Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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The Pensacola area was originally mapped using PSTM 3D seismic originally acquired in 1993 by Marathon and subsequently reprocessed. Seismic quality is generally good as shown in previous CPR reports and certainly good enough to predict fracture corridors. But the main reservoir risk is matrix permeability - will it flow if there is any gas. The second risk is gas source. None of the 3 wells in the Pensacola area reported gas in Zechstein dolomites, although non-commercial gas is present in the underlying Carboniferous.
Sure, the geological chance of success may be encouraging - but will gas flow?
If we had a Micky mouse outfit as partner, I suspect exploration would see a few ppl sell. Selling this week is profit takers but price has held steady for next leg up.
hes just deramping, just ignore him, we have to STICK TOGETHER.
ExploratIon - These are historical wells and none of the drills were on 3D or modern technology. I suspect u believe shell uk are drilling to for fun
LOl I am in at 0.80, I can sit through this whole journey ON MY HANDS. AND THAT IS WHAT I WILL BE DOING.
eh oh i see, yeah but thats a different part of the prospect, and in a way thats good, we got more chance of finding gas where we are looking
are we near those 3 dry holes? how do you know that??
Good point Phoebus. I'm always happy to talk about chart analysis.
draft
Darach discovery certainly boosted hopes of new Zechstein discoveries, but Pensacola already has 3 dry holes on it - 41/10-1, 41/10-2z and 41/5-1.
Investors should beware of high expectations for P2252
I think you'll be lucky to get in under 2p as that is below the rising trend line support. Get too greedy and you'll risk being left on the sidelines.
I think you'll be lucky to get in under 2p as that is below the rising trend line support. Get too greedy and you'll risk being left on the sidelines.
draft - I don't see anything in your posts that I wasn't already aware of.
What we want to know is where is the sp headed.
Yesterday, someone got excited about a 1M buy. I think that gave us a clue about the sp. As I replied -
1m bought and it didn't lift the price - thus indicating weak demand. I expect a drop so that I can buy at under 2p. I expect higher prices, but not just yet.
P2252 (Pensacola): The licence lies approximately 75 km east of the Tees estuary in relatively
shallow water of about 60m. Shell is the operator with a 70% interest. Deltic has a 30%
interest and since the well decision in late March has been financing its share of licence and
well costs. These are estimated at £4m by Deltic plus a further £1.5m for testing in a success
case. Pensacola is a Zechstein carbonate reef prospect analogous to the ONE-Dyas/Spirit
Darach discovery approximately 40 km to the east. With P50 prospective resources of 309 bcf
gross the resource base is highly meaningful. The GCOS (geological chances of success) was
substantially increased following Shell’s 3-D seismic survey in Q3 2019 from 20% to 55% which
is very high pre-drilling. Pensacola well planning along with the site survey are now underway.
A commercial discovery at Pensacola would clearly be transformational for Deltic.