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Maybe - but if you'd care to point out where, I'll happily invoke rule no. 6..
ZYX098
Gibbs Rule # 51
RollingInit,
AME have not operated in Iraq 'for decades' - they aren't in there at all.
Otherwise they'd know that Kirkuk and Tawke are not on the same trend - they don't even produce from the same production horizons.
The area they are drilling in isn't actually in the same geological basin as the Kurdistan fields, so you cannot extrapolate those fields and their production characteristics over to the area that AME/UKOG are now in.
As for 'drilling in an area that is historically under-explored', normally there is a reason for that - especially if there are numerous fields in the general vicinity and production has been ongoing for decades.
It's because Companies have looked at that particular area and decided that there isn't anything worth drilling - just ask a Company based in Edinburgh about their recent Mexico project.....
As one of many LTH's who are c. 90% down on their original investment, I really hope that the Turkey project is successful.
However, the actual offset information indicates that any discoveries initially produce maybe 1,000 BOPD due to flush production from the fractures, but that headline ("WallStreet") rate declines rapidly to perhaps 20% of that as the long term rate from fracture replenishment kicks in.
The offset information also shows that a relatively high number of 'production' wells don't actually find anything either. This indicates quite a complex geology and given the area they are in, it is likely that any potential reservoir is significantly compartmentalised due to faulting.
So could it be cash generative for UKOG? Yes (but not until at least 2023, so no help for their stated plans for UK Operations).
But will it be "transformational"? No.
More amusing still, Mirasol.
The description 'come out of nowhere'.
Really ? Funny, looking at when you joined, the 'nowhere' you emerged from was four years after me.
What you really wanted to write was ' I just don't like somebody writing something positive about a Ukog asset'
'Toys out the pram' is never a good look, bless.
Rollinginit, they are actually....NEGATRONS.....they are actually robots who wear tinfoil hats and support man United
Mirasol
No, no other username on here at all, and no previous existence on here either, so yet another inane, and slightly infantile, accusation from yet another of 'The Negatives'.
You're beginning to sound desperate.
No, I'll correct that, you're continuing to sound desperate.
"Compare your 'two month' assumption to the time taken so far for the Uk operations and the prospects in Turkey to the prospects in the Uk"
it's not an assumption - it's reported facts by AME - and its drilling time - it's a guide as to how long we have to wait for news AFTER they start. But its true - Turkey is a lot easier place to do business then UK Onshore - which is why everyone leaves eventually and seeks pastures green elsewhere
"This discovery will help enhance several follow-on prospects located to the Southeast and the North. It is on trend with the oilfields of Kirkuk and discoveries of Tawke in Northern Iraq, and Garzan in Turkey, and is expected to add to the significant resource base already discovered."
Not sure on trend means the same as producing.
The prospect to the North of East Sadak which was also East of Resan oil field was relinquished by AME in early 2016 in favour of the Resan/Basur license areas.
Penguins
Easy translation from your post, with every 'perhaps'.
Perhaps, you're pretending to know more about the oil in Turkey and it's read over to Iraq, than AME, who have operated in both countries for decades.
From your armchair in the Uk, why don't you contact AME and tell them that you have a large number of 'perhaps's' that you'd like them to consider.
Penguins, you are wasting your time.
The Rampers aren't interested in facts or answering awkward questions.
You're still quoting something that was hoped for ,'is expected', but that has not been proved during the 6 years of since discovery.
'The Oymantepe East Sadak discovery is on trend with the oil discoveries of Tawke and other major oil fields in Iraq, such as the Kirkuk oil field, and is expected to add to the significant resource base already discovered.'
Wells appear to come on stream between about 100 and 500bopd and then decline rapidly, some apparently halving in months. Maybe they then continue for years at tens of barrels - we don't know because UKOG won't give long term well production rates from E Sadak, but with 12 wells drilled (plus sidetracks) total field production of 421bopd a year after the last new well was put on production is hardly gushing.
If the chances of success were so great in this under explored area why has AME waited so long to appraise Basur/Resan, why did the previous occupant of the licences applied for last year not discover a new Iraq size field? Why did the partner in E Sadak not participate in the farm in as E Sadak was so successful and the area has such promise, nor any other operator in Turkey - just a newbie desperate for something different from their previous transformational plays (so they can say it again).
Perhaps since discovery AME discovered E Sadak isn't as hoped for?
'same source as Iraq'.
What matters is the reservoir quality and structure size, not what source rock the oil was generated in. It is important to have a source rock but if the oil then migrates into a poor reservoir or small structure than a field elsewhere in a different quality reservoir and bigger structure it is not an analogue.
HH Portland oil is primarily sourced from the Kimmeridge - North Sea oil is primarily sourced from the Kimmeridge, therefore HH Portland should be as big as the Forties Field?
