"If they've cracked a commercial flow at Lewino, which the CEO from UOS believes .... then they've cracked the code for all shale Oil and Gas production in Poland .... "
They may well have found a fracture design which works in the vicinity of the well but to say that it will work for the whole of Poland or even the whole of the Baltic basin which is in in different maturity windows is stretching things .
I don't even think commerciality can be declared on a vertical frac . It's going to be 2014Q1 at the earliest before either San Leon or BNK drill a long horizontal which produces flow rates and EUR's which can be declared commercial or not - once the Govt publishes fiscal terms .
LATEST DEVELOPMENT ON SHALE GAS IN POLAND (in the last week).
Dennis McKee, the CEO of UOS, the company who are fracking and testing the Gas for SLE at Lewino, Poland, where the photos of the flares are claimed to be from (and now SLE have confirmed it was flaring for a week), has stated that he personally believes there will be a COMMERCIAL Shale Gas discovery in a matter of months, if not weeks .... with a smug grin on his face. He must be confident, otherwise why risk his reputation.
What's an even better slant about this, is that it's not SLE stating they believe it's a commercial flow on their asset .... it's the service company performing the frack and flow tests who are stating it .... :o)
If they've cracked a commercial flow at Lewino, which the CEO from UOS believes .... then they've cracked the code for all shale Oil and Gas production in Poland .... and SLE have a prospective 81 Tcf of Gas just at two of the locations .... sales value .... £ 486 Billion and prospective 4 Billion Barrels of Oil .... sales value .... £ 240 Billion.
Even though nothing is ever a guarantee, I think I'll err on the side of taking the view of an expert in his field with almost forty years experience under his belt .... rather than a selection of self proclaimed 'armchair specialists' who's closest experience with Gas will have been when boiling a kettle on a camping trip .... ;o)
Wozniak, the Polish Deputy Minister, has since stated about Lewino ....
"After these results, that I have seen (on the borehole in Lewinie-PAP), next year in Poland will kick off the first commercial mining," he said. He added that it can start the San Leon, but also other companies, which have concessions.
OPHR sold 20% of it's Tanzanian Gas for roughly £ 800 Million for roughly 1.7 Tcf of Gas Offshore.
Equates to £ 475 Million per proven Tcf pre production offshore.
Also, COV sold their 2 Tcf of Gas pre production for £ 600 Million per Tcf .... and from memory, this was offshore too.
Both assets undeveloped pre production.
SLE is targetting around 80 Tcf at Siciny and Lewino .... and both onshore .... :o)
Poland Moves Closer to Shale Gas
Poland’s Minister of the Environment Maciej Grabowski said that a draft law on shale gas would be ready by the end of the year.
"We would like the law facilitating investment in shale to be passed as soon as possible to reduce the potential risk for investors," Grabowski told newspaper Dziennik Gazeta Prawna.
Grabowski, who recently replaced Marcin Korolec at the helm of the Ministry, said that the law would not cover the taxation regime. According to the Environment Minister, the Finance ministry will legislate on shale gas taxes in a separate bill.
The law by the Environment Ministry is expected on to the government
Statoil Says East Canadian Oil Finds May Signal Moroccan Crude By Eduard Gismatullin Nov 29, 2013 9:59 AM GMT - Comments Email Print Facebook Twitter Google+ LinkedIn Save Statoil ASA said oil discoveries off eastern Canada may signal potential crude finds off Morocco in northwest Africa because the regions could have similar geology.
Statoil’s latest Bay du Nord find in Canada’s Flemish Pass Basin may hold as much as 600 million barrels of recoverable oil, according to the company. That part of the North American coast used to be joined with Africa before the continents’ tectonic plates moved apart more than 100 million years ago.
“The analogue is probably more toward northwestern Africa, toward Morocco,” Tim Dodson, vice president of exploration at Stavanger, Norway-based Statoil, said in an interview in London on Nov. 27. “This is where potentially you could look.”
Some of the world’s biggest oil companies, including BP Plc (BP/) and Chevron Corp. (CVX), plan to expand operations off Morocco this decade, while the U.K.’s Cairn Energy Plc (CNE) started a new well there in October. Across the Atlantic Ocean in Canada, Statoil and local partner Husky Energy Inc. made their first discovery at the Flemish Pass’s Mizzen prospect off Newfoundland in 2009.
“Maybe the Mizzen well told them something,” Dodson said of the other oil producers. “It’s pretty strange to me that they are taking positions in Morocco, but then they don’t want to join in Canada, where we have already proven the hydrocarbon system.”
Statoil had sought more partners to share drilling costs prior to the Bay du Nord and Harpoon finds this year, according to Dodson. The company now plans to appraise the discoveries further before offering any stakes in the fields and deciding on their development.
“We have a lot of upside on the structure, which we’ve not assessed yet. This could get bigger,” he said. “We are not about to sell in Canada any time soon.”
A total of about 10 wells in Moroccan waters are planned through 2014, according to Citigroup Inc. Explorers have long operated onshore in the country, drilling 730 wells since 1919, while there are only 40 at sea, according to Oswald Clint, an analyst at Sanford C. Bernstein & Co. in London.
To contact the reporter on this story: Eduard Gismatullin in London at email@example.com
To contact the editor responsible for this story: Will Kennedy at firstname.lastname@example.org
Do you think that GS and his Quantum fund, also Tosca and others..Do you think that they believe that SLE is worthless, or do you think they believe SLE will make it big soon...Infact do you believe SLE are going to make it big?
The Government last week published the British Geological Survey’s estimate of 1,300 trillion cu ft of natural gas stored within the shale rock deep beneath northern England. It is becoming clearer that the potential to transform our energy provision lies underneath our feet.
If only 10 per cent of northern England’s shale resources can be extracted, that would meet the UK’s current gas demand for more than 40 years. And at today’s prices, it would have a market value of almost £1 trillion, without considering the gas and ......................................sle concessions in the Baltic alone at $500 per acre would be worth $446mill
if the acreage is proved up which by the looks of it it might with the news we have been given..the acreage price by sle rekoning on their website could go for $5000 an acre..worth $4.46billion.....this is without the resource..yes we will have to wait for results,but if it is a big find which sle have stated on the lewino concession 12/18tcf..its worth a fortune to us...cheers links
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.