FredBloggs wrote:Bit of a disaster this morning for ANGS. Expectations were around 250 to 400 barrels a day from the new Lidsey well. They've announced 40. A cool 90% shortfall. Shares plummeted by close to 50% but I expect they're on a bounce at the moment from 13.5 to 16.75p at the moment. Anyone here watching the fun at ANGS and dipped a toe into the water this morning? A few quid will be lost and made today, for certain.
I haven't been following it, but since I read your post I looked at some of the presentations. press releases and the CPR. IF they have acid fracked the well already, then the test results are poor, but then that is the unpredictability of the Great Oolite reservoir for you. If they have not yet acidized, maybe they could do better?
I do worry about the people who write CPRs. Xodus calculate the most likely STOIIP of 10.5 MMbbls, then quote their 2P reserves of 6 MMbbls, without noticing that that implies a recovery factor of 57% which is far in excess of what the Greater Oolite is capable of.