Member Info for somm

Kheldar,

The point is they've flowed commercial quantities of oil from the 802 Deep Well and need extra equipment to continue with production whether that's due to a blockage/ rig part I don't know but it flows and they need a further 2 months to sort it. The 803 Deep Well is the logical choice to drill next not the A7 Deep Well.

And the only reason they went from producing 4K bopd to 2.4K bopd is because at least 2 shallow wells began producing water and they've had to re-drill these wells which is on going.

Not sure why you don't get that?

The shallow wells have a 5K bopd capacity and will get there when these wells are drilled together with the pending 155 Horizontal Shallow Well and others shallows drilled this - next year.

No doubt the deep wells will take the flow rates much higher later this year, the 802 Deep Well with the 2 shallows back online could take production to over 5k bopd. They have already flowed oil to surface from the A6/ A5/801/802 Deep Wells (A8 Deep Well was none commercial) a couple of which got blocked with pipes/fluid-rocks, but the fact is the oil is there.

Any Major looking at the seismic data will be able to see the different structures (intervals/ reservoirs) where the oil is producing from and be able to have a good understanding of the size of the prize and each reservoirs potential Reserves.

The P1/P2 Reserve numbers will take many wells and lots of production to significantly uplift the current numbers, a Major factor the costs in which will be in the hundreds of millions, there are at least 6 intervals that can produce oil - how far and wide each interval stretches is to be seen. CASP won't get bought out at top dollar unless there are a couple of bidders, but double digits are on the cards for now. I can't see a CASP buyout based on a 5-10 day average share price as many oilers go for, I think the board BOD will have a figure in mind in the many hundred of millions. Get the wells re-drilled and flowing again and who knows what 2024 will bring.

Perhaps a more pertinent AGM question regarding drilling would be, was the G70 rig bought in January as indicated in the December RNS it would be and if it was why hasn't it been used to drill the the A5 Deep Well or A7 Deep Well in the meantime having had it for 5 months.

Kheldar,

It's pretty obvious why they decided to drill the 803 Deep Well as the COS is much better with the 802 Deep Well flowing commercial quantities of oil from a stones throw away - which also completes their 6 deep well commitments rather than drilling the A7 Deep Well which is an unknown thus far - so that's why they changed the minds. Plus it's easier to drill through the sandstone and the reservoir is shallower circ. 3,900m opposed to approx. 4,500m so would be drilled around the same length of time - it took them over 4 months to drill the A7 Deep Well to 2,150m with a 5,200m TD. Plus there's the 4 deeper intervals to test as with the 801 Deep Well. They may use the G50 rig from the 802 Deep Well to drill the A7 Deep Well instead of the A5 Deep Well or leave until after the A5 Deep Well has been sidetracked. Personally I'd drill A7 Deep Well after the 803/A5 have been drilled.

Divermike,

Yes, SmartyP1 has definitely gone mad, no doubt from having been regularly Rumba Bumba’d by the WCP, K and C over the past 15 years, something it would appear he has come to enjoy.

Awax,

They said they'd ringfence the CE dosh for operations so where's the dividend dosh coming from this quarter and next? Maybe they will pay a quarterly dividend next quarter with some of the CE dosh, let's see what they say when they get paid next month.

A production increase from the 142/802 wells isn't expected to happen for a couple of months and they won't get paid on 'new' bopd increases until a month after the oil has been sold locally.

One or two were not savvy enough to wait to see where the share price was going after the dismal Op's Update and have paid the price with a 40% loss thus far from the last Op's Update - they should have know better and given their daily cheerleading (divi this divi that) a rest until after the 2022 FY Results are out tomorrow.

CASP has all the fundamentals to see the share price rocket as some of us have pointed a number of times, but their Op's Updates never do what they state they're going to do (one step forward - two steps back) and yet again we find ourselves 9-12 months behind schedule.

They'll have all the dosh they need to start/complete the 803/802/ 801/ A7/A5 Deep Wells and shallow wells this year, hence Q4 2023/Q1 2024 will see CASP in a much better place operationally........there's that word 'will' again.

