RNS out!

[smartbeds]

Nm

[hoopoe]

Thank feck for that!!

[smartbeds]

Thank feck too!

[Debug]

Hope that puts peoples mind at rest about funding. Very interesting that they are going to test the shallow zones too.

[Mosa]

Debug, will answer your question on the other thread later, been driving between London and home and just got in.

I'm happy they are testing the upper zones, still that fecking permeability number that is not being used......

[Mosa]

...and just my cynical self, but I do not give a fook about USOP doing all the modelling, I'll like to see a contractor and service company get mentioned and that they advised on the new work over plan, re perf, new perf.

I'd also have liked a little more meat on the bones about how and what they intend to test around the 150ft 'potential' NPZ (as it is not flowing it is not Net Pay).  A bit about larger perforations, heated coils, warm oil injection, etc etc would have made me feel more at ease.

I hope this is not 'traded' on the spike it will cause.

[Doctor Empirical]

order book @8.14  6000@ 134    15000@135

[Debug]

Mosa, have to agree.  

I am quite disappointed that they did not put in more detail. I really wanted post and forward clarification so we had lots of detail to get to grips with. 

Don't think there will be a spike though, as nothing too over the top there.

Did think it was very interesting that they are revisiting 6 other  zones rather than just the NPZ zones.  That looks like the pessimism about some of the lower areas (understandably due to how it was communicated) may be overdone?  

[By The Bay]

Mosa/Debug, it seems to be they are managing people's expectations now. Could be a case of damned if they do/damned if they don't. Hopefully there will be more clarification when they announce the w/o company and at least they have officially released information about the funding.

[dodger]

Lets just hope that this is the start of the drip feeding of info, little and often is preferable and this would, hopefully, build sustainable confidence for all.

[usher03]

Let's see what arises from the 3000-4600ft. Hopefully some lovely commercial sweet light crude.

[Mosa]

BTB,

I did call back to Fiona last week but the state of the board was not worth posting - similar to Landman on the other site that he posted.

To say she sounded pissed off to hear from another USOP shareholder would be an understatement.  She said she had spent the previous 4 weeks before going away dealing with just USOP, even tho she has other accounts.  I have empathy for her as it is wrong how the communication and expectation from shareholders has become like this.

However, after calming her down we did have a good chat about expectation management and her 'feeling' on that.  I asked a fairly blunt question about the AGM and yes, things could have been communicated a little different.  She is def of the school of say less, provide more so you over deliver.  Nice, but lets see how that plan rolls out.

Do I think I will get my questions answered? no! That part is out of her hands and I think Brian probably has about 500 questions etc and is probably feeling like just being left alone to get on with it.

However, he may need to look in the mirror and realise that some of this is his doing, a difficult ask for people with that type of personality.

[Ringtail]

Good crisp RNS that. CPR and ADRs still to come then. Glad 6 'upper zones' are being tested along with 6 of the deeper previous perfs (could still be good oil behind the easier flowing previously reported water show) .. and of course the 2 in the 150ft NPZ. Would still like to know more of the geology detail. How they will break the wax down - will leave that to the 'big company' as several techniques could be used ... Also funds in place - good. I see GXG are posting some share turnover figures now. 

[By The Bay]

Mosa, definitely. I would imagine she has communicated to Brian in no uncertain words just how it has to be done. After all, she is the CA so hopefully they have learned their lessons about communication and pi expectations.

In addition, I am guessing that once we have announced the contractor then we will further learn of the methods they will employ. I am no oily but I suspect each company has/may have slightly different methods to achieve the same result???

[Mosa]

I did also wonder what mix it was of;

1) Knowledgable investor not happy with communication

2) Naive investor screaming what happened to the share price

3) Troll, wind up or other just for the shit stirring.  One thing tho, Fiona is no shrinking violet, which I was happy with.  If she did not know much about oil field work she sure is now.

One point I forgot to mention was I was saying that I was sorry for the hassle USOP was causing but as an engineer my angle was for the technical side, not explanations of share price.  She said 'oh well as an engineer you know how things slip and change'......errrrr, no! not in my line of engineering!  If whilst I was at HP we manufactured and communicated our computer products like AIM oilies we would have gone out of business in the 90's!  I was just trying to get across that any project/program there was no excuse if things have been correctly communicated, with buffers, contingencies and you offer milestones and as you achieve them, they are ticked off.  

She did not give me the job......

[Trading Faces]

Hello All.

Thanks Debug for letting me in.

Still in the Alps, but back tomorrow.

Nice update today i see.

You know, taking time out and ignoring the boards, whinging and bitching is very good for the soul.

As confident as ever here. 

Getting it right takes time.

Happy Xmas all.

TF

[solidfoundation]

Have a good Christmas TF.
All the very best to all.
Just back from watching my little girl sing Christmas Carols in the school yard - followed by a few drinks with friends - again, good for the soul.
2013 should be a very interesting year.
Merry Christmas All
SF
:)

[usher03]

TF,

Nice to see you on here mate, great things ahead for 2013!

Have a great Christmas.

Usher.

[Debug]

Mosa, 

I guess its no surprise that I am an engineer too :D  

Problems "always" occur, its the nature of the beast, but It's definitely how you deal with and communicate them that counts.  

