I'll just add my spin on the situation ,from what I gather looking at there desorption chart the three wells pumping water have done a great job to date as it seems to be on the cusp off desorption and has been for quite some time leading me to think that the water flowing out of the seams back to to well head is on par with the amount that can be pumped out keeping the well from hitting the desorption point ,until the rate of water flow back to the well head from the field decreases to below the pump rate the pressure will not decrease to distortion level, imo it's possible that the main company's in the area eg tmk exr may have underestimated the size of the basins and perhaps how much water and how far the water connection through the seams could be ,if this being the case then lucky fox 123 will eventually remove enough water in time to get to desorption levels but has been only keeping up with the flow of water from the connected field back to the well head which has been for months now , without having xray eyes etc etc this could take another 12 months 2 years or even happen tomorrow ,its one of those things that requires patience,it may not happen over night but imo it will eventually happen but could take much longer with out extra water removal capacity, regarding drilling up to 3 more piolet wells I believe is the right decision , although I would of decided to do it a month or 2 earlier when I saw the chart stats which suggested the pumps were only removing the amount of water flowing back to the well head ,but I'm not in charge lol ,I believe they held out as long as possible to save cash burn by drilling more but is now taking to long and therefore time to step up the pumping capacity to a level greater than what's flowing in from the field to the wellhead area ,we have to also understand that it would be best for tmk to reach desorption before exr also to be the first in best dressed also to get the best value for money on the gas by being first to prove it and sell it ,as the second company has one less buyer etc etc ,not that I think either will have a problem selling there gas but first in is normally best dress so to speak ,the need for more pumps imo can only mean that there's more water than first assumed by directors etc when choosing and deciding to have three piolets, which imo in coal seem gas plays only
means more gas Than first thought perhaps when the pumps eventually get enough of the water out ,exr stated that there system was dropping 5 psi a month and had approx 10 to 20 psi to go to hit there target of 510 psi which is due to hit that level any day now or by the end of November by memory ,hence the decision to do more wells to keep on par with exr timeline to desorption, or better still to prove desorption first
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I'll just add my spin on the situation ,from what I gather...
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Mkt cap ! $30.66M |
Open | High | Low | Value | Volume |
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0 | 0 | 0.000 |
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Price($) | Vol. | No. |
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0.004 | 46609860 | 42 |
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0.006 | 2133000 | 4 |
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