RE:RE:so...ayashifx55 wrote: SmokeStakk wrote: ... what now?
if this continues, TSX Venture will revise CEA's capabilities to still be trading on venture. This is REALLY bad but no one seems to mention / care / talk about it. We went from freaking 20 cents to 7 cents and you guys act like it'll magically go back to 15 cents because of one or two bi-weekly news. Wake up people , there's problems in this company and it needs to be solved asap. Shareholders has to know whats going on or eventually, we will all sell our shares. Averaging down is not going to help.
There is nothing else to know – Cea already stated the well is not producing as expected. It has been more than a week since the preliminary results. As per other posters, plugging the leak is a common thing so can we assume they are not able to resolve the water leak? Would that make this hole a dud?
If so what next. I see two possibilities from here.
1) Vux has success on their second well (which Cea is not part of), they transfer the terms of the agreement to 15 – 20 well to secure the Cea financing and continue with the rest of the plan.
2) Vux drills another dud agreement gets dissolved.
3) They manage to plug the leak and we are able to get some better volume readings
Hopefully they are looking at other prospects or at the very least re-evaluating the selected locations. Cea still holds the balance of the funding that they can transfer to another play. Someone more knowledgeable in oil matters would probably be in a better position to comment but I don’t see 40 ppd as viable …
“40 cubic meters per day (252 barrels per day). The water/oil ratio is currently averaging 80% - 90% water and 10% - 20% oil”. Using the median of 15% of that 252 bbd = 37.5bbd.
They were about month and a half over due with the results, if it was an easy fix you would think they would have wait until after they resolved the issues and PR a successful well instead of the one they gave. Like I said there are others here with working knowledge and may have a better insight to the tricks of the trade that they can use to resolve the well. There may still be life to come out of this yet. Best outcome is they plug the leak and get the well producing.
I see worst case as a longer wait for this to turnaround. Oil prices are cooperating for now at around $60, there should still be interest.