Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Anto, you say you are actively on this board. But doing what, exactly, to help extract any semblance of residual value in HNL via Schooner? Seems to me it's just more **** and wind from someone who doesn't still get it about the administration metrics here. There ain't any money left. Cochrane has done a runner. Get it?
foolish ?
anto dug out a very useful reference .....
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anto
CCS is bloody simple. The amount of CO2 you can get in is equal to (in reservoir conditions)
Aquifer water volume x pressure increase x (compressibility rock+ compressibility of water)
Pressure increase usually limited to fracture gradient. However, the rock will experience thermally induced fractures (CO2 is cold) at lower than formation fracture gradient. Throw in a bit of mineralization and dissolution to make in immobile, job done. Don't know what all the fuss is about myself
thx anto.
it is worth noting that CS007 purposefully includes the Boulton field. Operated by Harbour, like us, not mentioned in Endurance spiel. Boulton was doing double what Schooner was when closed (20 MMSCFD vs 10 MMSCFD).
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anto
not for the first time, I assure you
humour me - how will you, me, and ghost get the value from Schooner ? Why can't we know the value now ?
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anto
Cochran has lost us all money. You are inferring he's made us money.
As the Schooner is out with control of the administrators, why can't he update us all now ? I am obviously missing something.
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A couple of years old, but good info. If we follow anto logic then Schooner gas with be converted to hydrogen
https://expronews.com/ccs/triassic-reservoirs-back-on-the-carbon-storage-stage/
W§
It's easy if you aren't accountable to shareholders !!!!!
Quite clear AC read P20 & 21 of report and said I'm having some of that
https://s3-eu-west-1.amazonaws.com/assets.eti.co.uk/legacyUploads/2016/04/D16-10113ETIS-WP6-Report-Publishable-Summary.pdf
BC36
Development Cost
The development of the offshore transportation and
injection infrastructure is estimated to require a capital
investment (including Pre-FID costs) of £669m (Real, 2015
or £209m PV10, Real, 2015). Full lifecycle costs including
OPEX, decommissioning and site monitoring are estimated
to be £1609m (Real, 2015 or £269m PV10 - 2015). Levelised
unit costs are estimated at £12.33/T.
gh
I'm no fan of AC, his ethics fall short of what I would have expected.
I have written off my not insignificant investment.
TE was a bad move, the abandonment liabilities that came with it are way too big for a small co like HNL.
However, AC was not to know where the gas price was going. His business plan was to offload the "chronic" gas business (and abandonment liabilities) and move into renewables using his HALO offshore vehicle with Schooner.
All the big boys are moving into renewables (Total/BP/Shell/Equinor/Repsol).
Gas is now back in favour - I'm sure the REPSOL board are kicking themselves over Anchois/Rissanna .
Given the first gazette for HALO offshore is out we should know pretty soon - then we all celebrate or mull over a class action
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an
the wells were designed and drilled without high pressure CCS in mind. Same as all legacy wells throughout the UKCS.
Abandonment design needs to take CCS in mind now. Not a show stopper, just a risk to be mitigated.
The wells to watch out for are the 60's early 70's exploration wells.......
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anto
who is liable if legacy wells leak CO2 - Endurance or DNO ?
The development wells probably have very little cement across the bunter. They will probably have to punch a few holes in the 9 5/8 casing and perform a cement squeeze up behind 9 5/8 to the next casing shoe so that the bunter formation is completely covered by cement (usual abandonment is set a few plugs above reservoir interval and put a 1000 ft or so cement plug inside casing). This will add significant cost and operational complexity. Even after this an isolation is not guaranteed for low viscosity CO2. This is one of the major hurdles for saline aquifer CO2 where formations are being pressurized up.
Other isolation technologies are evolving. e.g.
https://www.aubingroup.com/products/well-technology/xclude/
May help but wouldn't rely on it.
