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This is Arthur talking about OPL226 in September 2017.
https://www.youtube.com/watch?v=POOvweLEmDQ
This is the interview with the 'meat in the sandwich' and 'don't cry wolf' quotes.
I really don't think he would have set himself up for a fall like that unless he really thought things were close to happening......he just didn't foresee the problems with Essar .
It's taken nearly three years to get back to this point and even though we will only have 15% and not 40% we are carried on the first drill.
When this is battened down in an RNS and doubt removed I really wouldn't want to try and predict an SP.
Pared does for us dummies. The technical analysis says we have oil
To expand on No Easy's post on resistivity:
Electrical resistivity is related to electrical resistance insofar as it is a proportionality constant.
Electrical resistance which is measured in Ohms can be defined as the proportionallty constant in the relationship of Voltage between two points on a conductor and the current flowing through it.
And so we can measure the parameter resistance and to take a simple case, measuring the resistance of a copper cable with a multimeter.
Voltage = Resistance x Current or Resistance = Voltage/Current R=V/I
But resistance can be related to resistivity:
Resitance is proportional to the length of the cable which is intuitive and also inversely proportional to the Area of cross section or thickness of the cable.
The proportionality constant resistivity is denoted by the greek letter rho which looks similar to a p.
So: Resistance = p x Length/Area of cross section or R= pL/A and p=RA/L.
Conductivity is defined as the reciprocal of resistivity or simply 1/p exactly analogous to frequency F being the reciprocal of time T F=1/T.
A measurement of resistance combined with the other measured variables will yield resistivity.
Oil has an extremely high resistivity whereas salt or ionized water has a very low resistivity.
Just following up on your post RK regarding this bit:
'Because the 3D seismic is correlated with known geology we can be sure with a high degree of certainty where the oil, water contact is and how much is there.'
This is the one bit that stuck in my mind when trying to join some dots previously. It centres on one word I saw in one of the presentations, 'resistivity'. The presentation, which had quite a bit on the seismic, mentioned, 'note the high resistivity'. Looked it up;
'High resistivity is a characteristic of the presence of hydrocarbons and low resistivity is indicative of water. However, log analysts could not differentiate between rocks containing hydrocarbons and those with no porosity because both exhibit high resistivity. Even when hydrocarbon-bearing zones were identified using resistivity tools, the volume of hydrocarbon could not be determined without a porosity measurement.' https://www.slb.com/-/media/files/oilfield-review/defining-porosity.ashx
'Resistivity is the measurement of fluid conductivity and the formation. Conductivity is the reciprocal of Resistivity. Surveys are carried out in various oil and gas fields and then Resistivity logs prepared are studied. These Resistivity surveys help in creating a three-dimensional structure of the hydrocarbon formation below the surface. This helps in identifying oil and gas reservoirs with high chances of trapped oil and gas in the geological formations.' https://www.petropedia.com/definition/3244/resistivity
So to expand on why we have a 'high degree of certainty' we know what the porosity is from the drill and we also know that the resistivity measurement is high, therefore we can indeed see what is oil and what is water.
ATB
but the reality was 1000s of nodding donkeys and oil soaked land!
Rktech
Excellent. Gas will be very nice Bonus.
Extra revenue stream.
What's not to like here....this MCap is ridiculous.
Love those films.
Hi Bolton:
That's pretty much what they used to do back in the early part of the 20th Century when they were discovering oil for fun.
You know, those films where the drill string comes flying out of the ground followed by a fountain of oil and they all run around shouting ' it's a gusher '
We are all around the dome on the flanks of one huge anticline. The dome in the centre is where OML 83 and 85 are ( the Anyala and Madu fields........you know the one's that have more than they expected ).
Most of the gas will migrate into the dome and the oil will sit beneath this and the water at the base, hence the 'meat in the sandwich' analogy. as we also have gas that is trapped nearer the top.
Basically, it’s telling us that the oil is down there and even telling us where it is.
The YouTube clip was helpful now I can go looking for myself bolton16 oil.
Rktech so anticlines is where the sweet spot is.
Anyone sitting on the fence thinking about buying in ?........Please read No Easy's post of 11.40.
Well done mate.
Because the 3D seismic is correlated with known geology we can be sure with a high degree of certainty where the oil, water contact is and how much is there.
Art's now famous 'meat in the sandwich' , which actually is true about most anticlinal hydrocarbon traps.
On a small scale and to illustrate this look here.
https://www.youtube.com/watch?v=Reutf0hu-FM
Excellent post and reminder NoEasy.
“Estimates are independent” to me that says, no spin from ART.
The market is just waiting on official confirmation of agreement signed.
The marginal field pre qualification clock shows pre qualified bidders list released at midnight BST tonight - is that correct?
https://marginal.dpr.gov.ng/Account/Login
Click on "view" for the clock.
Perhaps not quite everything people need to know as this line indicates:
' NSAI did not use ShoreCan seismic inversion products in their analysis and estimates of independent reserves/resources evaluation.'
That's a pretty big hole considering what we do know of from the state of the art amplitude extraction and simultaneous inversion techniques on the 3D seismic. The exploration upside includes two further zones the NSAI didn't comment upon because the seismic interpretation material wasn't available to them when they did their report. The subsequent interpretation 'reveals dramatic divergences between gas, oil and water saturated sands, and has enabled COPL to estimate significant in place oil resource potential in the 7200’ and 8000’ zones.' Some 5 billion+ barrels of potential oil in place on which they put a conservative 25% recovery figure.
And that's still not everything people need to know about OPL 226 including the risks. Good source of info for investors besides the presentations are the 2017 prospectus with embedded NSAI report and the 2018 prospectus.
http://www.canoverseas.com/wp-content/uploads/2017/06/COPL-Prospectus-2017.pdf
http://www.canoverseas.com/wp-content/uploads/2018/08/COPL-Final-UK-Prospectus-Dated-August-23-20184.pdf
Additionally the MD&A reports on the companies website are helpful.
Exploration Upside
• Nduri Far East Prospect – Growth Fault-related rollover anticline
• Noa Northern “Big Kahuna” Prospect – including HJ South and Noa Northern
At the request of COPL, Netherland Sewell Associates Inc. (NSAI) has prepared an independent report in
accordance with Canadian National Instrument 51-101 evaluating the Contingent and Prospective Resources
attributed to OPL 226, as at 1 March, 2016. NSAI did not use ShoreCan seismic inversion products in their
analysis and estimates of independent reserves/resources evaluation. In this report, the Gross Unrisked
Prospective Oil Resources (recoverable) for these three prospective exploration areas are estimated to be:
Prospects Low Estimate Best Estimate High Estimate
Nduri Far East 10.9 million BO 19.9 million BO 34.9 million BO
Noa Northern 24.6 million BO 43.9 million BO 76.6 million BO
HJ South 36.8 million BO 61.3 million BO 98.9 million BO
Totals 72.3 million BO 125.1 million BO 210.4 million BO
http://www.canoverseas.com/wp-content/uploads/2017/06/OPL226-Project-Summary-May-2017-Final.pdf