Well, a lot of talk today about TIV's potential oil flow output (i.e 500 BOPD), cash flow, life of reserves, etc., and all I can say is, its still just talk. The reality is TIV bought this property over a year ago when it was doing 50 BOPD, total for the entire property, and it is currently doing 50 BOPD. Perhaps TIV has increased production in the last few weeks but based on TIV's MO to PR "Beginnings", "Commencings", "Plannings", etc., I imagine TIV would have announced it if they had any increases. Now today TIV "has begun" (whatever "has begun" means?) a long term water flood program and "current production of 50 barrels of oil per day should increase fairly steadily to a range of 500 to 600 barrels of oil per day". The question I have is how many more months or years do we have to wait for it to get to 500-600 barrels of oil per day, as it increases "fairly steadily"?
As far as the wells they reworked with their own rigs (not many) and the 4 wells they drilled, it appears based on what TIV said in the PR today that "current production of 50 barrels of oil per day...", none of those rework or drill wells were successful in increasing production since the field was doing about 50 BOPD, or MORE, a year ago before all that work was done. Maybe all those reworked wells were simply cleaned out to be used as injectors or producers for the water flood program and they have exceeded their economic life on primary? But you would think the drilled wells with thousands of feet of "oil shows on mudlog" (apparently meaningless) and the "new zone discovery" would have added at least a few barrels per day to the daily production of 50 BOPD.
Anyway, it appears today's announcement once again fell on deaf "Big Gun" ears and we received no added buying enthusiasm from it. Well, one good thing is it will take 12-15 years to get the couple million of barrels out at 500 BOPD so TIV isn't going anywhere any time "soon". But at the same time, I would suspect today's announcement in no way made the shorts nervous about covering anytime soon, and thats what this company needs.
Just my frustrated opinions...
Geo
AI
