I3 Energy Share Discussion Threads

[gisjob2] 18/9/2019 13:41

Alex,

If that's true that's even worse. How far behind schedule do they intend to be ?

[begorrah88] 18/9/2019 13:36

Yes rosy,It was all of us that trusted i3e to complete a straightforward task!The BoD are doing what they have always done, stick 2 fingers up to their shareholders & the market regarding communication & try to confuse people into thinking they have some sort of plan.Not in the history of i3e has that ever worked out to the shareholders advantage.

[alexios1201] 18/9/2019 13:36

The permits are not approved yet, no anchor handlers book(I believe they need at least 48hours notice)Relax and wait

[gisjob2] 18/9/2019 13:34

the abbot,

That's the point, the management said the rig would be ready to move at the end of the weekend. So surely it should have moved or they should RNS why it hasn't (i.e. sidetrack, additional work or an issue).

Management should be self aware enough to know confidence has taken a knock and slippage won't help.

[alexios1201] 18/9/2019 13:34

You don't need move the rig when you drill the sidetrack from the same well bore...BOD said already they are not going to sidetrack the well in Proactive and Camarco Q&A.Rig move is ~3days from Lpt to La-03 and it's under 2miles away, so ~5days to spud LA-03

[rosedale1] 18/9/2019 13:24

Someone is going to get caught out in a big way lol

[cashandcard] 18/9/2019 12:56

Hairball,


On the balance of probabilities, they are probably not. I'm not sure they would have enough ancillary supplies for a short sidetrack and whether they would be permitted to do so at such short notice. Whatever they are doing, they are burning money the longer the rig stays at the pilot well location.


Cash

[greyingsurfer] 18/9/2019 12:54

I can't see any point in redrilling now. It will take a while to integrate their new data with the seismic model and to work out the best placement for L2 in the future, as was planned. To redrill would either mean doing so before full analysis of the well results or going in on a wish and a prayer. Best to be methodical. There are other high impact wells that they are setup to drill, and which are planned for. Far better use of the rig time.

Which does raise the question, why hasn't it moved? However, the last RNS said "preparations are being made to obtain a vertical seismic profile (VSP) in the well and to also run a shear wave sonic log, after which 13/23c-9 will be plugged and abandoned as planned". We don't know how long those preparations will take - did they need to source equipment? So it's a perfectly plausible explanation that they have yet not finished what they said they would do.

[gmgrant09] 18/9/2019 12:52

Don81, as the rig is already on the well then a side track now makes sense. Roughly speaking its 24 hours to pull anchors, plus what ever tow timw to next location, plus 24 hours running anchors all going well with suitable weather. Not a major job or expense involved in side track in the grand scheme of things. Probably set a casing whip stock, mill a window in current casing and drill on to td. Would most likely have to get equipment sent to rig.... Unless they had a contingency. Doubt that though as they would not have released RNS saying P&A

[charlieeee] 18/9/2019 12:44

Surely the tests that they are doing, given the proximity by which they are said to have missed the channel edge, will achieve the same objective?

The pilot well was the cost effective option and the production well with side track would have been the expensive option.

They do need to update the market and cut out all this speculation, both on what they are doing and are going to do next.

[thedon81] 18/9/2019 12:17

I tend to agree that a re-drill would make sense as it seems like a “minor” blunder caused a major confidence problem. Considering the cost of moving and the time and cost taken to drill, I would be interested to hear from others (who aren’t as green as I am) what other complications would be introduced if a re-drill 200m in another direction is required?

Conspiracy and random theories abound, it interesting to consider and learn from :)

[gisjob2] 18/9/2019 11:59

Alex,

I didn't suggest they were sidetracking ! I doubt it and no RNS yet seem to support that view that it isn't happening.

However management stated that the rig should be moving by now, they don't want to delay too long.

Russia, I'm not sure delaying serenity would do much for the share price or management credibility, but it wouldn't surprise me if you're correct

[russiaguru] 18/9/2019 11:50

they could delay serenity and redrill the pilot as needed for financing.

[hairballradical] 18/9/2019 11:50

cac,

if they were sidetracking, would they have enough casings/pipes/ancillaries on board to undertake? If not maybe supply vessels would have to take them out?

The fact that they haven't announced results of additional tests may mean that those test results are not good or they're within striking distance to pull it round. If the latter then a successful strike would put the share price back on track IMO.

[alexios1201] 18/9/2019 11:49

Have you not seen the Q&A circulated?"Why not sidetrack the well?As announced, the plan is to plug and abandon the well following completion of logging activity. The Company will integrate and interpret the data that it has received from the well before considering the next steps over this area of Liberator."

[gisjob2] 18/9/2019 11:44

Surely a sidetrack would warrant a RNS

If it's not a sidetrack they need to get a wiggle on.

[nametrade] 18/9/2019 10:56

Cac,
That was my original thought on RNS day.
This non exec is strange timing...
Although at a month a hole they are still within time limits.

Edit

As long as they are still confident of their next drill position...

[cashandcard] 18/9/2019 10:52

Why the holdup. This well was crucial for unlocking the senior debt. Have they initiated a sidetrack I wonder....

Any thoughts folks?



Cash

[alexios1201] 18/9/2019 10:44

No, rig is still at Lpt location.No permits approved for LA-03 and SA-01 yet.No anchor handlers booked yet.Waiting game

[gisjob2] 18/9/2019 10:19

Has the rig moved yet ?

[rumobejo] 18/9/2019 10:11

Muddy, do you play bingo?

[muddyfox0151] 18/9/2019 09:53

Large stick advisory , you buying I3 e scary ?