Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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We are now in very early Dec and I would expect that, if BM intends to resume the production test before Christmas then news of this should come within the next week or so and BEFORE the 11th December imho. Going over the news of the last few weeks we have the following: RNS on 15th Nov 2012 Extensive data acquisition and sampling has been carried out on Eblana 1, and the well has been temporarily suspended until advanced analysis of the results is complete. The Company intends to resume testing in November or early December 2012, subject to supplier contracts, and expects to engage a major contractor and flow specialists. Of the 11 pay zones identified during the Ebana 1 drill of May / June 2012, 30 zones were tested (approximate total 400 ft, with small perforated intervals each 6 to 20 ft thick). NB. THIS IS APPROX ONLY 36% of the 1,100 ft of POTENTIAL NET PAY THAT HAS BEEN TESTED. The testing programme did not include potential zones from 3,000 to 4,500 feet. Two zones with Gross Formation Thickness of 380 ft (min. 150 ft NPZ) with average effective porosity of 19% (total porosity of 22 - 24%) were confirmed as oil bearing zones, and an initial low flow rate through the tubing to the surface was achieved. NB. 400 ft tested, 380 ft of these provided a gross formation thickness and 150 ft of this formed a NET PAY ZONE ie. of the zones that were tested circa 40% of these formed the NET PAY ZONE. The Company believes that flow was impeded by a high paraffin wax content and kerogene in the formation. A range of stimulation techniques will be considered when the workover resumes. Further perforation of the producer zones will also be carried out. Another two potential zones at shallower depths (above 4,500 feet) also remain to be tested and may be included in the completion programme. Forest Garb & Associates have been asked to produce an updated CPR in the light of the large volume of data collected and will report a resource update when this evaluation is complete. Further analysis of the Eblana 1 data may result in the Company adjusting the drilling priority of Eblana 2 and Eblana 3. CEO Brian McDonnell said, “we are pleased to be able to say that we have nevertheless succeeded in confirming our discovery and collecting large amounts of immensely valuable data. We are confident that, with an updated reservoir model and deploying further techniques, we will succeed in flowing the primary zones we have identified.” http://www.usoil.us/?q=node/220 From the iii Q & A The fundamentals of this company are better than they have ever been. From having "potential" oil bearing zones, we have proven productive zones, including a very large one. We are in the middle of the work-over programme. We have every confidence that we will be able to flow this well. I won't predict a flow rate, but the signs are very good indeed. We have a confirmed discovery, and it looks large. We just want to get on w
This is our first well and we have only begun to understand its potential. The work-over allows you to perforate directly into the zones. It gives much greater certainty. That is why we can now talk about "productive zones". We are confident about the estimated oil volume numbers. The wax is an obstruction forming at the well because of formation clogging up. Local opening of the pores close to the perforations is all that's required. We believe advanced techniques offer a very high chance of success, but they need thinking through and require some specialist equipment and personnel. The potential of the productive zones is very large. WE HIT OIL. WE HAVE LOTS OF OIL. WE HAVE PRODUCER ZONES. We remain committed to drilling at least two wells and are still funded for those and the work-over programme. We have controlled expenditure extremely well and had contingencies built into our budgets. We will obviously keep the situation under continuous review. The broadcast talks about possible large oil accumulations in Nevada. Our results are confirming that. http://www.iii.co.uk/articles/61003/view-top-us-oil-and-gas From the Proactive interview: We’ve paused the programme to analyse information of what we have. A total of 30 days were spent as part of various preparations. 30 zones needed to be tested individually and a zone a day was tested. Top down test in all zones that we could test. 2 Zones that amount to a MINIMUM column of 150 feet. Only part of the programme has been complete. Next part of programme is to complete the flow testing process. We know that one of the zones has paraffin – easy work around. Probably 6 -7 methodologies that can be used to clear the route and allow the oil to flow. Gross pay zone is 380 feet with 150 ft or more of oil columns – the more part of it is subject to further testing. The testing will resume in Nov or early Dec or at the latest January. Other 26 zones are described as tight zones – doesn’t mean they don’t contain oil just that water flows better than oil. There are funds in place to complete Eblana 1.The company will then assess funds for Eblana 2. The assessment of alternative methods will be complete by end of week (i.e. the 18th / 19th Nov 2012). Then talk to a very very large company bring them in to complete work over programme and depending on their rig availability. The company will aim to complete the testing process in probably a very, very, efficient timeframe.