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Brom, I do not know the depth that 3D Seismic can go to with reasonable confidence. Icewine HRZ is about 11,600 ft. Charlie-1 it is almost the same. I am not aware that anything has been published on HRZ other than Icewine, and soon Charlie-1 This data you refer to, I have no idea what it is.
The postulation that a very large sweetspot of HRZ exists was made by PB himself. As a geologist, he would have known the layers of material, when they arrived, what their makeup is, etc. It seems the sea came inland to our area, maybe 1 million years ago, I do not know dates. And over the centuries 2 miles of dust, valcano, meteor, vegetation, god only knows what, has piled up. Leaving the sweet spot to mature from the vegetation of the time, when sea was lapping on beaches, etc.
Phron Just to clarify Peters, Houseknecht, Swanson and Decker have published the majority of the Central North Slope research via DNA(DOG) or USGS, we do know that Ken Peters & Paul had discussions about the sweet spot locations. 88E's 3D is still relatively limited.
PB was the geologist that created the database for Central North Slopes. It would include conventional as and when this shows up on 3D Seismic. But his focus was on the HRZ layer known as a Sweet Spot. Once you flow oil commercially in one place, you know the same is/ could be contiguous over a substantial area. He has studied the geology in the way geologists do and believed the sweet spot could cover 100,000 acres or more, much more. ))) Phrontist
Bromb greetings you are correct PB was the king of shale and deferred to DR ss for conventional.
Amazing how too many, even those who know better or should know better believe that the lack of CONVENTIONAL success is because we do not have PB with us still!!
DW will have equally deferred to bot Eric and Steve re location. That PMO over ruled this as they are entitled to, as they who hold the gold make the rules etc, is down to them not DW .
Some are just so bitter and twisted they have not woken up to this reality
Would PB have disapproved of a free carry well with HRZ side cores, I think not.!
88e are short of cash and dilution is was inevitable just a question of how. Now we have the answer with additional prospective acres not in Icewine , is risk mitigation. Not a bad thing me thinks and if we can get two drills next year on similar terms to the last one I will be more than pleased.
Some think that PMO are infallible because they are a bigger company , well THEIR decision proves that not to be the case. Big oilers do get it wrong as did BP with Prudoe bay, they have a small cap wild cat operation to thank for their Alaskan salvation.
Good afternoon Brombarb and Chrisev1, Thank you both for your comments. I lack objectivity when it comes to 88e in general, and Wall in particular, which can impact on my judgement. I have written several posts which I did not subsequently submit for this reason. I would certainly say Dr. Stephen Staley is outstandingly well qualified, and would have enormous credibility in any forum, not only one connected to O and G. This is the source of my confusion. I cannot understand why a man who is, by any measure, incredibly well qualified, would be ignored by PMO. Did their experts think they knew more ? Was it ego? When a man who is eminently qualified, and has a lifetime of experience, says you are going to drill in the wrong place, why would you go ahead a drill? I would like to know if the concerns regarding location appear in any minutes, or in any e-mails.
14:20 even if Paul had lived we would never have seen volatile oil at Franklin Bluffs, as I have said before PB bid against GBP for the original few leases that included 392301 on the basis that the well could drilled off the gravel pad to test his ideas, as we all know the kerogen was over mature. I doubt very much that DW is playing at being a petroleum geologist / reservoir engineer remember 88E has Dr Stephen Staley who is no slouch in terms of Petroleum Geology on the board. He is a Fellow of the Geological Society, holds a BSc (Hons.) in Geophysics from Edinburgh University, a PhD in Petroleum Geology from Sheffield University and an MBA from Warwick University.
Hi SeeVee, Maybe DW was correct in saying it was PMO who decided where to drill. Think about it, DW's main thing are farm outs. If he lied about it then he would get found out quickly and what company would be willing to trust him and invest in a FO? Don't forget DW is possibly going for 2 farm outs very soon.
I have expressed my opinion of Wall on this forum many times. I invested in PB, not Wall. What I am curious about is the lack of reaction from within PMO, or on their BB to his comments. They may be entitled to ask why £23m of their money was ****ed up the wall on a P and A, but they were told by duster Dave they were wrong to begin with. I cannot see how Wall knew more than they did, but his,very public comments, suggest they chose to ignore the advice from 88e, and this is why they lost their money. I would have thought some from of response would be required/desired by their own shareholders. Shareholders wanting an explanation of why their drill was a duster. Really? I thought they just kept paying so others could keep taking while they stuck pins in a map of Alaska.
That 88E is paying 8-9m during historic oil lows for a load more crap leases with no 3D seismic and v.low chance of success because it increases their ability to raise funds. And it also lines the MDs pockets who conveniently has a tonne of shares in XCD.
25 May 2020 Attn: Manager of ASX Announcements Australian Securities Exchange Level 40 Central Park 152-158 St George’s Terrace Perth WA 6000 Dear Sir/Madam Off-market takeover bid by 88 Energy Ltd for XCD Energy Limited – Commencement of Despatch Bidder’s Statement 88 Energy Limited (ACN 072 964 179) (88 Energy) hastoday commenced the despatch of its bidder’s statement dated 21 May 2020, which contains 88 Energy’s offers to acquire all of the ordinary shares and listed options in XCD Energy Limited (ACN 108 403 425) (Offers). 88 Energy confirms that the Offers are now open for acceptance. This announcement has been authorised by the Board. Yours faithfully David Wall Managing Director 88 Energy Ltd
Jordon, at a superficial level the news may appear good however the reality may be very different. I can not verify the numbers in this post from HotCopper, however I understand many people have shared older wiser’s post before and hold him in high regard. He was also one of the few who openly discussed the more realistic recovery figures quoted by Premier.