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Down but not out. Frontier drilling is what makes this investment so exciting. If we didn’t like that we should go invest in BP instead :)
Story still very much intact here.
Shame. Onto the next drill then. One hopes that there is commercial oil out their and it's only a matter of time.
Sapote-1 well results have been disclosed to the media.
Unfortunately it is not the result that we were hoping for. Oil exploration is a high risk venture.
The search for commercial crude outside Stabroek block will continue.
https://oilnow.gy/featured/just-in-exxons-3rd-well-at-canje-block-fails-to-deliver-commercial-crude/
thanks,
Celtics.
Silent on Sapote-1
ExxonMobil continued to progress its high-return deepwater developments in Guyana, where discoveries at Pinktail and Cataback increased the estimated recoverable resource base to approximately 10 billion barrels of oil equivalent. Exploration, appraisal, and development drilling continues, with a total of six drillships currently operating. The Liza Unity floating production, storage and offloading vessel set sail from Singapore to Guyana in the quarter, and remains on schedule for startup in 2022. The third major development, Payara, is on schedule for 2024 startup, and Yellowtail is expected to achieve first oil in 2025.
I have to say, I thought today's WTE RNS was very well written and informative once again. I'm not surprised given Walsh has an 8.28% stake.
I see. A spot of weekend reading then. Although drilling appears to still be ongoing, they will surely know at least the partial results given we are past the indicated drill time and the well is targeting a multi-layered prospect.
Exxon never provides any clues about ongoing operations, but if they would it would be in the conference call, q&a.
The transcript will be released around midnight.
Doesn't appear to be any mention in Exxon Release and Stena website shows rig still on location at drill site, so I guess Sapote well result is not yet available. GLA
Exxon results due in 7 minutes ............
Great spot Soder. You're a champ.
The third well on the Canje block, Sapote-1, was spudded circa the 29 August 2021, using the Stena DrillMAX drillship. This well is located in the southeast of the Canje Block, approximately 60kms north of the Campanian and Santonian Maka Central-1 stacked pay discovery, in a new depositional setting linked to the Berbice canyon system. It is an independent multi-layer prospect, with several Upper Cretaceous targets, and is potentially the largest prospect drilled on the Canje block to date. Drilling of Sapote-1 is anticipated to take 60 days, with results anticipated in late October. At the time of going to press the results of the well are pending.
Thanks for the info. Let's hope this is indicative of good news, or maybe just a delay in the drilling schedule as all that oil may have short circuited something..... Anyway hoping for the best, prepared for the worst.
Did not realise but stena give real time position of their fleet via their website.
The drillmax is still on top of Sapote-1. The live coordinates given on the site match those on the initial maritime notice for the drill location.
https://www.stena-drilling.com/rig-locations/
https://marad.gov.gy/wp-content/uploads/2021/08/No.-102_2021_EEPGL_Sapote_1_Drilling_Operation.pdf
The drillmax will run 24hrs a day, 7 days a week and given the day rate cost to Exxon it will either be spudding, drilling, logging, casing, plugging or moving to the next location ASAP.
I note the AIS is actually off for the drillmax so we do t know real time if it’s still on location. But given they can do real time logging these days if that was a duster they would be off by now unless they hit drilling problems. Just my opinion.
....... Another day off the calendar. Come on exxon.
Bought some more - does not matter as they will strike black gold in one of them by the law of averages!! Patience is a virtue
Or they could have been fishing for the last week(s) and it will simply take longer to finish the drill, we'll find out soon enough!
Looks like some may have got excited through the target intervals.
Could hear tomorrow? Maybe or ......
Today marks 60 days since drilling started. If the Sapote-1 well failed to discover any hydrocarbons or was non-commercial, I would think that we would have already seen an update by now, given that Hassa-1 a nearby well was drilled down to the Santonian interval and reported non-commercial after only 37 days of drilling.
An update could be released at any moment by Exxon, however, I continue to consider that no news is positive news.
For reference, previous oil discovery disclosures made by Exxon for Whiptail and Uaru-2 were reported a few days prior to the Earnings call.
Disclosures are available here - https://corporate.exxonmobil.com/News/Newsroom/News-releases
thanks,
Celtics.
DAY 60 in the westmount house and everyones asleep
Its a big day for contestant Sapote ,will viewers vote for her.
Oh harel, you are such a party pooper....do you not believe the gossip from the local bar ;-)
They (all parties) do seem to be very good at keeping stum. Which is good.
I tend to agree with some other's views that Friday may see an announcement due to corporate timing, or then again, there are any number of reasons why the drilling could be prolonged, which we wouldn't know about yet...
Looks like all moves so far are based on speculations, exxon keeps a tight hole.
Hope the hangovers were not to extreme over the weekend....... And that all the drinkers have suitably recovered.
Little drop before results- happens with every drill. Hopefully it’s similar to LBE and we get a nice bounce and a successful outcome….
Big delayed buys printed from the 21st,exciting week ahead!!