There is a little more data now, not as much as I wanted to see, but mostly constructive.  A shame it leaves things unanswered, I suppose we will just need to wait until the wo is complete. 

Anyway, christmas lunch at work and I am quite drunk, so I will look at the boards tomorrow and post my thoughts on the other thread.  

Night all,   now where is my glass ..

[Neil Byrne]

Still no permeability figures though which is worrying. As well all know BM is quick to give out good news so the fact that no permeability figures have been given out might suggest they aren't the best, the RNS could/should have gone into a lot more detail. Hopefully the next one will divulge more detail

[Doctor Empirical]

It always seems to be the next one.

That RNS was frankly full of next to nothing.

No fixed date for the work over, no w/o crew signed, no name mentioned, no answer/plan/solution to the wax and karogen and the 150ft column.

In short we were told that we would be testing more zones and retesting others, sometime in the future.

I still hold and remain optimistic, but I am increasingly getting fed up with being fed crap, time for lots of clear facts , as someone said, time for some meat on the bones. As investors we have a right to know the details of what went on and what was discovered at EB1 . B.M if you want to regain my full trust put away the smoke and mirrors and man up with facts, not fiction.

Have a great Christmas all, and to end on a positive, Its not so bad, we found oil on our first appraisal well which I think is an exceptional result.

[davlum]

Doctor Empirical,

Hope you have a great Christmas too.

 

I take your point about the RNS being vague however I nevertheless got a fair bit from it.

1.The company are still planning for January (I say still because imo BM (see proactive interview) obviously was suspecting this may turn out to be the timescale)

2.It looks as tho' my suspicions about there perhaps not being another operational RNS until the flows were known were unfounded. Strictly speaking there was no need for this one. Many companies would not have issued it. As you rightly say it did not contain new market sensitive info. It was imo issued for encouragement purposes. We can all guzzle our turkey with more peace of mind.

3.The reference to funding cleared up the slight ambiguity remaining after the proactive interview.

4.There is a first mention of the testing of the upper zones. My theory (for what it is worth) is that the company are  optimistic about these and had W1 one gone according to plan these would have been left for "The Corker" Eblana 2. It will be interesting to see how these turn out.

5. The workover will commence the crew will be signed and the name of the Co will be given.As far as details of how specifically to approach issues relative to the workover can we really expect these. Does anyone else give them? Do many cos even   
 let on about workover issues in the first place pre workover?

I am happy to take the RNS at face value and be encouraged.

 

[Doctor Empirical]

Good points, and well said,

 

 the funding for drilling EB2 is another positive, I agree with you it was a little Christmas feel good RNS. I do hope time scales are met this time. There is no way I am saying that they will not be, but neither can we say that they will. I just would like more fact. I think it is fair to say that the original interpretation of the logging was poor, I am sure it has been revaluated and still feel confident that W.O 2 will produce the goods. All is far from lost but it is fair to point out that a huge flow or any commercial flow  is anything but a certainty. 200 a day would ice my cake and brandy my butter.

Enjoy your Christmas, have a fantastic one, I would not want to be a turkey in your household

[Mosa]

Neil, I would not read that into it.  It's bloody frustrating he is not giving this data out but Fiona could well be saying 'no' as the shot storm in might create - release anything about perm, good, bad, middle of road, instant phone call assault!

[Neil Byrne]

So the company shouldn't release important information because the CA will get phone calls? Come on now.... There is no reason to release porosity figures and not to release permeability and well head pressure figures (which was tested during WO1). Do you honestly think if the permeability figures were as good as the porosity BM wouldn't have put it out in an RNS? There is obviously issues here (as seen with WO1 results) and it makes me doubt we will see the full new CPR when it is completed.

[Axus]

Interesting posts though none mention the full acreage survey that we were told would be done in the 4th quarter.  I wasn't expecting results but it would have been nice to know the actual survey had been done.

[Mosa]

No Neil, the company SHOULD release the information, good, bad or indifferent but this is Brian and we have seen such about turns in the quality of the RNS's it's untrue.  I am trying to be lighthearted in what I am actually incredibly pissed off about and let Fiona know that was the feeling of many, many shareholders.  Brian has a certain personality and I have given up trying to work out what makes him tick.

But I feel no matter how much we rant, rave, call, email etc it will not make a difference, he is doing this Brian's way.....

What I was trying to say is that even if the perm was good I have no idea what his game plan is and why he does not communicate it.  If anybody else has any theories on what Brian is doing I'm all ears.......

[davlum]

Mosa and Neil

Hear what you say.

But if for example  the permeability is affected by the wax and  the kerogen and the co are confident these can be addressed then to provide the strict permeability figs may not be helpful in gauging our chances of success.

The above is just one of a few possible scenarios of course.

Last Christmas many of us were dealing with the question "What makes Brian tick" on another level as trolls still propounded the scam theory and even some genuine shareholders wondered if there was another agenda at play than drilling in Nevada.

Turns out he was true to his word.

He is of course like any of us not perfect but imo he compares favourably to many other aim ceos.

[Boddi]

Mosa. I agree with your comments and someone told me, straight from bm that we would not be informed of the new cpr. I was not surprised as the last one was brought up at previous agms.....is it really to avoid the predators and a company asset etc that bm has mentioned before ? For me the rns has no where near enough detail .....