An interesting post by miamisteve on Advfn - thread 46918 "I spoke (to Neil Hodgson) for around 1/2 an hour. There didn't seem though to be an imminent rns in the offing, with the structure along the lines of what we already have. When we would get the production licence was still an unknown. He said it could be any day, they keep being advised by their people that it is soon (have been since Christmas). Said A13 could be producing within 2 months. electricity is already on site for pump. A12 is not sitting on the water / oil contact so A13 results (finding water contact lower down) have greatly improved the economics of A12. Suspected that the water at A12 was coming from a fault in the casing which would be quite straight forward to rectify. (resisted the temptation to ask why they hadn't done the A12 workover immediately). Explained that A12 fall off in production was because they reduced pressure to try and deal with water cut and was hopeful with a fair wind of returning to 1000bopd. worked out at around $9 a barrel profit at $65 oil, selling to local market, so guess at current oil prices 1000bopd could generate $5m net profit a year. Didn't seem any doubt about the commerciality of the field. Take that as you wish but I'm sure it'll get an interesting response!
