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22.43 - So things haven't gone as was described, the joy of life, many outcomes in a dynamic world...we learn far more from what doesn't go our way than what does. A life lead expecting a singular outcome and closing our minds to adaptation is a life of disappointment and regret...each to their own though...
17.18 - thank you for initiating a push to review documents afresh. I have done so and still find a gulf between those and PB's vocalise after the 1st London presentation. So, we shall have to harbour differing views. VGLA
Rfarfa,
Indeed 1Tcf of gas is quite a lot of gas to put it into context - comments from ConocoPhillips Southern North Sea pages -
In January 2016, production from the Viking fields ceased after a 43-year field life. Gas was first discovered in the Viking A reservoir in 1965 and production commenced
in July 1972. A total of 24 exploration and appraisal wells and 58 development wells were drilled in the Viking elds, which produced 3.26 trillion cubic feet of gas over 43 years. At its peak in 1977, Viking contributed 10% of the total U.K. gas production.
BB32
Noted, thank you. VGLA
14.32 - Even more reason to just double check you remember actual outcomes so as not to mislead at your own potential detriment, deliberate or otherwise....
10:57 Reaper007 is one of the good guys here so happy to clarify.
Thank you
09.46 - Thanks Brom...I would have made reaper work for it....so he can understand where he's making errors, deliberate or otherwise.
08.31 - Have a look at the Charlie-1 interpretation from the summer last year...I'm pretty sure they specifically mentioned the HRZ...Can you guess what they said?
Just to add, my understanding is, if indeed 1 trillion cuft of gas is considered a large volume, then it have been produced by lite oil.
08:31
"HRZ Thermal Maturity – Peak Oil Generation Window
Measurements taken from both core and cuttings have confirmed that the HRZ shale at the Charlie-1
location has a vitrinite reflectance value of 0.9 (VRo %), which is within the peak oil generation window.
This was also confirmed by isotope analysis of mud gases recovered whilst drilling. The confirmation
of the thermal maturity model is very encouraging and further work is ongoing regarding producibility
of the shale"
https://clients3.weblink.com.au/pdf/88E/02279719.pdf
Sat 08.23 - garrym79: thank you for your very informative post(s). I remember Icewine drill design including facility to analyse optimum depths to initiate sidetracks. We now know that HRZ on approx 1/2 our HRZ acreage is probably in the bitumen (overcooked) phase (which might be recoverable using recently proved tech); however, the other half is uncertain (although the oip figures are available). So, we would need another exploration drill to look at the enormous HRZ and, one hopes, that our future drill designs in any other geological formation will always enable analysis of 'best sidetrack' probabilities. Of course, PB did feel that 'creaming the curve' at Icewine for optimum value to sell on, would require a certain number of drills (which he specified). Our current drill itinerary will probably benefit from designs which enable sidetrack location potential. VGLA
08.49 - Stranger things have happened (although as I've always stated from an 88E shareholder perspective it would be better to have another couple of successful drill seasons to get far better value. But from a major we have a lot of data they could take a risk on:
- derisking of the HRZ at Charlie,
- the Charlie-1 reinterpretation of Seebee and Torok,
- Merlin-1 (whatever that looks like),
- proven Umiat,
- central leases (dependant on imminent PANR news)
- potential Yukon consolidation and monetisation (link to Erik and ELKO to get that ball rolling sooner rather than later?)
08.23 - I think the think the same in terms of next steps with respect to Harrier and Merlin revisit. And as you know I'm not technical enough to know how much good news they could be confident of for that reason and the fact we don't know what data they actually have. I do believe for both 88e and any outside interests its preferable to at least get through the 2022 drill season as suspect any interest right now would apply a heavy discount to value given the still material risks and unknown with respect to the play.
I think the duck scenario was a quote in Petroleum News citing a PN 'source'...whatever that means - but think the odds are is wasn't DW.
You are applying a quote that was used during a totally different scenario.
09:09
https://www.petroleumnews.com/pntruncate/90654407.shtml
08:49
I think that it was probably Paul Basinski who talked about the HRZ flowing like conventional or gas.
"If you go out and ping the internet and look for the oil production of volatile oil - you won’t see any numbers. Because it’s only recently understood even what it was. It’s always gone with either black oil or wet gas. But the point is that it has extraordinarily different properties. So in the sub-surface it’s in what they call super-critical phase.
And what we’ve learned at the EagleFord is when you produce it - it flows like a gas. When it gets to the surface, most of the gas is very, very rich oil. But - as it leaves the pores, and the pressure goes down and then gas forms in the pores - the gas in the pores creates another energy system in order to increase the recovery factor. That’s the reason why you get recovery factors because you basically have another artificial assist. And that’s the reason why EOG and ConocoPhillips have such extraordinary wells.
So this is an unusual phase and it provides it’s own energy in order to be able to get recovery factors that are like 15%, 20%, 25%. So this is extraordinarily important."
http://88ewiki.wikidot.com/presentations:09092016-london-transcript
Thanks garrym. I was thinking sidetrack meant horizontal. Thanks for pointing that out. I think that duck thing was a comment by an alaskan oil and gas division person not from the co themselves, if I remember correctly.
Dave Wall did mention 'leaving some meat on the bone' for the future owners, now how do you interpret that?
Wasn't that said when he led everyone to believe the HRZ would flow like conventional?
Mcap currently £165M for a company that is unable to get oil to surface but Majors are looking to swoop in?
08:23
Many thanks for your explanation and view point.
Garrym, can I ask what your thoughts are on Merlin 1H and Harrier next year? Is that enough to prove up Peregrine for a sale do you think? I know other plays like Armstrong drilled 16 wells but we can't afford to do that.
21:32
Been suggested that it could be Houston Shell, showing interest.
Lol, stockTWITS gives a you a clue rodrod, lol. Just had a little look at ConocoPhillips, they have assets worth 70 billion and produce 1,300 barrels per day, wow
I havnt read stocktwits for a few days. As EEEFN finished up 10% I went to have gander.
So - from a post saying shell company / bank/ loan/ 88e/ $4m
We now have SHELL buying 88e. You just cudnt make it up.
I suspect I am wrong and we will be 5p Monday ROFL