Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
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Just for clarity, I believe it’s the highest price THEY (good) have actually paid, not the highest price the share price has been.
No that offer would get refused, it’s a minimum offer.
So, if OGIF wait 12 months they could buy us out for 3.5p a share
I think it might happen, but not until the time is right OGIF. Once the metrics of the income from the JV start to look favourable then Sound will be very attractive for OGIF. The funds they represent want a regular income.
What do you think the chances of that?
Yep
Ericnat17
If they go over 30% don't they have to bid for the whole company and pay highest share price in the last 12 months?
They can increase over 29.9% with permission of the company
On the subject of 3D, how much would it cost to shoot, where would you shoot it, how long would it take to complete and how much would it improve the odds? There's plenty to weigh up and the team have obviously decided against it.
They simply will not pay for a 3D seismic this has been discussed many times and it indeed it would reduce the risk but Brian knows best.
Confused by this answer:
When can OGIF increase its stake in Sound Energy if it chose to do so?
Mohammed Seghiri (Interim CEO)
OGIF like any shareholder can buy or sell shares as it chooses.
I agree they can buy and sell when they like but doesn't the 3 year agreement prevent them going above 29.9% until September 2020?
3D seismic is needed
The SBK-1 well was drilled in 2000 on a structure covering 50 km2 defined on a 2D seismic grid of 1974/75 and 1981/82 lines and on an SRM (Sedimentary Residual Magnetics) survey. The well produced gas from sub-salt Triassic TAGI sand reservoirs. The well bottomed in Palaeozoic clastics.
After acidisation, the well produced at a rate of 5.5 MMscfd of gas declining to 2.5 MMscfd
The production tests in both SBK-1 and TE-5 wells show that the TAGI reservoir is capable of producing gas unassisted. The reservoirs in both wells are overpressured by some 70% above hydrostatic.
The Seismic re-interpretation in 2010 confirms the SBK structure and suggests the well was drilled in a small graben close to a fault. This fault appears to be theproduction barrier indicated during the well testing. It is therefore probable that better production could be achieved from a well on a more crestal location. Also based on the recent work at Tendrara it should be possible to use attribute analysis to predict areas of better porosity in the TAGI.
The SBK-1 test results indicated that the overpressured reservoir (about 2000 psi, a reservoir pressure of 7175 psi against an hydrostatic pressure of some 4918 psi (0.44 psi/ft, 1.44 psi/m), equivalent mud weight some 1.4 gr/cm3) quickly depleted (decline of 25% after production of 3.9 MMscf) and that the interconnected volumes at best could be estimated at some 0.025 Bcf.
Clear boundary effects could be deduced from the static pressure surveys. A boundary was seen at 22 m from the well bore and radius of the total drained area varied between 44 m and 70 m (average porosity 5 % and 2 % respectively). Interpretation of the side-track TSP Gamma revealed a dense system of limited throw faults, spaced between 10 m and 100 m, suggestive of a fracture system. Faulting near the well track (100-150 m) was also confirmed from the line HX-06 which was converted to acoustic impedance. The test results in both the vertical hole and the sidetracked hole showed different pressure regimes suggesting that the fractures/faults are sealed.
This fracture system might be related to a fault system. The seismic, which dates from the early eighties, does not allow consistent detailed mapping of the interval between the base salt and the Hercynian unconformity or the fault system. The deepest horizon which can be mapped with reasonable confidence is the top of the intra-salt basalts. 3D seismic could de-risk this prospect
Exactly Ducati.
If the placement of SBK and Is improved then god only knows what it could flow at. The new seismic has redefined this prospect. We now now the gas is in fields that have a relatively high degree of variance over a small area.
There is no way they would be continued to drill unless they believed in the potential. We have all heard the story of they had almost given up on Algeria before they hit. I am more than happy to wait for my dividends.
In total seven wells have been drilled in the permit, five have been gas bearing and two have tested successfully. Of the two successful test wells SBK-1 had a peak rate of 5.5 MMscf/d and TE-5 had flow rates of 1.5 MMscf/d.
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