Member Info for somm

On Monday.

''Testing continues over an interval now extended to 15 meters.''

Note 'an interval'.

This line is confirming the 15m interval is one interval and not two 11m + 4m intervals.

It might be too soon to get a flow test update this week so we could be waiting until Mon/ Tue for a flow rate from the 803 Deep Well, therefore we could see a share price rise on Friday with the suspension lifted combined with the 155 Shallow Well flowing at 900 -1,000 bopd and the CE about to spud, then on Mon/ Tue a further share price hike with confirmation the 803 Deep Well is flowing commercially, hopefully way over 1K+ bopd.

Anyway news that a deep 15m interval is flowing this/ next week is going to give the share price a proper good b⚽⚽⚽⚽⚽t - I'd prefer an 803 update next week though to keep the share price momentum going upwards and limit a Friday sell off.

Hopefully no double Dutch from Carver on drilling onward or not to 3,950m.

Come on England!

Events to note:

Airshagyl Reserves will be booked in September once the 803 Deep Well , 50m C1/ C2?

A5-A7 Deep Wells, WS, B8 × 2 deep wells all tested/ spud by YE, with licenses etc. to boot.

All of these are share price hike events, which should move the share price by multiples in the coming months.

Makes sense to me to hold as each mile stone is reached, unless you have to sell, what's a few more months?

Something to note is CASP can now sell their oil in 70K lifts each month.

They are currently producing 2,600 bopd with the 155 Shallow Well oil.

The 803 Deep well could produce 1K+ bopd from the 15m interval and another 2K from the 3,950m primary target imo - the 802 Deep Well flowed nearly 1k bopd from a blocked open hole - stuck pipe - from the same zone, no doubt fracking this 3,900m-4,000m zone in the 802 Deep Well will produce more oil than that.

The shallow oil production capacity is 5,000 bopd.

So we could see production around 6K bopd by month end, which is 180K barrels per month, way over the 70K minimum amount to sell internationally at international oil prices with plenty of oil left over to be sold into the domestic market.

CASP currently get $32 per barrel net for local sales, international sales will generate a higher net revenue, helped further with CASP's trading arm.

140K barrels sold internationally each month at $45 = $6.3m per month and 40K sold locally at $32 pboo = $1.3m - total approx. $7.5m per month net revenue.

We'll know month end where flow rates on the above intervals are.

If all good it will put CASP in a stronger re-negotiating position - next bidder please....

DM,

As I've said from the beginning it's not, $1.65 per barrel of 1P/ 2P Reserves is a fire sale, imo.

Hopefully the 155/ 815wells will see a new offer with a possible 60m in mix to boot.

Will we see another interval flowing at 3,950m month end?

Anyway share price is going up up and away next week and beyond........

DM,

The BNG has 4 structures and they're selling the two shallow structures, what we want to know is how deep the shallow structures go - do they include the 60m oil column above the salt layer, the size of the BNG contract area is not the question.

We will have to see what they come up with re new sale negotiations or if they keep the 60m interval separate from the $83m shallow offer, an extended due diligence deadline may answer that and could include the 815 Shallow Well results.

Rhertig,

They initially said 15m then 11m would be tested - the well will not have flow tested the 11m and then decided to re-drilled/ frack another 4m, no, they will have decided to frack all 15 meters now, unless they have two intervals 11m and 4m being tested separately.

No, AR could not afford the whole lot, BNG will need a Major with deep pockets.

''Testing continues over an interval now extended to 15 meters.''

So it looks like they managed to frack 15m with no problems as they 'continue' testing, which to me means it's flowing.

155 is seemingly still producing 900-1,000 bopd from a 16m interval of net-pay from the initial 22m interval after 10 days with no sign of blockages or reduced flow rates thus far, whoop whoop! Will they increase it later to 22m ;-)

The $83 million has surely got to be renegotiated upwards as 1P/ 2P Reserves will have been given a serious boost and will CASP hold off a sale until the 815 Shallow Wells results in September?

