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Got some info from the board:
"Unfortunately, though the well confirmed the presence of the petroleum system at Bulletwood-1 and encountered quality reservoirs and hydrocarbons - it's a non-commercial outcome. Based upon the limited results disclosure to date it seems likely that Bulletwood-1 failed for prospect specific reasons i.e. failure of the stratigraphic trap.
We understand the Canje JV is ploughing ahead with the scheduled drilling of two additional, independent prospects over the coming months - Jabillo-1 (a billion barrel basin floor fan prospect) using the Stena Carron Drillship and Sapote-1 using the Stena DrillMax Drillship."
"What is quality reservoir" Can someone give me a definitve calculation mathematically.
Anyone ever think exxon try to subdue expectation for their own benefit ie buy up stakes on the cheap.
The reality is this was probably a 50 to 100 mill bbl discovery like tanager which will be tied into future discoveries .We are dealing with the worlds largest oil company so it just doesnt register. This is where the brave make money buy when others are fearful.
Ps not happy JHI directors sold yesterday when in reciept of drill news b4 public knowledge have a word wte directors as yer men have been heavy sellers for weeks.?????
Hi Harel - Sapote well targets the same Maastrichtian-Campanian interval and potential deep per the presentation.
Rather than taking more time to reprocess and integrate the dataset as well as having an updated CPR before deciding the next drilling targets, JHI Associates have already explicitly outlined in their communication to Shareholders dated 3rd March 2021 that they continue with plans to drill Jabillo and Sapote.
Although these are prospects are independent, there must be some read across from Bulletwood-1 to Jabillo-1 with them a) being prospects at the same intervals and b) in close proximity. Similar to how Tanager-1 was drilled, evaluated and a new CPR on Kaieteur had Kingfisher-6&8 higher-graded.
There was a video previously available on the JHI Associates website (it was removed about 1 month ago) which showed the 3 detailed prospects - Bulletwood, Jabillo and Sapote (including reservoir shapes and actual locations on the block). Bulletwood and Jabillo were were right next to each other with the lower portion of Jabillo under/overlying the upper half of Bulletwood.
Thanks,
Celtics.
The six's drillship will arrive by midyear, so i think thats when the next well will be drilled, exxon will process the data and will probably conclude the target selection by may, i think sapote is not affected as it targets dipper layers.
What is also important, is that the 3rd March 2021 Shareholder communication from JHI Associates outlines that Exxon will still pursue the drilling of the independent prospects of Jabillo-1 and Sapote-1 over the following months.
Data from Bulletwood-1 would provide some read across and indication to Jabillo-1 with its close proximity and interval similarities. Bulletwood-1 was a channel complex of "Maastrichtian-Campanian age" per the Tanager-1 RNS that Westmount Energy issued (https://www.londonstockexchange.com/news-article/WTE/tanager-1-results/14758511). Jabillo also targets those same intervals, that is "Maastrichtian-Campanian" per a Shareholder presentation on the Westmount Energy website.
With JHI Associates now outlining that it intends to continue its exploration drilling program with Jabillo-1 following the Bulletwood-1 drill result, there must be some degree of confidence that the Jabillo-1 well will return a commercial result otherwise they would have taken more time to calibrate and integrate the data to select better target(s).
thanks,
Celtics.
A disappointing update, but pleased that Westmount Energy has updated Shareholders.
I hope Westmount Energy is able to disclose how many meters of net oil pay were identified at some point in a future update, in the case of Tanager-1, Westmount Energy was able to disclose that 16 meters of net oil pay was discovered and a published CPR confirmed about 43M recoverable barrels of oil on Kaieteur.
In summary, with JHI Associates carried on 3 more wells, Exxon has real drilling data from Bulletwood that will help guide them on their next well on the Canje block.
What's important for me at this stage is that this block contains oil.
Ranger-1 a Commercial discovery was far outward and at similar water depth (2735 meters).
Secondly, the updated CPR on Kaieteur published by Ratio Petroleum, indicates that Kingfisher-6&8 potentially holds 450M+ recoverable barrels of oil that is in close proximity to Tanager and has a COS at 57%.
It's a sit and wait for me. I do believe Exxon will find a commercial discovery at some point outside the Stabroek block in Canje.
thanks,
Celtics.
"The well encountered quality reservoirs "Read between the lines .
Just bought more patience is key here .We know oil is there onwards and upwards.
Oh well 1st well not commercial and on to the next.
Great opportunity to top up and cheap as hell entry for new investors!!! Much cheaper than my entry, jammy buggers!
This dip will soon get bought up and the price will be in the high teens on announcement of spudding in the near term. Bring on the next one!!