Member Info for SpArmada

895,973 shares added last Friday and the usd-gbp helping to increase the return in gbp

Hi dunderhead, look at the post from PipeDragger. A section of the well that is supose to produce a flow of gas/oil has been intersected by a reservoir of water with a high salinity content. The formation around the well must be porous, hence, liquid/gases can move into the well. The issue could be solved by placing a sleeve that blocks any inflow from the source of the water flow, however, you must identify very clearly where the water is coming from, either from a single spot or it is distributed along the production tubing. The latter would mean that the issue cannot be dealt offshore and additional equipment has to be installed onshore. A sliding sleeve could also be added to adjust the area of the well that is blocked, but it is not cheap, so better identify the source(s) before hand.

IGas already identified the compensation to the local communities as a key element to have the green light and avoid an active response from locals, others like the ER guys will not be happy no matter what the company does

Another purchase of 1,035,000 shares in 5 transactions, it looks some institutional are selling in blocks, which is good so the free float is not affected

I saw it legache, and today looks that there will also be a huge volume. In the past and under similar situations, they haven't increased the number of shares acquired accordingly to the daily volume.

sorry, I didn't, dunderhead, do you recall in what conversation that was posted?

BTW, the X17 uncrewed survey vessel seems to be operating just south of Blythe, not where Elgood is located, which is a relief

GBN piece in which they say that the moratorium should be lifted today: https://www.youtube.com/watch?v=6RbEDClPcXg

Maybe they cannot disclose anything, good or bad, until they have some certainty. As Sailor commented in his last update, their a OSS next to Blythe, which would mean they is a crew in the platform working to solve the issue. It looks like a uncrewed survey vessel is operating close to the platform right now, but I think it is an unrelated event, but it worths a look.

Yesterday's acquisition of 430k shares is a nice uptick in the volume. I hope they keep a similar pace to spend the whole $25m before year end.

Strikes me that they are still not receiving a single penny from the Spanish investment, instead they reinvest all the earnings. No mention to when the development license could be issued or whether they completed any step towards obtaining the permits.

Thanks for the feedback timadamss and darientaylor. I also think they will beat this outlook, and I agree the carryforward from 2021 shouldn't be as high as $5m. Let's see how the company delivers according to the roadmap.

Hello, the revenue guidance for H2'22 seems quite low, US$35-40 million in 2022 vs. US$25.8 million in H1 2022, which sets the goal for H2 below US$15 million, more than 40% less than in H1. Am I missing something or the natural decline in Williston is HUGE even with the 30 wells to be added during the semester?

I was told that by a person who worked on one of these drilling vessels. There is a filtration in one spot of the well, if they find the exact point, which is difficult, the long-term solution is cementing or adding extra casing to that area. That area may also produce some gas, but at least you prevent the ingress of the high salinity water. The simplest solution is the one they have mentioned, to adapt the equipment onshore, but at the cost of higher OPEX

According to Malcy he was sacked with immediate effect, despite being so good as a CEO. I dunno what to think.

Also, remember that when they had the fluid management issue, the problem was solved much sooner than when the RNS was published. I guess they were very cautious to be sure the problem was completely solved before informing the market. It could have happened that they already found the ingress point of that high salinity water and managed to isolate and re-cement the troubling area of the drill. So, we could also be in a much better position without us knowing it. We have had several disappointments in the past, but also some positive RNSs, let's hope for a definitive positive RNS for both, Bluthe hub and Southwark platform. Maybe I'm naive, but otherwise I had sold all my shares by now. Crossing fingers here ...

"we have no idea if gas is being produced"
I wouldn't say no to this statement, there isn't 0 change that both Elgood and Blythe are shut in. However, it may occurr if they are conducting the works and tests directly related to the previous RNS, but if there is another problem or the existing one is more severe than previously assesed, they shall publish another RNS.

That's less than 3 weeks from today! It's just impossible, the second well has to be completed and then both will be hydraulically stimulated by another vessel

They can even strip those old well for the development of the new wells.

I think that's the least relevant items of the list :D

An administrative delay and the SP drops 16% ... irrational markets.
I think today's announcement is due to the publicity of this article, and fear from the regulatory of negative press: https://www.stuff.co.nz/business/129749992/greenpeace-sounds-fresh-alarm-over-sale-of-oil-field-to-singapore-firm-involved-in-spills