Member Info for steve58

Reservoir intersected.

Hydrocarbons found.

Estimated oil column of 12 metres.

Seems they have ticked two out of three boxes.

Agreed.

A 12 metre oil column should still have a few million barrels in place.

All reporters have to make a story worth reading so can exaggerate things isa much as they want.

An rns is the only thing that I will believe.

I though that the £20 million was mainly to acquire 50% of the licence.
I can’t see how a 30 day drill in shallow water would cost that much.
Hoping for some better news next week.

Even a few million barrels at $80 a barrel shouldn’t be ignored.

They can.
They just farmout an irresistible percentage and have an operator drill it without cash having to be paid. Only a few million at the most as £20 million paid was just for 50% of the licence.

Whether carnarvon would relinquish their 50% remains to be seen.

Although we still do not know the outcome of the drilling so all the above could be meaningless.

Imo if that happens and they have 100% you could easily treble your figures.

Looks like we could have news Monday.

How do you know this is true?

Who told the reporter the ceo.

Take this with a pinch of salt unless clarified by an official rns.

The only news I will accept is by way of an rns.
Taking it from some reporter just after a story not to be believed.

Decimal point in wrong place.
120 metres.
Now that would be something.

The 12 metre column has still to be confirmed.
They were expecting about 80.
Must still be a few million barrels of oil to extract.
They have stated that the amount of oil in place can be quite small and still be viable to develop.
Extraction and other costs are about $40 to $50 a barrel so at current oil prices still a nice profit to be made.
After spending all this time money and effort imo they will not give up on this project easily.
If viable carnarvon and ourselves should be producing oil next year as they using the floating barge and storage system.

Agreed.
I think news hopefully not too bad is imminent.
Looking at the carnarvon website they say that the required oil in place can be fairly low and still be economically viable for field development and production.
Maybe some news from them when Australian market opens at 11 pm tonight out time.

If its that big it should up the reserves figure.
Our share could be 2tcf plus.
Definitely worth a lot more than $20 million.

Afternoon Chris.
Assuming that still have them doing quite well.
Hope for seismic news soon.
No updates so have to assume still ongoing.
May even get drill in a bit sooner.

This abandonment news is from some reporter.
Until we get an rns confirming this it is still going.

$88 million income for every million barrels is not to be ignored.

Hope so.

Another point is that if the company providing the seismic information has ballsed up do we have a possible claim against them. I’m sure they have insurance in place to cover that sort of thing.

If they want nothing further to do with it then surely their 50% is relinquished to us.

That’s good news.

Remember the £20 million advance paid was for 50% of the licence not the drilling costs.

As the rig is already on site the costs of a sidetrack should not be too much for us to pay.

Drilling and or testing is still ongoing.
Even 12m of oil could be quite profitable given the current oil price and the oil is the good quality high premium grade.
I’m sure both companies will do their best to make a positive outcome from this drill.

Reading the report it all looks fantastic and almost a proven resource.

Given what has happened questions have to be asked.

Why didn’t they just redrill the previously plugged well.

For such a potential pay day why wasn’t 3D seismic used.

Interesting few days ahead.

Probably not as they have other assets and income to fall back on.
Still took over £40 million of their mc.