Member Info for WG818

That should be CPR.

It’s actually quite easy to work out when you actually read the October CPR and the 14th March Final results.

They have zero income.
The cash burn without Saltfleetby is £250k a month.
The COR said they were £500k over the £12 million that the final results tell us they have taken in full.
They have since issued an RNS telling us that costs had risen another 10%. They are 3 months late on the projected timescale for the build. The COR tells us they must keep a minimum cash pile in the account. The minimum loan payment plus 3 months interest payments (at a guess around £2 million).

The 3 recent placing will be all but gone in general admin costs and the overrun.

The only way they were going to avoid a raise was to get that pie in the sky £7 mill odd GL mentioned from unhedged June production. That figure is around 2/3 out now, and that’s if they get a full month! They won’t. A couple of weeks at best and probably not even that imho.

Less than £2.5 million unhedged production in June and a raise is nailed on imho.

Erm no Tyra……any gas production if they actually manage to get to first gas will be 51% to Angus 49% Saltfleetby Energy Ltd.
Today close was 140.5 a therm according to Ice down 16.736%

Donk
As you kindly pointed out earlier the drone footage from yesterday clearly shows they are far from finishing the welding. It’s quite hard to test a pipe that’s not connected at one end!
The company has kindly provided us with a plan of the site available on the website and you don’t have to be a “technical expert” to see that all the equipment isn’t in place! Yes the SKIDS are but the fact the gas generators, the control room, and the area next to the flare knock out appears to not even have been started yet is a bit of a clue!!

My apologies. You weren’t taken with it then if you became a teacher who doesn’t use full stops.
Agoyou don’t answer my challenge? Is the Tweet of the original complete welded pipeline, or the new section still under construction?

RT003
As you claim to have worked at a broker in the early 80,s and also a teacher in the 90,s your vintage beats mine! Your boasts of computer hacking are also suspect as I’m for the 20th time not a woman.
As for “decamping” anyone who has paid attention would realise the pictures are from the original part of the site (you can see the new section in the distance” presumably this could have been undertaken at any point as it’s complete. The new extension and associated welding and commissioning are well behind looking at yesterday’s drone footage. If you disagree please give us your thoughts rather than playing the MAN not the ball!

Erm…. Before you all get to excited the section they are testing is the original pipework from the previous incarnation. No doubt they will be also carrying tests out on the original pipeline at the A site and the link between.
The drone footage from yesterday shows they are miles of completing the welding!

What’s that got to do with not needing further funds? (Aside from the fact they failed to mention the pressure) zero little income in June and those loan covenants kick in!!

“They do not need further funds” I should get your calculator out caravanboy! The COR and the final results RNS,s point to a different outcome if they fail to make enough money in Unhedged June with the loan covenants in place!

Had another look at the drone footage and those generators are actually the diesel hired ones! Where are the Gas generators/s they list as being delivered on the 29th of April?

For a not very clear video you can see an awful lot!! Like the multiple welding tents and the piles still sticking out of the ground next to the flare knout!!

And you definitely can’t see the control room as it’s not there!!

Yanis.
Still welding and amazingly still groundwork’s taking place next to the flare knock out! That’s got an 8ft wall to be built round it once the pad is poured looking at the drawing. Still no control room in place either. The 2 gas’s generators seem to be in place though.

*history*

Donk
Even if that was true (it isn’t like most things you post) it would be a bit rich coming from someone who has been telling everyone all is good from at least the 9p level!!!
Your hip is available for all to see!!

Again please stop with the sexist comments.

Asher. The only serious money they could make (before the second compressor package arrives) or they manage to drill a successful sidetrack was going to be in June. They desperately needed those funds to pay for said sidetrack,and the works at Brockham.
Literally every day counts now!!

What “I know” Asher is that “a few hours” late puts them into a 4 day bank holiday as I said. The regulators won’t be working or signing it off in that time!

So where and when do you suggest they have done this training Asher?
This is bespoke kit. There is nothing else like it in the UK.
They only have the kit on site to train and on. The equipment you don’t want them “anywhere near “ apparently!

“They will be fully trained and ready to go…”
How are they going to be trained? It’s still very much a conversation site and as far as we know the control room isn’t even in position yet let alone operating!
I would hope that they would require slightly more than a 10 minute induction tour to operate a site “ only second in its dangerous to nuclear”??

“Embarrassing” Mark?
Are you suggesting that the staff on their first shift (presumably a 3 shift system) are going to be competent enough to deal with any emergency issues at the best of times let alone on that particular long weekend for the emergency services?
Can’t imagine the fire service wanting their equipment on standby for a start on that particular weekend!?!?

Likely that people have realised the June 1st production isn’t going to happen for the simple reason that GL has forgotten to look at the calendar!
The 1st is the Wednesday before the 4 day bank jubilee weekend starting the next day. Hardly likely that anyone is going to sign off just on safety concerns being that it’s a 24/7 365 days a year operation in “behind Nuclear the most dangerous industry” or words to that effect. And zero chance anyone from the HSE, EA, the local council or the national grid are going to be working over the long weekend!
And as anyone who has paid any attention will also realise they are at least 10 working days behind the latest, revised, revised, revised schedule.

Seems tradedesk missed this one though!!

Guess what! The Sidetrack is from SF7 and now heads west!!

I read in the accounts of Wingas that the last well drilled – SF07 encountered a lot of difficulties and had to be shut in. What makes you confident that you can make more of a success of your proposed sidetrack through SF05 scheduled for 2021? (This question formed part of larger question already published but the full historical data has taken a few days to assemble) Asked on 5 August 2020

The Saltfleetby 7 sidetrack was drilled from the B site towards the West, as can be seen in Figure 5 in the CPR (Structural Map of the Top of Westphalian Reservoir (Unit 2b)). The well was first perforated in the Brinsley Abdy formation, but failed to flow oil. Thereafter there was significant differential sticking in the Westphalian unit and the well was sidetracked to penetrate the Namurian C which was thinner than prognosed due to faulting, and so another sidetrack (SF07Y) was drilled into a thicker Namurian C sand. After completion and perforation in 2003 the well flowed 2.4 mmscf/d of gas on test. However, once the well was linked up to production equipment it became clear the reservoir had suffered some form of permeability impairment and the well gas rate was restricted.

With respect to the upcoming SF05 sidetrack, this is to be addressed from the B site in completely the opposite direction towards the East, tapping a prolific part of the reservoir. The well is to be drilled using techniques that will negate the impact of any differential sticking, and also in to an area where there is good well control (SF3z and SF5). Therefore we have good reason to be confident that we can avoid any of the issues seen in SF07.

Our new sidetrack is intended to accelerate reserve recoveries from this better understood and obviously prolific part of the reservoir rather than to address potential new resources in the Field. We would also aim to reinterpret the seismic data over the line of the well to ensure we do not hit any unexpected faults. We aim to begin this modest sidetrack operation in Q2/Q3 next year once the field has resumed production from the two existing producer wells, and all regulatory applications will be submitted in due course to try and achieve this target.