Member Info for steve58

Drill to abandonment in three weeks.

£20 million spent.

Must be a record.

The fact that we have spent £20 million on the pretence of reliable data when it was out of date and useless to us makes me think that we will be entitled to a fair chunk of the £20 million being returned to us.
Seems they already knew the data was useless but kept quiet about it because they needed the £20 million for other projects.

So basically the work that carnarvon had done was a waste of their and our money.
The fact that they have received £20 million from us makes it all the more suspicious.

The licence covers a large area.
Can we not sell it on to someone who is prepared to drill in another area of it.
Hope an rns will drop tomorrow and explain things much more.

Uncommercial to them maybe but not a duster.
A duster is a dry hole.
No comment as to how much oil is in place.
Even a couple of million barrels if it can be extracted cheaply enough should generate interest from another company.

Still won’t believe it until an rns drops.
If this is the way carnarvon break news then we are better off without them.
They are a much larger company than us.
It may well be deemed to be residual and uncommercial to them but may not be to us.
We await news from our ceo.

Could be.

As I said earlier.
Drill was up to 35 days was done in 19.
A sidetrack would only be a few days and if rig already paid up for another week or so could be inexpensive to do.

We should hopefully know more tomorrow if not earlier.

The rns issued on 31st December said that drilling had commenced.
It was finished 19 days later.
Strange that we were previously told it would take up to 35 days.
They apparently did it in half the time.
Surely the rig must have been hired for much more than 19 days and paid for.
If the case let the sidetrack begin if required.
Not sure how rig leasing works if drill takes much less time than anticipated.

Coincidence or not.
Shouldn't say it but do we have actual proof that the drill actually happened.

So the data that they paid £20 million for is five years out of date.

I think I'd expect more up to date data for that sort of outlay.

Nice to know.
Could be money well spent.

Does beggar belief.
Next thing they will be telling us they were drilling
In the wrong ocean.

Very interesting posting from you.
So in your opinion can the problem be sorted relatively easily and cheaply.

If they have got it so wrong it's almost a joke.
If so an expensive one at that.

So it could be that the results have been interpretated incorrectly and the 80 metres column is there?

Maybe they just drilled in the wrong place.

100% 200%.
Much more exciting.
As long as its in the right direction.

It surprising what a little positivity can bring to the board. We know nothing other than what it says in the recent rns.

I just say to everyone still holding.

Be positive.

Until the rns comes good or bad everyone should try to be positive.

Oil is definitely there. Maybe not as much but still there.

When they check the results they may decide on a small sidetrack,

Even a deviation of 20 metres could make it worthwhile.

The rig is still in place the hole is already drilled.

A sidetrack may only take a couple of days.

Offer the rig operator a slice of the stake instead of cash.

May make the rig late for its next job but weren’t we delayed a few weeks ourselves.

Imo the development will still happen albeit smaller than anticipated using these preliminary figures. Even 4000 barrels a day gives $120 million gross income a year.
Interesting days ahead.