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Hydrogen..As you like me are a GGP holder as well as 4D , I have been following you here whilst researching FOG..In a few simple sentences can you summarize your current view of FOg..because in my view the long term price of oil and gas is going to fall as Grren energy sources replace fossil fuels..Of course we will still need fossil fuel for a good few years yet but how long is changing by the day..Thanks .LP
@Hydrogen yes, the potential significance is eye-watering. But as ever with Falcon, I think there is an element of waiting to see it before we can fully believe.
okedoke..thanks, RG.
IT - Petrohunter filed for a Chapter 7 liquidation in 2016, meaning it will be completely liquidated. The Bankruptcy Trustee is most likely liquidating the shares of Falcon. This may be the last step before winding it up. At the time of its 2016 bankruptcy, PH owned 11 wellbores in the Piceance Basin in western Colorado, plus two exploration permits in Australia. As its remaining assets (probably only the Falcon shares)are sold off, it makes distributions to the note holders based on their priority. The RENN Fund was one noteholder holding $1 MM of one class of notes, and it announced that it had received a distribution from the Petrohunter bankruptcy estate. I could not determined from the limited data available free of cost online how many shares of Falcon have been sold. If someone were to look into the bankruptcy filings, they could most likely determine what remains to be sold. Here is a link to a site that can be subscribed to for the filings.
https://www.docketbird.com/court-cases/PetroHunter-Energy-Corporation/cob-1:2016-bk-20197
Ya...guess we will find out. Someone will ask on AGM day.
It guy: The court’s statement doesn’t make this clear IMO. I took it to mean someone acquired those shares. Maybe Origin? They are the.only ones that have the in-side track on this. Just. My conjecture :^) May be totally off base.
Good post hydrogen and from what myself, WetWater, and a few others have gleaned -- your numbers are in the same ballpark when you extrapolate the mid-Velkerri B shale across the majority of the three permits. The only small correction, and it is a good one, is the Amungee H1 well only had 11 successful fracks, but there could have been at least three more across that 1 km stretch now that more knowledge has been gleaned from the first horizontal.
There was a geologic fault hit about 30% of way into that one kilometer long stretch. The drilling crew from Ensign did an amazing job of jigging the drill stem down and around and back up into the heart of the B shale zone, but you will see from the schematic on the second page of the link below -- that frack #7 was not completed as that was at the very bottom edge of the B shale fault zone. There were also no successful fracks completed for about 25% of that one km long horizontal -- as the drilling crew had to get the drill stem back up and into the middle of the B shale zone. This would indicate an even higher production in areas where that fault is geo-steered a bit better by future drilling crews.
https://falconoilandgas.com/beetaloo-australia/
If all of the testing across the mid-Velkerri B shale pans out, (without the C shale, which appears thick enough to frack in some areas being added into that equation), Origin believes that there is a potential of 85 TCF of recoverable dry gas in the mid-Velkerri out of the 496 TCF that Origin believes is sitting on the edges of the quartz rock three plus km down in the Beetaloo.
It is worthwhile however, keeping in mind that the Beetaloo is more of a mining operation -- as it will take 1000's of wells to drain even a portion of that gas out of the B shale -- so the partner that POQ has to find -- must have a 20 year time horizon and very deep pockets to play with Origin................
Hey Darnit, not sure if I'm missing something, but what do you mean who picked up the 50m Petro share hangover? Wasn't it just a switch from Sweetpea to the bankruptcy estate for Petrohunter? I don't see where there was a sale?
I also am not convinced any of thsre shares have been selling prior to this. Just games on the TSX. If it's tied up in courts, they aren't for sale.
new,
Of course I totally agree with wanting more info on those wells. Failing that, and assuming Santos' guys know a whole lot more than they are saying, and considering their comment that they think better than Marcellus is about all I can take to the bank at this point.
It does give me pause to think about who picked up the 50 million Petrohunter hangover.....
Thanks Darnit, if there is any way possible -- it would be really good to know the details on these ten wells in the Marcellus. It would be good to know if these are shale only wells, how long are the horizontals and how many fracks, and were they stacked or just single level horizontal wells into one zone?
There is a very useful link on the right side that shows "Well Pad Report" -- which has data on each well along with total liquid waste disposals and site inspections.
New,
The Marcellus reference is pretty danged wonderful. I'm guessing they have enough science to make that comment, and, to get an estimation of what that means, here's a link to 10 of the best Marcellus wells, (and suggesting better than.....)
https://www.marcellusgas.org/record_book.php?report_type=top_producing_wells&min_days=0&num_results=10&county_id=&muni_id=
While this is a good data point, there is a lot of science required to on these vast resources. Hopefully the producers drilling these initial wells are sharing their proprietary data with one another. I like hearing the comparison to the Marcellus, but time will tell.
The commercially relevant number to keep in mind from the Santos and Tanboran press releases is 400 thousand cu. ft. per day from a four stage vertical frack. While the higher numbers of 10 MM and 2.3 MMCF/D are a lot more exciting -- the longer run test over 130 days is still a very positive number -- especially given the fact that this 400 thousand CF/D number is from a vertical four stage frack and not a horizontal 30 stage frack.
"During Q1 2020, the 130-day flow test exceeded 1.2 million cubic feet per day ("MMCF/D") or 1.3 terajoules per day ("TJ/D") and "settled at 400 thousand cubic feet per day" (MCF/D) or 422 gigajoules ("GJ/D") with minimal decline. The flow test was ended prematurely due to the shelter-in-place orders because of COVID-19".
It would be really relevant to know exactly where were the stages that Santos did the vertical fracking? Did Santos frack the A, B, and C shales in the mid-Velkerri or were they able to do four separate vertical fracks in just the B shale -- which doesn't seem logical if the sweet spot in their portion of the B shale is only around 50 to 60 meters thick like we have at the Amungee H1 site?
Their press release from today, sounds really good
https://www.abnnewswire.net/press/en/102971/Tamboran-Resources-Limited-Positive-Results-of-Vertical-Frac-and-Gas-Flow-Tests-in-the-Beetaloo-Basin.html
'We view 2021 as a potential breakout year for the highly prospective Beetaloo Basin'
'The data compiled to date from the Company’s Tanumbirini #1 well and vertical frac indicates that horizontal wells in the Beetaloo Basin’s Middle Velkerri Shale Formation have potential to be on par or better than wells in the core Marcellus Shale, currently the most prolific unconventional gas shale play in North America.'
- after today's news from their Santos partnered Beetaloo assets