Acceleware Ltd V.AXE

W/O Upgrades

[L.A.]

It is nice to get a little more info about the work over. It looks like when they fished out the broken DTS they also removed some subsurface components. Upon inspection they decided to make some upgrades. Unfortunetly depending on weather and rig availability these upgrades and reinstallation will not be completed until Q2. Using past performance as a guide I suspect heating will not start until June.

On a positive point management sounds optimistic in the success of this pilot project. I suspect that optimism is being generated from known results along with positive input and feedback from the 3 oil sands partners.

[blitzer2]

L.A., it is also well worth checking out their MDA report for a much fuller expansion on the Operating Summary that starts on pge 6,7 thru 8 : https://acceleware.b-cdn.net/uploads/financials/2023/AXE_Q4_2022_MDA.pdf These 3 pages give a few more details to better understand the progress, pauses, W/O and their learned remedial extra measures they have now put in place to maximise their 

[L.A.]

Blitzer2, yeah I read through it. Couple of nuggets;  while the DTS was broken they continued to heat. Said they had the heat on for 200 days or 7 months.. Also because of the added cost of the w/o of about 2 million they will be able to fund it from oil sales.   Like a lot of people I have been in AXE for a long time, this is the first time I sense real optimism from management.

[Cavest]

The heat deployed by the CTI appears to be greater than the steam in a SAGD system. In my opinion, this is good news but the equipment in place does not seem to be able to support 100% energy. I think the rest of the test will be 50% complete to collect the missing data and the system will be tested 100% to validate if the parts hold the heat (mostly the non-removal parts). Did anyone question AXE