Happy to be proven wrong on all counts Joatman. I have sold the remaining half of my oppies and continue
to hold the rest, FWIW.
I am aware of this, however the well was expelling 1200 BOW & 75 bopd in it's first 8 days of "optimal"
performance. Don't know the choke setting {Oilex failed to inform me}, maybe it was 3/4 choke as opposed to 1/3 currently. Didn't know they had lost a plug which took 13 days to retrieve either--one would have thought that
this was material and required an update, particularly if the well was closed in for this length of time--instead we
saw the SP fall markedly in the lead up to this recent ann. Tight ship no more. Don't know how many ADDITIONAL
BOW were used to flush the well a month back {I est 11000 barrels}. Don't know how bopd are now flowing. They
managed to give us a gas figure 0.41mmscfgd AFTER all remedial work done {3 or 4days figures?}. No gas
figure on first 8 days but indirectly we know it flowed about 70bopd. So why not tell us, at the very least, what
the corresponding bopd are--even if it is only 10. What worries me here is the recovery of 229 BOW per day
even on a 22/64 choke, they have nitrogen lift also, something not required when the well flowed back
1200 BOW per day. So, apart from the choke size, assuming all remedial work now complete and successful,
there is nothing else to do to increase flow-back than to ease off the choke.? Seems to me they are reluctant
to do that for fear of further blockages.They may as you say, ease off the choke as more of the remaining 20%
or so of water is recovered. If they continue at the current rate then it will take 60-70 days to clean up I estimate.
If they can ease off the choke and get it to 600 BOW per day recovered then 26-30 days {which would be ok}.
Time will tell on that point. I would sincerely appreciate also, some timely updates over the next week or two
re; flow back rates of at least the water. I don't want 30 days without an update, you could imagine where the
SP would be then. If the results are good/improving then you have nothing to hide. Becoming a bit the norm
now with Oilex, lengthy periods of silence followed by correspondingly bad news.
Ok, I remain open on EVENTUAL flow rates from a genuine production test. The trick here, in regards
to the SP, is to get that clean-up completed in 30 days or less {I don't think that's too much to ask,
3 x current rate of 229 barrels per day if they open the choke another 1/3}. All else is now hunky dory
after the remedial work {and haven't we had plenty of that}. At least keep us informed on a regular basis
as to progress. If they don't then the problem could be that the SP is down to 5c by the time any good
news is released {if any}.
I genuinely hope we get to a production test in the next 30-40 days maximum. Flow rates will hopefully
be at least indicative of a well that was probably fracced incorrectly from the start--{inadequate propane/
water ratios viz a viz the higher oil content than expected.} Learning curves along the way etc etc, maybe proportionally high bad luck on this well also. Look, any well that can get to about 100bopd and 1mmscfgd
or better on a 350m lateral only, with more than likely a "poor" frac design to begin with would be an
honourable result imo.
Lets hope a result is forthcoming over the next 5 weeks or so.
GLTAH
OEX Price at posting:
9.8¢ Sentiment: Hold Disclosure: Held
