a shell company now. Cash in bank and any potential asset purchase news will lift the share, but I doubt they're any where near buying owt - can't drop any more surely so let's hope being listed again pushes the share price up.
''Further to the announcement made on 31 July, the Company's audit process remains ongoing albeit is now very close to concluding. Accordingly the Directors now anticipate that the Company will be in a position to publish the 2022 Annual Report before or by mid-September.''
Tomorrow Rodder's...........
CPR's are usually very conservative re RF which take years to firm up. If they can qualify 40m P1 Reserves we're in the big money.
T/O price will not just be based on Reserves at the time, but the 'potential' shown by seismic data and flow rates.
One day Rodder's, now where's our Op's Update?
Did you know 15m barrels of P1 Reserves at $30 pboo net profit equals a share price of 16p, would CASP get 100% value in a T/O?
At the moment CASP have approx. 15m barrels of P1 Reserves and 26m barrels of 2P Reserves waiting to be moved over to P1 Reserves thus far, bring on the Deeps, by the end of next year we should see these Reserve numbers increase. imo.
Just saying....
Any idea how old Carver is - how long does he have left as CEO?
If he retired would he lose his options if share price hadn't hit 17p+ before he retired?
If his retirement is around the corner would this fast track him in seeking an early 17p+ T/O in order to guarantee his options?
They knew there was going to be delays with equipment being rerouted through China and that they would have to pay upfront for it but they still went ahead with raiding their bank account with dividend payments, because they had a few extra bucks form a short lived production increase. We shareholders said at the time it was a bad idea to start paying out dividends and should wait until they have (£10m) enough money in the bank for operations to last 12 months, but no Carver insisted on paying out a dividend at such an early, which has left us with no funding for most of this year - end of year.
When I said the CEO/ COO should be fired I forgot to mention the CFO should have been fired too who should have known better than to have the cart leading the horse at such an early stage of production increases.
A6 or SY well spud is a month behind and the 142 workover to boot and God knows if we'll see the 155 Horizontal Shallow Well spud before any of these this month, which is supposed to be being spud now.
What don't we know? what we do know is what they said on the tin in July is again out of date as per - the norm.
Another month behind, roll on Monday..........Zz Zz Zz.
Is the CASP boat ever going to sail?
Why does Carver throw timelines out like confetti - either the A6 or SY Well should have spud mid-last month and the 142 workover should have commenced working last month.
Nothing's happened since the send of last year when the 802 Deep Well got blocked with pipe/ drilling fluid, the A5 Deep Well could have been brought online years ago and be pumping 3-4k BOPD.
New management who know what they're doing is needed re CEO/ COO as it's the same old same old with delays and hot air spud/ workover announcements that end up one step forward and two steps back, which has now become norm.
By the time the fat lady sings she won't be able to get on the scales never mind the stage.
I see there's a lot of rib tickling going on around here and have informed Carver and his Diddymen that this is no laughing matter as we all want news now, tickling sticks aside where's our spuds and I don't mean King Edwards!
Regarding the 802 Deep Well with mud has set and coil tubing (CT) is being used to clear it, once the CT has been removed (month end?) they will then attempt to remove the stuck pipe around the 4,100m mark, once this (IF) pipe has been removed the will then no doubt attempt to perforate the intervals and then flow test the well, so even though the CT may be successful in removing the set mud they may have to do another sidetrack if they can not remove the the stuck pipe.
So if all good re stuck pipe/ mud removed I'd say this well will not be flowing until the end of October and if they have to do another sidetrack then year end.
However, in saying all that they said they will continue to drill to the original 5,200m TD in their Q&A so this well won't be completed/flowed if that's the case until Q1 next year imo and that's id all goes well.
There'll be a lot happening in Q1-2 next year re well results and flow testing and hopefully they are not further impacted with any China delivery delays for long lead items etc., just hope they have enough dosh to pay for the equipment upfront well in advance as they've got a very active 2023 work program.
Neither the A6 Deep Well or SY Shallow Well have spud yet after a month from telling us mid-August one or the other would have spud by then - waiting on parts?
Next week Rodders..........