Member Info for Zebediah16

BW robotics recondition and service rigs and I imagine thats where most of their income comes from. Maybe BD260 is a reconditioned rig and given their own numbering system. If BD260 had a faster setup time the RNS might have mentioned it. If it has a two day setup time then why go for BQ500 ? More power?

Maybe the answer to Zardab is to drill deeper ?

the RNS says " Average rigging up time for drawworks drilling rigs of this size is 12-16 days"

I assume it corresponds to the average and first time setup, even with help from BQ, might take marginally longer. Just reasoned guess work on my part. You may have greater insight of course. But they are not going to have this rig up and running as soon as it gets there are they

Full rig-up takes up to 48 hours to complete with no cranes required. Average rigging up time for drawworks drilling rigs of this size is 12-16 days

I guess when this rented rig (BD---) arrives it will take 2-3 weeks to first setup

The ESP programme should not be just incrementing production by 1 or 2 barrels per well. Thats a sign of failure

The original business plan was workovers on wells leading to a 1000 bopd level base level. Because how sustainable are the Z deep wells?. They will be hit and miss as well.

Thats a relief then :lol:

Dear Mr Zen

Mastering the geology ( that often discussed term) will be in evidence when output rises from 300 bopd to 350 and upwards. The Russkies got some far better results from their old school ESPs and surely this ace team can do better

yeah some news on the ESP front will do wonders

Should Bottom out Now

Its not surprising that the SP crashed with all that confusion and seeming lack of foresight. The terms of the RNS lay the plan forward and the Rig looks promising. There doesn't seem to be any financing requirements on the horizon, no mention of Indonesia . Has that died a peaceful death except for AC's loss of deposit?

All IMO

so what would you have done, given all the insight you've picked up by watching this share

I expect AC did not go for a fundraising when the SP was 10-12 because he thought it would go higher. He seemed to think 1000 bopd was achievable way back. He is no different to any investor even though he is running the company. We all suffer delusions of instant progress

He 's now apparently realised he can't rent a rig and wait for success and then purchase/lease another rig . It takes a 12-18 months for equipment to arrive on site

"making an effort" sounds like a school report. In fairness these fields would tax the management skills of the best planners and engineers, thats why nobody wanted to touch them for such a long time. But that doesnt help either.

One concern I have is that the ESP programme is not making any headway. Does that mean the inlets to the pumps are basically blocked up with sand. Was it all a waste of time or are they just keeping production steady?

MP is well on the way to becoming a Zen master. Can you guess when he said this:

"We are at a very exciting juncture in the Company's operations in the Zardab field, especially as we are confident regarding the success of these operations. The next couple of weeks will be instrumental in achieving our oil production objectives. I am very much looking forward to a favourable result in both these operations to reward the significant work performed to date."

Zen Buddhism teaches us of the importance of living in the present.

Forget about learning from the past and applying those lessons to the future: reclaim and expand the present moment

Expect AC and MP are taking these lessons to heart ;-)

This money £1,500,000 is working capital for B Robotics W S.r.l. to build BG500 . I doubt they can finance the lease themselves and they dont have the cashflow to keep running. I wouldnt worry about the robotics element to it, it sounds like marketing stuff B Robotics W S.r.l. is likely some kind of system integrator, they just buy all the parts to make a rig according to their design. Their suppliers will be demanding cash upfront, like any sensible businesses

Mike Palmer on the 18th of May: The 150-ton workover rig we are looking to contract is significantly more advanced and powerful than our A-80 rig. It will enable us to increase our work rate, pull the entire tubing string, and clean out the wellbore to TD in Z-21. 2 weeks later he changes his mind and goes for this BD-260 rig , a significantly more powerful rig

hmmmm - BD-260 workover rig - 6 month rental . Manufacturer: B Robotics W S.r.l. - BQ 500 new well drilling leased : Manufacturer: B Robotics W S.r.l. - A100 truck rig- purchased not delivered yet - made in Azerbaijan So why did they need this money ? Did nobody do the sums 6 months ago? Is there any sort of financial planning . Is this how Lamborghini is run ?

AC does seem to eventually get it right, even if the delays are very costly, thats why I'm not considering selling. But he clearly has an optimistic strategic sense . If he says Indonesia is a dead cert then you bet it aint. Somebody the other day was warning us about Indonesia. The government is difficult and if you prove a well , you may not get your licence renewed. I would hold this share and maybe even topup for AZR but IND makes me consider selling even at a loss. Thats IMO, yours may differ

this A80 truck mounted rig seems to be successful with ESP upgrades. Its not heavy duty work and its placing the ESPs at 2500 metres . They seemed to have bought a batch of Russian ESPs (Novomet looks a good company) , probably a LOT cheaper and timely delivery they wasted 6 - 8 months ( depending on how you timeline it) by not having the correct rig for the deeper workovers like Z21 . Firstly by using an underpowered rig on these deep wells and trying to bodge it which also tied up the A80 rig on a useless endeavour. And then only thought about ordering a 5000 metre workover rig this May. They could have ordered that 5000 metre rig last October ( even with a placing if necessary) and it would have been in place 5 months ago thats my intepretation anyway

I agree IMO its prudent to wait. They cannot handle Indonesia right now

sorry 3 wells 4 weeks

"It is expected that 12 wells will be worked over in 2018, 15 wells in 2019 and 11 in 2020." according to the twitter timeline there were Novomet ESPs installs in C34 (May 30 ), C37 (June 8) and M63 (June 20). 3 wells 3 weeks, this is what happened after pulling the rig off Z21 and dedicating it to what it can do. Management planning is slow thinking unfortunately

Captain America: its workovers from all 3 fields by the looks of things - they are mentioning ESP installs in C, M and Z fields . Basically its down to the ESPs . Interesting they mentioned some had to be resized. I wonder what they do with the ones that were wrongly sized - sell them on ebay? the Schlumberger ESPs seem to cost something £40k as far as I recall