theprior
28 Jul 2019
Production restarted never was “buy on the dips†more appropriate. BLOE will undoubtably bounce back as production is stabilised and then increased. Let’s see how next week goes. TP
jaytee41
28 Jul 2019
Production restarted I think it was someone spreading dissent on the LSE site. Whatever, the markets didn’t like the RNS but I think the SP is around the same when they were expecting 360bopd but which jumped a lot higher when they mentioned 1100bopd.
fynne
28 Jul 2019
Production restarted jaytee41: Forget Well 16az now, lets look fwd to well 38 and maybe we will get our 10p value back. Any thoughts ? from the RNS … Production resumed on 11 July and since testing began the Well has produced at an average rate of approximately 360 boepd (295 bopd plus 390 Mcf/d) on varying choke sizes, with an average water cut of 25%, considered to be mainly returned drilling fluid. it’s in testing and clean up but at an average rate of 360b. assume there’s been days of zero or low production so on other days it will have been a lot higher. The amount of drilling fluid recovered will decrease quite quickly till they find the best flow rate for sustainable production. Why is anyone suggesting this well is in anyway “dead†?
rpg7
26 Jul 2019
Production restarted The S.G. of any drilling fluid entrained within the aerosol will be reduced ,hopefully then carried up and out.
theprior
26 Jul 2019
Production restarted Haha. It’s pretty hot here in Italy too with no signs of cooling, and no signs of rain either. Friday beer looking attractive Have a pleasant weekend. TP
jaytee41
26 Jul 2019
Production restarted That’s what I thought, but I thought I’d ask in here. There is some serious bickering going on over at LSE so god knows what’s happening on the other forums. Anyway have a good much cooler and wetter weekend.
theprior
26 Jul 2019
Production restarted It still appears to be producing 360 bpd so has your “cement†not set yet? Why would they claim to be producing and transferring to storage if the well is effectively shut in? Doesn’t quite gel with me ! TP
jaytee41
26 Jul 2019
Production restarted Here’s an interesting post from LSE poster - Tytasaduxas So all this talk of people saying PH hasn’t lied maybe true! Maybe he truly thought that they could bring the well back online for 800 bopd. But in the process of delaying the storage and NOT cleaning the well up before shutting it in has effectively killed the well. For those that don’t know, drilling fluid is much heavier than the oil extracted, it stabilizes the drilling process. However what it will also do (if you don’t remove it once the drill is completed) is to sink down in the well, suppressing the natural pressure and stopping the flow! Effectively forming a natural goo / cement-like substance. Bloe might have well issued an RNS saying this is a dud. That’s what you get when you have a ‘new’ inexperienced drilling and management team running a company. Forget Well 16az now, lets look fwd to well 38 and maybe we will get our 10p value back. Any thoughts ?
rpg7
26 Jul 2019
Production restarted The Aim market follows the P T Barnum philosophy- ‘there is a fool born every minute’. The fools in this case are P I s.
jaytee41
26 Jul 2019
Production restarted Thanks TP
theprior
26 Jul 2019
Production restarted Not an expert by any means but during the drilling operation various fluids are pumped into the well to aid the process in various ways. Once the flow of fluids is reversed very often the first fluids out are those drilling fluids. This process is called clean up. Once complete the oil/gas can be recovered. As explained in the RNS the recovery of oil/gas is being done in a measured way until they are just recovering oil/gas and also to preserve the integrity of the well. Prospects for successful production are good imvho.
jaytee41
26 Jul 2019
Production restarted Can someone explain to me what they mean by clean up operation and the 25pc water. Have they uncapped the well to get into production and found water mixed in with the oil ? Sorry I’m not an oil guru but if my assumption re water wouldn’t this have been apparent during the original production stage ?
theprior
26 Jul 2019
Production restarted Production was initially expected to be 1000 bpd, its only a third of that + some gas. Market overreacted. I fully expect the current steady, conservative approach to be gradually relaxed until market expectations are fully met. Hence my top up this morning at 8.8p. Optimistic for BLOE’s future prospects. TP
jaytee41
26 Jul 2019
Production restarted Wonder why the market has reacted the way it has then ?
theprior
26 Jul 2019
Production restarted At West Rustavi. Steady away, not pushing too hard till we’ll stability is established. Good news for BLOE, especially as there is a back to back drill programme underway to exploit the field. TP
