I like competent operators that are methodical - all engineers are born that way, and Ron's no exception. Low excitement, practical - slow, I'll give you that - but thorough and low risk. Not prone to making impossible promises. Just what the doctor ordered and what OEX desperately needs after 76H. No rash manoeuvrings or activities based on wild guesses.
Keep on Ron. Mr Methodical, he's a bankable quality for OEX. If everyone had kept their shirts on and scavenged up those loose cheap oppies over the last week or so and you'd just have't be laughing.
Now it's time to wait again - charl I loves ya army metaphor "hurry up and wait", very apt.
And wait for those cheap oppies to come round once again when those impatient punters start to lose their nerve, which they will, they always do.
Sure there's no factual figures quoted at this stage - times, dates, flows, amounts etc.
To do so builds false expectations of exactitude where that is not realistic - it just encourages the calculator toting punters amongst us to attempt to tie things down at too early a stage - not practical. Experimental engineers i.e. geos, need 'wriggle room' because they don't know all the answers exactly, whereas accountants want to minimise it.
This is a pathfinder concept well to attempt to iron out the bugs, determine commerciality for planning of future Cambay wells.
The behaviour of concept wells at this stage can be unpredictable for a very large number of reasons - it's the nature of the beast. And the brains trust try reading the entrails to figure out what the real problem is and a suitable response as further issues arise. It's Ron's job to implement responses that are methodical and low risk of accidentally killing the well (gulp - 10 hale Marry's for those of the kneeling persuasion).
Then, after much to-ing and fro-ing the response is implemented when all the right gear can be re-assembled - but still it's not necessarily guaranteed to fix the problem due to possible mis-diagnosis. If only it all went to script it would be a dream.
It's also not particularly practical or reasonable to go issuing anns on the run, as much as we'd like, as really it's a moving feast. What appears to be the problem one day will change in nature the next day and so will the proposed response. Often it will take a week just to determine exactly what the problem is, the root cause.
It will go to script one day, but later, once all these bugs are sorted. And the more that can go wrong now and be resolved the better it will be for the production wells that follow.
One thing that I am interested to see are the lab test results regarding condensate (now downgraded and referred to simply as crude oil) and gas. If this info is available it could be released, unless there were commercial-in-confidence reasons for withholding. Simply saying that it's comparable to 73H does not go far enough. Does anybody know if 73H was good or average?
OEX Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held