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It's neither conspiracy theory nor anti- conspiracy theory. It's called self delusion.

The licence reuirements mean that they have to drill a certain number of wells. We have been hoping that they are learning as they go along with each deep well, and they certainly have learned with the shallow ones, but the deeps are difficult to crack.

BM, Quaytec goes way back!

Kheldar, I think the cashcow workovers got postponed because they needed to meet licence requirements on the deep drills.

The Q&A on the website is interesting. Selling at Urals prices is a no go below $95 for tax reasons. Domestic sales netting $25 and mini refinery $38 with a 53/47 split.

A stuck pipe at 141 and water ingress at 142 with both to be dealt with by new sidetracks. Water in 145 is being assessed by consultants.

There is current uncertainty about whether to progress the A6 or a south yelemes shallow.

802 problems include heat, pressure and a stuck pipe!

The full schedule is on the website (link in a post below) and as usual sounds more hopeful on the shallows than the deeps.

Wolfi, I think the answer is that some workovers will pay for others, provided they are successful that is.

At least we will have an extra $7.5m revenue from boaty!

1700 bopd should still turn a profit, but reduces the capacity to get existing wells worked over and back into production. It also increases our risk of cashflow difficulties should there be a reduction in working capital supplied by oil traders and others. A lot depends on the success of the many sidetracks scheduled for later this year.

Drifting down on modest trading with no comments. How long should I wait to buy a few more?

As I posted a few weeks ago, it is to cover the $16m net current liabilities in a changing situation where using the oil dealers and mini refinieries to provide us with our working capital may no longer be viable

Keep us informed Rocketeer, and we'll know when to stand by for lift off

He even shocked me by admitting that until current production levels can be increased that the sp would be 3-5p

There is an Erwin Blik at Erez Management based in Hilversum

CASP have to sell oil internationally at Urals oil prices because they share pipelines despite not being nationally subject to sanctions. This article may help explain the situation better because it deals directly with the rise in the Urals oil price and the ability of the west to impose their price cap

https://www.msn.com/en-us/money/markets/russian-oil-tops-price-cap-set-by-western-countries-for-first-time/ar-AA1dP1FV

I think the company should be renamed Caspian Surprise. I'm sure this isn't a new joke, but it is very relevant just now. Time for a good surprise perhaps

Having made a start on looking at the accounts, I think the half sale of boaty may be connected with the net current liabilities of $16m and some uncertainty around their continuing relationship with mini refineries and oil traders who seem to provide them with much of their working capital.

Even the SNP have filed their accounts on time with the electoral commission.

Second on th riser board today and with a nice little rise towards the end of trading. A good end to a difficult week. It might rise a little more next week but it really needs news to get motoring

I'm a bit too busy to look through all the numbers today (this retirement business is very time consuming) but I notice I misread the words. The $1.5m refers to the draw down in the accounting period. Thanks for pointing that out CC. Your general points about the swings and roundabouts of the Oraziman cash were very well spotted and highly dubious.

I intend to have a more thorough look at the accounts over the weekend. Still top of the risers board I see, although a few traders have cashed in now

CC, I think it is better to think of the $5m as a loan facility, only $1.5m of which has been drawn down

"For much of the period under review and subsequently our inability to sell on the international markets also led to missed profits. However, the recent fall in international oil prices means we are currently achieving broadly the same net outcome by selling to local mini refineries where the deductions to the headline price are much lower."

In other words, the $18m in lost revenue due to the Ukraine war no longer applies in the current period (and was much overstated about last year because of the different tax treatment of exports i.e. it was a gross not a net figure)