Cynderliar....why are you posting about Turkey....isn't it dead??? surely it must be.......it has to be.....you posted it at least six times......your "wife" translated it for you .... "TURKEY IS DEAD" remember. ....can someone else ask him/her as i have allegedly been filtered by the forecaster of doom and gloom
Penguins
Read what AME are saying.
They believe the oil at East Sadak is from the same source as the oil fields in Iraq.
They highlight that much of the surrounding area is under explored too.
They will be trying to further prove their assumptions with this drill.
In the Uk, there's no chance of further and larger discoveries of oil from the same source or size as in Iraq.
______
“Six years later, another crucial discovery was made in the same region, in an oil field called Oymantepe East Sadak, which turned out to be the first of its kind in Turkey where the same aged/sourced crude oil is being produced to that of Iraqi Kurdistan, but with a better quality – being above 43 API gravity.”
The Oymantepe East Sadak discovery is on trend with the oil discoveries of Tawke and other major oil fields in Iraq, such as the Kirkuk oil field, and is expected to add to the significant resource base already discovered.”
nomlungu
I believe that that figure was accross the whole Weald basin what was the figures for HH as he has received his bonus on that figure after the EWT!
If the wells in Turkey are that good, then AME would not be looking for a partner to put the cash up, simples.
AME are providing all the labour and equipment for the drill, but UKOG are providing all the cash.
There are plenty of dusters in AME's history of drilling, and a few decent wells too. Lack of info on long term rates is the issue.
I'm sure everyone will go bananas if AME report initial rates of 1000+ bopd. But what happens if it's a duster?
If it is 1000 bopd, then how long does that rate last for?
Personally, if I were drilling in a location which my own field experts believe to be an edge play, then I'd be looking to do it using someone else's money.
Volume 119,267,492
Rollingint,
Quoting something from the time of discovery of E Sadak is not representative of what happened in the following 6 years - like Ocelot's 1300bopd quote from UKOG's presentation which missed out 'initial rate' and 'up to' which was included in the RNS.
Seems the hope after the discovery of E Sadak (Oymantepe) that it would be like the Iraq / Kurdistan fields hasn't exactly been achieved looking at the production figures.
As for 'You're not going to get the chance to discover an Iraq sized oil field in the Uk.'
You're right - investors in UKOG were told they had found much much more - have a read of the EY report made in 2016 after the initial flow tests.
Billions of barrels I tell ya.
But UKOG still insist on quoting initial flow tests even when there's years of production data they could use to explain what is likely at Basur / Resan.
In the late 2020 presentation Cem showed a graphic with 200bbls/d beside Resan- Y. Is that what's expected by AME?
Nomlungu
That's not Turkey and that's why, as touched on before, I'm more interested in AME's views about Turkey.
I remember a clip of SS mentioning between 50 and 100 billion barrels of oil at the "Gusher that did not Gush"
https://youtu.be/a2h2kWmf5iA?t=88
That's between a third and 2 thirds of Iraq's proven crude oil reserves. There might be a trust issue...
I remember a clip of SS mentioning between 50 and 100 billion barrels of oil at the "Gusher that did not Gush"
https://youtu.be/a2h2kWmf5iA?t=88
That's between a third and 2 thirds of Iraq's proven crude oil reserves. There might be a trust issue...
go baby
just wait and see.
wit for code bridge.lol
You're not going to get the chance to discover an Iraq sized oil field in the Uk.
Positive changes.
_____
“Proving that there is commercial oil in Paleozoic sequence in Southeast Turkey by discovering 39 API gravity crude oil in the Arpatepe oil field in 2008, was one of the recent milestones we have reached,” reports Cem Sayer, President & CEO of AME.
“Six years later, another crucial discovery was made in the same region, in an oil field called Oymantepe East Sadak, which turned out to be the first of its kind in Turkey where the same aged/sourced crude oil is being produced to that of Iraqi Kurdistan, but with a better quality – being above 43 API gravity.”
Oil discoveries
With the Oymantepe East Sadak oil field also marking the lightest crude oil discovered to date in Turkey, Cem is optimistic that the discovery will help enhance several prospects located in the Southeast and the North of the country.
He adds: “While the SE Anatolian Basin – part of the Arabian plate – has been developed successfully and is currently producing from a number of fields of different size, the area in between these fields has been almost completely ignored. In an attempt to change that, our exploration efforts focus primarily on these very structures, as we believe that they have significant hydrocarbon potential.
The Oymantepe East Sadak discovery is on trend with the oil discoveries of Tawke and other major oil fields in Iraq, such as the Kirkuk oil field, and is expected to add to the significant resource base already discovered.”
Mirasol
Compare your 'two month' assumption to the time taken so far for the Uk operations and the prospects in Turkey to the prospects in the Uk
" Wells on East Sadak have flowed at 1,300 bopd"
"Wells at Horse hill achieved an aggregate flow rate of 1688 bopd (RNS 17 Oct 2016)"
and a lot of good it did us
galanoja58
I think you did well to get out and come here when you did.