Now the good thing is these wells are not owned by HALO
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ant
DNO bought Faroe who acquired Schooner in 2014
https://www.offshore-energy.biz/faroe-acquires-operated-interests-in-ketch-and-schooner-fields/
This is pure speculation. Schooner is unusual in that it is a carboniferous gas field with low recovery. It is plausible that since CoP there has been some repressurization of the production drainage volumes from the poorly connected areas. The current well abandonment ops shall provide updated reservoir pressures.
https://mem.lyellcollection.org/content/52/1/226
The low net-to-gross reservoir consists of discrete, low sinuosity fluvio-deltaic channels evolving upwards into an aggradational, distal fluvial fan setting, dominated by braided channels. Fault compartmentalization and variable sandbody extent mean that reservoir connectivity was a key subsurface uncertainty. The Ketch and Schooner fields gas-in-place estimates at development approval of 956 and 1021 bcf are now modelled as 581 and 654 bcf respectively. This reduction is due mainly to remapping (Schooner) and revised reservoir modelling reflecting production experience. Generally poor reservoir connectivity is demonstrated by the lower connected gas-in-place volumes, estimated at 351 and 481 bcf respectively, based on production data. Field recovery to cessation of production in 2018 was 263 (Ketch) and 310 bcf (Schooner) or 75 and 64% of the in-place volume connected to production wells. Topaz has 139 bcf gas in place, with recovery of 10.4 bcf from a connected volume of 14 bcf, equating to 74% recovery of connected volumes or 7.5% full field recovery.
I see nothing to suggest DNO have changed their minds on anything. Agree HALO are a thorn in whole Endurance plan that needs to be pulled
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anto
when a licence holder goes bust the licence, and all liabilities, reverts to the previous holder. DNO were the previous operator of block, so presumably has reverted to them. That said HALO is still P2578 equity holder according to these data
https://itportal.nstauthority.co.uk/information/licence_reports/databycompanyandblock.html
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https://expronews.com/ccs/southern-north-sea-to-become-the-main-ukcs-carbon-store/
Nice map showing Endurance and new licence round areas
anto
nope.
However, I know there is a lot going on behind the scenes in the CCS world
- I won't elaborate as I do not know what is in public domain
(I have heard nothing about HALO though)
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If there is value in Schooner, then I don't see how the directors can keep it without sharing with all shareholders. Dealing with someone who has blatantly fcked over shareholders would not sit comfortably with Bernard " Mr social media" Looney nor Equinor. It wouldn't take much of a campaign to embarrass all the Northern Endurance participants ........ e.g. with accusations of collusion with AC in fcking us over etc.......so find it difficult to think this is AC's plan
W-wait-and-see-$
and you are not answering the question asked - what makes you think that PIs will have a hope in hell of sharing in any CCS deal with Cochran at the helm - have you been in contact with him and he ensured you that he will see us alright, that this has been the plan all along?
Something tells me I don't think so.
You, I, Cochran owned the Gas producing assets and look what he did to us !!!
Anto you have not answered my question - what makes you think that the PIs will benefit from any Carbon Storage deal ? that if it happens is held by the directors of the Company in a subsidiary - you have already stated that Cochran fckd us over , in your words, 'We all agree that Cochran has fckd us over' regards our Gas assets including producing assets.
If a CCS deal does happen what makes you think he will act any differently towards the PIs - especially now he has pixxed off to the US of A?
Anto - can you explain to me why you think that the PIs have even a remote chance of seeing their investment back ? In your mind how do you see a successful conclusion for the PIs playing out ?
What are the steps that you can imagine happening where Cochran is involved, acting in the best interests of the PIs and where we have any rights to any aspect of a CCS deal taking place, if in fact one still exists ?
anto
don't disagree, likely to be a major hub. Just announced licensing round has acreage to the North, looks like Cygnus area and the production acreage Neptune gave back.
https://www.upstreamonline.com/energy-transition/uk-launches-first-ever-carbon-storage-licensing-round/2-1-1237194
W-I-still-think-AC-is-uninvestable-regardless-of-what-happens-$
OLD FOOTBALL ADAGE we we’re robbed…….quite literally Cochran is either the dumbest person on planet to offload Tullow assets and go into admin or an out an out thief by now we’d be sitting pretty
anto
stop it. If AC were doing his job properly we would not be in administration but coining it in
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anto
the decommissioning program proves nothing. Repsol currently decommissioning Buchan and JoG planning new wells.
The document your shared highlights the inherent risk to CO2 CCS in saline aquifers - i.e. how much can they take, given they are normally pressured and there is absolutely no production history in area that can be used to estimate the aquifer storativity.
The Schooner gas potential is actually very good insurance - water dumping into or gas production (or both). This all adds value to Schooner.........
W-wtfdik-$