Soon be 7am and a rake of 'told you so' posts to look forward too. ;- )

Fizzydrink,

Yep was thinking the same.

I think what's happening is the 142 Horizontal Shallow Well is currently still drilling, maybe 600m horizontally and the 'old' crew / minimal crew is there.

Carverspeak as per, he should have said the /equipment is now onsite and the drill crew are back to drilling the 802 Deep Well, but he didn't and he's left us to assume the equipment has arrived from China.

We'll know better tomorrow.

Bull,

You mean like the last Op's Update, because yeah after 6 months that sure was a surprise.

And it's not binary, read the last Op's RNS showing the facts and the next one could be worse, we live in hope though.

The last Op’s Update which the market waited 6 months for was absolutely carp and that is why the share price is down with no dividend announced to boot, there’s no other reason, and if tomorrows 2022 FY Results confirm the dividend for Q2 has been cancelled or delayed to next quarter due to lack of CAB and with nothing happening operationally for the next couple of months (apart from 803 spudding next month) re an increase in production then the share price will sink further that’s where savvy investors will start to buy back in (4p is still cheap imo).

Everyone wants to see what the next RNS says before making an informed decision. I personally expect the share price to bomb further with poor Op’s/ low CAB and no dividend, the only saving grace is if they’ve received the CE dosh, but I very much doubt they have yet.

Low hanging fruit to be had in the 3p range as CASP are back to sub 2K bopd? and low CAB days.

Roll on Q4/ Q1 2024................another year another wrinkle.

Let's hope so guys - would hate to still be waiting for the second well to spud in 2024.

WW,

It's taken them 7 months to drill/ flow test the H2 Well. If they drill them one at a time that's at least 15 months to complete the two wells, I understood the CEO to say both wells would be completed by year end, that's only 6 months away? I'd have thought they'd be using the current H2 rig too?

Bluemango,

Exactly, next week will be telling for sure.

And just to add will these two new wells be drilled simultaneously?

The CEO mentioned that a new rig is now in country (April) and will be being used to drill the new wells so I hope he means there will be two rigs i.e. the new rig and current rig drilling simultaneously as flow tests are taking 2 months to complete and if these wells are drilled one after the other this would push flow testing into next year?

Newtofo,

Hopefully the new fluid formula works on these two new wells and then if commercial they could go back and sidetrack this well.

When the CEO said they were looking at 3mcfg per day from the well(s) I wonder if he meant from each well i.e. possibly 6mcfg total year end from these two new ells?

Sounds like the 'skin' issue is down to the fluid they've used, which is what appears to have effected the porosity of the well, so no doubt they will be using a new fluid formula on these next two horizontal wells this year. That's what I made of it.

And your new name is Bottom Feeder. lol!

SmittenP1,

Same old same old nothing new from you.

You do make me laugh though when you call those trying to get in at the bottom 'bottom feeders'. Isn't that the pot calling the kettle black when that's what you've been trying to do each day since the dismal Op's Update, chuckle chuckle.

SmartyP1,

Unlike you I don't have a trading pot as you imply - you advise peeps how you're buying back in every day as the share price tanked further, like I said the market would react accordingly to the very dismal Op's Update and they have with a 50% downward vote - you should listen to those who know better and should have waited until after the 2022 FY Report is out, because if it confirms the dividend isn't getting paid this quarter along with a poor Op's Update then this will tank much further and you will lose another large X% and have to wait a couple of months for a proper bounce on the back of the 142/ 802 wells coming back into production.

Cheap as chips at the moment so still a good buy at 4.5p if you have any of your trading pot left, but could be a lot cheaper next week.

You were told, why you no listen.

Glad others have read my posts and are on the same page with dividend/Op's.

And so we wait.....

CC,

Why are you getting all flustered mate nobody cares, white lines again I suppose?

Uncertain, of course tell us something we don't know. Unfortunately dividend/Op's are not looking good so not holding my breath mate.

CC,

Yes it was and again I've had to pull you up about your fiction turning to fact,

Don't worry mate nobody cares mate.