Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
"Get serious, they flowed oil for 16 hours, and got 4 barrels out"
Or, did they flow the well, the importance was to understand how positive the well flowed, not to go into production, they know the oil is there and surely most of the flowing was recovering the fluids they injected
My understanding is flow tests are typically conducted to assess the productivity of a well, understand reservoir characteristics, and gather data on fluid behaviour under production conditions and pressure etc. The primary objective was not immediate commercial production but rather to evaluate the reservoir's potential and optimise future development strategies.
It's mentioned that the well flowed for 84 hours, inclusive of clean-up and recovery of frac fluids. This indicates that a significant portion of the flowback period was dedicated to recovering the fluids injected during fracturing operations rather than solely focusing on oil production. Therefore, the low volume of oil recovered relative to the total fluid flow rate could indeed be attributed to the emphasis on cleaning up the well and assessing its flow characteristics rather than maximizing oil recovery during testing.
I think this further answers some questions "The well produced at an average oil cut of 4% following initial oil to surface, with instantaneous rates observed during the 16-hour period varying as the well cleaned up. Some 70% of stimulation fluid had been recovered at the conclusion of the test at which time water salinity measurements indicated that stimulation fluid was still being recovered and the well was still cleaning up. Oil cut would be expected to improve once stimulation fluid was fully recovered.
"Sorry to all those who were taken in by MysticMeg and Stas & co."
Bull...Perhaps actually the sorry should be from the unbelievable, concerted attack on the company by just 2 or 3 three individuals, an attack so fierce that even though not being invested here, they have spent more time here than on their own forums, their desire, day in day out morning noon and night to write pages and pages of negative posts about the company do nothing but to ensure what they obviously want, that being maximum volatility for maximum profit, I suggest you look at the facts; OlderWiser on his own has more than double my posts here in the last 30 days and 10 times the number of posts on here (where he has no financial interest, ..cough!) than the forum where he is invested. On a word count Scot's posts are just so off the scale that he would make Carson Block look like an institutional investor, again not invested.
No I would say the facts point far more to there being an attack here than there has ever been even close to a ramp, the only reason I see so much effort being put in here is when there is a financial reward, anyone that thinks these 'saviours' are your white knight needs their heads examined, they have far more likely used your fear and volatility to feather their own nests.
Https://www.proactiveinvestors.co.uk/companies/news/1045245/88-energy-flows-oil-from-second-discovery-in-hickory-well-1045245.html
88 Energy flows oil from second discovery in Hickory well
Published: 07:40 15 Apr 2024 BST
88 Energy Ltd - 88 Energy flows oil from second discovery in Hickory well
The Hickory well site in March, posted to X (Twitter) by the company
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has announced a second light oil discovery at the Hickory-1 well, part of Project Phoenix, on Alaska’s North Slope.
The well flowed at a peak flow rate of approximately 50 barrels per day from a vertical section of the SMD-B reservoir, with the oil quality measuring 39 degrees API.
It follows the previous positive test result from the well’s Upper SFS (USFS) reservoir, which achieved a flow rate of over 70 bopd with similarly high-quality light oil.
88 Energy highlighted that its intended development plan would see the field established using ‘long horizontal wells’ which would deliver production “typically at multiples of between 6 to 12 times higher than vertical wells.”
Managing director Ashley Gilbert, in a statement, described the well testing successes as a significant milestone in the company’s history.
“The flowing of light oil from multiple reservoirs demonstrates the potential that this acreage holds for our shareholders, positioning the company to grow and extract value from Project Phoenix via multiple potential development and commercialisation pathways.
“These include farm-out to a strategic partner in pursuit of a carry towards a development proposition and/or accelerated, capital-lite production given the highly development-friendly location of Hickory-1 within the North Slope.
“Development of these reservoirs is anticipated to be via long horizontal production wells, with numerous production analogues elsewhere demonstrating many multiple times the flow rates achieved from vertical wells.”
Gilbert also told investors that a detailed evaluation of the test data will now be undertaken over the coming months, and that will result in a new independent contingent resource assessment for the SFS and SMD reservoirs.
Here's my riddle back to OW in relation to Pantheon, What am I?
Beneath the earth, a treasure sleeps,
Awaiting those who drill the deeps.
A venture's dream, so vast, so wide,
But funding needs must first abide.
