opulentia
24 Jul 2015
Re: Interesting well we will see next week or so, if they announce another discovery at 801, it could be a great deal to give 5% of the company now, rather than pay royalties once the oil starts to flow for several years to come,??GLA LTH The potential at BNG must be huge, why sell the Galaz field which was cash generative if you didn't expect far higher returns in the BNG field, just need some BPD numbers tying to it? and reserves update!!!
opulentia
16 Jul 2015
Re: Incompetent!! Hub:didnt realize you had an interest here, ? th team over there have been incompetent, im still very hopeful that it will come good someday, so glad Sinopec are involved with the 801 drill, could do with that team moving on to the sidetrack dill on A5, i personally dont think the Kazach crew are up to the task, just hope Clive gets this sidetrack right, and takes a lot more interest in whats going on over there, it seems o me they are keeping it in the family so to speak, a conflict of interest, my Q: have we got the best team in the area to do this sidetrack????GLA LTH my hope is on Sinopec to bring home the bacon on 801
chequeplease
16 Jul 2015
It would seem to be a wonderful idea if they went deeper to prove up the entire vuggy oil column.
Hub
15 Jul 2015
Re: Incompetent!! Further to the below - ref to the BOCO deal - whilst withdrawn, (should have clarified that) the point is the original signature deal was based on 18p. It gives an indication to 'value' perception and managements view on what is a decent deal in a tight funding market.HUB
Hub
15 Jul 2015
Re: Incompetent!! the difference between MXP and RXP is more than the 'M' or 'R'.MXP's debt ratio was closer to 80% to 90%. It had already been through the washer with macquarie in 2009 and exited as a heavily debt laden business which needed careful management of funds thereafter.It failed due to managements inability to mitigate risk and cap ex exposure. The deep well should have been farmed down etc etc.RXP have a very limited / small debt ratio. Risk has been managed/farmed out.The chinese are notorious for being tight lipped and would probably barely blink at a 50mmboe discovery.The tone on 801 is different because sinopec are drilling it.Remember - the chinese (or BOCO) took an RXP stake of 7.87% at 18p. Not 11p, but 18p.801 pre drill TD was 4700. At 4790m Sinopec then decided to drill this even deeper to 5100 and today Roxi announced that they've drilled to 5050 and will now examine the additional 260m's.This extra 260m has taken around 2 weeks to complete. It's small change to Sinopec but surely encouraging for all that they thought the well warranted the extra spend.801 may end up being non commercial but one thing is sure - Sinopec have taken it far deeper than anyone anticipated.HUB
chequeplease
15 Jul 2015
This latest R.N.S. is disappointing however I liked what Georgesaa had to say about the A5 sidetrack going to the bottom of the oil column. They did say they would revisit to establish the length of the column . Maybey its a lot more than 105 metres and the sidetrack will manage to prove it.
tmhhammers
15 Jul 2015
Sub 10p? Results 2016 absolute earliest for A5 and the tone re 801 isn't exactly brimming with confidence, as previously said MXP all over again RXP BoD - could do better........much bettergot to be a sell at the moment.........unfortunately
Hub
15 Jul 2015
Re: Incompetent!! sheeeeet happens as they say - but this clearly could have been avoided.It's a near term blow to sentiment but the story hasn't actually changed and at 11p ranges the risk vs reward are very attractive.Plenty of room for disaster but also plenty of room for upside.HUB
tobytoby
15 Jul 2015
Update on operations at BNGDate published: 15/07/15Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to further update the market with news of progress at its flagship BNG asset. Deep WellsDeep Well A5The well was spudded in July 2013 and drilled to a total depth of 4,442 meters with casing set to a depth of 4,077 meters to allow open hole testing. Core sampling revealed the existence of a gross oil-bearing interval of at least 105 meters from 4,332 meters to at least 4,437 meters.As announced on 30 June 2015, the equipment required for the open hole 30-day test was on site and the test was set to start following the completion of the required preparatory work. Part of the preparatory work involves checking and testing then new pipes. The pipes received did not pass the on-site inspection and replacement pipes have been ordered from a different supplier.To utilise the drilling crew while replacement pipes are sourced work was undertaken to remove the pipe stuck at the bottom of the well. This process was unsuccessful and a decision to side-track the well from a depth of 4,000 meters has been taken.This work is expected to take 1 month to complete. Following the completion of the sidetrack casing will be set to the full depth of the well, which will allow a conventional a 90-day well test to commence at the end of Q3 2015.Deep Well 801Deep Well 801 was spudded on 15 December 2014 with a planned Total Depth of 4,950 meters. The well is located approximately 8 kilometers from Deep Well A5 and was planned to target the same structure as Deep Well A5 in the Middle and Lower Carboniferous. The well is being drilled by Sinopec, the Chinese multinational, at a fixed cost of $11 million.As previously reported core samples and logging have revealed a potentially oil bearing interval starting from 4,536 meters and extending 100 meters. The pressure and temperatures encountered indicate this well is unlikely to be connected to the reservoir targeted by Deep Well A5. Therefore should Deep Well 801 prove commercially viable it would be a separate discovery to the potential discovery previously announced in connection with Deep Well A5.On 30 June 2015, it was announced that casing had been set to a level of 4,790 meters and drilling had resumed to a new planned total depth of 5,100 meters targeting Lower Permian and Middle & Lower Carboniferous oil bearing reservoirs.The well has now been successfully drilled to a total depth of 5,050 meters, into Lower Carboniferous. The lower part of the well will now be cased, and the well logs for the final 260 meters drilled are being examined to detect any additional oil-bearing intervals.Further announcement of what we find in this interval will be made in due course.Comment: Clive Carver, Chairman saidWhile we would have much preferred to know the results from a 30-day well test before sidetracking Deep Well A5 the failure of the pipes supplied provided an opportunity to deal once and for all with the stuck pipe at the bottom of the well. Once the sidetracking has been completed we plan to start a 90-day test.A5: It will now take until around December for the flow test results to be known having made the decision to sidetrack the well. 801: They decided to stop drilling 50m short of the 5,100m TD and averaged approx. 19m pd re the additional 260m drilled.''The lower part of the well will now be cased, and the well logs for the final 260 meters drilled are being examined to detect any additional oil-bearing intervals.''Using the word 'detect' isn't very encouraging?The next piece of news we can expect in the coming weeks will be whether the 801's 100m+ core samples prove to have commercial oil or not. It's been over 6 weeks since testing began of the logs/ cores, why is it taking so long for results? didn't it only take them every other week to declare 18m/ 18m / 18m etc. oi
tmhhammers
15 Jul 2015
Re: Incompetent!! incompetent - a bit like iii who can't 'load' the RNS what an absolute joke iii are.
One more punt
15 Jul 2015
Re: Incompetent!! MXP all over again?
opulentia
15 Jul 2015
Incompetent!! Management has shown its colours , incompetent, !!! the Kazachs running this show , are so bad its embarrising , they messed up the A5 drill, and now they cant even order the right equipment to get the job done!!!some ones head needs to roll , for all the money and time this has been delayed, over a year now since the discovery??, and they still wont be doing a flow test for over a month, which is then going to run for 3 months????, Joke!GLA LTH Not well pleased, this will crash today, imo, may offer a Top up point, looks like i will have to sell a few here, and wait for the bottom, A YEAR LOST!!!Badly needs 801 to be a Discovery!!!!
chequeplease
10 Jul 2015
I wonder how many tanks they will need for 801.
chequeplease
10 Jul 2015
It would have to be a large tank to hold 100,000 barrels, maybe several smaller ones and a fleet of tankers.
