George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Something which has been ticking over in my mind.
It's not that BPC will not drill, i believe they will, it's more around the perceived delays and i think they are because of Seadrill trying to best manage the use of their fleet. I know the West Saturn is looking the favourite to be the rig and it fits with a lot of the rhetoric from the Company e.g. inspections at anchor. I just wonder given that a couple of their other rigs are only on short term contracts which are due to finish very soon and could potentially fit with BPC, i wonder if they were looking to give one of these a quick turnaround and send it to BPC rather than take a freshly certified one as Seadrill might want to use this to tender for a long contract with someone else e.g. Exxon, Guyana?
I believe Seadrill will honour the initial agreement, it was more everyone has been giving them time and the best chance to do what is best for them. If it hasn't already though, i suspect the axe is about to fall on this wiggle time and they will just have to supply what they have.
I believe Seadrill only have 5 MPD certified rigs at the moment and BPC are looking to undertake a MPD drilling campaign so that limits options in the fleet, unless another is converted, which someone like Haliburton could do for Seadrill as they sell MPD equipment. I know 4 of the 5 Seadrill rigs that are MPD capable; Capricorn, Capella, Tellus & Saturn, i don't know which one is the 5th? If it's not the Sevan Brasil maybe they were considering converting this to MPD as it's at anchor in Aruba, maybe this is what has lengthened time frames? This would be a win-win for Seadrill and BPC.
All here and an interview confirms April drill.
https://www.proactiveinvestors.co.uk/companies/news/907872/bahamas-petroleum-primed-and-ready-for-drilling-907872.html
Thanks Jim
Great to add tech detail to the high level timeline summary, my times were indicative at best ! and subject to rock conditions/process you described very well.
As Perseverance 1 drill site is selected - presumably the actual ship?
RNS Nov 28th:
"However, now that BPC is working with Seadrill, specific data from the rig that will be mobilised to the field is available and can be included as part of the application update. This data includes, in particular, technical details, equipment lists, standard operating procedures, and response plans specific to that rig."
Also they should be doing the local environmental survey at any time to get final EA approval?
"In the coming weeks CSA will now proceed to deploy the necessary vessel to site to commence the physical work of sample collection, and thereafter proceed to the detailed biological, chemical and physical analysis of samples collected, as required and agreed with the Government."
Morning all.
Some really useful info posted last night and good to see the clarification you've provided Jim - you seem to have a good knowledge of the oil industry and also good to hear your shared sentiments for BPC going forward to drilling and an eventual Farm in.
Atb & have a great day all
Jim
Great thanks.
Helps a lot and explains relatively easily to me a layman why it is 60 - 90 days.
From the cost perspective whether drill is turning or idle the capex is still constant hence if we get lucky and do expedite optimally (60) the difference can be approx $8 mill.
This context is extremely important in my view as if we keep the luck then 2 wells funded is getting more possible in a go it alone scenario and indeed fund raising would be pretty easy when “Perseverance 1” is successful.
Does that compute in simple terms?
Cheers.
IK.
With respect to drilling duration's and RoP. The 'Road Map to Drilling' specifically talks about 'Managed Pressure Drilling' and there have been other references to how the RoP will be determined by geological conditions. To try and simplify this in the best way possible to those who maybe don't understand about drilling and duration's.
You can't just set the drill bit off at a constant speed and keep ploughing all the way to TD. As the drill bit hits different rock strata a different pressure is required by the fluid that is pumped down that cleans and lubricates the drill bit and controls well pressure.
Sometimes, when the drill bit reaches a strata of rock that is heavily fractured (cracked) the fluid leaks away into the surrounding rock and fluid pressure is lost, this can be dangerous as it may lead to a 'kick' or blow-out. Therefore, the drill bit must 'wait' at this height until enough fluid has leaked away into the rock to flood and fill the cracks and voids until fluid pressure returns. How bad the fractures and voids are before drilling no one can truly tell so how long they have to 'wait' at each rock strata is unknown until drilling is underway. This is why there is a best and worst case duration provided for drilling, it'll likely be somewhere in the middle.
I have probably over simplified there a bit and may not be exact but you get the gist. Feel free to correct.
Good luck everyone.
Til
Thanks for a great summation much appreciated.
I personally feel very comfortable re legal, finance etc cos that was my bag. So great to understand from a pro the sharp end of the real stuff.
Cheers.
GL
IMO results at each target are best announced as with so many people involved news will leak or there could be ill informed speculation. We understand interpretation might be preliminary.
FM
no - just an average of time against depth drilled, will vary of course and less or more different rock types, so
Indicative at best.
Geologists here could estimate drill times by rock strata we know the drill will go through im sure, would be interesting
Tiburn, is the average ROP of 80m/day expected as a result of known geology?
Thanks Tiburn for those detailed estimate drilling times. It's great to see the schedule written up like that, and as long as it gets started in April we should be okay for results being reported by the end of June/early July.
"Perseverance #1 will be located in water approximately 518 metres deep, with a target depth of 4,822 metres, but with a capability to be able to reach 5,600 metres, thereby affording the ability to evaluate multiple reservoir horizons throughout the entire stratigraphic column below the Tertiary cover. The ultimate decision on well depth will depend on real-time drilling results and geological information."
Would BPC issue RNS for logging whilst drilling indicative results as they drill through each of their targets?
Assume drill starts early April.
If 60 days drill time estimated by BPC brings them to early-mid June, at 4,800m drilling targeting Aptian reservoirs at 35% COS, but also going through Top Cretaceous (26% COS) and Top Albian (21% COS) layers on the way - multiple targets, stacked reservoirs.
Average of 80m a day drilling
Top Cretaceous layer - around 700m down, initial Logging whilst drilling results from this level may be reported anytime after 15 days approx - mid – late April potential news
Top Albian - from around 1700-2400m depth = 21+ - 30+ days after spud - early May
Then Aptian and highest COS from around 2,700m - 4,800m – so from 34+ - 60+ days after spud, period Mid may – mid June for the highest COS target initial results pending full evaluation after TD.