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RNS out. TO-13 has also failed to flow oil to the surface.
"The operator of Block KON-11, has reported to the block partners that it has suspended well testing operations on TO-13 following inconclusive results. After several weeks of well testing and engineering efforts the well has produced minimal levels of water and oil to date."
https://www.londonstockexchange.com/news-article/CRCL/angola-operations-update/16498079
There it is…
Bad RNS tucked in on a Friday afternoon.
A few here will have a positive spin on this I’m sure
It looks like it is more or less curtains here - that is unless and until they plan a drill into KON-16 though the wording in today's RNS does seem to infer that a fair amount of work will be needed before this can be drilled which leaves nothing much in the pipeline for now.
I mean it is quite simple really. All of the oil in the block has been extracted and sold a long time ago, just leaving water and a few oil shows for the partners to squabble over.
Also as I have pointed out several times before, 9 months of drilling and testing must have cost a fair packet and all for absolutely nothing. It would have been better to have done a quick 2-week drill and 10-day test at each location rather than string this out over such a long period. Sonangol have proved themselves to be very amateurish for a state-owned oil company.
It looks like someone had a buy order for £4k that filled straight after the latest RNS. That’s probably worth £2k now. Ouch
Hmmm.... bad news compared to what was expected......but not the end of the world. For those wanting to make fast money, feels like worse news. For LTH's ..... feels like another year before we reach the excitement levels that were experienced at the beginning of the year....frustrating as my shares are locked up for longer.....but then again, its not like this is a new experience where this company is concerned despite the change in personel....such a shame...I hope I'm wrong and there's some positive news soon.....but i won't hold my breath.
For those holding like me...GLA
Where do we go from here?
Ed will probably say it’s all good and no panic here ;)
How to spoil your weekend with that RNS
in the bottom draw till next year
GLA
Doesnt feel much like a unicorn now.
While the Company continues to actively review new projects as part of the normal course of business, Corcel's interests in Angola remain key commercial assets for the Company and we and our block partners believe that further d
Meanwhile, the Company intends to host an investor event covering its current plans and strategy in the near term, with further details to be provided."
--
still some hope but how are they gonna fund a future drilling campaign?
Well that's certainly disappointing that this second well is also currently inconclusive. It will be interesting to see if the G&G studies show if there has been any formation damage whilst drilling. Its certainly interesting to read the company's current plans for the future even though most of the current posters seem to have missed those.
Regards,
Ed.
Regards,
Ed.
Hi Ed,
That’s a blow, we have had real bad luck with this campaign.
The line about new projects was brief and they are still planning to hold investor meets at some point soon?
There may be some better news around the corner as I can’t see anyone turning up to hear bad news about the recent flow tests?
Thanks Nige
Nige,
Yeah certainly disappointing compared to the drill results of both wells. But again its rather frustrating as both wells are suspended, interesting that neither are P&Ad. Mr Karam's comments are interesting. Makes you think that perhaps Sonangol took perhaps the wrong strategy when drilling. They took a long time to drill and case both of these wells, take a look on how long it takes to drill a well to this depth in the USA for example. Its not a good idea to have a well open hole too long, perhaps that has led to formation damage. Its one thing to take time to drill a hole right, but another to leave a reservoir exposed to drill fluid too as that can cause formation of emulsions and skin damage to the reservoir. Nitrogen wash might remedy that, acid squeeze might also, a sidetrack with oil base mud most likely would. Lets see what happens next in this Tobias saga.
Regards,
Ed.
Where does it go? Almost at the end now. Nothing left for shareholders. Money will run out. No one will put in more here. May be able to raise a few thousand out of a few mugs . Expect a suspend notice at any time. We had high hopes but this one fell at the fence
Hi Ed,
Yeah that’s right AK has left the door open.
I wonder if Sonangol will help with the costs, as it looks to be their fault?
Kon16 looks to be the focus now, so any progress on these 2 wells will be a bonus?
No mention of Brazil in this RNS which is odd as they said it was near term news 4 weeks ago?
Let’s see what happens
Thanks Nige
I expect that A Karam and his partner at EXT will pay for all the costs. They obviously have very deep pockets and like to 'splash their cash' around generously.
And obviously they won't have much trouble raising more cash. They can do the same as they did last time except this time the placing, heavily subscribed by EXT and the directors, can be set at a premium of maybe 3 times the current share price.
If anyone still has any shares here - and I certainly don't - then maybe if they ask EXT nicely they will buy them at 2 or 3 or even 4 times the current price. Anything is possible with this management - ask Mr Jennings.