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I thought it useful to put them together, to summarize the present situation
"The drilling of the Saffron well is continuing as planned with encouraging results to date. The 8 ½" pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target. This provided the Company with the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing, which would allow future testing of encountered oil zones on a successful completion of the well.
Whilst drilling the 12 ¼" section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures. This has required careful measures to ensure the well bore is in a stable condition whilst continuing to drill. The Company is currently drilling ahead the main 8 ½" hole section with which it is planned to reach our prog-nosed Lower Cruse primary target. On achievement of the TD (Total Depth) criteria the Company intends to log and perform production testing of the well, as appropriate.
As with any drilling campaign, it is prudent to have sufficient cash resources to complete the well safely and efficiently and without compromising the objectives of the well. Drawing down Tranche 2 under the Agreement allows us to do that and also allows us to monetize it in the event of a successful discovery. I would stress again that the Company remains committed to finding the lowest cost options for appraising and developing its assets and looks forward to updating the market as to the results of the Saffron well in due course."
Bamps, you see that, I see that, why doesn't the market see that?
Not me either as I have so many greenies I wouldn't even know who to report
Part way though the Saffron drill,
We live in hope it will fulfill
Our wildest hopes, bring home the bacon,
Confirming great decisions taken
By this highly competent team
On the way to a half billion dream.
With encouraging results so far,
it does seem increasingly bizarre
That trolls should still be plying their trade,
Whether from malice or poorly paid,
To knock the company any way they can.
A kind of an investing AIM hitman.
I believe this is a very good update
Summarised
1. Encouraging results to date.
2. The 8 ½" pilot hole was successfully drilled to the planned depth.
3. Hydrocarbon bearing zones were encountered within the tertiary target.
4. Rhe Company now has the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing.
5. This allows future testing of encountered oil zones on a successful completion of the well.
6. Whilst drilling the 12 ¼" section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures.
7. Careful measures taken to ensure the wellbore is in a stable condition whilst continuing to drill.
8. The Company is currently drilling ahead the main 8 ½" hole section with which it is planned to reach our prognosed Lower Cruse primary target.
9. On achievement of the TD (Total Depth) criteria the Company intends to log and perform production testing of the well, as appropriate.
10. The Company will update, when appropriate, as drilling continues.
Supplementary
1. The drilling of the Saffron well is progressing towards our total depth target and we have been encouraged by various oil and gas shows throughout the drilling campaign.
2. Leo has been at the rig-site during the critical phases of the well campaign and continue to supervise day to day operations.
3. The knowledge of the formations and rig systems gained so far from drilling the Saffron well is being applied to the final stages as we reach the primary target.
4. This will also prove valuable information for the future wells within the Southwest Peninsula including any development drilling.
Who has overall responsibility now for writing and deciding when the RNS should be issued?
Is it the new CEO or the Chairman?
Having no knowledge whatsoever, I was trying to imagine what options might be being considered and what might cause a long delay for the RNS
LTID - if the results were very positive and as I understand it, they were drilling a small bore hole, do oilers ever drill a bigger bore hole alongside?
neon, if it's a duster, why take 43 days to tell us?
I wonder if it is reading correctly on the premium service?
How long d you think it will take LSE to correct this?
Do not help an Aim SP
My nerves are on a cliff edge
Hi Bamps
I know you are a betting man, well farmer wise anyway
We should run a book on the RNS date
5 to 1 against Monday
Even money Tuesday - that's my bet, but then I have never won on the horses either
Hi Bamps
I can't believe it will take a further 12 months to get ministerial permissions
Someone is very happy or determined to keep selling at 3p or thereabouts
Hi Bamps
It was fun to meet
Always nice to make persona;l contact
I continue to keep everything crossed. Surely it must e good news coming? I think we would have already heard if it was bad
Could it be Monday? Anyone's guess.
It begins to look like a game of chess.
Their next move could be to write it then.
Publish Tuesday but if not Tuesday, when?
Wednesday would be 43 days,
Since the promise of 30 to 45 days,
To have the result of the Saffron drill.
But if not Wednesday, Thursday still
Could be a possible making 44.
If not, then Friday, but I'm not sure.
There could very well be an overrun,
Before this saga is finally done.
I hope you are right neon, but judging by recent movements to good news, my guess is 4.5p
I make it almost half a million (460,967) in buys and 22,576 in sells today so far and no movement in the SP