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Spinefx
I agree with you, the limited Charlie-1 RNS comments on vapour phase.
My positive side says to me that there is much information to uncover from the Charlie-1 Drill Results. Technology today for use during Drill and post Drill analysis are considerably advanced on even 2 years back.
HRZ raises my interest and curiosity.
Going back to the Lab Results from Icewine-1 core, I still have some questions. The biggest one is, why is it that bitumen was not found in that analysis?
Will the current Charlie-1 Lab Analysis fail in the same way? Or will they address the issue why bitumen occurred in Icewine-2 but will not occur in Charlie-1 location?
For me, HRZ remains a multi-billion barrels of oil possibility.
Phrontist
13:47
we have a few options on when data is to be released based on that ANN of the 20th April :-)
Will we see it this month or after the sums are known for XCD, would prefer something as complete and as definite as these reports ever are, rather than loads of interims.
Guess we have to be patient :-)
Brom 13:47
I'm thinking any future news on HRZ, will be dependant upon imminent updates, expected in the month of June, if everything has progressed according to plan.
From his ANN 20th April we read;
Over 280’ feet of net pay is interpreted over the Seabee, Torok and Kuparuk formations, which compares favourably to pre-drill expectations; however, confirmation of rock properties and saturations by lab work is required. That work is currently underway and, once completed, will result in a revised prospective resource. Of particular interest is the pay interpreted over the Lima prospects in the Seabee formation, despite both being intersected in a sub optimal location. As previously announced, gas condensate was successfully flowed from the Middle and Lower Stellar targets using a downhole sampling tool.
The samples collected are now in the lab undergoing test work. The initial results from this test work, including gas to oil ratio, are expected in 2-3 weeks. More advanced testing on geochemical markers and hydrocarbon isotopes will take a further 4-6 weeks.
Investigation is also underway in regard to several theories regarding remaining potential for oil in the Torok, either as part of an oil rim or potentially displaced updip by a secondary hydrocarbon charge resultant from the unique burial history across the Project Icewine acreage. Additionally, sidewall cores are now undergoing analysis to determine hydrocarbon and water saturations across the various targets, including the HRZ shale, as well as determination of total and effective porosity and permeability.
The first of these results will be known in 2-3 weeks, with final reports expected 3-4 weeks later.
So, 4 weeks after April 20th ANN, we received the following;
21st May Highlights
• Average API gravity of liquid hydrocarbon in the Torok Fm confirmed as ~50 degrees
• Compelling indications of oil updip from Charlie-1 in Torok and possible intraformational seal identified, supporting geological model for alternate phase
• Oil interpreted in the Seabee at Malguk-1/Charlie-1 as well as updip at Heavenly-1
• Additional results from laboratory testing expected over coming weeks
I'm not altogether sure that there was as much information in 21st May ANN as we could have expected in the initial 2 tranches of data that were due for broadcast in 2-3 weeks from April 20th.
Certainly nothing HRZ related.
We Wait & Hope, Optimistically of course.
keefy
14:45 we were actually told about the toluene in the ANN and I can remember the process being explained here by I think SPoiler , like you I have looked at the well report too
HRZ may in time prove itself but we are a long way off at the moment and we desperately need success in conventional projects.
But I have not closed my mind to HRZ completely and will await next news with interest.
LeMajor,
I always smile at "Heavy Plant Crossing"
TP
Brom,
superseded on the 20/4/20 with,
"The Torok, Seabee and HRZ all remain prospective targets at Project Icewine, albeit not without risk,"
Risk...... without risk.........risk....ummmmm without risk. That's speak for "look over there" in the meantime.
Remember the last time that Icewine results came back with the beakers of oil l(albeit leached under pressure with toluene) and the share price boosted, 2 years later, bitumen.
Believe not what we are told
Little things do matter, punctation for instance.
https://metro.co.uk/2020/06/06/drivers-hit-parking-fines-councils-grammar-blunder-sign-12813754/?ico=pushly-notifcation-small&utm_source=pushly
Nothing to do with 88e or HRZ of course, but the roadsign I generally smile at is Slow Men at work.
