bobsson
22 Jan 2020
One to watch fynne, I bought back into CASP yesterday, modest stakes. At first I was sceptical about yet another family deal. But after consideration, decided the time and price was right, time will tell if this was the correct decision. I will have to re-read the RNS to see if the drill barge is to be added to the drilling services co. assets. The drill barge looks an impressive piece of kit, and upon researching I answered my first question, it is self propelled. Now it needs an immediate contract to bring money in as hire fees rather than take money out as maintenance. They do need to focus on production and hopefully now have the measure of the deep wells. They are constrained to what they can transport by road, I am hoping 3000 bpd is transportable. They will then either need a pipeline or a rail link to export the oil, but they should be able to take a loan or forward sell oil to finance it. CASP appear to think they have a giant (at least) sub salt oilfield at BNG, A5 can produce consistently.
fynne
22 Jan 2020
One to watch So not only do they now own various rigs and drilling equipment for use on land but also one for drilling the shallow waters of the Caspian Sea !!! Being kept “in the family†but with new shares rather than cash. Got the impression they seem to think they’ve cracked the deep well? but hopefully also still reworking the existing shallows before starting their new well plan. A lot of loose ends need sorting first imo. Will 2020 finally be the year for CASP
bobsson
02 Jan 2020
One to watch fynne, Yes good news for casp at last. Hope you are still invested 2020 could be a very good year for casp. A major point some people are missing is that the deep oil is lighter and better quality than the shallow heavy MJF oil, so they get $26 pb for it instead of $19 pb (local price) for the MJF. As stated I sold these some months ago, was thinking of piling in but will wait to see if the oil continues to flow, and the well does not become blocked. CASP is one of my 2020 stock challenge picks, it could double or treble this year. IMHO
fynne
02 Jan 2020
One to watch Hi Bobsson, seem they’ve finally got a5 to flow oil … going for a 90 day test so they seem confident? With another 3 wells in progress or planned I’m hoping things should start to move now. Also still drilling in the shallow wells and whilst the flow rages are lower the price achieved is higher Fingers crossed
bobsson
19 Dec 2019
One to watch If there is no ops update prior to Christmas confirming (or not) that a deep well is now on test then there is the chance this will be pumped and dumped over the holiday period. The same situation happened a few years ago the share rose very quickly in the few post Christmas trading days and then slumped as soon as the markets opened in the new year. So beware, you might think good news has leaked and jump in, but it might just be the dreaded pump and dump. Then again …
fynne
29 Nov 2019
One to watch Operations update out … two deep wells getting close to possible testing. With help from Baker Hughes things are looking more positive this time around. Gas and oil are still there so hoping they’ve got things right this time. Also a new shallow well in the very near future to add to existing production… fingers still crossed!!
bobsson
12 Nov 2019
One to watch Long wait for news here. Sadly with CASPer no news is usually bad news. Good to see they are undertaking workovers of existing shallow wells to increase production and also drilling new shallow wells in tandem. Decent price now being achieved for most of the shallow production which is not very high quality crude. News awaited regarding spud date of the first 3A Best well and the outcome of attempts to make a deep well flow. Its all about the deeps here.
bobsson
07 Oct 2019
One to watch fynne. Very positive RNS today, the workovers are working, good increases in production. Also a decent price being obtained for what is low quality crude from the shallows. CASP need the income to fund the drilling of the two 3A best wells which must commence soon or be in breach of licence terms. Tempted to buy back in here. It will only take one deep well success.
fynne
07 Oct 2019
One to watch Good to see a production increase from the shallow wells … with the increase in price achieved and the 18 new wells over the next twelve months?? Four deep wells still in progress … the big prize but also been the most problematic. I have high expectations for CASP in the very near future. … all a waste of time posting on ii now of course
bobsson
01 Oct 2019
One to watch Yesterdays RNS was upbeat so CASP could yet turn out to be a big winner for you. Good Luck
fynne
01 Oct 2019
One to watch No, I meant that the obstruction in a5(?) etc had been successfully sidetracked. Preparation to perforate “should†be more straightforward !! … but this month there are four deep wells reaching the point of flow/testing. I know it’s been here before but the odds are in their favour…
bobsson
01 Oct 2019
One to watch fynne, No confirmation yet, afaics, that any deeps are flowing. If CASP state a deep has flowed for a week without problems you could be onto a big winner here. But really three months flow will be needed to convince me, and by then CASP should have the other deeps flowing. If so you could be looking at a share price in excess of 30p. IMHO DYOR NAI
fynne
01 Oct 2019
One to watch RNS update, problems with deep wells have now hopefully been put to bed… now let’s try getting the things to flow a decent amount of oil. !!
fynne
23 Sep 2019
One to watch Don’t expect these to drift down much volume of traded shares is usually low with the majority held by only a few big holders. The decline in production on the shallow wells was expected but little was done till the production licence was granted. Two wells (of the six) have already had a work over with 50% increase in their production. Past production had slipped to 1200b per month, so something more like 1800 from the six (300pm ea) From 24 wells (7200bpm x12 86400pa) @$28 average? … you are correct, not stunning but more like 3600bop year each. (All averaged figures) On the running costs btw, they’ve just bought three rigs and associated drilling equipment for the purpose of drilling these new wells (and working over the old ones) so future costs will be kept lower than expected. Purchase was with shares (@10p) with the vendor agreeing not to trade for six months min. They also still have some cash available from the $40m equity facility so they’re not going to need new finance any time soon. You are also correct that this has always been about the deep wells … four all in various stages, but the progress has been painfully slow. I think they’ll get it right soon and hopefully will have learned a lot should they attempt a new deep drill? I live in hope … all done scribbled on a note pad so dyor etc
bobsson
21 Sep 2019
One to watch Sold these in July, in anticipation of drift back down, which it did. Share price now approaching price I sold at, in anticipation of a deep well actually flowing. MJF output still declining as lack of maintenance bites, international prices will only bring in $26 per barrel, this has to fund the costs of working over the existing wells and infill wells, two wells on 3A best, and continued clean up operations on the deeps. Lots of additional costs for wages of the drilling crews and the usual G&A costs. I do not expect the shallow MJF wells each to produce in excess of 200 bpd. A combined yearly average in excess of 2000 bpd would be good imho. It is all about the deeps, no deeps flowing by end of 2019 will spell big financial trouble for CASP. IMHO DYOR NAI
