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"GP, well done, and thank you, but you know we are mostly not oil&gas guys, just punters (without which industry dead) so please please do tell us, what is this?"
Porosity is the amount of space in-between the rock grains - essentially where the oil and gas sits -in place
permeability is a measure of how easily the fluids or gas can flow through the rocks.
You can have high porosity (good) and low permeability (bad) and every variation around that. Increased estimates of permeability mean the oil will flow better into the well and you will get an increase in productivity. These are forecasts of course - to do it properly you have run a reservoir model
Hi milnrowmug. I view the improved permeability reported by ERCE as being very positive. And thinking about what SecretBlueprint has posted about water breakthrough, I expect it will happen sooner rather than later if production is vastly increased. However, I understand that we've not yet seen any formation water. It must break obviously through at some point, but not for a long time I hope. When it does, Egdon will have to dispose of it, and water disposal can be quite costly.
GP, well done, and thank you, but you know we are mostly not oil&gas guys, just punters (without which industry dead) so please please do tell us, what is this?
GP, I think you may be correct. Theoretically a reservoir with zero permeability has a recovery factor of zero and one with infinite permeability will have the optimum recovery factor. There seem to be many technical papers which discuss the plateau space in between, but high permeability intervals can lead to premature water breakthrough from aquifer drives/ water injection and the oil viscosity plays a role too, as does specific gravity; all of which can reduce overall recovery factors.
So it looks like the Curate's egg to me....good in parts.
Thanks SecretBlueprint. I assume there must be a link between reservoir permeability and hydrocarbon recovery factor .... maybe?
Archie, Malcy is a fat tub of lard who should´nt be listened to.
https://www.petroleumonline.com/modules/m005/hl_005_012.asp
This link is useful, but it makes no mention of permeabilty as part of the reserves calculation
Apologies for re-posting this, but I haven't had any further enlightenment in the way of posters' comments, in spite of quite a few "Recommends". Presumably this was either because it was a daft idea in the first place or, more likely, it got drowned out in the to-ing and fro-ing on the board. So:
"An interesting part of the RNS that no one seems to have commented on so far said: "Analysis of the original drill stem test ("DST") in 2015 indicated a permeability of 55 millidarcies. Recent analysis by ERCE indicates a reservoir permeability of 80 millidarcies"
If the reservoir permeability has been increased by about 45%, and the skin factor has been reduced very significantly too. Is it possible that we might ultimately see an an improvement in the Ashover Grit recovery factor, and not just its oil flow rate?"
Any thoughts from a reservoir engineer type would be much appreciated. Thanks.
Malcy today ...
" [today's news ...] is a significant boost to the value of all three [JV] companies not yet in the price in the market but the accumulation of its stake in Wressle is a standout success for UJO. "
I will be happy with £2
Back on site end of this year for West Newton. I was very happy with the progress an updates this week.
Wressle is an absolute star and still in its infancy
Keddington - increase production and income.
Biscathorpe - I know LTH that bought in for this asset. Really look forward to seeing what Graham Bull and his team achieve here.
And.. with all of this money I am sure we will be in for some more drills
it is on an upward run which should continue. 67p broker target, I will be happy with 30p
Although we'd all like more - lets not look a gift horse in the mouth - 5.5p share price rise in a month - I'd be happy for that every month for the next 12 months
Solid RNS this morning. Makes for very good reading. What are we expecting next? A revised plan for WN with focus on sidetrack + horizontal? Wouldn't cost a fortune and may well give the results that were expected, I'd like to see them get back there this year and do it. UJO have plenty of cash in the bank, a very healthy profitable cashflow and low overheads. So get back to that prospect and make it happen.
Alternatively/additionally, I'd really love to see UJO buy back £250k chunks of stock every 6 to 8 weeks. Give PI's some well deserved uplift in their holdings. No need to spend that cash on royalty deals. Get that cash working for the shareholders in the short-term. Business is business, time to reward the PI's.
Further to my earlier question; today's dip because the rns was preaching to the choir, those who saw it knew the score and were mostly fully loaded. Then at 1208 the Alliance news item reached new people with new money; pop! If I'm right, probably a bit late to top-up.
(alliance didn't include ujo in heading, but in text.)
Broker Target 67p, https://twitter.com/leedbartz/status/1483019354019188742/photo/1
Raised £3m at 22p in September. https://unionjackoil.com/wp-content/uploads/2021/09/2021-09-23-Placing-RNS.pdf
seems cheap under 20p.
We now have facts upon which we can make rational investing decisions, rather than the ramblings of posters. So the price rises.
Fair enough sandal, but really I expect nothing, and everything. Why today's dip? Why the dip to 11p, was it solely motivated bashing?
Nowt so queer as markets, gla.
train leaving station afternoon rally! expect 20p end of week.
sorry - NK planning application open for comments until 28th January (not February)
Pboo, today's difference from edr is now more marked than when you posted.
All, most posted explanations of sp's poor performance are ignored, or attacked, because they appear to be deramp. Anyone got objective, balanced, factual explanations?
On the facts from RNSs and revenue we should be living the dream and sailing away, but we clearly are not, yet. Is it just that these things take time?
heid, too early to big up NK, it's nothing more than a farmer's field at the moment, not even an access road. EDR has done nothing in 7 years. comments allowed until 28/02, all objections so far. imo opinion planning will probably be refused, if it is passed what are the chances that EDR will do anything in the 12 months granted???
GP, such a shame that this thoughtful post gets lost amongst all the detritus.
Wressle is a fantastic asset and do not forget we have North Kelsey which is a conventional oil prospect along trend from and analogous to the Wressle oil development.
good point panther
An interesting part of the RNS that no one seems to have commented on so far said: "Analysis of the original drill stem test ("DST") in 2015 indicated a permeability of 55 millidarcies. Recent analysis by ERCE indicates a reservoir permeability of 80 millidarcies"
If the reservoir permeability has been increased by about 45%, and the skin factor has been reduced very significantly too. Is it possible that we might ultimately see an an improvement in the Ashover Grit recovery factor, and not just its oil flow rate? Any thoughts from a reservoir engineer type would be appreciated. Thanks.