Still hoping for a good HRZ result, but would not be surprised if most effort is directed to the XCD prospect, which is just meters away from Umiat.
I think it will be a while before any news on future of HRZ, my opinion is that conventional projects inc. Peregrine offer us the best opportunities of near-middle term success, but if it isn't impossible it must be possible.
ANN 7th April " We also hope to glean valuable information in regard to the HRZ potential in this area of Project Icewine and analysis will take place over the next few months"
keefy,
Forget everything we were told about Icewine, it is not on the sweet spot. It is bitumen. De-risked? Well I suppose it proves that no more drilling should be done there, at Franklin Bluffs.
Dave negotiated the deal with PMO as part of the Farm-out to drill/acquire core from the HRZ, as part of a "proof of theory". Do you not think it strange that no mention has been made of the much vaunted Vapour Phase at Charlie?
One would assume with such a large prize on offer that if the mysterious Vapour Phase was detected in the pipe, DW would be promoting the news............. Silence. What until results from the lab are forthcoming, we are told.
My thoughts, we missed it by that much.
10:35
The North Slopes applies to much of the region sloping down to Prudhoe Bay area.
88E have purchased an area within this called Central North Slopes, which PB focused on relating to his geological studies.
So, we are the only prospectors for unconventional in the region. PB had geological reason to propose the HRZ Sweet Spot, a consistent large area of about 11,000 ft down.
His belief is that once HRZ has been proven in one place, then identical drills can occur over the region for decades. The new improved horizontal drill and frack practice has made this project more viable than he originally thought.
It seems that 'BEX / 88E' may have good university contacts assisting in geological analysis of our Central North Slopes area. I think BEX / 88E are determined to prove this project as a commercial oil resource for long term oil production. IMHO this long term work and investment will prove to be positive.
Phrontist
SpineFX 10:35
So why drill Charlie 1 to ~11.1k Feet? Why not stop at Lower Stellar?
Perhaps Icewine: HRZ Liquids Rich Resource Play –0.8-2.0 Billion Barrels Liquids*
• De-risked by two wells: Icewine#1 and Icewine#2 – soft farm-out underway
• To be appraised in Western Play Fairway by Charlie-1
Why would DW boot potential 0.8 - 2.0 BILLION Barrels into touch?
Project Icewine captured the HRZ sweet spot in over-pressured, low-viscosity super-critical phase oil
• Data supports move to horizontal appraisal drilling and further fairway delineation
• Insights into kerogen transformation gained from advanced electron microscope analysis (FIB-SEM)
-Additional FIB-SEM underway on regional well cuttings to firm up prospective fairway
• Charlie-1 well, 1Q2020, designed to penetrate HRZ and gather additional data
Am I missing the boat here? Perhaps safer to wait & see.
keefy
keefy
Yes, shelved. As in no more, gone, moved on.
The HRZ was an opportunity to move the company away from Tangiers and PB provided the avenue. DW has actively been acquiring conventional assets ever since.
No one on the North Slope is doing unconventional, why?
Spinefx 09:58
Although I believe the HRZ will be shelved.
Seriously? Shelved, Back Burner or Abandoned.
Wasn't HRZ the sole reason for going North to Alaska?
keefy
plus of course
"Yukon Acreage • Discussions continue with nearby resource owners to optimise the monetisation strategy of the acreage; and • Permitting underway ahead of potential drilling in 2021 – subject to farm-out. "
Last Quarterly 9th April.
nearby resource owners - Exxon, Jade (Erik Opstad and Greg Vigil), Armstrong(Laginiappe) and from 2019 lease sale Oil Search.
Keefy01,
There could also be the thought that DW is trying to stabilise the share price due to the XCD takeover.
If the HRZ results were "the goods" we would more than likely not require XCD but to release poor results would see the share price hammered and an even greater level of dilution to progress the XCD deal.
We'll find out in time. Although I believe the HRZ will be shelved.
08:39
Staggered news or one big ops bulletin? :-)
ANN 21st May "Additional results from laboratory testing expected over coming weeks"
but nothing specific to HRZ at that point - rest of ANN all related to conventional.
