Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Is fracking the only way to unlock this though?
If so the fight against it is too strong, in fact I don’t want fracking, so would sell up as well.
"Sachin Oza, co-CEO of Reabold"
Desperately trying to save his fortune said.........
Sachin Oza, co-CEO of Reabold, commented:
“We are very pleased that the test programme has confirmed significant discoveries at West Newton at both the A and B sites, particularly via the recovery of both natural gas and hydrocarbon liquids to surface. The test programme has provided us with an abundance of data which will now be used to establish the optimum drilling and completion techniques for oil and gas production at West Newton. The B1-Z and A-2 wells are available for stimulation to achieve near term flow, and we already have permissions in place to drill the next well on the field.
The market was brutal yesterday as many had expected better news from West Newton although oil and gas were recovered to surface, not just seen on logs. The fact that it is moveable should de-risk the potential although it is clear that the reservoir is highly complicated and sensitive to fluids, particularly water based ones.
A significant amount of data has been recovered including liquids samples and confirmation of zones which was one of the key reasons for the test was undertaken, this should dictate what type of well is drilled next and presumably with oil based fluids.
Whilst some are disappointed with this result it is by no means the end of what is a very substantial area for production of hydrocarbons. The Greater Newton area still looks like it has the prize of a substantial, economically attractive play once it is unlocked.
Both companies have been critised for raising money ahead of this but they are incorrect conclusions. UJO has a highly successful play at Wressle which needed additional funding and Reabold raised in January so as not to come to the market now after the reaction that we have seen. Speaking to the company today they said that Reabold ‘has no intention of doing a fund raise at the moment’ which should put that particular rumour to bed.
Reabold has been hit as the market thinks West Newton is all it has, actually Victory is looking good and California is still very live and in Romania the company is targeting prospects. As for UJO the company have clearly got plenty of other projects not least at Wressle where the numbers are very impressive indeed.
David Bramhill, Executive Chairman of Union Jack, commented:
“The results from West Newton confirm substantial conventional onshore hydrocarbon discoveries.
“The Operator’s updated analysis of the best estimate in-place hydrocarbon volumes, aggregated
across West Newton and the three largest prospects, highlights a significant proportion are liquids.
“In order to unlock the value potential at West Newton and across the PEDL183 licence, over the
coming weeks a number of external studies will be conducted, encompassing a wide range of potential
reservoir stimulation treatments, the results of which could be applied to the West Newton series of
wells in order to achieve optimum flow rates.”
Union Jack Oil/Reabold Resources
Union Jack Oil and Reabold, have yesterday announced an update in respect of the West Newton A-1, A-2 and B-1z discovery wells as part of the Extended Well Test programme, accompanied by an updated estimate of in-place oil and gas volumetrics of the Kirkham Abbey reservoir in the Greater West Newton area of PEDL183.
The results of the EWT have confirmed that the WNA-1, WNA-2 and WNB-1z wells are substantial hydrocarbon discoveries. Gas and light oil/condensate were recovered to surface from the WNA-2 and WNB-1z wells, although sustained flow rates were not achieved, and multiple samples have been gathered for geochemical analysis which is currently underway.
The large suite of data accumulated during the EWT`s including downhole logs, pressure data, geochemical and core analysis will be used to progress a reservoir modelling study to determine the optimum production design for the Kirkham Abbey reservoir.
Over the coming weeks, a number of external studies, utilising the knowledge of specialist carbonate reservoir modelling energy consultants will be conducted, encompassing a wide range of potential reservoir stimulation treatments, the results of which could be applied to the West Newton series of wells, in order to achieve optimum flow rates.