the enigma code, page-7

OMR Great post as always !!!


Regarding Gretel


On April the 10th SSN said “During the intervening period the well has been flowed back and has recovered 12,000 barrels of water. The stimulation operation injected a total of 43,000 barrels”

To date they have flowed back 15356 barrels (in other words another 6% more than what was previously said in April) or a total of 32.57%.

So from 25.46% (12,000) to 32.57% (15,356) TB now has Gretel on life support.

So a well can be considered OK at 25.46% flow back but not at 32.57%. ??????



I think after yesterday’s announcement SSN will put any new wells on hold until they fully assess their current drilling campaign. Its pointless to keep drilling additional wells at this stage until further testing has finished. SSN need to work out the best way forward with a detailed plan before committing any further funds. A 3 D Seismic will be done late summer after the crops have been harvested and will be evaluated in the 2nd half of 2013.


I don't believe FPEC will buy back into Roosevelt based on the current drilling results, so there will be no reimbursement on approx $18M for leases and drilling costs. You couldn’t blame FPEC to buy back if Gretel doesn’t produce.


Cheers Matsim