We continue to struggle Oisin continues to smile....I know this is old hat but I post this more as a question than a statement. From what I've read at various times OF receives a remuneration package of around £25k per week and starting in April he may receive 80% of this in shares. If this is the case it would mean he would receive 52m shares per annum assuming the sp to be around 2p......He would of course also have the remaining cash of £5k per week bringing the total value for the year to £1.3m........I wonder does anyone know where these shares are to come from because if they are new shares at 52m per yr in say 4yr that would be 208m new shares... Are we to be in a perpetual state of dilution?
Particular care will be brought to the treatment of water used for fracturing the shale gas in order to prevent any pollution of groundwater", States the impact record filed by Realm Energy International. Other licenses are also suspected by environmental protection associations to target gas from shale, as demand for Gastins, in Seine et Marne.
Oil tankers are exploring despite the law?
Is the entire debate. The Act allows quite tankers to explore to find the conventional oil. Seismic campaigns are thus regularly organised on concessions to determine what contains the basement. These "maps" can equally make conventional oil and rocks of non-conventional hydrocarbons.
Jane Buisson, President of the association France Nature environment 77, wonders:
In addition to 60 years of exploration, estimated that oil tankers had full knowledge of the seine and Marne basement for what is from the conventional. This is why we suspect them always to undertake these campaigns to verify the existence and the amount of shale gas in the region
VIDEO. The tankers continue to be interested in the potential of the Paris Basin despite the law? "Obs" tried to check it, Seine et Marne, second deposit estimated for shale gas in France.
Between Provins and Coulommiers, pumping easels accompany the motorist. These "horse heads", which can be seen on the horizon, are reminiscent of the industrial landscapes of Texas. Yet it is at the gates of Paris that Vermilion Energy, a Canadian oil company, extract black gold since the end of the 1990s.
The company provides half of French production and holds three larger concessions from the territory, including Champotran, in Seine-et-Marne. The machines drill here day and night to retrieve the "conventional" said oil.
But before the prohibition of 2011, oil tankers were also exploring the region looking for unconventional oil, potentially a large reserve of oil from shale. Today several environmental organizations suspect them to prospect to term an unconventional hydrocarbon. At more than 3000 meters of depth, its operation would require the use of hydraulic fracturing, not without consequences on the environment.
The law will allow it?
Non. In this case, searching of shale is strictly prohibited since July 2011 and the law "to prohibit the exploration and mining of oil and gas by hydraulic fracturing."
The Act has repealed at the same time the exclusive licences with projects using this technique. Late September, Ségolène Royal reaffirmed that there is no operation or investigation on shale gas as long as she would be Minister of ecology.
Vermilion who did not want us to visit its facilities provides in contrast be in accordance with the law:
The company shall strictly comply with the Act and works only under the Act and regulations. Our exploration as our operations have a strictly conventional focus."
Shale gas, of ancient history?
False. Following the passage of the Act, requests for permits for explicitly the exploration and development of unconventional hydrocarbons were refused by Philippe Martin, predecessor of Ségolène Royal in the Ministry of ecology, sustainable development and energy. Since then, oil tankers say no longer hope for a repeal of the law.
Jean-Louis Schilansky, president of the French Union of petroleum industries (UFIP) stated:
To change the law need to be twenty or forty years... Gold companies operate under the regulatory context in effect."
Yet in early November, Denis Baupin, Deputy EELV and vice-president of the National Assembly, was alerting Ségolène Royal on an application for permit of the company Realm Energy International and subject to a public consultation for the concession of Kamma in Yonne. It explicitly refers the exploration and exploitation of gas from shale through hydraulic fracturing.
