Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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LW, JS, DC, SP, thanks for the responses. Looks reassuring. Sadly the market wasn't similarly reassured!
Thanks, John and Sailplane for your question and answer about LC.
That is something I myself had been wondering about.
If Sailplane is right, then LC could still turn out well.
Intriguing question John. We are missing the OGA's justification for the original P&A date, when we know that it was HUR's intention to use the pressure gauges in all three wells and to suspend them as producers, before drilling three more this summer.
Now we have the commitment well(s) and the first P&A extension would have allowed pressure readings whilst drilling the new Lincoln well, [this summer].
But now the commitment well is a year after P&A, so unless there is another postponement ....
Perhaps it puts the P&A into the same contract window as the Lancaster commitment well, but if the commitment well was to allow Lincoln field determination before sanctioning any development tie-back then that would likely be on hold too.
Simply put, tieback is ruled out because the timeline following drilling for its approval is c3months, a total of 15 months after P&A is expected.
jimo
joe
Oil has dropped off - Eia data tomorrow, totally forgot it was a bank hol!
I have added more
Johnpwh
HUR and Spirit could not submit a tieback plan to which they could commit to within the previous time frame. Now they can
My understanding is that HUR need to drill a vertical Commitment well to determine the actual oil water contact depth and so be able to more accurately determine the field size - a field determination is apparently required before they can proceed with development ie. hooking up Li Crestal to the FPSO - what they have now got from the OGA is more time in order to get all this sorted .
Pardon my thickness but what is the significance of extending the P&A date of LC? Do we know exactly why it is being P&A'd? Are we just deferring the P&A expenditure or does the delay give us additional time to sort out whatever it is that is the obstacle and hook it up to the AM?
Was glad to see the OGA supporting Hurricane today. Still reading up here from time to time and willing Hurricane to succeed from the sidelines!