Post by
fatheroffour on Jun 27, 2013 11:57am
My notes from the AGM
I thought that I would share my notes from the AGM:
They mentioned that the weather issues that they experianced a few months ago is still somewhat effecting operations. The result is that some storage tanks had to be moved and the infrastructure is still being put back on line. It looks like that is close to being resolved.
The Albanian election occurred last week and the opposition party won. They do not anticipate any changes based on this.
For Cakran, SKO has experienced inconsistent production from the Jet Pumps. They believe that they now have figured out the issue. The well production is very different from well to well. I anticipate that the production in Cakran will go up in Q3.
Gorisht – SKO is doing the waterflood pilot. They anticipate that the production increases will not be felt for a couple of months. I anticipate the production will go up in Q4.
Ballsh – SKO really seems happy with this field. They anticipate taking over the rest of the field within the year. Out of the three oil fields, they were the most excited about Ballsh .
With the weather issues being more or less resolved and a better understanding of the Cakran jet pumps, the company will be able to gear up production to their gross production of 2,750bbl /day without much issue. (they provided this gross production as their exit rate)
Mr. Kapotas seemed very excited about the power generation. He said that it is very exciting for Albania and very exciting for Stream. The Power generation will be on line in the next couple of weeks. They plan on beginning installation of the next power generator this quarter. The next one will be a little bit bigger.
They plan on drilling the Delvina horizontal well in September. They anticipate significant flow rates for this well. Following the horizontal, they will use the drilling rig to drill an exploratory well in Kardhikaqi (Delvina Block). They anticipate this in January, 2014.
The interesting thing to me is the corporate focus on Delvina and the Gas and condensate. In my opinion this seems to be the play in their eyes with the big upside potential.
On another note, I was looking at Bankers Petroleum and I find it interesting that Bankers Petroleum is actively drilling for gas for their enhanced oil recovery and Stream has an abundance of gas.
At the end of the day i was feeling good about the company.