||EPS - Basic
||Market Cap (m)
Real-Time news about Farsight (London Stock Exchange): 0 recent articles
|Farsight Daily Update: Farsight Plc is listed in the Unknown sector of the London Stock Exchange with ticker FAR. The last closing price for Farsight was -.|
Farsight Plc has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 0 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Farsight Plc is £0.
Empyrean Energy Maintains That Its Horizontal Drilling Of the Eagle North Well-1 Well in California Is A Good If Not A Conclusive Augury For A Commercial Discovery
Share prices can be very volatile during drilling. As we never tire of saying, even with all the seismic in the world and access to previous drilling records, you never know if you have a commercial discovery until you drill. "Only Dr Drill knows" is the saying in the trade. To this should be added "you never know until you have drilled and tested a well".
In recent months a couple of large companies who should know better have announced a discoveries that were not discoveries because on further testing they turned out to be non-commercial. Some smaller companies have drilled wells, said this looks interesting, and then taken the rig away to drill something else. Admittedly there is a worldwide shortage of rigs but, as they say in opera, it's not over until the fat lady sings or, in the case of the oil and gas industry, until a well has flowed commercial quantities of oil and gas.
All this being said, it is a little surprising that the share price of Empyrean Energy saw a sharp drop when it announced there would be horizontal drilling on the Eagle North-1 well in California. The vertical well had already reached its target depth. The horizontal drilling might again turn out to be non-conclusive but, all other things being equal, it is a positive development rather than a negative one.
Empyrean, which also has assets in Germany, has the right to earn a 38.5 per cent interest in the project by funding 55 per cent of the costs of the Eagle North-1 appraisal well. The well is operated by Australian firm Victoria Petroleum, which, like Empyrean, is quoted on London's Alternative Investment Market.
For Vicpet, the Eagle North-1 well is a bit of unfinished business. The Eagle Oil Pool was discovered in 1986 by the Mary Bellocchi-1 well in which Victoria Petroleum was a participant. That hole flowed up to 223 barrels of oil per day and 0.7 million cubic feet of gas per day from the Gatchell Sandstone during testing but, at the then prevailing oil price of US$11 a barrel, was considered uneconomic.
In 2001 the Eagle-1 horizontal re-entry of Mary Bellocchi-1 found 90 metres of gross target sands in the Gatchell Sandstone reservoir before being lost due to mechanical problems. In May 2004 a 14 km seismic strike line was acquired to further define the updip extent of the Eagle Oil Pool. The Eagle North-1 appraisal was drilled 400 m north of the original Mary Bellocchi-1 well.
In February 2006, the partners announced that preliminary analysis of the wireline logs of Eagle North-1 indicated oil saturation in the target Gatchell sands over a 21 metre gross interval from 4,136 metres to 4,157 metres with net pay of 7 metres. Wireline logs also indicated that the top of the Gatchell sand drilled in Eagle North-1 was at the same level as seen in Mary Bellocchi-1, thus providing further support for the interpreted presence of a commercial Eagle Oil Pool in a potential stratigraphic trap.
Then last week, the partners announced they were preparing to drill a horizontal well towards the lower Gatchell oil sands that produced oil during testing of the Mary Bellocchi-1 well. The horizontal well will drill laterally through 300 metres (within a vertical column of 15 metres) of lower Gatchell oil sands to determine the potential horizontal flow rate.
So what does this mean exactly? In blunt terms, it means the companies are trying to shorten the odds against failure. By drilling horizontally, they are increasing the area exposed to production casing (from 21 metres to 300 metres). The Mary Bellocchi 1 well flowed at 223 bpd and there were 90 metres of gross pay in the re-entry. So, in theory, it could flow at three times that: perhaps 600 barrels of oil plus some gas. Or the well might find non-commercial amounts of oil and gas even if the partners can overcome the problems of formation damage. The horizontal drilling should take ten days that was last week so investors don't have much longer to wait.|
|munchkinpumpkin: I think FAR have simply not communicated and we are all a little sceptical. This compnay should be doing far better in the current climate. Also share price is about expectation and I for one dont expect great things from these guys 'till they happen|
|ashergol: The interim results were good, and the share price has reacted accordingly. What this share needs is some press coverage. Hopefully this may come in the form of The Investors Chronicle, who rated the shares as a 'Speculative Buy' on the 18th February. There should be an update following the results either tomorrow or next Friday.|
|hotfinance14: I see the trade go through quick.......share price at 3p by year end.I hope you are correct.
Do you think the software package will sell then ?|
|the knowing: Lets hope that they are winning a number of contracts and then the share price will reflect the potential.
Security ......a prime concern in this world.
TK in Guatemala|
|mufmitz: I do suspect the share price will stabilise at these levels ahead of some news.|
|hotfinance14: There were trials with starbucks.....perhaps the deal is close to being signed.If so this share price will double within days.
Its about time we had some news.I have been waiting for about 2 years on this one.|
|mufmitz: One small sell and the price unchanged. When a share price is down at 1p it is a bit worrying!! I just hope that FAR is more stable in terms of the future than it has been in the past. We could do with some news from the CEO about sales.|
|the knowing: With the hightened risk of terroist attacks this little company could be a very good bet and reap the rewards of companies/governments/police etc looking at additional surviellence methods which FAR can supply.
Also the problems associated with schools in regards of violence may lead to additional security measures being taken up.
There are many areas of our present society that require close monitoring. These include shopping centers and public places. If FAR can capitalise on this increased risk and win further contracts it is only going to add to the value of the present share price.|
Farsight share price data is direct from the London Stock Exchange