Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
What is very irritating is there's been no news on any of the wells that should have spud by now, including the A7 Deep well, 5 wells should have spud by now re the 155-141-A5-803 wells along with the 142 Shallow Well and the two Block 8 deep wells hitting TD nearly two months ago to boot.
I hope Carver has already started writing the next Operation Update, because he'll need lots of ink to explain why there's been such a long delay in updating shareholders on the progress of the above wells.
Like I said for the past couple of years they've released an Operation Update on 22 December so perhaps next Friday is when we'll get to know what's been happening with these three wells/ three spuds, hopefully sooner, which will be nearly thee months since the Block 8 wells hit TD and almost two months since these two deep wells and the 142 Shallow Well were pretty much ready to start flow testing, even so they should have at least reported on any spud(s) that were planned for November etc..
We've got 4 BNG deep wells about to be drilled so hopefully good news in mid-Q2, a year late but this is the oil business where unforeseen delays can be long and frustrating at best.
On a positive note, hopefully not three blushers but three gushers next week Rodder's.
Kheldar,
How long has it taken for the 3B permit to be passed? How long will it take the Kaz and UAE to sign off on the Block 8 purchase? It could takes months before CASP can book any oil from the sale due to delays in a sign-off, Carver has highlighted in RNS's how they are about to test these two deep wells and imo if they flow he will tell us before any sign-off, he won't wait for what could be months, once signed-off then he can book whatever oil Reserves/ production, it doesn't matter if he tells us beforehand what the flow rates are.
If they have already spud any wells/ sidetracks then they should tell us as and when and the same goes for flow test results good or bad to boot.
As stated in the last RNS 6 weeks ago the 142 Shallow Well was expected to be flowing by mid-November if successful, it's not looking good, is it a frack blockage/ another OWC being the cause of another month long delay in updating shareholders of the wells progress? If there were to be a good/bad news leak it would would have been out by now, obviously CASP are a tight ship.
Block 8 - it's been 6 weeks since that last update on the 2 deep wells that were ready to 'now' test, the pessimist in me says its not looking good as if one well was flowing they would have reported it already with Carver's typical excited exuberance. The optimist in me says they haven't started flow testing the wells yet or have only just started hence the delay.
A5/803/155 wells were supposed to have spud by now (two wells a month ago), normally we would get a RNS confirming a well has spud so why no updates on wells/ sidetracks commencing, has the 802 Deep Well stuck pipe been removed yet?
Yep shareholders should be concerned with these delays, why does CC give estimated time frames when he knows they never happen?
Tomorrow Rodders....
If the two deep wells currently being tested on Block 8 don't flow, because of blockages/ mud turning to cement-no good acid/ stuck pipes etc. then we'll know it's the drilling crew/ COO who are not up to the job as these two deep wells are drilling to the same depth-conditions-geology as the two deep wells nearby that were drilled successfully by a different crew and have been flowing for yonks.
Surly they'll get at least one of these deep wells to flow, if there's flowing oil, if not then we know what the problem is.
With 6 deep wells expected to be completed over the next 6 months I'm expecting a successful outcome on at least the 802/ A5 deep wells as we know they flow commercial rates of oil and therefore some summer fireworks (The A5 sidetrack is already one month behind?).
No doubt success on Block 8 will light the touch paper, but if not then we'll have to wait for summer.........
Coffeecups,
Drill lengths?
All three wells we're waiting news on have already hit TD month(s) ago.
If you ask me I'd say they're having problems with flowing these wells since they were (now) ready to test the two Block 8 deep wells 5 weeks ago.
Hopefully not, but the length of time it's taking for an update on these three wells isn't reassuring shareholders.
Spuds are behind too, which will no doubt be using the drill strings from these deep wells so perhaps they're waiting to include a couple of spuds in an all singing and dancing RNS, hence the delay in news?
Badgernator,
The same can be said for a lot of sells popping up re bad flow test news leaked. The two deep wells are at least a week apart and the 142 Shallow Well is further down the ready to test road so if a leak were to happen I'd guess we'd see multiple large buys/ sells over weeks as each wells flow test results become known - before an RNS was issued.
Obviously CASP is still a tight ship when it comes to leaks - if flow rates are commercial on either of these two Block 8 deep wells and the 142 Shallow Well hasn't drilled into the OWC again we'll only get to know through an RNS and not a leak.
I'm optimistic that at least one of these two Block 8 deep wells that are drilling the two new structures could flow oil with oil currently flowing on the next door structure where the depths being drilled to are the same, along with the 142 Shallow Well pumping oil from above the OWC as they've probably got around a thirty foot oil interval to work in.
No news is good so they say or is that leaks?
I imagine we’re all expecting an all in one block buster RNS confirming flow rates results from three wells and at least three spuds, though I suspect the delays are due to consumable deliveries from China being the source of the operational delays as they’ mentioned being a concern in their last RNS.
If they are waiting on a spud/ flow test before issuing an RNS so be it, but instead of an ‘all in one’ RNS I’d prefer it if they’d release an RNS per spud and well result keeping a steady news flow going. They said flow testing was ready to start a month ago so what’s the hang up if not deliveries, blocked frack holes, mud turning into cement or dropped cameras?
An initial three day flow test should have been done by now and a spud or two to boot, are they waiting for a spud(s) to hide bad news?
Another next week then Rodder’s....
We’re entering a couple of operation stages re news flow on:
The two Block 8 deep wells and the 142 Shallow Well flow testing results and at least three spud updates, which are all imminent – stage 1.
The mid-term news I.e. the Block 8 regulations being signed off and further shallow wells being spud and the 802 Deep Well flowing again in early Q1 with perhaps a new CE charter in the mix and production flow increase updates to boot. Stage 2.
The next big news period thereafter will come in April-June when the A5-A7 and 802-803 deep wells have been drilled (802 Deep Well hopefully a lot sooner) and are being flow tested with possibly a new CPR towards YE. Stage 3.
The second half of 2024 will be about re-drilling the A6-801 Deep Wells and possibly another Block 8 Deep Well or working to increase the current 110 bopd back to 800 bopd with the freed up rigs with production increasing throughout next year.
The next 6 months will be very busy with a possible entry of a Major by YE and Miss Piggy headlining on Stage 4 ;-)
Nothings happening with the CE until next Summer, however we may get a new charter agreement for 2025 as CASP say they are in discussions (noted in the last RNS for hire not to sell), but no doubt there will be an options for a second drill in 2024 if the first well is successful. Imo.
More interestingly it's a month next week since the last Op’s Update said they were NOW ready to test the deep wells from a month earlier preparations, the 142 Shallow Well can’t be far behind to boot.
News next week Rodder’s..............