Driving through fields and forests 80km outside of Gdansk on Poland’s northern Baltic coast, it is easy to miss the birthplace of Poland’s shale gas dream. Two large metal wellheads, barely visible from the road in the middle of a large field, mark the graves of the country’s first vertical and horizontal shale gas wells. Drilled by 3Legs in 2010 and 2011, the wells did produce some gas, but not enough to start commercial production. Mr Parmar says that the weight of red tape, which can mean waiting 18 months for permission to start drilling for gas, slowly eroded the company’s finances and appetite to continue investing in new wells. “These delays deter investment,” he says. 3Legs in September handed over its concessions to ConocoPhillips and stopped its operations in Poland, joining Total, Eni, ExxonMobil and three other foreign companies in packing their bags. “We are working to shrink decision-making times, to make it as easy as possible for the companies,” says Pawel Mikusek, spokesman at Poland’s environment ministry. “But come on, it is geology. It takes years. We need to take a breath and let investors do their work.” One investor that has not lost hope is Ireland’s San Leon Energy, which has concessions in Poland. “At times it has been very frustrating, very bureaucratic, but things have changed . . . The government is very supportive,” says the company’s executive chairman Oisin Fanning. “Shale gas will be proven, and will flow in Poland.” In 2011, estimates of Polish shale gas reserves were 5.3tn cubic metres, enough for 300 years of domestic gas demand. Government officials talked of the industry creating a sovereign wealth fund to rival Norway’s. Today, the ministry reckons the country may have around 55 years’ worth of gas, if it can be extracted. So far 66 wells have been drilled, according to the government. None are producing gas in commercially viable quantities. “I think it’s fair to say that there was a little too much expectation, too much hope,” says Jacek Libucha, principal at the Boston Consulting Group in Warsaw. "Now the effort is being led by the state-owned companies who have financial resources, but are having to learn the right knowledge to exploit the potential . . . [their] intention is to develop it at their own pace, rather than this gold-rush mentality that was present a few years ago.” A new hydrocarbon law, two years in the making, was passed in August in an attempt to smooth the regulatory process for shale gas miners in Poland, while the environment ministry says it has boosted its team dealing with industry applications to 10 people, from just three in 2012. Conoco Philips which invested in Polish shale gas assets alongside 3Legs in 2009, says that it is still conducting tests
Poland’s shale gas dreams put on hold Henry Foy in Warsaw
Poland’s much-hyped shale gas boom could take as long as six more years to become commercially viable, as foreign oil and gas companies abandon their exploratory plans, citing bureaucratic tangles and an unfriendly investment climate. Poland dreamt of domestic shale gas providing both an alternative to relying on politically unpalatable Russian energy and a windfall to state tax coffers.
Global petrochemical companies such as ExxonMobil, Total and ConocoPhillips flocked to the country, snapping up concessions and making Poland Europe’s biggest shale gas market by drilled wells. But instead exploratory wells have failed to meet expectations and many drillers have grown impatient with regulatory delays that executives say have smothered their ambition. Of the 11 foreign companies that invested in the country’s shale gas market over the past four years, seven have abandoned the market, after spending a cumulative £500m. That has left domestic, state-backed companies such as PKN Orlen, Lotos and PGNiG with the financial and regulatory backing of the government, and a handful of well-funded global players, to wait for a change in fortunes. “We gave it our best shot. We got to a point where we could not justify carrying on. We demonstrated some potential, but our company could not justify committing further capital based on the results so far,” says Kamlesh Parmar, chief executive of British driller 3Legs Resources, which pulled out of Poland in September. “It is going to take longer and cost more money than most people imagine. Those operators that continue will have to have the funding and patience to give their projects the best chances of success.” The steady withdrawal of investors and explorers and rising disillusion with Poland’s shale gas prospects is not likely to be helped by the recent sharp fall in global oil prices, which have cast doubt on the financial credibility of the fuel even in well-established drilling markets such as the US. The country’s environment ministry, which regulates the industry, says that it could take until 2020 before Poland begins to deliver commercial shale gas at a level of profit seen in the US.
They will have taken precautions to avoid plugging the formation . Perhaps if it had been onshore they would have acidised to try and clear near wellbore damage but with the per-diem rates offshore that may not have been an option .
I reckon the carbonate's secondary permeability was too low AT THIS LOCATION due to fractures being closed etc .
If Genel go back then I expect they will drill the same structure in a different location or drill a different structure , not attempt to redrill in the same place .
I agree with the contents of your post. We had an oil find ,but Genel s engineers blew it, SLE had correctly assessed the well , it was a discovery well which required TLC. I bet despite the oil price Genel will be back to drill again on the same structure .SLE have been involved in 2 off shore wells this year and a number of on shore wells in Poland, AUL Licences in Poland will be drilled this year and given the presence of oil off shore Morocco, one can only imagine the development of on shore wells in Morocco. AUL , ISLAND OIL GAS ,REALM , 3 LEGS. all gone and SLE is still standing, SLE will have a hit soon , so it will secure income and survive. Oisin may surprise us , indeed given the drop in oil prices , opportunities will come again for SLE. Just look at the work load, SLE management do not sit down, no sooner have they drilled on their licences , they turn to the next project. If SLE was properly funded , just imagine what they would do with Albania ,on shore ZAG and TARFIA Licences, Spain and eventually France and Poland . At this price level SLE is a big target on the cheep, The GENEL well was a success until Genel botched it , lets have no doubt Genel is targeting SLE, they can take out Sle for half the cost of one well, Genel know they are sitting on a large oil find , its just a matter of drilling on the correct side of the fault,Genel now know they are in a petroleum system and it also exists on shore as well. Watch out SLE.
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