The penny will drop with the rest of the market eventually, of that I have no doubt whatsoever.
Until then I will quietly buy more when in a position to do so, and keep reminding myself;
'In conclusion, the Bentley reservoir is exceptionally conducive to oil production. The sand reservoir is thick, uniform, highly porous and clean. The natural aquifer support can be expected to provide steady pressure support and limited/slow water ingress, in our opinion.'
Whoever bought the technical data, will of course also know this...
Thanks for that. I've never doubted Bentley(or SK) & I'm sure the recovery rate will increase when production is eventually achieved, despite my objections to the amount of dilution that was sacrificed to get the ewt done last year.
However, we can't rewrite history & the extra dilution has been more than compensated for by the stunning RAR upgrade & all the numbers now confirmed from initial flow rate to OIP have confirmed xel's previous comments.
If xel can prove up their eor & the impact on Bentley, the further xel licence areas & then the remaining NS heavy oil resources, then xel's potential is truly staggering...if they are allowed to get that far, which I seriously doubt.
Joe - well deduced re Adrian, bet you're good at cryptic crosswords......
Looks like the Schlumberger engineer you had a chat with was spot on about Bentley being a 'wonderful play', as confirmed by the following from Merchant Securities broker note;
Our interpretations of the well logs are provided below: HCAL: The calliper log indicates that the size of the borehole in inches (relative to the size of the drill bit). It appears that the friable sand has been washed out in the oil bearing zone, which provides a sense of its unconsolidated nature.
Xcite has proven that it is capable of drilling horizontal laterals in the friable sand. According to Xcite, thus far production tests have indicated that sand screens have been very successful at inhibiting sand production.
GR: The gamma ray log suggests that the reservoir is of a high quality (clean sands) and lithologically homogenous (88% clean sands) within the oil bearing zone.
RHOZ: We have used the bulk density log (and generic density assumptions for the density of sand and brine) to cross check the seemingly “almost impossibly” good porosity and concluded that the bulk density log corroborates the extremely high porosity estimates.
RLA: The resistivity logs suggest the reservoir is hydrocarbon saturated and that the hydrocarbon saturation is reasonably homogenous in the penetrated reservoir column.
DT4P: We have used the sonic log (and generic assumptions for the sonic slowness of sand and brine) to cross check the seemingly “almost impossibly” good porosity and concluded that the sonic density log corroborates the extremely high porosity estimates.
PHIE: The neutron porosity log tells us directly that the porosity of the Bentley field is around 35% in the oil bearing sands and 40% in the water bearing sands. There is likely to be less noise in measurements from the water bearing data (less wash out). Porosity of 35% is high and extremely rare; it will greatly help production.
SW: The water saturation calculations are very important for our understanding of the Bentley field. The oil bearing portion of the reservoir contains very little water (less than 10% water), which is excellent. The underlying water column is circa 400'. There is at least a 16' transition zone from the oil bearing zone to the water bearing zone, which suggests that when the field is on production the initial water ingress will be slow.
PHIE/BVW/VWCL: A combined porosity, bulk water density and lithology log (interpreted not measured) shows that the reservoir consists of exceptionally clean sands and oil.
In conclusion, the Bentley reservoir is exceptionally conducive to oil production. The sand reservoir is thick, uniform, highly porous and clean. The natural aquifer support can be expected to provide steady pressure support and limited/slow water ingress, in our opinion.
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