Firering Strategic Minerals: From explorer to producer. Watch the video here.
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I have yet to see any negative view that refutes the working petroleum system found as outlined in RNS . That pretty material.
The "best " so far? Pduks effort:
" You can drill ANYWHERE in the world and encounter hydrocarbons. Bearing that in mind, if it is not commercially viable then it is a duster."
So he maintains that if you drilled anywhere in the the entire world you would hit a working petroleum system producing Hydrocarbons .....but if not volume then a duster.
Any Geologists care to comment?
Not a geologist.
Does it count as drilling when you use them post hole drills? I have used them a few times and don't remember finding much in the way of hydrocarbons.
Dusters.
So if I had used one of them in Saudi Arabia would I need to rethink the existence of oil in Saudi Arabia?
It would be interesting to hear what Irene's nemesis CoMan makes of it.
Think thatβs being a bit literal, Tiburn.
But we will certainly see over the coming months if the results of P1 make for interest from the big guys
BPC credibility is gone until material progression.
Need a farm in - but its the same position as it has always been - consortia required to share risk on such a huge system - full development cost of $5 billion is considered - that decision and consortia forming is not going to be rapid. Unless a single Major steals a march and offers BPC a single offer, then partners later after gaining the lions share.
Guyana comparable scale :
"The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest."
A potential option is a Major covers exploration costs for a % now if the P#1 results are compelling enough, with full deal terms agreed post P#2 and P#3 results for example.
Approaching hurricane season, some time to confirm a deal until they can drill again from Oct.
If nothing happens in next 3 months then imo nothing will and BPC will default to CERP assets only, with success there, could be self funded route to drill Bahamas in time, but not in 2021.
I think the term "Working petroleum system" is something The Wolf Of Wall Street would say to get someone to buy shares lol.
I dont agree that finding 2bbl of oil which doesn't flow at commercial rates is "something to be proud" of or classed as a success. ( I paraphrase)
I think the oil is there it just won't flow. I don't believe another company will take the chance of spending $15-30m farming in for another Well.
For the Super Majors who can fart $30m a day, maybe. But if Potter is suggesting a few are interested, maybe a free carry for $1 is fair value and BPC surrender operatorship & end up with 10-20% JV.
Maybe Stephan Sanderson would be interested in drilling a couple more off-shore Wells in a acreage which only flows at 15-200bopd lol
I can see the tankers now, all lining up to fill up at a safe rate of 82bopd to protect the integrity of the well :)
If you dont understand something you tend to dismiss it, wont appreciate its inherent value or significance:
Working HC system
haas engineering:
"A working petroleum system is an area where genetically related hydrocarbon has gathered in a reservoir and been trapped. Specifically, source, reservoir, trap, seal, and migration must all have appropriate characteristics and timing of events for a petroleum system to successfully develop. The first step in creating a petroleum system is the creation of hydrocarbon."
RE: Tiburn
I think the dichotomy between a commercial and a non commercial Working petroleum system is monumental.
If you assume commercial finds are only ever found with 1 drill, then yes of course
But there not normally, they feel their way, using each drills data to inform the next
sometime they give up - sometimes they continue and strike
working system = oil is present, perhaps migrated SE of P#1 in main part of B Structure
RE: Tiburn
I agree. I mentioned in a previous post that I am unaware of any company that farmed into a licence with a non commercial find.
I'm sure its completely possible with a vast acreage to find either a separate formation or one that is connected that will flow at commercial rates.