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Who cares if there is a few days slippage in the Spud date?
They may have encountered transport problems moving the rig?
They may have had personnel shortages due to the New Year holiday?
For those who have themselves never worked in an actual oilfield, a couple or more days is neither here nor there.
This is not like working in a comfy office, where the late delivery of the copier paper causes "mayhem!!" LOL !?!
To be honest, I cannot comprehend why there is "concern" here or even why this discussion is actually taking place.
There are a myriad of occurrences that can lead to a minor delay.
If we had not heard in a weeks time, then that "just might be" a topic for discussion.
At the moment, mental energy is being wasted on a "non-topic!??!", IMHO.
I am far more interested in the recent actions of President Trump.
It may well have ramifications for us, not only with respect to National Security but also to Echo's income to a higher oil price. As an aside, we do seem to have lucked into rising Oil Price. 4th Dec $63, today (4th Jan) $68.60. A nice bonus!
Also, it is Wild Card Weekend in the NFL, so late nights this weekend!
Have a good one!!
WT
JustMy3P
Thank you so much for your explanation as to why you think we got a lack lustre RNS.
I truly do not wish you to be correct, but you make far more sense than other explanations.
What does dishearten me a tad is, that this well location was deemed to be the best in the Eastern Cube.
One ray of hope may be that all the strata that was drilled, had differing granular structures.
Good or even great porosity and permeability are uncommon bedfellows (probably not present here) and when "fine grained sandstone" was within the mix, my heart sank!
But nothing yet is set in stone (LOL!!) and there might be a surprise for us?
Lots to play for, especially in the Western Cube.
We have another 3 wells to drill there and who knows, maybe No.4 might deliver?
And gas has flowed to surface here, previously.
I do extoll the virtue of patience and I repeat it again on the last day in 2019.
Let us all hope that the New Year and decade holds better fortune for us all.
So best wishes to everybody for a Happy, Peaceful and Prosperous New Year.
And a bottle of Bolly will be sacrificed at that altar this evening in that fervent hope!!
WT
JustMy3P
Great post!
It is terrific to hear some qualified & informed comment on this board.
WT
And off we go again with speculation regarding our first Tapi Aike well!
For those who were here around 18 months ago, we were given indicators by Echo management of a good or better result(s) and that all came to naught.
It seems like this is Christmas Eve for investors, and might I say that there may be some unrealistic expectations by some.
Rather than wind up this community into the "Half Graben" moronic nonsense that some might remember, it will be what it is.
No more, no less and I for one learned the value of patience during a lifetime in the Oil & Gas Industry; if Echo say the end of January then that is what they guide.
We know that the spud in Palermo Aike should occur around the end of the year.
Let them drill.
Let them do inflow testing.
Let them do a stimulation program, if the well requires it.
Let them get on with it.
We ONLY have around 4 weeks to wait.
We are NOT children on Christmas Eve.
We are adults, who should be aware that very many things have to line up successfully before a positive RNS can be issued!
But only one parameter has to be missing and the well is an economic bust!
Patience, we will know soon enough!
WT
utilitiesman
You Sir, understood my post to perfection.
partridge
It would appear that comprehension is not your strong point with respect to the English Language.
Might I withdraw my entreaty that you seek a job, since reviewing your posts you do seem to be utterly unemployable.
Wishing all readers and posters, be they regular or new on this LSE Echo Chat page,
A Very Happy Christmas and a Peaceful New Year.
I can only hope that 2020 brings plenty of good news to shareholders.
And for those who hold NO SHARES, please find somewhere else to try and disrupt / annoy with your extensive collection of inanities!??! For my part, I have an enormous sympathy for you!!
I am however certain that many readers laugh at you (not with you) and possibly wonder quite how bleak your future might actually be.
WT
It does not take a Medical Degree to recognise those poor souls who are delusional or the “Walter Mitty’s” of this world, just experience of the various personality types that exist.
Take a break from posting and get a job, it will do you the world of good.
I imagine though that you will keep on with this self-destructive behaviour, even though you will have been given this advice before.
WT
partridge
People like you have far too much time on their hands.
They adopt a stance that involves themselves as being that all knowing White Knight that seeks to save the targeted investors from making mistakes.
