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The distance that can be drilled form onshore to offshore is a semantic point
my recollection it was 15km low end - when 12km is possible as you outline - a wamping 3km difference
However - the record in 1997 was 10km according to this sourced data (not my opinion) so your probably out of date:
https://www.slb.com/-/media/files/oilfield-review/ex-drilling
The key is the ability to do this - and it can be done by smaller operators, such as Origin Energy using companies such as Merlin:
https://www.merlinerd.com/extended-reach-drilling/#/ms-2/1
LOL copying an article just goes to show how much industry knowledge you really do have, however there is a BIG difference between your 'googled' example than your earlier 15 - 20 km 'cost saving statement' especially since the current world record is around 12 and a bit km (MD) and that's held by one of the MAJOR operators so I hardly think little old CEG will be challenging or contemplating beating that record anytime soon and I'd go as far as to say perhaps not even in your own back yard legendary blog lifetime.
as the wise old owl once said
a little knowledge is dangerous and boy you sure have a record of being one dangerous individual
AAOG triple digits soon :-)
Onshore drilling example targeting offshore reservoir
https://onepetro.org/SPEDC/proceedings-abstract/16DC/1-16DC/D011S004R002/207829
"Origin Energy Pty Ltd ("Origin") completed its first extended reach drilling (ERD) project in southeast Australia to access offshore targets from an onshore location. The project targeted the Halladale gas field which is located 5.5 km offshore and 1.8 km below the seabed. For this operator, the challenge was to access offshore reserves using onshore drilling and production infrastructure to minimize project development costs and avoid working in sensitive marine environments."
"Possibility to target the offshore Venezuelan basin reservoir from SWP onshore pads at much reduced cost through horizontal drilling tech - can go out 15 -20km apparently"
as the wise old owl once said:
it doesn't matter how many words may be spoken a fantasist with little knowledge will always be dangerous
15 - 20 km eh
PMSL :-)
Deltalo
good spot
"we have again encountered hydrocarbons in the most recently drilled section"
which is upper lower cruse reservoir primary target - its just they havnt logged it yet ?
What was also encouraging to see in yestedays posts was some objectivity and reasoned evaluation , industry experienced commenting well received.
I took two aspects from this of note
A deeper reservoir could be feeding the lower cruse - ultra low cruse?
Possibility to target the offshore Venezuelan basin reservoir from SWP onshore pads at much reduced cost through horizontal drilling tech - can go out 15 -20km apparently.
These aspects for the future, may come to nothing or not viable but are prospects at least.
Good morning Star child, I totally agree, in yesterday's S2 update I believe Eytan may have given information on the outcome of the lower cruse, as he mentioned the upper middle as a reservoir and the "first" of the lower primary cruse target horizon as reservoir's, so I take it they've intersected the upper lower cruse reservoir and set an intermediate casing to protect the upper middle from collapse. Multiple reservoirs sounds big to me.
An extra 7 days is worth the wait imo , what do you you think as I'm just analysing the wording.
Eytan Uliel, Chief Executive Officer, commented:
"Our last update on Saffron-2 highlighted to shareholders that we had encountered hydrocarbons and identified a very encouraging net pay of approximately 165ft of oil-bearing sands in secondary well targets. I am pleased to update that drilling has now reached a depth of 4,126ft, intersecting both a mobile shale zone and the first of the primary Lower Cruse target reservoirs, and at which depth based on drilling conditions we decided to set intermediate casing. This is so as to stabilise the mobile shale and protect the upper Lower Cruse reservoir sands, thus best assuring our ability to deliver Saffron-2's core objective: production. As with the first sections of the well, we have again encountered hydrocarbons in the most recently drilled section, and logging the balance of the Middle Cruse has indicated a further 42ft of net pay - meaning that we have now identified a total of over 200ft of oil-bearing sands in secondary reservoirs of interest. Drilling continues, to an anticipated TD of 4,557ft, at which point the primary reservoirs of interest will be logged. We will provide a further update once drilling is complete."
The result of the Percy-1 drill being non-commercial was a disaster to the SP. FTR, I predicted a 5p (converted) knee jerk reaction. LTHs knew the 1 in 3 risk of a commercial success was like a casino punter dumping £10k on a roulette wheel’s row. Such bets are not for widows and orphans’ life savings.
The difference to roulette being, instead of tripling one’s capital or losing the lot, in BPC’s case the potential was a 10x plus win, or in the event of a loss, the return of one’s original bet in full (or more) due to ex-CERP assets. To use a simple word, the bet was potentially HEDGED.
But things got worse by the Stena cost over-run (of at least $10m over budget) and having to pay $4m to LOL. The affect was a dilutive open offer and II placing to reset the company. This was the equivalent of a gardener using a chainsaw on ‘our’ hedge and culling one third of it.
Clearly LTHs who bought at 15p-25p (converted) over the years are in the greatest pain border-lining on agony. Followed by newbies who bought in the 4.5p-7p range Feb-April, followed by those who bought in the OO/Placing @3.5p. I bought in all 3 phases, and more recently at 2.7p, so I should be on morphine. Some ‘funny’ anti-CEG commentators may wisecrack I should have been medicated for buying BPC/CEG in the first place.
The above may sound like an obituary at a funeral. So, here’s what can awaken the comatose patient, or ‘sleeping’ dead parrot, if things go right.
Yesterday’s Saffron 2 update was a good start to grow shoots on our hedge, although the obese lady will not sing for a few more weeks with the full results. This and Suriname can create larger shoots, but there’s a possibility the hedge can become gargantuan. How?
A farm-out.
An article from 9/9/20 is very interesting. Kosmos received $100m for a farm down to Shell of its EXPLORATION assets, with a potential $100m more on discoveries. (Source https://investors.kosmosenergy.com/news-releases/news-release-details/kosmos-energy-announces-farm-down-portfolio-exploration-assets ). Note: in Aug/Sep 2020 PoO was $40-$45. Today it is $75 and expected to hit $100 and remain in the $70s for some time. Furthermore, majors are potentially running out of new inventory for the mid-2020s.
If a CEG farm-out occurs with ‘only’ $50m (!) in back costs being paid by a Major, this will alleviate most LTHs’ excruciating pain as the SP will soar on the newly available capex to develop ex-CERP assets and a future FULLY funded Uruguay spud.
This is all dependent on Gov license renewal and the Percy-1 autopsy meeting expectations, (the news of which is IMMINENT), and a farm-out actually happening, which may or may not materialise. However, reading the Kosmos article resulted in reducing my morphine dosage since yesterday morning.
IMHO. DYOR. GLA.
Starchild
https://www.lse.co.uk/profiles/starchild/
Read my previous post on court case latest