I gather coins from those around,
To seek the wealth that's underground.
With every share, a hope is placed,
In frozen soil, where oil is traced.
Not gold nor silver do I keep,
But trust in ventures, bold and steep.
With open palms, I quietly ask,
To join me in this mighty task.
In markets' halls, my name is known,
Where future seeds of chance are sown.
I am the bridge from wish to real,
In finance's dance, I seal the deal.
What am I?
Bull "a low tolerance for misinformation"
- so you consider yourself a white night here to save all, even though most have told you they don't want saving, if you have an issue with misinformation then you maybe want to go and spend your time in any sector of the internet worldwide, or maybe parliament, or maybe challenging the FCA - but no you choose to be here, continually trying to find anything negative about 88e, whilst no one wants you here, so what does that make you.
So far, my message has been up for 30 minutes, out of hours and already has 5 people that agree with me. I think the greatest misinformation spread here is your own explanation of why you are here.
"Everyone hopes for a good result,"
- lol who are you kidding, no one falls for your rubbish, the greatest de-ramper on here and yet you don't even have an interest in it, indeed I don't give a hoot what you say, your actions tell me you are either;
1. A shorter
2. A nasty piece of work that was once burned by 88e and now uber bitter.
3. A nasty piece of work that even when just about everyone that has come across your posts here wish you to leave you hang about with your negative posts.
4. A nasty piece of work.
"In what possible scenario in the real world would you even imagine an OFS company say to themselves, “For X,Y,Z reasons we have decided not to enter into a vendor finance arrangement with PANR. Tell you what though, let’s instead try to come to an arrangement with PANR’s southern neighbour."
Ah but what about a partnership, why might they go to 88e first
1. the far lower market cap means the cost to participate would be far lower with 88e
2. the risk profile, having multiple irons in the fire in different parts of the world reduce risk.
3. the potential to reach a similar asset at a cheaper price would be attractive.
4. coming in to a fast follower that has not yet proved up all their land means for the partner they effectively pay at a first mover exploration rate, whilst already, (due to panr) have a higher COS%
sure there are many more though.
Seems all this talk is of PANR, should this not be discussed on the PANR board,.
OW do you have a reason why you seem to spend more time here than on your own investment, actually would you like that we move to the PANR board for this discussion?
Maybe I should recreate all these posts there, we can carry on the chat on the potential of a mega placing on the correct forum, I fee sure 88e investors have little interest in this.
Yes but I don't need you perspective, I have my own and like I say I think you will find I have already been the one to discuss and highlight the potential dilution at PANR. Indeed I would say that putting the potential to the PANR board that their shares in issue may double is giving some perspective.
"btw, you don't just raise finance and the next day you suddenly are pumping oil, guess what, there's an interim period of no end of possibilities, one does not guarantee the other."
Oh and just to add to that, in business there is a term used, 'fast follower', as opposed to first or early mover, there is also a huge advantage to being that fast follower rather than the early mover, I feel sure that 88e management are very happy for PANR to be forging away with there own cash, whilst 88e conserve theirs choosing to learn from others costed decisions first.
older you are trying to be ****y, but i think you fail to realise it was me that stated, having 1.8 billion shares should not be horrendous, your attempt at a gloat is weak at best. but try placing the idea of 1.8 billion shares on the panr board and see how many would be happy to be diluted by 50%.
btw, you don't just raise finance and the next day you suddenly are pumping oil, guess what, there's an interim period of no end of possibilities, one does not guarantee the other.
"After all the talking up of Panr and how undervalued they are . The market is telling us different ."
Actually I think they likely are undervalued as are 88e, the difference is that 88e have no debt, have multiple irons in the fire and the panr boys are just coming to realise that they may be diluted by maybe 700 million shares to raise the £250m. That also doesn't include the current bonds worth another 100 million shares.
These chaps have spent their life laughing at 88e for the number of shares they have and are now likely to almost double their own if they don't find a partner funding, and that is of course if their share price doesn't collapse, the lower it goes the more shares are needed to fund the same level of financing.
88 Energy Ltd
@88EnergyLtd
·
Apr 9
Flyover during Upper SFS flow testing at Hickory-1 discovery well. Shallow SMD-B reservoir testing on track, concluding next week. With our neighbours previously flowing oil from the SMD-B, anticipation levels are high. We're awaiting results and will keep our shareholders posted