Reconnaissance Energy (Africa) Ltd V.RECO

Frustrating delay

[hipfner]

I have no idea how a 45 day hole can be suddently up to 30 days late. They started on time with a new rig.

Is it logistics/labour? Did they have issues with supplies or training?
Did they have problems learning the new rig?
Did they have rig problems?
Did they have problems in the drilling? e.g. hitting unexpected voids (liquids or air)?
Did they have Covid shutdowns? Or delays from inspectors/regulators/visitors?
Did they discover unexpected oil/n.g. that forced them to get more conservative on the process?

Argh.

p.s. Our new director didn't necessarily spend $2 million for shares. We don't know. But at the time of his hire they had to be valued because he became an insider.

[Chas15]

I can see your inexperience in your first two sentences. A new rig does not mean a better rig, A, and B, they are drilling an exploratory well, I've been on ones in Canada that have taken 3 months! 

[Ebenizer3]

yeah everyone is sitting around the dinner table with our napkin on and knife and fork in our hands. CEO Very vague on the date of the operations he listed. Guessing on purpose. To be 30 days off is a big miss. Besides when they start taking full core's they have to trip out every 30ft. unload core barrel then trip back in. bout an hour for every 1000ft. example at 10000ft 10hrs to trip out

[TurnToTheRight]

Aren't they taking side wall cores? Those are usually done via wireline, so much quicker than rotary coring. The other advantage to sidewall cores is that it allows reservoir fluids to be captured with the sidewall core sample. Core barrels don't allow for the capture of reservoir fluids, as the drilling fluid is constantly passing by the core sample and generally displaces any

[Ebenizer3]

they are taking side wall cores I think from 1000ft to 4800ft. and then taking full core's down to TD.

[TurnToTheRight]

If that's the case than I completely agree with you. That's gonna be A TON of tripping in and out to retrieve the cores. I doubt they'll be using those fancy several hundred foot long core barrels they use for horizontal wells... that would likely speed things up a lot, but would also add a lot of drilling costs.

[teheran10]

You are selling and I am buying. Sweet. 

[hipfner]

Not buying nor selling RECO.  This has all the potential to drift lower over the next few weeks since we've been promised "no news on results" until after well #3. I'll consider buying more later. (I  did buy  ATH a few minutes ago. They have reserves and production!)

[SprengoM]

At this point, you shouldnt be expecting more information as to whether or not there will be oil. However, to my opinion they may take as long as they need to drill the holes and do the analyses. as Mr. Jarvie explained in his interview, the goal is to identify oil and not to drill a hole as fast as possible

[crude]

IIf you take the time to read the release you will conclude ,we have oil. Go back over all you have learned in this oiil play and put the peices together - putting a cap on takes time.LOL! If you can not see that then sell - or did you notice no one else has - maby you will find an oil play that is willing to work on your schedule !!!! best o" luck