88E (ASX) Ann: Operations Update

Originally posted by Dion88 ↑

A good interpretation from Gumball on the LSE.

Icewine 1 proved the Hydrocarbons and the oil, we then had to wait for Icewine 2, everything the company had done to this point was industry standard practice ( in my view )
I will note that at the point of flow testing end of 2017 i was impressed as 88E seemed to be spending a bit more effort in logging and data collection ( this impressed me ) although i knew it would slow them down a little. for me they were being conservative and trying to ensure they could get more understanding of the well.
We move forward to present date, flow back testing started on time. first operational update received last week and it showed the well pressure had remained steady ( remember last year they had the upper and lower zone with pressure difference ) well they joined those zones to try and stabilize the pressure ( it worked they opened the well at 3000 psi ) we then dropped back to 816 PSI, nothing to worry about, Pressure was maintained steady and better than expected, ( for me again this was industry norm ) what was impressive for me, was over the winter they must of been analysing the well in detail, and had planned the artificial lift ( nitrogen ) becasue all the equipment was in place ready to go.
We have now waited patiently this past week and received a new operational update. 370PSI 160 barrels per day.as of only the 17th June..
what the company is reporting is in my view so far great and why i first invested i want the high risk reward for all these years away from working in oilfields ( still here earning a few pennies)
June 5th started flow test, big pressure release which then dropped back and was controlled.
June 12th confirmed the perforations were as design ( goes back to my point of the company spending a bit more time on the details and data )
the company reduced the choke down to 8/64, we got 200 barrels a day but declined to 100.
this would of been the company testing back pressure so they could move forward, which they have done successfully with the nitrogen lift and opening the choke up to a bigger size, this actually slows down the flow but helps to release the back pressure in the well, this is great news for the long term flow rate of the well. i will say here that i do expect them to take longer than stated to remove all the frac fluid, but we have small traces of C6 hydrocarbons, this is a strong indication of hydrocarbons we require for success. C6 to C10 is the range for combustible hydrocarbons C10 being optimal for fuel.
so currently i see the company trying to release some of the back pressure. there moving nice an steady with early shows and everything being normal. anyone ready the update differently does not know what your invested in. i will call it now. increase in shows over the next2-3 weeks. 3 weeks operational update confirming success, hydrocarbon flow at 180 BOPD minimum. a few tweaks and they raise to over 200 BOPD... just my own thoughts hopefully explained in simple terms DYOR.

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Holy moly.. This is the very first interpretation of events I've read since I first held this stock 3-4 yrs back. Have been trying to pick up bits along the way, but if you haven't learned Chinese for example, you cant learn it just from looking at the characters for 3-4yrs. Any language, and all this technical jargon is certainly another language, needs someone to dumb it down and I applaude you for sticking to the bare basics, and really, the key information.

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