Post by
auburn2 on Feb 22, 2022 8:45pm
Concerning water cut at Royston
Water cut at Royston seems concerning. They cite the Penal/Barrackpore water cuts of up to 95%, but that was discovered in 1938, and I doubt the wells started off with this much water. They can cite average water cuts there being high now, but given the 1938 discovery date I'm not convinced it's fair say Roystyon is "OK" when a fresh well produces 40 to 60% water.
Besides, why are they drilling Royston when they don't yet have the wall of cash from the new gas production? I hate when these junior companies get spend-crazy and focus too much on potential.
Comment by
auburn2 on Feb 22, 2022 8:49pm
https://touchstoneexploration.com/wp-content/uploads/2020/11/November-3-2020-Results-of-Private-Placement-FINAL.pdf They burned through that quick. C$40 million. I'm guessing they were drilling Royston to try to raise more capital on the hype, and that plan failed.