What would you say your biggest milestones have been in the last year?
Our first milestone was the announcement of a very clear program in November 2013 of the plan for drilling the next lateral well and drilling and testing the next lateral well. Since then what has been really helpful is we drilled the planned vertical pilot wells as envisaged and we've drilled and the completed a lateral well as planned. Now we're in the testing phase.
The real milestone that the market is waiting for is what the flow from this lateral well will look like. But actually in terms of the milestones that we've achieved since our time in Poland,((( we’ve demonstrated that the hydrocarbon resource is there, we’ve shown it can be extracted, and what remains is demonstrating commercial flow rates))))). In the last period, we have concluded our three well drilling program and completed, a 25-stage stimulation in our lateral well, and now we're in the process of unloading water from the well.
So now it's about demonstrating the flow rate the rocks are capable..
"we`ve demonstrated that the hydrocarbon resource is there"......"we`ve shown it can be extracted"......and and what remains is demonstrating commercial flow rates..says it all..links
would you advertise a title you were "nearing the finishing line"..and use words like.."a sign that the shale gas explorer is headed toward the next chapter of development".......you don't use those words if they were unsure of success!!..links
3Legs Resources: Nearing the Finish Line
Kamlesh Parmar, the 44-year-old CEO of 3Legs Resources, reports that all of the groundwork has been completed on one of the company's wells in the Baltic Basin to be able to determine whether it is economic, a sign that the shale gas explorer is headed toward the next chapter of development.
" The well that we're testing at the moment has been designed to try and demonstrate flow-rate potential to see what this thing can do,” he explains. “I'm hoping that we'll have some news to put out soon with the results of the flow test, at least the initial results, and that should give us a better indication of how things are going..
Mr. Parmar explains, “For 3Legs and ConocoPhillips, the culmination of our work over the last couple of years will be reflected in this current test – we've been building up to this. We've identified what we believe is the core area for us in our acreage and carried out a few further test wells and pilot wells, in terms of vertical wells and coring. That built up to drilling and testing this long lateral which we're in the testing phase of now. So it's all coming to a head and I'm hoping it will be able to prove what I hope it will prove, which is flow-rate potential.”
from xrated last week......... 23:24 25/08/2014 [xrated] Links Spot on as usual, 3 legs is a winner for Sle . 12/13% fluid and 1 mil df is about right + oil .one might expect5/6+ plus per day. It's looking like those numbers. Genel is looking good, they must be near zone 1 , In the lap of the gods, who knows? If it's a hit, we could valued at 2 pounds a share. We own 1.2 mil acres adjacent to 3 legs, the price tag on Sle is mind boggling You are right on the money, it's a dream time for Sle, however Genel may not have a hit, so don't bet on it. If they hit, then we will zoom..............lets hope his flow insite"proves what 3legs hopes it will prove!!
ceo Oisin Fanning San Leon's Chairman quoted as saying "two US-based companies are currently interested in buying out our NPI".....
SLE 4.5% Net Profit Interest in Barryroe field 2C NPV10 = $261 million (2) • NPI - No further capital exposure • Operator currently further evaluating field: • 266 MMbbl 2C recoverable resource (1) • NPI valued at $261 million (2) •43o API – premium light quality oil • Highly saleable once Providence farm-out completes Barryroe Field – 4.5% Net Profit Interest (1) July 2013 Netherland Sewell & Associates Inc. CPR for Providence Resources (2) Internal SLE pre-tax calculation, based on July 2013 CPR 2C recoverable oil in a successful development .........
This past week, it was reported that San Leon Energy produced the first oil shale from its Timahdit license, roughly eight months after it signed an MoU with Chevron Lummus Global related to technologies needed to “produce synthetic crude oil from raw shale oil” in the area. The news comes just as investors in the country’s untapped energy sector have begun to express frustration with the progress of exploration and production.
San Leon also announced the spudding of an offshore well.
For Morocco, a domestic production future is vital to creating some level of economic independence. While sharing the North African coast with some of the continent’s largest oil and gas producers, Morocco currently imports about 95 percent of its energy needs, putting it in a precarious situation where energy prices can, and have, skyrocketed overnight.
Meanwhile, for foreign firms, Morocco represents a stable, if unproven, frontier in North Africa. This reality has become especially clear over the last three years. In the case of Libya, the country’s new government has struggled to retain control over its energy assets and export facilities under the pressure of local militias. In neighboring Algeria, a legacy of underperforming projects, institutional corruption and political uncertainty has made it difficult to pique the interest of new investors. While the country largely escaped the kind of broad political unrest experienced in Tunisia, Libya and Egypt, they have encountered some spillover, including a direct attack on a BP-Statoil held gas facility in January 2013. Leaving scores dead, including foreign staff, the attack rattled both firms, forcing a reevaluation of their presence in the country. By comparison, Morocco seems quaint, even if it doesn’t provide the potential of its neighbors.
However, Morocco’s serene landscape is not the only thing drawing firms to its Atlantic shores. Larger outfits like Chevron and BP have joined firms like Kosmos and Carin in enjoying a potential 75% revenue share, with the remaining 25% reserved for the Moroccan government.
spot on Mallorca..it is very expensive for offshore drills..hence the delay with Albania and sle getting rid of irish licences..Albania wont be got rid of though its a prized procession in the sle farm out draw..and it will be JV"d..with the updates and results soon through bnk/3legs..no doubt the big boys are a watchin!!..cheers links
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