Some hard questions
What is puzzling is that ENG has been trying to get a partner since 2011.
What on earth could be the problem??? I mean really, if the Lotshi block was as explosive as we are expecting it to be then what is the issue here?
Moyes and Company is supposed to help in finding a partner since 2013.
What ever happened to Eliecer Palacios?????
In May of 2011 shortly after the release of the prospectives report the share price has been sliding down ever since.
ENG was over a dollar then.
Shortly after that we find that ENG will now be looking for a partner to drill Lotshi.
https://www.stockhouse.com/companies/bullboard/v.eng/energulf-resources-inc?postid=18565866
I think this is the root of the problem is that the size of the prize is not significant enough for someone to agree to ENG's terms (whatever that may be). We know that discussions have taken place over the years but nothing signed.
We used to hear alot about Prenco's oil production from just the on shore wells but you would have to factor in the amount of wells that they drilled. 200 wells at 5700 BOD is about 28.5 barrels per day per well.
https://intergrated.mypressonline.com/operations/africa/drc.html
May 11 - Perenco Drills Its 200th Well Onshore in DRC
| Source |
Company Web Site |
| Company |
Perenco |
| Tags |
Upstream Activities |
| Date |
May 09, 2011 |
Perenco is proud to have completed the drilling of its 200th onshore well in DRC.
The ambitious drilling program was started in 2002 soon after Perenco took over the DRC operation from Fina and continued at an average rate of 25 wells per year. In less than ten years Perenco have drilled more wells than previous onshore operators had managed in 30 years, and have unlocked the potential of the mature DRC onshore field.
This was achieved by the combined use of the tailored SS-25 rig that drilled 99% of these wells. Perenco's own operating and service team performed all required services, including perforation, cementing, and directional drilling among others.
This in turn provided an adapted and cost effective solution to targeting low productivity wells.
The wells were mainly projected to reach the Turonian and Cenomanian layers at the depth of 1200m with 22% of the wells being deviated by the in-house deviation team. Drilling and completion time at under 15 days.
The wells drilled by Perenco account for 75% of the current production of the Cenomanian and above layers, as well as 58% of the total onshore production with around 5,700bopd.
The drilling program will continue for the next four years at the same pace, targeting lower productivity wells in the southern fields in order to overcome the natural field decline and also to enhance production.