Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Hecate, snowcameron: Aduk et-al have answered, i believe, your doubts quite well. What's interesting is how you worded them (it). Of course, there is no 'certainty' of anything, but your comment that the Lanfax FB geology may be rather more solid than is expected hence will deliver far less than us happy-clappers expect and thus is a binary ("...coin-toss...") is, imo, somewhat erroneous: Firstly, such a statement ignores the 3-D sonography results and their interpretation - the latter being a recent-years developing speciality for oil-in-FB that is becoming increasingly recognised in value (and accuracy of determination). Secondly, your analogy of cracks in a Cairngorm granite 'face' is a little misleading: When climbing such a face you are actually working pretty-much in two dimensions with just a few centimetres of the third in-play: it's the extent of the third dimension that makes the oil play feasible. I'm no geologist either (love Gabbro though), but would expect Dr T et al have a (probably very) good idea of the joint/crack density and connectivity in all dimensions, or they wouldn't be here. A 50:50 coin-toss to me is an excessive doubt, even for an oiler - but i believe the odds are far more in HUrricane's favour than that. GLA
They don't hand out CPRs like " star of the day " awards at primary school. They are pretty well " take them to the bank " guarantees and usually cautious in the extreme .
For the avoidance of doubt the risks Hecate higlights are valid but I remain heavily invested at this point in time
Hecate, A ver poetic post! However, when you bring up the possibility of some catastrophic 'fumble factor' such as the potential for large consolidated unfractured areas of granite existing unsuspected within the Lancaster stucture, I think the cution you're expressing in that regard is flawed, very heavily against the odds, and flies in the face of logical thinking. Why? OK, I'll explain. You seem to know what your talking about in general oilfield terms. And you're quite correct in saying (I paraphrase) that if modelled to scale with the entire structure, the two existant 'producers' are approximately the diameter of a boar's whiskers, and no longer than the same animal's tail. (In fact that's a neat analogy, now I come to think of it: Imagine the entire structure being the rest of the boar!) But they haven't been some 'lucky find'. The well trajectories (Six in particular) were planned to traverse a 'representative slice' of the upper reservoir. (Seven Zed's though was planned partly due to its relationship with Six, and with the EPS in mind, to measure interactions between the two wells.) But whatever, their trajectories were based on interpretation of seismic data, and 'mapping' of the fault / fracture / fissure network as a whole. Over the whole structure (and before Halifax even came into the picture. And such interpretation and mapping is still being fine-tuned, as the company has told us. Also the company has been good enough to share with investors some of the 'seismic mapping', not just through simplified graphics in their own presentations, but also via the CPRs, which go into details which I'll readily admit start getting into technical detail which goes over my head, as well. I'm not a geophysicist. And the thing is, no big 'blank spots' show up. If they did, and nobody spotted them, between Dr T, Schlumberger, and RPS, I'd be more than a bit surprised. And I don't believe any of those three are in the habit of throwing a veil over things they don't want to be seen There are enough AIM-listed O&G companies around who do that already, and of course Schlumberger isn't AIM-listed. (Oh yeah, on the subject, I see from that 'shipwatchers tool' the Kingfisher bulletin that the Bentley wells are currently being permanently abandoned.) Call it confirmation bias if you want. But a 15,000 bbl/day light oil with no water-cut DST speaks (or rather shouts) to me in a very loud voice...
Hecate You may well be correct; so please take your own advice and purchase not a single Hurricane share. I'm not going to argue with someone who pops out of the dark blue yonder with no posting history. You may well be a weekday deramper working weekend overtime? Or are you chock full of altruism, trying to save us from our ill judged errors? Nah, short of cash so trying to earn a few bob on a Saturday night!?! What a load of old tosh!! NN WT
Couldn't have written it better myself "Been in this industry for a good many years � been around and seen a lot to shake me anyhow. The people at the sharp end always manage to make things happen � you know who you are. The wells will be completed, the FPSO will be moored, hooked up and the wells will be put on line � that�s what the engineers and operational people will do regardless of what cluster fcuks happen. That�s what we were paid for. But who knows the secret of the black majic box the reservoir engineers? Given the EPS is designed to prove up the concept of FB plays the key to the whole concept is interconnectivity of the large and small fractures. That is the biggest risk that faces the company. If you have ever climbed routes in the cairngorms cracks peter out and you have to pad across blank granite to get to the next one. OK so a horz well will connect these up, but it�s a small thin long hole in a big bit of rock. There is no guarantee that the fractures you have connected to are not blind � who knows."
The sun is setting on the cairngorms, glorious warm sunny day and calm weather for rig move and start of operations. Been in this industry for a good many years � been around and seen a lot to shake me anyhow. The people at the sharp end always manage to make things happen � you know who you are. The wells will be completed, the FPSO will be moored, hooked up and the wells will be put on line � that�s what the engineers and operational people will do regardless of what cluster fcuks happen. That�s what we were paid for. But who knows the secret of the black majic box the reservoir engineers? Given the EPS is designed to prove up the concept of FB plays the key to the whole concept is interconnectivity of the large and small fractures. That is the biggest risk that faces the company. If you have ever climbed routes in the cairngorms cracks peter out and you have to pad across blank granite to get to the next one. OK so a horz well will connect these up, but it�s a small thin long hole in a big bit of rock. There is no guarantee that the fractures you have connected to are not blind � who knows. Interconnectivity is not just an issue with FB, just look at Seven Heads which was based on secondary porosity feeding the main sands � five subsea wells and the rest is history. Until these bad boys get on line and confirm that everything is interconnected and not flow restricted we are betting on the toss coin � so who knows the secret of the black majic box? We certainly don�t and neither do the reservoir engineers � it�s a black box, been there done that, but are balls deep in Hurricane it�s an acceptable risk. Oh buy the way we are old school investors if we believe in a company, we invest because we want them to succeed , if it goes bottoms up we accept the losses and move on. A philosophy that means we have never made any money on the stock market - yet. The misfits and money men always seem to raise their ugly heads and only dream of green backs and treat the stock market as a casino not a vehicle for generating wealth and employment for us all. Just think when all this hardware is put together and the field comes on production does that not give you a feel good factor that as an investor you have made this happen along with the guys at the sharp end, even if it�s a failure and you have lost some capital you would have been part of something remarkable. PS: Don�t like social media and posting, but feel like the Hydra is forever drawing us in, there are some stalwarts on this board that from a technical, financial and photographical point of view have to be congratulated as without them we would be but mushrooms. You know who you are and we raise a glass of Talisker to you.