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Well no CVN announcement since Asx releases started 40 minutes ago. Did think one would drop straightaway but no. Guess will see in the morning if anything drops during the night..
Well there's only one person...or group that can fight our corner... and that's the BoD, so I hope they've been busy doing that over the weekend.
You tell me bladey let’s hope the operator, or sub contractor has consequential insurance.
@CAR3Y, Great post mate, question I ask is if there was an error in location of drilling, who's fault is that? Operator, Rig Ops(petrofac), or a 3rd party, which I can assume it's not us as we didn't finalise the op but followed CVN.
Secondly, does this not call CVN reputation into call when they've apparently done all the seismics and the dd Who'd want to do a JV with them?
Interesting hot copper post
I think their mapping etc could b possibly off which is why the 80m discrepancy in the drill results for the Elang Top at 3338m.
From the WL logs they'll do a well tie-up (ie correlation) & also plot that depth on the Topo to see what went wrong. Is it a case of velocity misinterp or a localised fault that's thrown the Elang Deeped or did the sands pinch out due to a thicker overburden sequence in the Flamingo/Frigate ??
As for the Elang top, if u plot the current rig co-ordinates (-10.6713,126.1152 in GDA94 datum) on the 3 topo maps published in the RISC report by BHP, Nexen & CVN then u'll get a different answer for the Elang top. The contours show the depth for the Elang sands Top in TVDss. Based on that,
1) CVN's B10 is situated ~220 to 230m SE from BHP's B3. Another BHP well B2 is ~750m east of B10. So these r the 2 nearest well to B10.
B3 intersected the Elang top at 3264m (TVDss), B2 had the top at 3289m (TVDss). As per the topo map & current rig location, the Elang is interpreted at ~3250m. Easy to read the depth on the contour once u plot the wells. ASX
2) Nexen's topo was based on PSDM analysis they did before drilling B7, 8 & 9 located on the western side of B1, B5.
As per those contours, B10's Elang should b at 3305m (using the surface location only as we dont know the final bottomhole location yet).
With so much knowledge base from the nearby offset wells, production record, 3Dseis, it's just bizzare that things came up totally different on the attic with 12m gross thickness, albiet deeper then prognosed.
Anyways update on Monday should add more clarity on the 'Net/gross, Poro/perm, oil quality etc. Noticed that Advance price took quite a hammering over the last few days, as the answers should come from the Operator who put a lot of faith in technology & FWI imaging. Just makes a mockery of the Independent expert's report & the fancy topo images on their Powerpoint presentation over the last 4yrs!!
........If CVN's update essentially says it's a case of plugging and abandoning, then the one hope to stop any further drop in the SP here will be for ADV to issue an update of their own, outlining their plan of attack going forward. If ADV just issue another copy and paste RNS and Peterkin chooses to not even comment and continue hiding his useless face then I would find that disgusting. I wish everyone here the best for this evening and tomorrow and hope there is a miracle for everyone still to come.