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[ammu12] 25/9/2018 17:57

This will rise back 14p++ tomorrow

[thegreatgeraldo] 25/9/2018 17:55

FoiledAgain
25 Sep '18 - 17:48 - 12350 of 12351
0 0 0
A new campaign to target the N does not necessarily pick the optimum drill site for production it drills the optimum for data and appraisal with development in mind, and that data can then be used to assess geology from one point to another, so I would expect another well.

The N sands produce for others in both Colombia and Ecuador and is considered proven oil at Platanillo (Aug. 2016 presentation p12).

....Correct me if I'm wrong, but the Pintadillo well is on the same block as the Platanillo field, just to the north of it.

[deanroberthunt] 25/9/2018 17:49

The drill wasn't a success as the N sand was the primary target...but given the 3 drill programme was only targeting 8% of reserves and they potentially found oil bearing zones in the U and T sands....20% fall is ridiculous

[foiledagain] 25/9/2018 17:48

A new campaign to target the N does not necessarily pick the optimum drill site for production it drills the optimum for data and appraisal with development in mind, and that data can then be used to assess geology from one point to another, so I would expect another well.

The N sands produce for others in both Colombia and Ecuador and is considered proven oil at Platanillo (Aug. 2016 presentation p12).

Now if you look at the presentation it was Appraisal and development, where no company could consider the first well anything other than appraisal and an appraisal well is just that, it has not only done its job in appraisal it has also found oil that will hopefully add to production if commercial and helps line up the dart for the next shot, but with much greater information available.

Now it if were drilling as a production well and failed then you could be disappointed, but as far I'm concerned and why I thought it premature for those commenting about the N sands as a given success, and even more so in the first well of a new campaign assessing the N sands.

Don't write off the data from this well

Apart from that RH isn't out yet

[trotting12] 25/9/2018 17:45

Disappointed with the n sands results ,but sounds like the other two layers were better than expected ,,if they can get some decent production ,then you’d have to mark the drill down as a success,,let’s. See the initial figures in a few weeks ,

[big7ime] 25/9/2018 17:41

Well, I picked up a load today. No reason for this fall, way undervalued and will get taken out at these prices. Hope not though as I expect these to be trading in 40 s next yr.

[thegreatgeraldo] 25/9/2018 17:32

moneylender,

I wasn't being sarcastic.

[moneylender] 25/9/2018 17:28

Tgg, sorry i missed your sarcasm, its been one of those days.


Knackers have they (Amer)actually ever found oil in N sand??

[thegreatgeraldo] 25/9/2018 17:26

Local geography tend to be though

[deanroberthunt] 25/9/2018 17:22

Geology is not congruent

[thegreatgeraldo] 25/9/2018 17:20

moneylender,

Yes, I read the RNS, so know what they found. My point was whether they could have expected to find cement with the N sand in this well. I think not...

[knackers] 25/9/2018 17:17

But oil bearing N sands in other parts of the block, so a tricky call.
The bright anomaly they went after at Pintadillo-1 was soundly based and always a 50:50 at best and whilst not an out and out 'step out', N sands have proved patchy with other northerly Plat drills.

Now, the U and T sands interval extending this far north from the south may have been equally surprising. fwiw I reckon Pintadillo will be adding ~400bopd (min) by the end of Oct.

So do they switch to guns and now prosecute U and T sands more aggressively further north in Plat? Quite possibly.

I guess with this drill they were hoping for more...but got more of the same!

Onwards and upwards. Indico and CP to go after.

[deanroberthunt] 25/9/2018 17:15

The N sands were only targeting 8% of the reserves and the share price hadn't previously attributed any value to any potential find.

[moneylender] 25/9/2018 17:05

Not read it yet so no comment

[deanroberthunt] 25/9/2018 17:04

It aint necessarily so.....

[moneylender] 25/9/2018 16:54

Tgg Johns words 'Logs indicated no production potential in the N sand interval due to lithology change'


Lithology means "the composition or type of rock such as sandstone or limestone."

In other words what they hit in the N sands was dissimilar to what is normally found in the N sands elsewhere in southern Colombia, where the N sands are oil bearing. For John to come up with those words is imo an insight to what they found down there. Now of course the constituents of this sand can change at different locations, but assuming the first well was at the optimum site and target its a fair bet that the same sands will be found contiguously throughout our block.

Obviously this is just my view and interpretation of Johns words of a scientific reference.

[rollthedice] 25/9/2018 16:39

Now c40% down on core holding and just cant motivate myself to buy more even at these 7-year lows. I suspect I'm not the only one thinking how has this debt free, cash generator got itself into such a state and lost c75-80% of its share price (from 60s) in just 3 years. The answer is a combination of a failure to add to reserves at least to compensate for production depletion, poo & not delivering on deadlines & targets.

I think I'll go find some sand to stick my head into... :(

[ken chung] 25/9/2018 16:32

Sub 4p soon.

[pugugly] 25/9/2018 16:31

Looks like some like at 12.6p Bounce in progress ?

[tsmith2] 25/9/2018 16:22

Price action silly!

[pugugly] 25/9/2018 16:20

Gamble time - Looks lioke some like at 12.6.

[thegreatgeraldo] 25/9/2018 16:13

They found the thick N sand they were looking for, unfortuanately it was mixed with cement. Not clear why anyone should expect them to have anticipated that...... however, I'm willing to listen if anyone has any constructive comments