ANN 7th April " We also hope to glean valuable information in regard to the HRZ potential in this area of Project Icewine and analysis will take place over the next few months"
XCD deal will probably not be finalised until some time in July so we may need to be patient as no doubt plans for NPRA winter 2021 (if happening) will be released after deal complete.
Phron Fri 21:06
Can deep thinking make it happen? Not sure we can make oil suddenly appear but what you might find is clarity of thought, rather than blind panic.
Think about this; DW's business rationale includes this, regarding failure. "If you are going to fail, Fail Fast".
Meaning, if you know something has failed or is not what you expected, spit it out & move on.
My thoughts regarding Charlie & in particular the HRZ are; if those core samples & other data that has been retrieved during the drill, are not what they were expecting, don't waste time lokking for something that isn't there if it is obviously not present.
IMHO, DW would have pulled the plug on this within a couple of weeks if they hadn't found what they had expected. The longer we wait for the outcome, the more positive & positively price sensitve the announcement will be.
I might be totally barking up the wrong tree but I believe he would not keep the shareholders waiting regarding HRZ if it was another pig. Why would he? The SP is in limbo, the world is in limbo. What's another bit of bad news in the Big Picture?
Stay Safe, Sane & Well Everyone. Not too much longer to wait!
keefy
23:38 why?
What is the necessity at present time, we are not dealing in the days of quills and ink wells and DW has said NO need repeatedly.
https://www.insideinvest.com.sg/shareinvestor-resources/2012/05/25/share-consolidations-and-share-splits/
Phronist, thanks,
missed your earlier post.
TP
I wonder with 7 billion shares in issue are we heading for a consolidation or does that come with merger with XCD ?
The trades of circa 0.273p were buys, as I had a little top up and it showed red.
Thanks Keefy.
Can deep thinking make it happen?
tarquinpike:
In a recent post, I am suggesting a possible 4 (FOUR) concurrent FO's...
Yukon JV
XCD JV
North Slopes conventional JV
North Slopes unconventional JV
I think that XCD would need a 3D Seismic, the best they have is an older 2D Seismic.
(...and we are paring all this money by way of 20% share dilution?)
I think Yukon (88E) is attempting a JV Group with our own AEA General manager and, urmmm, Exxon Mobile?
We have completed serious 3D Seismic up there, maybe for a wider area to enable justification for next moves.
Once a decent Data Room is prepared, an FO Tender could be released.
Timescale?? No idea.
North Slopes conventional is awaiting further analysis results from The Gods.
This could be sufficient evidence to also move forward with Data Room and FO Tender
Finally, PB's baby - North Slopes unconventional
This sounds like the wild card, but it could become the biggest and the best of the lot.
PB's postulation is that HRZ lies across many thousands of acres from a past historic era.
150 ft to 350 ft deep layer, consistent, oil drenched, thick layer called The Sweet Spot.
PB said anything from 1.5bbo to 3.6bbo. Quietly, it could be more when we discover the area size.
88E/BEX created excellent oil samples from the Icewine-1 drill of Spring 2016.
The Lab Results were literally excellent, better than Eagle Ford and other Texas Frack Sites.
We have a photograph somewhere of a glass of the stuff, like clear Apple Juice.
But it was Light Crude Oil of the Brent type. Moves along pipeline easily, is processed into petrol easily.
Brent Crude is over $42/b today. In two years it could, quite frankly, be back to anything - 50, 60, 80....?
If Lab Results are excellent, can we go back to Charlie-1 and do some Fracking on it?
Add some horizontals?? I am no expert here. But I know a man who might know.....DW.
Phrontist
Re Phronist point 4,
You relate to FO`s in the plural.
What are the chances if any of more than one FO on different sites . HRZ and beyond?
Not just a one trick pony once a year.
TP
uncrossing trade, Bid & Ask remain the same.
The only effect is that our closing price of 0.29 is now our "hurdle" for Monday's calculations.
strange the London Stock Exchange site has not updated with UT trade (as of 17:17hrs) but one thing with their new site is that there is a download button, which will enable anyone to download trades to Excel and do their own analysis of buys/sells.
https://www.londonstockexchange.com/stock/88E/88-energy-limited/trade-recap