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RedBeardOil, not true, they owe 75% of that Aus17M so under Aus13M, enough in the bank to cover that and Namibia and a bottle to celebrate. Lets not forget also that the 20% paid included Burgundy's 25% so another US$725,000
Dr Staley, the only 88E director who owns shares is owner and founder of Derwent Resources Limited.
'During the year, the Company paid £27,782; A$51,978 (2022: £27,782 : A$49,321) to Derwent Resources Limited for consultancy services'.
A nice little annual earner over and above his package.
I think this is an important point and suggests that 88E were happy with the test results;
'The SMD-B flow test was concluded with sufficient information for the next steps, and the data recorded will assist 88E in optimisation and design processes in the next phase of advancement of Project Phoenix'.
One disappointing note ;) Sorry PANR.
Unlike flow tests on adjacent acreage where multiple gas lift mandrels and valves were used in completions designs, and nitrogen was unloaded in the tubing in stages up the well bore, Hickory-1 utilised a single gas lift mandrel where nitrogen was introduced via one valve at the deepest section. This is viewed as positive indication for future
potential rates and performance.
Older thank you for the answer previous.
Scot, 62% oil in a Texas (longhorn) barrel . (there was no need to try and belittle me regarding calling it Texas barrel)
Scot, cash flow positive after confirming 20% Phoenix costs paid for with still $17M in the bank.
Scot, 42bopd confirmed over 11hr period for upper during natural flow period only with peak flow rate of 70bopd over full test.
Scot, SMD-B average fluid flow rate of 445 bbls over 84hrs giving 127 bbls per day with an estimated 50bopd. Little to no gas and all done with ', Hickory-1 utilised a single gas lift mandrel where nitrogen was introduced via one valve at the deepest section. This is viewed as positive indication for future potential rates and performance'.
So in a nutshell, all well figures are expected to improve over a longer test period, and cash in the bank, with no debt after paying Phoenix.
And I will stick my neck out by saying that Lonestar have not sold their shares and still managed to make the top 20 as the shares generated for improvements/new wells are held in escrow account.
I did ask Older a question regarding escrow but he missed it, maybe someone else can help. If a beneficiary of shares being held in an escrow account was listed as holding a number of shares would the escrow shares be within that total?
I dont have the knowledge nor the time to look up specifics regarding what is in a barrel of Texas oil. I'm sure you will tell me soon enough. As for the $10m, after work overs, the two new wells, and potentially new drill sites it is well within the realms of reality even @ 64%. Self funding 88E.
Scot, not sure where the lie is? The figure of $3M is net to 88E and I said 2025 onwards for the additional.
MadEnglish, sorry but I was referring to the two new wells expected in Texas. They would take the total bopd up to 675 best scenario, but not including further wells as they also have more options there.
I agree on the horizontal Phoenix and would expect similar numbers, I just think someone else will be doing it.