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Shares_to_buy. I’m not holding my breath on the likely SP when the GSA figure comes out. Hope I’m wrong but I think It will be muted going by all the previous RNS’s. At the end of the day we shouldnt concern ourselves with this and keep our focus on the bigger picture and bigger prize.....
Bobee, I thought that was one of the most revealing comments of the evening. On previous events he’s kept his cards quite close to his chest. That comment from JJ and the nod & a wink delivery gave me some reassurance. The comment also recieved a laugh from the audience, in part I think because of the candid nature of what he was implying and the confident nature of his remark......
Hi MikeGP, the information was coming thick and fast at the Durham event and therefore I only had time to write down headings as points of interest came up. As far as the GSA is concerned I wrote in my notes “GSA before TE9” and then the word “wants” in brackets. I don’t think he stipulated the exact point during the TE9 process he would like that to have arrived.
Boderisimus, the seismic data from anoul finished coming in last Sunday so thay have a couple of months work still to go on this. I spoke to John Argent about this. He is excited about the area, as from the data they have interpreted so far plus the gradiometry it looks as though it holds both oil and gas....
Just my personal opinion here but I feel once this is all over, TE8 may turn out to have been a blessing in disguise.
If it had been a success, we probably would have been sold at that point. However, we wouldn't have had a clue what the value of our asset truly was.
Although its been a long patient wait for the seismic to be shot, if we now have success in the upcoming wells the eventual sale price could be significantly higher than it would have been last year. Also the appetite of the super majors for buying new prospects may have increased during this period with the increased oil price giving them confidence to invest and diversify into gas exploration.....
Well done SO, you have covered a lot of the points I was going to make this weekend.
Just a few other random headlines that I jotted down.
James: I want the GSA before TE9
JJ : Subsalt risk coming down
Martin : Best combination of Gradiometry, reworked seismic and new seismic hes ever seen
John : The best seismic hes seen and exactly what a supermajor would be looking for
James: Start of the sale would be the asset sale ( as this would allow access to data and then hopefully a total company sale)
James: Ogif are very commercial driven
John: He has been working hard on the Sidi Mokta asset at the same time as Tendrara. asked James for some funds to carry out reworking of existing seismic and other research. Seemed very excited about Sidi.
John: quite confident about the source of the gas coming from the kitchen. Identified 5 areas in white on the seismic that they want to explore that could tell them just how far the source gas might have spread over the entire tendrara area.
John: Very excited about the new paleo area discovered ie "Veron Zone" 5 to 8 times bigger than the TE5 Horst
James: Marroccan Royal family have no hidden agends
Hi, I have a little bit of time to convey what was said by John Argent in relation to the drilling of TE9. Most of the seasoned investors like me will know most of this. However, I wanted to convey what John said to reassure others that a great deal of care and attention is going to be focused on this drill. The seismic shows the structure in that location is very similar to TE6 & 7. Therefore the lessons learned from those drills has been used to design the well. TE8 was a bit more of a complicated well than the previous two as it was designed for the drill bit to deviate away from a vertical pathway after a certain distance below ground. A great deal of knowledge was gained from that well too though.
The upshot of all that is TE9 will be a very simple vertical well designed using all the knowledge they have gained from these previous wells. The team will carefully monitor samples as the drill progresses and great care will be taken. I asked him, if the seismic showed a very similar structure to TE6 etc, what would be the main concern they would have that would potentially prevent the repeat of success. His reply was simple, that it really comes down to the quality of the reservoir at that location. Will it be porous enough when stimulated to give a commercial flow rate.
He also said that before they continue drilling towards the paleo a concrete liner will be put in to protect the Tagi reservoir and they will carefully monitor this part of the drill as they do not want anything to compromise the Tagi section. They would suspend this part of the drill if there was the slightest risk of that happening.
Also as soon as they finish the drilling the rig will immediately go on to TE10 and TE9 will be tested strait away...…..
Hi all, to busy today to report on last night. Hope to be able to update you over the weekend. The whole team were on top form last night and obviously buzzing. It seemed like the James of old with the shackles removed. Had a long conversation with John Argent, he said the new Paleo area is new and not related to the fastnet report, and btw it’s f.....g huge!!! 5 times bigger than the T5 Horst. They have also detected a significant Paleo section beneath the planned TE 10 drill site and have therefore decided to target this after the Tagi section. They haven’t decided on the site for TE11 yet as still evaluating the data, but that area is very promising too with possible oil and gas. Just my opinion but it wouldn’t surprise me if there was a Te12 in that area........ that’s as much as I have time for today but hopefully gives you a flavour of the evening
Just arrived in Durham from Scotland. Been for a stroll around the city and the cathedral. Checked where the hotel is and off for a meal now. I will try to update later on the train home but my phone battery is quite low. Pleased to see James will be there tonight so should be entertaining.....
gemell, I was lucky enough to be invested in Western coal about 8 years ago, I bought in at 14p a share and the final buyout price was £7.50. It was a very exciting time for shareholders and I'm hoping lightening strikes twice here, fingers crossed!
This is definitely going to be a cat and mouse game with high stakes over the next few months. If we hit gas at TE9 then we will be in the driving seat and the pressure on the majors to make a move will be tremendous.