Member Info for taximan57

Company expects the horizontal to create 6-12 times the vertical rate so you may not be far out with your 1500 BigBear2

Yes Musk, maybe not rivals regarding the reservoir, but both companies will be looking for a knight in shining armour to pay for the next stage, and unless they are looking at a joint venture I am sure the support will stop until said knight is found.

As for Swifty, should people only post good news? My opinions are based on fact, regardless of the weather there should have been an update sooner to explain delays.

Brombarb, I'm not sure that cooperation will continue if one of the companies finds a farm out, but I do agree that 88E should take all the support it can muster and employ experts if needed. It was just a contradiction to their statement of reducing the wage bill which would reflect year end.

Hate to put a damper on your squib Musk15, but nothing has went right so far. Delay in moving the rig, delay in pre tests, delay in Flow test, supposedly had the right team in place as they waited a year but then we find they had to employ more experts and get support from a rival company. It seems like we have children in charge of the school and now they are asking for help.

I do hope I'm wrong, as I am a LTH, and I do wish the best to all holding, especially the diehards.

"We look forward to sharing results from the Upper SFS reservoir on completion of flow back activities"

Yes they did say they would update after test one

Because they sent an email with details to an individual.

"We are pleased to report well operations have commenced ahead of well perforation and flow testing at Hickory-1".

Not yet started Flow test.

A great read Redbeardoil2, thanks for the link.

I found it very informing, in particular the the part about pressure responses travel slowly as this means it can take months to determine the actual size or extent of the reservoir. If the flow test comes back with full results it proves the reservoir is not viable, but if they do not receive a full pressure curve within the few days of flow test then this will suggest a large reservoir. Fingers crossed

Not sure I can agree with you Redbeardoil2, the company at the moment is valued at just £72M but they are sitting on potentially multi hundred Million Barrels plus gas. Forgetting the other assets and income from Longhorn even allowing a borrow of £100M to set up production etc this is way undervalued on a positive Flow. And if they can tie up some agreement with Pantheon the costs will be less.

Hoping for good news in 11-12 days

I disagree Neversatisfied, the actual flow test has yet to start which suggests that a 4-5 day pre testing period was actually 12 days and counting. Redbeardoil2 could be right that there has been problem and that Pantheon have came to the rescue.

Nothing wrong with that if we are still able to continue at some stage with the actual flow test, but it does remind me again of the time a drill bit was damaged and blocked access. I'm hopeful that whatever was wrong has now been rectified thanks to Pantheon. I dont have shares in Pantheon.

What I take from that is the Flow test has not yet started.

They also said they were cutting the wage bill and that this would reflect by year end, but they have just strengthened their team and I guess they are not working for free. Well done Pantheon for allowing the crossover of knowledge.

Had enough disappointments from this company through the years but I understand the need for experts at this stage so lets hope it was all worth it.

We should find out after the first test is over but again the timescale is subject to change.

Good luck to all long termers.

Sorry that should have been 25 months ago, 10th Feb 2022

The highest I paid was 2.46p 13 months ago today, thankfully I've managed to average down to 0.69p. Still a long way to go

:(

Brombarb, the email was to answer specific questions placed by the recipient, I guess he asked about fund raising and consolidation amongst other things. Consolidation is a topic for the AGM and only to be considered if it is in the best interest of shareholders.

Update release surely tonight?

I fully support the company and I am a long term holder.

A lot of posts just for old news Brains, and Igor thanks again for the update.

From what I gather the company are NOT on schedule (regardless of what they say) based on the 27th Feb update, have NOT started the flow test (still finalising pre tests), and will NOT update until the flow test has started. which means that the pre tests, which the company said on 27th was in full swing and would take about 4 days, have actually taken 9 days to date.

So much for being on schedule with no changes to the planned program.

Thanks chrisev1, I did notice and also the header subject to change, and that is my point.

If the pre tests took longer than expected did something go wrong or was it weather related?

If the timetable had to change they should let us know, but in fact they state that it was to program so my dates without the greys would be correct

Musk, all I am concerned with is lack of communication. That email could have been a release in the form of an update for us all.

It was posted on 27th, 5 days of pre tests then Flow test was to start on 4th March not 11th.

You are suggesting that the pre tests, BOP etc, would take 13 days then the Flow test would start, but that's not what was stated. 4-5 days pre test, then flow test, 10 days to complete 1st, then a further 10 to complete the 2nd.

I'm only going by their timetable, its not my timetable.

Igor, I did email and have done on other issues but never a reply. Just like the the message says he had to complain to ASX to get a response.

No changes to the planned program, but it was supposed to have started sometime ago, the 27th message says pre tests were well underway. I'm not sure where you get the start date 11th March.

This is me relaxed ;)