Surely another bidder has to join the fray?

''Testing continues over an interval now extended to 15 meters.''

This is great news and 15m is no small net-pay interval, a very good chance of way over 1K bopd nudging us onto 3,600+ bopd with the 3,950m primary target still to drill through. If they lift suspension on Friday there's a very good chance we'll get to know what the 803 Deep Well flow rate is beforehand, if another gusher then the share price is going to take off with three very significant operational event combined with the actual lifting of the suspension it's self.

155 is still producing from over 22m of net-pay after 10 days with no sign of blockages or reduced flow rates thus far, whoop whoop!

With CE spudding very shortly to boot.........

Jester,

The API should be better deeper down and the pressure from this 60m interval in this reservoir looks to be unconnected to the shallower oil as it's not been detected on the 801/ 802 wells and I'd guess the flow rate from the 11m flow test will be on par+ with the 155 Shallow Wells 16m net-pay 900-1,000 bopd flow rate, which will depend a lot on how open the choke is so yeah 1,500 bopd isn't an unrealistic number to hope for from a decent 11m interval.

SmartyP1,

By the time CC comes back to you with answer to your questions we'll already know what's happening the 803 Deep Well i.e. whether it will be classed as shallow/ deep oil and if they're going to drill to the primary3,950m target in next weeks RNS.

I noted on BNG ROXI had a 3 well shallow drill program with KNOC, drilling two well to 2,400m and a third to 3,000m.

803 Deep Well pre-salt 60m interval is between 3,360 meters and 3,420 meters - shallow or deep interval.......hmmm

Absolute Resources will no doubt be doing a lot more due diligence on this and the 155 Shallow Well 22m interval no doubt.....8 August deadline extention?

Will they have to up their offer - will we see another bidder after 8 August?

Galaz had approx, 11m 1P/ 2P/ 3P Reserves 12 years ago and producing 700 bopd from three wells and ROXI had a 34.22% WI in Galaz and their stake was sold for $100m.

How does that compare to SY shallow structures having 40m 1P/ 2P Reserves and now pumping 2,600 bopd and having a 100% WI? Like I said the shallows sale is a carp deal but some here really like it, cough!

Big week next week.

Bear in mind the 803 Deep well is the final deep well to be drilled on BNG, therefore they have to complete this well for it to count as the 6th deep well in their deep well program, unless they drill the A7 Deep Well to TD instead (if they decide to stop drilling ahead due the the 11m flow rate being significant quantities of oil), which will take until YE/ Q1 2025 to hit TD with the G70 rig - if they get to purchase it. However this deep-ish pre-salt 60m interval might be classed as a deep zone/ deep well giving them a get out of jail card, but like I've said before the well might have to be drilled below the salt layer for it to be classed as a deep well. This is another reason why I think they will continue drilling through the salt layer to their 3,950m primary target which is 500m deeper, also they may not have a choice if drilling ahead is doable.

They will want the immediate drainage vicinity to be from the deeper deep interval(s) too to increase the Reserve numbers in this structure.

We will find out next week what they plan on doing re drilling ahead.

Testing was underway on Tuesday gone across the 11 meter interval so if today is the third day of flow testing we could see flow results on Mon/ Tues with confirmation if they are drilling ahead to the primary target at 3,950m, if they do the API oil from these two intervals with be mixed probably averaging around 40 API with decent pressure flowing oil to surface, no doubt they will plug the 11m section after flow testing it and then un-plug it on the way back up to get a combined flow rate hopefully in the 000's BOPD if they choose to continue drilling deeper.

The 815 Shallow Well and the two Block 8 wells could coincide with testing in September to boot.

With the additional revenue from the 155 Shallow Well (and 803?) perhaps they can now afford to complete the purchase of the G70 rig and start drilling the A7 Deep Well as soon as?

