Thanks for sharing johnnie
Thanks for that.
I was not suggesting using the original Halifax well but drilling a new one as far as possible from the FPSO, so it can be tied back to prove long term productivity of Halifax.
I was aware of the 6-7 km restriction but it seems to be outdated.
Hurricane’s letter states that 6-7 km is pre-start up assumption. We know that the wax, which seems to be the limiting factor, is less of a problem then anticipated. We can also tell from looking at the CMD presentation page 45 that the Lincoln well to be tied back to the FPSO is approx 10 Km away.
If Hurricane wished to drill Halifax further then 10 km from the FPSO, which I would had thought would be enough, they could use trace heated flow lines.
Obviously such post-extraction issues will be important but the geology may well dictate the best positions for production wells. Another factor is whether it is better to defer designing and drilling the full field development until the initial production wells have provided more
Does anyone here recall a rough date when we should get an update on drilling or Warwick? Also, when is the CMD date?
Almost impossible to say but it spudded 1 month ago today.
Maybe 2 more weeks but reports already that everything is going well so far.
Cheers Ash, I think good news from this drilling campaign will surely affect the share price in a good way. I sometimes forget we were at highs of 64p…Hard to keep holding when the shares were that high. I still belive we have a chance for this share to reach those numbers again and possibly a lot higher. Can you think of any other even we have coming up that may affect the price? I cant see anything substantial happening until our assets are more developed…
If this drill fails the SP will be in the low 40s or even upper 30s for maybe a year IMO.
I agree Ash, it won’t be pretty I know that much anyway. If this drill is successful, I belive we may have a chance to be at the mid 50s again. Its such a long time to wait for a share to come good but I still do strongly belive that it will. Hurricane have world class assets and a decent cash flow to prove up what we need to…
So is that a buy or a sell?
It’s a wait and see!
Tanks to Carcosa on the Lemon Fool for the following link:
It is a transcript of a conference call with analysts after the final results, dated 28 March 2019.
It should be born in mind that thinking by Hurricane has progressed since this call.
In the Q & A section you can find the following answer from AS CFO:
“given our deal with Spirit, the next phase of appraisal drilling on Lancaster, Halifax or the Greater Lancaster Area is something that we can comfortably fund ourselves.”
There are also some interesting comments from Dr T regarding the location of a future GLA well.
Ricfle, I have read the relevant passage in the link you provide. My understanding is what AS is saying is clear, what is being said is that HUR do not intend to bring in a farm in partner to progress the next stage of GLA development - UNLESS there is a very good offer to farm-in or perhaps an offer for the whole block ( I read it to be these two scenarios). “Something we can comfortably fund ourselves” means the funding will be found by cash from oil production and or a non dilutive fundraise.
You have your view of what was said and I have mine. We should not have long to find out.
I am quite happy for you to hold a different view to myself, despite the fact that half of your statement is precisely what I am saying.
As to the other half, would you like to explain what you mean by a “non dilutive fundraise” and what advantages it would have over using the cash that Hurricane already have in the bank?
Ricfle, For “non dilutive fundraise” ask AS what he meant. He said it at the CMD, its on a podcast somewhere.
I was asking you as I have not heard AS talking about it for drilling the GLA.
If you listen to the CMD podcast:
AS clearly states at 1:20:00 to 1:21:10 that Hurricane can afford to drill the GLA out of cash from production.
He makes this point again at 1:42:55 to 1:43:33.
At the outside by end of November. Rumours of flaring sooner on LSE- so eyes on the last three weeks of November for news or significant changes in SP volume either way.
It looks as if we have struck big oil at Warwick West and the Drill Stem Test will be happening at any time.
Can we post pics of the flaring on the rig here please.
Apologies for a little Oil-rain (Oi-Ran?) on rumours of an HUR gusher-parade? - LLV
`New oil field found with over 50B barrels’
Iran already has 100Bn barrels, so the additional reserves simply extends the life of Iran’s oil but US sanctions are keeping the lid on Iran’s current
ran already has 100Bn barrels, so the additional reserves simply extends the life of Iran’s oil but US sanctions are keeping the lid on Iran’s current - ExFlorts
Ah, true that, Floss, but it will no doubt play its relative part in limiting the upward SP increase - if and when - the expected HUR bonananza (super field?) is announced. Just wanted to place it on record. Thanks.
KrA, - LLV