If you are the successful financial guru that you seem to portray, then for the life of me I cannot understand why you are not sitting in a First Class seat in a aeroplane headed for Barbados to spend the festive season at Sandylane.
https://www.sandylane.com/?_vsrefdom=sandylane-ppc&msclkid=faf5155c407e152a556648a0b89e6867&utm_source=bing&utm_medium=cpc&utm_campaign=PS%20-%20Sandy%20Lane%20-%20Bing%20-%20Brand%20-%20UK&utm_term=sandy%20lane%20barbados&utm_content=Sandy%20Lane%20-%20Brand%20-%20Exact
But no on this Friday afternoon you are posting inane drivel, hoping to influence investors in Echo.
Are you a highly qualified Financial Advisor?
Are you a Chartered Accountant?
My belief is that you are a sad so-and-so who has no shares and nothing better to do!
My advice is that you should seek an audience that takes you seriously, because it my feeling that you and your nonsense are a source of humour and disdain on these pages. And judging from the times that you post you would appear to be unemployed, so get a job, save up some money and make some investments of your own.
You Sir/Madam really need to seek medical help!??!
WT
partridge
I am really impressed by your insight.
I would not have come to your conclusion but I am happy to take on board your thoughts.
So if we are being prepared for bad news and you are a shareholder; then logic dictates that you may well sell now and possibly buy back at a point in the future? Surely that must be the way to go, with bad news just over the horizon.
This board really needs investors with your level of insight, tell us when you have sold up and I am certain that others will follow in droves!
With this level of financial discernment available to us all, I am certain that we will all recover our losses/make gains in the next few months!
Thank you so very much!
WT
"Partridge" is a deramper plain and simple.
Just click onto his / hers name and you will see so many negative posts with the very same message. The record is stuck!
He / she has no shares, but plenty of time to unkindly try and scare shareholders to sell up.
It would no surprise me if he / it was being paid to deramp, such is his ardour!!
I have no time for his type, on Christmas Day when the boards are deserted, he will be alone - no less than he deserves!!
Whatever the outcome here, we have 5 wells to test / drill and income to fund more.
Partridge is so very sad, I do think that we should all feel really sorry for him / her!??! After all it is Christmas Time.
WT
I have no wish to disagree with anyone, but from what I read the 85% success rate for CGC applies to drilling in proven fields.
I do not know how they have done on wildcat exploration.
Around 30% seems to be a fairly normal COS.
All we need to do is sit tight and wait for news.
We should have a good idea of where we are by the end of January on the 2 well locations.
To be honest, the SP is of no concern to me, unless I wish to sell.
And I am happy to wait until the 4 well program on Tapi Aike has been completed, before I address that potential decision.
The main downside that I see within Echo, is James Parsons and his mates, who take excessive salaries for I do not know what?!!? I would like to see a "raison d'etre" for their involvement in Echo?
WT
I just noticed that the SP had fallen to 2.2P
We are in the middle of determining, if our 1st Tapi Aike well, in the Eastern Cube will flow economic quantities of gas?!!?
It may not, there again it may well.
We then have a drill in Palermo Aike which will have a reasonable chance of success.
Then we have 3 wells in the Western Cube, where in the 1970's one well blew out and burned (produced gas) for a full 6 months.
We have, not inconsiderable income from our new assets.
2.2P, someone is having a laugh at our expense!!
The Echo SP being driven down to this level, is nothing more than a blatant "tree shake!!"
Those who have "Stop Losses " at say 2P, may wish to reconsider resetting or even cancelling, otherwise you may be handing (in my personal opinion) over a terrific Christmas present to the MM's.
WT
nyforever
Fine grained sandstone, can be a "tight" medium from which to extract hydrocarbons from, in my experience.
The cores that they have taken will give CGC & Echo a good take on whether this is an impediment (or not), regarding porosity and permeability. Time will tell!
WT
Whilst the RNS does not create great enthusiasm in my mind, CGC & Echo are not giving upon this well.
When fine grained sandstone is mentioned, my optimism levels drop a fair bit.
If this is the better of the Eastern Cube prospects, the West will probably hold much more promise.
The expense of bringing in the Quintana rig, doing the inflow testing and a hydraulic stimulation program of maybe 5/6 weeks says to me that there must be some prospect for a reasonable outcome here.
Otherwise they would be presumably be throwing away, good money after bad.
All that we can do is sit back, enjoy our turkey and by the end of January we should have some news from both wells.
