RE:RE:2023 production cycles Suppe11 wrote: Hannamuk wrote: Q1 20,475 bbls/day
Q2 22,097
Q3 19,961
Q4 19,165
Seems on par with Mubadala performance
That's btw. the firstworld style. The nunbers are right and don't look very impressive.
But it's the short story. The longer story is:
Wassana was out for 3 quarters. They drilled the 2 (very important) wells at Wassana and only operated one rig. So these 2 wells were missing at other fields (500-1000 bpd p.a.).
"Betting" on mid to long term is very riskly in light of that results from a producinbg asset over last 24 months, and the multiple budget, delivery and safety material misses and failures of last 12 months.
Besides this, they can't afford the more rigs because advance paymant or LC of $150M +/- per rig is required. Thats why they dropped the second one planned. They also cant afford any infrastructure or remeadian bond increase.
These guys are clearly treading water until a prayed for tax restructuring occurs, if it occurs. Remenbver they have failed to deliver a single material development since inception (turkey was operated by Equinor) with 100% failure record in Turkey and Thailand so far ( so many failures from emergencydilution funds raise X2, 2 X material accidents, Failed 2nd rig deplyment, failed storage time line 100% over timed.
They only thing theyt delivered was six start luxry move to Singapore and expat packages and divesting TSX corp control to proxy directors (since they are non resident) LOL
Price at the moment is usual established pattern of pump before earnings then dump just before or afterwars regardless of results.
Based on last QTR they are losing 6.6M mth on $77 brent