They've been unable to remove all the stuck pipe at the A5 Deep Well, perhaps they will negotiated new terms with a Specialist to remove it for a % of production along with the 802 Deep Well, may be this is why they've not agreed term yet as they wanted to see if they could remove the A5 stuck pipe themselves? Perhaps a deal is on the cards to remove all the stuck pipes on all 802/ A5 and 141 wells? - 155/ 141/ 815 wells production could increase the shallow sales price to boot? still puzzled why they're drilling the 815 Shallow Well for two months and not sidetracking the A5 Deep Well instead, costs must be similar?

By the time the trading suspension is lifted we could have two intervals flowing and the CE in action to jump start the share price, if they continue to 3,950m we could have another interval flowing by month end. imo. A share price opening of 200% isn't uncommon especially with at least three significant operational events currently happening.

There's a good chance that the Block 8 license renewal will be renewed before the suspension is lifted, which should help push the share price into double digits along with a successful 803 Deep Well 11m flow test/ 155 Shallow Well commercial flow test success/ CE in action, then the Block 8 license renewal will go through the Energy Ministry to be signed off in Q4 no doubt giving the share price another nudge to boot.

The 803 Deep Well core samples will have shown the 11m-15m net-pay zone of the 60m Gross interval to be saturated with oil and the rest of the interval less so which is most likely why they're only testing the 11m, it would have been amazing if they'd have been able to do a vertical 60m frack. The thing is though why isn't there a 60m interval on the 801-803 Deep Wells at this depth that are only a stones throw away, is it just that it's a small independent reservoir or have they simply missed it? anyway it's very likely these two wells are connected at 3,950m (4,200m too?) which would increase the initial immediate drainage vicinity - how many kilometers apart are the 802/ 803 wells and are all three intervals connected. Will they now continue to drill on through the salt layer to their primary 3,950m target? yes they will imo therefore we could see at least two intervals flowing a few thousand BOPD from the 803 Deep Well, could we see total production around 5,000 BOPD being produced by month end?

No doubt their Geo's will have been pouring over the seismic data again again like nobody's business.... chuckle.

We won't know what CASP eventually got paid for the CE until year end.

We probably won't know how the CE spud effected the share price as the spud/ set sail etc. will likely be include in an Ops Update with the 803 Deep Well.

Bag, less than 2p for the shallows or about 3p if you include the outstanding $17m for the BNG license fee and they quoted 102p for the deeps and shallows together not 42p, that's Rocketeers valuation whoop whoop!

wh ireland had the shallows at 8p (what a load of-*******s-that proved to be) and the deeps at 94p (total 102p per share). if you said the smaller ny deep structure was worth a third of that 93p say 30p going by wh ireland's price target is (another load of-*******s) i'd be be out in a flash at 30p today. wh ireland have said they're going to do another valuation soon, i can't wait to see what-*******s-they cum up with this time.....94p???

not saying they're wrong, cough!

803 Deep Well flow testing this week and an update will most likely be out next Monday, 2023 FYA done next week and trading suspension lifted the following Monday is my bet.

Opening price 9p then bandsaw movements throughout the day finishing higher with the help of CE in action.

BM,

You're having a giraffe!

Wild horses couldn't stop the boards two traders who've been selling in the 3-4p's. lol!

Aka Clueless and not very Smart ;- )

Not 42p? ;-)

They only have 500m to drill to the main target at the 803 Deep Well, which is at 3,950m so they should be able to flow test the well before month end (if this interval doesn't flow commercially then they'll carry on drilling to the secondary target at 4,200m). The 803 Deep Well has a primary target interval at 3,950m which is bang on with the 802 Deep Wells unexpected 700-900 bopd interval that flowed with a blocked pipe in the way (yet to be fracked) - these two 3,950m intervals are most likely connected and each interval could flow way over 900 bopd each without stuck pipes etc..

The 803 Deep Well alone could have initial flow rates in excess of 3,000 BOPD from these two intervals, we'll know by month end. imo.