No mention of cased hole testing services. Hopefully they are still working this. They need to test with the rig. Forget testing once the rig has gone. Waste of time. Getting a smaller rig for the test. Hmmm, we are in a remote African land location, not West Texas, so most likely won't be available.
No mention of SOBM, but I am flabbergasted if they repeat with WBM.
As for previous tool failures, the upstream oil and gas industry is a two way street. IVZ have a contract with a service provider and everything is assumed to be sweet - NOT IVZ well engineering group needs to roll up their sleeves and inspect all this equipment before it is sent to the well site. It's called "contractor management". The industry has been gutted for years and they should have known that last time around. Service quality was always going to be the main risk here. I've worked in Africa 2001 - 2022, and have seen how different companies (big oil, mid size) go about their business. Never mind about smart arse contracts with penalty clauses. These won't save you at the end of the day . They need an experienced QA/QC engineer to go through everything, months out. I have lost some confidence in the IVZ well engineering team last time around. Too many excuses. Just blame the service contractor to cover their own inadequacies. They need to be proactive in this area.
Let's be hopeful IVZ can drill a straight forward vertical land well before TOTAL takes over.
Surfs up Sam
IVZ Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
