Bugsy-b mentioned the location of the v wells the other day. The april 15 cpr mentions Vashliani - this is probably the reference v & is just north east of tiblisi - looks like it's nearing the edge of block 12?
Just re-read last year's cpr & the opening line is:
In accordance with your request, we have estimated the undiscovered original gas-in-place (OGIP) and unrisked gross (100 percent) prospective gas resources.
So there were never going to be any reserves as they were never asked for - they were only asked to assess undiscovered OGIP.
No wonder the press, be it Russian or not are sceptical, the previous NSA assessment isn't really worth the paper it's written on when it comes to proving the field - reserves & contingent reserves are required, not undiscovered OGIP figures.
Are we going to get reserves this time around? Not so sure as this is the extract from the rns':
Frontera is now in the process of completing the second independent assessment of its gas resource estimates associated with the South Kakheti Gas Complex. Earlier this year, Frontera announced results of the first report that it commissioned by the U.S.-based consulting firm of Netherland, Sewell & Associates. This report was associated with two sub-areas situated within the South Kakheti Gas Complex and confirmed combined prospective natural gas resources of as much as 12.9 trillion cubic feet (365 billion cubic meters) of gas-in-place, with as much as 9.4 trillion cubic feet (266 billion cubic meters) of recoverable prospective natural gas resources. As reported in September 2015, the Company concluded that the South Kakheti Gas Complex was one integrated geologic unit. The Company has since engaged Netherland, Sewell & Associates to complete a further independent assessment of the gas potential associated with the balance of the South Kakheti Gas Complex. Results of this work are expected during the first quarter of next year.
Sounds like to me they are only getting the same again - independent assessment of frontera estimates of OGIP.
Nice to think that but it will not work like that. If there is a political solution then we will see action from a significant player (O&G or Finance) once the elephant/Bear in the room has been caged - but I'm sure contact has been made (inc Gazprom)
Maybe he has a promise on the table, something like "if the CPR confirms what you say is there we will buy in" from one of the majors? I would be very surprised if talks along those lines have not taken place! Everyone will want this if proven, there is nothing to lose and everything to gain by a major having a gentlemans agreement in place!
Datafeed and UK data supplied by NBTrader and Digital Look.
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.