WT
samra
Thank you
WT
OilAnalyst
Might it be an idea to email Martin Hull, and ask him directly?
You could then inform us on this board, his reply.
WT
abzzba
As you can see, I was exploring the various, possible outcomes.
If you remember, last year it (transformational) was the ramping descriptor by a multitude of CEO's, most of whom were left with their pants down!! Paul Welch of SDX and Ms Macauley amongst others if I remember correctly, both now departed from their posts, fall into this embarresing state. Corporate buzzwords come and go, and my best guess might be that this one may not make a reappearance for a generation, and good riddance to it!!
After, many decades working for Oil Majors, I have seen and heard many hoisted by their own verbal petards.
And the sudden attack of Alzheimer's that afflicts those who choose to mislead readers on these boards, then when dates slip, SP's do not rise or fall in line with their misinformed speculation; the cacophony unsurprisingly abates.
For example in my post today, I took what our CEO said in the CLM x - 1 RNS at his word. After all, he sits in the many meetings, talks to our co-venturers or gets a myriad of different reports to read. As far as I am aware, no one who posts on this board is privy to so much and such sensitive information. So if he says 4 weeks, then that is what is the best estimate.
All a toolpusher can reasonably give is his/hers best estimate of reaching TD, the rest is pure voodoo!!
And one question of mine that was not answered in the TWTT session on Monday was:
"Can you give us an update as to how much one Tcf of gas (Echo share) is worth to the Echo Company in gross value terms?"
Last year we were given an answer to this question, Monday - not so much! I do wonder why?
And finally, might I respectfully inquire why those who choose to ask questions on this board on a Wednesday, did not do it in person during Monday's TWTT session? Those who could not "attend" could have asked one of us to ask, "by proxy!"
WT
We were told in the RNS on 21/11/19 that drilling on CLM x - 1 had commenced.
Also that drilling would take "approximately" 4 weeks.
So that would take us to 19th December, if all goes to plan.
Very often, if little or no hydrocarbons are found whilst drilling, the bad news comes early.
Conversely, if the "Veritable Shedful" is discovered, then additional work may be required to quantify the discovery both in terms of quantity and quality. That takes time, and the 19th December estimate passes without an RNS.
And yes, I am being simplistic.
They may have problems drilling the well, and a delay ensues.
And the result still might be, no economic discovery.
I am hoping that the 19th sails by, the odds may then shorten on a good news RNS.
But no one knows, except that Echo has said that the well should take 4 weeks to drill.
So very approximately 15 (ish?) days to go, but we still might be into the New Year without a statement.
And just to cheer you up properly, I remember one well that was meant to take around 8 weeks from spud to completion.
They were still at it 18 months later, fishing for all sorts at the bottom of the hole.
Eventually it was abandoned!!
That was the very worst that I ever encountered.
And because of the proximity of potential news to the Festive Season, even if the well is a great success; at this time of year it does take a while for the penny to drop in the Square Mile. So I wouldn't expect the SP to move much until we are into January.
So here's hoping for the best, but preparing for the worst.
After all, this is a wildcat or exploration well!
WT
BravoSix
Thanks
WT
trellis35
I rarely drink sweet wines these days.
One great value is Cypres de Climens, the 2nd wine of the great Barsac.
I paid £11 per half for the terrific 2015.
But this time of year the Aussie "stickies" like "Blind Spot" or "Campbells Rutherglen Muscat" are available for around a tenner, and are fabulous value!
My absolute favourite is:
Gonzalez Byass Matusalem oloroso sherry. Around £18 per half bottle, available at Majestic.
This is truly a taste sensation, if you have aged relatives visiting this time off year, then you have an excuse to purchase it.
Once tasted, never, EVER forgotten.
On Topic
The session today was OK.
We were never going to hear information that had a financial implication.
And many questions get the reply that "regulations prohibit a response," which can be frustrating, but understandable.
But we can get questions answered around the periphery of Echo.
It was a shame that more investors did NOT participate.
What could have been done, was to post a question here, and someone else asks it, by proxy!
It is however no surprise that some who are voluble and critical on this board NEVER show up at TWTT sessions or even email or arrange a phone call with Martin Hull.
The routes to engagement with Echo management are available and open, I have used them all and it works!??!
WT
BravoSix
Might you be pointing a finger at me?
Or have I misunderstood!
WT