Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Slipanchor,
"A very good analysis AK good to see you back at the poker table.
Thank you. But not back at the table, just being a 'railbird' in the background as an observer, interested in the action !
A very good analysis AK good to see you back at the poker table.
"the basement must be in contact with and indirectly draining the sandstones already"
Yes, of course they're both in contact. And yes, what you describe is rather what the Bod would like us to believe, according to their original 'kitchen sink' RNS. However something strikes me as implausible about it, and so far the Bod have been very cagey about issuing a new model of what's happening downhole. Because the reservoir is not some sort of kitchen sink! 'Draining the reservoir' isn't like pulling the plug in a sink! The 'pressure drive is from below. If that pressure reduces, sure, some oil (compressed) will leach down from the sandstones towards the wellbore. But this is only a pressure equalisation mechanism.
In a sink, with the plug pulled, two forces are at work: gravity and atmospheric pressure. So although you are draining the sink whan you pull the plug, you could look at it another way and say you're 'filling the sink with air', displacing the water in order to do so.
However, above the sandstones, there isn't a fluid (or gas) above with which to replace the oil. So oil isn't going to 'drop out' of the sandstones towards the wellbore preferentially to oil being pushed up from below by the aquifer.
This is a lapse, a flaw on the Bod's part, and raises as yet unanswered questions. Dr Trice (think what you may of him) gave an almost continuous running commentary on the technical modelling, explaining what was going on, and what was expected. So far, despite the 'kitchen sinking', the new mob haven't done anything to present a proper 'new model' (army).
Meanwhile, well 6 continues to produce (we hope happily) from fractured basement, just as Dr T predicted...
The Fat Lady hasn't sung yet.
Self appointed TRANSLATORS, GO WASH YOUR
CPR stinks of corrupt**n.
The September 2020 presentation revealed that the company was unable to match the production from the Lancaster wells using just the basement, with the revised oil-water contact, so the basement must be in contact with and indirectly draining the sandstones already. I understand the CPR numbers to include the estimated combined producible volumes from sandstone and basement with the current well configuration. One has to assume there is a lot of uncertainty in the estimates with such a complex dynamic, further clouded by the fact that production is approaching the bubble point, the effect of which could be either detrimental or beneficial to oil production.
littlened- quite ;-]
or even a moot point Translator !
The CPR simply stated what could be produced from the current well with no further work.
The key issue is that to extract more hydrocarbons (including from the flank) will require further drilling and the ability to fund that - until that situation is resolved and funding clarified it's bit of a mute point.
There can be but the board seems in no hurry whatsoever to get things back on track. They have been shrugging their shoulders since last one year saying we can't do anything. Bondholders seem to be calling the shot here.
Add to the above, that both Beverly Smith and Tony Maris have stated there could be significant reserves in the Sandstones above Lancaster.
MaverickD
It seems incredible that they can come up with the volumetrics for a highly complex fractured basement the first drilled on the north sea continental shelf, yet they can't come up with the volumetrics for Sandstones, something we have been drilling through for possibly the last hundred years.
Complete BS, an insult to peoples intelligence.
I'm going with the latter as CA do believe that the sandstones are oil bearing from what I read previously
Does the CPR mean that there is no oil on the sandstone flanks or that there was no usable data provided by Hurricane to confirm the existence?