Member Info for tidd83

Following on, Vintage assigned their 65% stake to Aventura Energy which was later acquired by BG and subsequently taken over by Shell.

This was in 2004 at a price roughly today of 131p. This excludes all the other potential and existing production. This also was for a 65% stake, TXP hold 80% or Ortoire and to date, it appears to be a bigger discovery.

BG Group intends to make a recommended take-over offer of Canadian $5.10 per share for all of the shares in Aventura Energy Inc. (Aventura), through its wholly-owned Canadian subsidiary, BG Canada Ltd. The total purchase price to be paid by BG Group is approximately Canadian $228 million (US$171 million)

Aventura is an exploration and production company with a 65% participating interest in, and operatorship of, the 111 square kilometer, onshore Central Block exploration license in south Trinidad. Petrotrin, the state-owned hydrocarbon company, holds the remaining 35%. The estimated proved and probable reserves in the license are approximately 0.5 trillion cubic feet.

https://www.rigzone.com/news/oil_gas/a/11699/bg_group_to_acquire_aventura_energy/

This was Vintages results in the neighboring Carapal ridge from a similar sized structure.

Vintage Petroleum, Inc. announced that completion and initial testing operations have concluded on the Carapal Ridge #1, the first of two exploration wells drilled by Vintage in the onshore Central Block of Trinidad. The initial tests indicate the Miocene Herrera formation encountered by this well is a high quality gas reservoir. Five separate intervals within a total gross pay of l,000 feet were individually tested at a combined daily rate in excess of 50 million cubic feet of gas and 1,500 barrels of condensate.
Current plans are to pursue a gas connection that would allow a multi- month production test and sale of hydrocarbons to confirm that sufficient reserves exist for future development. Work is also ongoing to assess the potential market options for reserves, as further development opportunities are dependent upon obtaining access to a long-term gas market

https://www.rigzone.com/news/oil_gas/a/1767/vintage_petroleum_provides_update_on_trinidad_operations/

I think we can be looking at a multiple of today's share prices levels even on just an additional (similar) successful result from Cascadura alone.

You only need to calculate the figures from existing production and COHO. Circa 15k boepd which fits nicely in with PBs projections on the top end of the "Best Estimates".

If the deeper horizon which was the original target and still to be drilled also was successful then all bets are off on where this can go.

This is even before Chinook and Royston come in to the picture.

It is amazing that the limitation of the flowback was capped at 30MMCFD (circa 5800boepd) due to rig capacity at a 20% drawdown.

It makes you wonder what total flow rates would be if they could fully test the horizon, I think PB alluded to running it at a much higher drawdown rate if they could.

Paul Baays successful history speaks for itself. A very investable individual.

? Paul Baay, President and Chief Executive Officer of Touchstone, founded True Energy Inc. which increased production between 2000 and 2007 from 350 boepd to 20,000 boepd
? True Energy Inc. then split into Bellatrix Exploration Inc. and Vero Energy Inc.; subsequently Vero Energy Inc. was sold to TORC Oil and Gas Ltd. for approximately C$200 million in 2012.

I know Dana, potentially 150mmcfd gas plant.. what a problem to have!

I liked the comments around their confidence increasing on Royston and Chinook.

Touchstone could be sitting on the next Carapal Ridge and/or bigger.

https://youtu.be/HPUBbCpSam0

Up to 45.5p

I must admit, having just looked at an updated presentation sheet provided by home brew on Twitter the prospective volumetric OIP for Cascadara far exceeds what I originally first thought.

What is even more of GIANT cherry on top is that those figures were calculated on a pay zone less then half the thickness of that encountered.

It’s actually larger then I first imagined.

https://t.co/e0xkT9ksA1

Sounds like Paul expects the upper zone to be of similar production capabilities..

10k boepd from Cacadara + 2k boepd from COHO + 2k existing production.

14k boepd and further deeper horizon to test plus Royston and Chinook.

World Class.

I do think that magnitude of this discovery is breath taking. The fact the flow back still exceeded rig capacity even after the larger unit was brought in is incredible. Offshore flow rates from onshore wells with a larger zone still to be tested and additional zones still not even tapped.

A new CPR when all results are in should make for good reading.

I think the potential of the Ortoire block is gone way beyond everyone’s expectations, if the model continues to be proven at the new structures for Chinook and Royston (down the same fairway) it could catapult TXP into the league of being Trinidad’s biggest onshore producer let alone 2nd.

It blows the mind to consider what resource is still to be tapped but this has all the makings of a wonderful success story and patience certainly pays and should be handsomely rewarded as has been the case to date.

Based on the potentials here and excluding Chinook and Royston (which COS has now greatly improved based on proven modelling) existing production should have this around 100p.

The remaining payzone to be tested whilst under less pressure is larger and could potentially yield similar results.

Did not expect this kind of flow back and this is only from the first 162ft pay zone.

777ft still to test and with existing production and COHO also coming online this far exceeds expectations.

7-10k bopd production likely from these alone and Royston an even bigger target with the model clearly being proven.

What reserves?

Shares in issue, nothing more than a confetti machine.

No reserves booked to date and a flow rate booking net circa 100-150bopd to UKOG which currently carries a valuation of £55m.

That is just on the face of it. If you look around at the most recent news listings, companies trading with production rates of 1800-3500bopd with upside potential funded and about to come online have an EV currently of around £35m.

Those are the stocks that are undervalued, absolute rubbish to read why this company should carry a 5p valuation (or £360m MCAP), even RRE is currently at circa 20,000bopd with huge reserves and upgrades and cash at bank of around £250m trades at just a mere £270m.

Some people need to wake up and smell the coffee.

Nickel - if you knew anything about TXP and Paul Baay and been here long enough you would realise that they have a habit of undercooking everything.

Secondly the choked flowback is well below the reported AOF.

If you are attempting to deramp don’t bother.

Nickel if anything TXP undercook every single RNS. It would also benefit you to understand the AOF is 46MMCFD with a draw down rate capped at around 10-12MMCFD there will be no substantial decline here for a long time.

Brent is now at $66.25.

Looking forward to the COHO results this week.

Also completed with proactive;

https://www.proactiveinvestors.co.uk/companies/amp/news/909291?__twitter_impression=true

Oiler, the cash is earmarked for the Barryroe work program and is to be injected into PVRs subsidiary EXOLa.

The cash won’t touch LOGP and as I stated yesterday, LOGP have just raised £300k which covers them well into 2020 on their current burn rate.

Your de-ramping is getting worse since you clearly don’t understand the situation.

At present LOGP have a net present interest of 34mbo or if resumed to 20% 68mbo at 2C. At £6m MCAP with £1m debt (£7m total) the price per barrel at 2C is approximately 20p or 10p.

The latest news does not affect the Celtic sea nor does it affect existing licences so all of what you are proclaiming is false.

It’s clear the IIs and directors holding approximately 51% of the stock feel comfortable as none have reduced their position supported with debt. The existing £1m is also owed to existing stakeholders so it is very unlikely they will just wipe themselves out.

At 10p per barrel 2C the price is already on the floor, you need to brush up firstly on your facts but secondly on your finger in the air price predictions.