The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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All-
As I read this morning's interesting comments about the negative aspects of the FOG / POQ saga, I cannot help but scratch my head. For years now my comments have seemingly fallen on deaf ears. Shareholders have a responsibility and can do such with their votes each year. Why have my fellow shareholders been reluctant to use the single most powerful tool to correct inequities. If anyone is friendly with any of our outside directors, there perhaps could be a constructive conversation started? POODS
Burnt child:
Many years ago, some gentlemen who got a good reputation at this time had the vision to drill a deep well in Albania and to discover heaps of hydrocarbons and to get rich. It is well known that it is difficult to drill the flysch facies in Albania and the best drilling engineers from Europe and even the US ended up with nosebleeding. At the end of the day, the drilling became more and more expensive and the share of the asset of the tiny oil company, that started with their vision the well, got a smaller and smaller share because they had to pay the bills for the operations and at final drill depth Shell was the only owner of the well and the tiny oil company disappeared. At Org you find exShell management and my impression, fear is that the small irish fish POQ jeopardizes our tiny, weak Falcon.
thanks for that dpruskky
Still I am pretty impressed by the sheer size of the monster of 61 tcf OGIP.
But I am not any more that impressed if we get only a waning FOG share of perhaps 1 or 2 tcf recoverable gas? I am afraid we are in for a shrinking FOG sticker price.
gonoles, yes the P50 number is nice, but it is just a coin toss. Could be Xs higher than the P50,or, sniff, somewhat lower.
Thought this was the first time it has been reported at P50.
Page 12 of the report.
Place of 61.0 Tcf . Wells drilled to date by Santos Limited
(Santos), Origin and Pangaea Resources Pty Ltd indicate
a P50 Gas-In-Place Resource for the Velkerri B-shale
alone of at least 500 Tcf,
Preliminary gas composition analysis indicated >90%
methane, less than 5% total inert content and 3% ethane.
Santos have announced that the next phase of appraisal
is expected to include the drilling and multi-stage
stimulation of two horizontal wells commencing in the
first half of 2020.
In early 2020, Empire Energy Group Ltd (Empire;
parent company of Imperial Oil and Gas Pty Ltd)
announced the results of a 231 km 2D seismic program
in EP187, 75 km southeast of Tanumbirini-1, near the
eastern margin of the Beetaloo Sub-basin. The company
reported that interpretation of the seismic data suggested
thick continuous shales of the Velkerri and Kyalla
formations at ~1000 m shallower than in Tanumbirini-1.
Empire are planning a well in 2020 targeting both shale
formations.
McArthur Basin
The Beetaloo Sub-basin is a significant depocentre of
Mesoproterozoic Roper Group sedimentary succession,
which underlies the Mesozoic Carpentaria Basin in the
vicinity of Dunmarra and Daly Waters. It is the Territory’s
most advanced shale gas play. The most prospective
shale units in the Roper Group occur within the Velkerri
and Kyalla formations. Drilling of the middle Velkerri
Formation has demonstrated the consistent presence of
gas-saturated, quartz-rich shale source rocks that are
mature for gas over extensive areas and appear to meet all
of the physical and chemical parameters for a successful
shale gas play. Following the successful hydraulic
fracturing and production testing from the Amungee
NW-1H exploration well by Origin Energy Limited
(Origin) in 2016, Origin announced a 2C Contingent Gas
Resource Estimate for the Velkerri B-shale pool of 6.6 Tcf
(trillion cubic feet) over 1968 km2
, with Original Gas In
Place of 61.0 Tcf . Wells drilled to date by Santos Limited
(Santos), Origin and Pangaea Resources Pty Ltd indicate
a P50 Gas-In-Place Resource for the Velkerri B-shale
alone of at least 500 Tcf, with the additional potential for
liquids across the basin. Following the implementation
of required recommendations of the Inquiry, exploration
activity in the sub-basin recommenced in 2019.
Exploration in the central part of the Beetaloo Subbasin is operated by Origin in joint venture with Falcon Oil
and Gas Ltd. In October 2019, Origin spudded the Kyalla
117 N2-1 well, which was designed to test the liquids-rich
shale gas play in the Kyalla Formation. The well reached a
vertical total depth of 1895 m and intersected a thickness of
nearly 900 m of Kyalla Formation, including three sourcerock reservoirs with thicknesses of between 75 and 125 m.
Each source-rock interval exhibited elevated gas shows
with relatively high C3, C4 and C5; diagnostic fracture
injection tests (DFIT) were performed on each interval.
The joint venture commenced the horizontal section of
the well in December at ~1800 m total depth within the
lower Kyalla Formation with a planned horizontal section
of 1000–2000 m. In January, the joint venture announced
that the horizontal well encountered operational challenges
at 700 m horizontal length, and that the initial horizontal
well would be plugged and followed-up by sidetracking
and drilling of a new horizontal production hole section.
In November 2019, Santos re-entered the previously
drilled Tanumbirini-1 vertical well and commenced a
four-stage stimulation program. Initial production test
results confirmed a gas discovery in the middle Velkerri
shale gas play, with gas flow rates of over 1.2 mmscf/d
(million standard cubic feet per day) recorded, which
exceeded initial expectations for the vertical well.
(Cont)