Op's Update in June?1 Jun 2025 15:44
BNG Shallows: ''Further to the announcement of 1 April 2025 the Board is pleased to confirm that although the previously extended longstop date under the Sale & Purchase Agreement has passed the parties continue to work towards the completion of the Disposal as soon as practical, noting that the principal outstanding issues are the required regulatory consents.''
What are the outstanding regulatory consents? two months further on and still nothing.
We've not had a proper Op's Update for three months, we'r all expecting an operational RNS on where CASP are at on the three Airshagyl deep wells A5, A6 and A7 now the license has been approved and whether the WS shallow wells G40 rig has been assembled and readying to spud with the other G40 rig on it's way to the A5 Deep Well site, and when the A6 Deep Well acid wash is happening. Is the G70 rig on the move to the A7 Deep Well site to boot? They won't need the AR dosh to get these wells operational again as they should have plenty of funds in the bank from the CE/ production dosh and lack of deep operational expenditure etc. over the past 12 months.
The Yelemes Deep license should be signed off this month allowing CASP to finish testing the 60m gross 803 Deep Well's unexpected interval that flowed 500 bopd, will they continue drilling through the salt layer to the Total Depth of 4,200 meters and a primary target at a depth of 3,950 meters with a secondary target at a depth of 4,200 meters or sidetrack the well/ drill a new well to get to 4,200? What's happening with getting a Specialist onboard to remove the 802 Deep Well's stuck pipe?
Hopefully some BNG/ WS answers this month with the Block 8 license renewal for the third structure to boot.
The ME FI $72.5m 50% stake funding won't happen for a very long time as a few conditions have to be met first namely Yelemes Deep reserves booked which could be many months off i.e. will CASP booked reserves once the 60m interval (15m net thus far) has been fully tested or after they've drilled to the primary target depth of 4,200m and then flow tested again from another interval(s)? and AR dosh in the bank and the regulatory requirements completed by the KAZ EM which could take a further year on top knowing how they move at a glacial pace, by then A5, A6 and A7 Deep Wells could be flowing thousands of bopd with new Airshagyl reserve estimates booked and the Yelemes Deep wells flowing with initial reserves (yet to be) booked - surely with deep production and Yelemes Deep reserves also booked this $72.5m offer will have to be revised significantly upwards for a 50% stake or put in the bin where it belongs.
Anyway just a bit of Sunday doodling............
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