It’s the end of February today and soon to be hello March tomorrow.
Borders and Southern ended january with the long awaited spud of their Darwin Well in the Falkland islands.
See previous post here.
The company gave guidance of 45 days inc testing baring any mechanical/operational issues.
Hence, assuming all is going well – they are heading into the think of it now.
It’s worth noting that previous drills at similar depths have taken around 25 to 35 days. Some a bit quicker.
With political tensions high – any new discovery will be keenly awaited by both the media world and politicians as it could inflame the situation.
As with all drills – the CoS is low, so be wary there’s more chance of failure than there is success. But the latter will be transformational for BOR should they hit the pre drill numbers.
If they fail, then they can dust themselves down and go again with the second well planned immediately after ‘Stebbing’. See Gramacho’s post here for more info.
Fingers crossed for all investors for a successful result.
I have a holding in Borders and Fogl , I have studied hard on the Rns’s issued over the years from Rockhopper and looked at there 3d images.
Rockhopper basically drilled and had a couple of dusters but persisted because the 3d showed possible hydrocarbons , And low and behold struck oil.
We hope that Borders and Fogl have learned from this and have a good idea where to drill etc.
Its a risky game but nobody really wants to waste millions on dusters.
And If Argentina wants a part of the action they can buy all my shares at £100.00 + each plus when we hit oil !!!!
more rumours flying around on BOR. Needless to say the same thing happens every time; if I bought in at the lows, I would take the money and leave a small amount for TD. theres always another oppurtunity elsewhere. imagine what one could lose rather than gain puts things in a better perspective!
if there any ‘major’ operational concerns on the drill, then BOR management have to issue an RNS. There was a rumour last week about the BOP and no RNS came from BOR management. So it was either untrue or deemed ‘minor’ in operational terms.
The Fi stocks seem to attract more rumours than others. I recall the wild assumptions on DES proving to be exactly that – ‘wild’ and far from the truth. Unfortunately the market is full of rumours on a daily basis. Normally volume is a good guide on the shares traded. BOR’s volume wasn’t anything special today which again would point to confidence or nothing for concern. The stock is held more by II’s than pi’s so you’d know pretty soon if they were bailing. No signs of that today.
There will be more rumours and more shenanigans as the company nears TD.
Monday will see the drill time at 35 days. The company stated that they saw the drill taking around 45 days assuming no operational concerns.
So they could be a good 10 days away from telling the market what the results are or more than that if the operations have been held up by a typical mechanical issue.
I think most investors will have worked out their investment strategies and risks before buying the stock. I think they’d need an RNS from the company rather than a spurious bunch of rumours to alter their plans/goals.
Im only in FOGL but will derisk at least 50% of my holding before BOR near target depth. Derisking a good week in advance is the sensible option here. Ok you might miss out on a massive rise but then you do miss out on a massive fall if its a duster.
Hi Hub,
Off-topic but I’ve not posted before and am unsure if there would be a better place – what do you make of the latest developments with FDI? Appears shambolic.
Appreciation reading your views as always.
Bob