Regal Petroleum Share Discussion Threads

[j drama] 19/1/2012 13:25

Very true jam, one positive is that the production level now is higher than just before the shutdown but whether they've actually carried out any improvements to get to that level is anyone's guess.

Look on the bright side, they have to provide a lot more detail in the final accounts released at the end of June!

[jam2day] 19/1/2012 12:43

speculator6

The last rns was very short on detail - we do not know how many of the wells were on stream or if they have connected the compressors that were purchased nearly 12 months ago?
It may be that all the wells are on stream or 75% with work being carried out on the remaining 25%.

[didas] 18/1/2012 20:58

This has to rank as the most disappointing share on AIM.Might has well forget about them and tell my grandchildren to look at them in 50 years.

[kingyon1] 18/1/2012 19:12

Shall i turn the lights out?

[volkswag] 09/1/2012 10:28

I see the buying activity from Friday has spilled over to this morning.

[j drama] 06/1/2012 23:45

Previous accumulator back?

[volkswag] 06/1/2012 22:24

4 trades all within 3 mins of each other some 10mins from the close 25k shares, 10k, 20k and 20k, hence the uptick in share price

[potpit] 06/1/2012 16:33

Well that was a nice mark up in share price to finish the week.

[potpit] 06/1/2012 11:22

gb
Which rock you have crawled out from under? We tend to like serious discussion and/or fatima related humour on this bb not nasty and vindictive snipping. Now sod off to your ANGM bb.

[arsene5] 06/1/2012 07:22

I found a 50p piece behind the cardboard box last night jeffwee, so I'm minted again.

[arsene5] 06/1/2012 06:07

I think people on the GKP thread might be better placed to answer that.

[dw11] 05/1/2012 21:17

Well said. What do people think of Gkp? Ramped up before region implodes? Iran closing the straight would be very serious, Iraq destabilising no us pulling out? Or bargin of the century?

[n13518] 05/1/2012 17:11

In RNS issued in January 2010 The company stated the following:

==============================
Current production rates are 2,072 boepd (270,489 m3/d of gas and 76.5 m3/d of
condensate), and although these represent a shortfall on the Company's 2009
year-end target, the production deferral is temporary, and largely caused by the delays in establishing production from the MEX-106 and SV-58 wells. As outlined above, operations are planned during February 2010 to bring in the potential T-sand and D-sand production from MEX-106 and potential B24 limestone production from SV-58 as well as that from the remaining SV-58 B-sand reservoirs.
In addition, a well intervention programme is planned for later this year to
access additional reserves that have been tested previously but which are now
stranded behind pipe. Further a series of low-cost wellhead compression projects on existing wells are planned for Q4 2010 to generate additional production.
These initiatives, coupled with the incremental production gains expected from
the completion of the new wells SV-61, SV-66, SV-69 and MEX-120, give the
Company confidence that 2010 will be the year in which field output will grow
significantly.

================

2 years on, our production is still less than what it was back then. 2,072 v 1,753. Forget that the target was 3,000 by end of 2009. I agree our priority should be to get production problems resolved and increase the levels to before the shut-down and with work-overs get the levels back to around 3,000.

N

[j drama] 05/1/2012 06:58

Not entirely true, most of the recently drilled wells haven't been worked over (mostly just the pre Saipem ones).
With the spate of 'mechanical issues' on the Sapiem wells there is big scope to improve production levels IMO, especially if they were caused by 'clumsy' workers.

It is encouraging to see production levels are currently stabilised all be it with relatively low production levels. Even at these levels the company will be producing $37m+ of revenue at a GM close to 75%. With reduced overheads due to relocating mngt to Ukraine OP/ cash-flow will be in the region of $15m p.a., I don't call that not producing anything.

[arsene5] 05/1/2012 05:58

They have been working over exisiting wells, under this and previous management, for about 5 years.

They dont mind spending money, they just struggle to produce anything.

imo.

[j drama] 05/1/2012 05:24

What are on you on about?

They are working over existing wells, this is far more important than drilling new wells (There's no point in drilling endless wells if they can't produce a decent, consistent production levels). These workovers will be completed in months not a year+.

As for drilling time for new wells, this is exactly how long wells took to be drilled prior to using the Saipem rigs that cost $60m each per year.
Until RPT can find a way to maximise production completion techniques, using the cheaper, older equipment is the sensible option IMO.
Don't forget the whole development program is being carried out using internally generated funds, this is a huge plus over many O&G companies.