Member Info for Adon30

I had to curtail my original post regarding CEG as felt it unfair on a company I have never wanted to invest in or unfair on their shareholders. But I do believe they are on ‘borrowed time’ with a lot of their ventures. I do wish them well on cutting their losses and recovering at some time in the future as don’t wish any company to fail. But I do see a benefit for PRD in the current situation in T&T

Think it may have been because CEG were not paying out to keep the road in a good condition and unable to keep electricity at site. Both of which are HS&E issues when driving heavy lorries along the road and operating equipment.
They mentioned issues with electricity and of bad weather in their rns but nothing about not meeting contractual requirements of the license.

Yes fastnet page appears dead.

That does answer some of my thoughts though. As with most of the older wells they were looking for oil. Was the oil seeps part of a later surface survey? As I remember Grf1 also having condensate and gas. Wonder if they are expecting a liquid rich gas at mou-NE or dry gas…..

No satellite pass today so still the same. Equipment has been arriving since the 19th with a large amount arriving by Friday last week.
I couldn’t say what all the equipment is from what I can see but definitely being prepared

Wacky, do you have a link to the pathfinder SLR? Mine isn’t working anymore for some reason and I wanted to check something.
I don’t remember much data for TAF-1X being available. So to know depths, composition and potential reservoir sizes they must have been able to get hold of something that’s not in the public domain. Again delays with other projects have helped them focus on an area they may have initially passed by and reprocessing of seismic (Similar to the mou-4 find during Covid). Drilling to the Jurassic and Triassic has not been reached with previous drills so will definitely be testing new ground at Mou-NE.

I did have a look at new prospective areas that PRD may explore after the last rns. One was to the north east of Morocco and the name of the basin escapes me now but I did find a good resource on the web. Think it was on the Onyhm website…. Very useful reference and a wealth of information. I was starting to get a bit lost by then though…

Yes Keith '3. MOU-NE looks like a stonker (that's good, btw).'
Interested to hear more on the THIRD drill prospect. MOU-NE. Also sounds like this could potentially be the 'one' that is tied to a pipeline first rather than CNG monetisation.
A bit of clarity in the RNS as to why MOU-5 is being drilled in close proximity to MOU-4 to 'test the core area of the "MOU-4 Tertiary Fan"'

It is worth reading the CEG RNS again now. There is a section on 'Production Operations in Trinidad & Tobago' which talks about how they have restructured, increases in production and sustainability. Read between these and you may get a bigger picture of what has/ is going on.
Also note the timing of when this happened and the subsequent action within PRD.

From CEG RNS yesterday

- The licence for the Goudron field in Trinidad was extended for 10 years in November 2020; work is underway in respect of extensions of the Innis-Trinity and South Erin fields (for 2022 and beyond)

Iniss-Trinity is owned by Heritage. The ownership by FRAM (CEG) is under license which I think is up for renewal...?
If Massy petition Heritage and the Government that could offer a huge amount of leverage to PRD.

For anyone interested CEG have finally submitted their annual report for December 2020

https://www.investegate.co.uk/challenger-energy--ceg-/rns/annual-report-and-financial-statements/202109270700109830M/

Point of note for PRD:-
"Inniss-Trinity Field

The Company owns 100% of the Inniss-Trinity field by way of an incremental production service contract (IPSC) with Heritage Petroleum Company Limited. The IPSC is due for renewal at the end of December 2021 and the Company is currently undertaking the process necessary for a renewal of that licence. As part of the Inniss-Trinity IPSC, a CO2 enhanced oil recovery pilot project was undertaken during 2020 and 2021 to establish the potential for increasing field production and with a view to assessing the applicability of the technique for other onshore opportunities. Regular well workover operations are undertaken on the existing production well stock and repairs to shut-in wells, as and when appropriate. In addition, the Company has identified a number of drill-ready compartments on the licence area which will be assessed in the context of other in-field drilling opportunities across the portfolio."

Also on YouTube page now:
https://www.youtube.com/watch?v=9gHSo4k-6Xk

I noticed the other week that something was back at the state 16-2 well. I dismissed it as a small cloud on the radar.... Or CH popping in to take photos!
However radar and images confirm that more equipment is around the well perimeter since then and have been arriving during the week. Looks like preparations well underway for the next stage of this journey.

GLA

Have managed to get a better look. Looks more likely it is a local farmer preparing fields for crops. A lot of agricultural work around coho as well as everything else.
Have an idea where coho2 maybe but not spotted anything yet

Maybe too close for a second pad but you never know. Fair bit of work goes on around the coho area anyway. It’s not like casc, chinook or Royston which are middle of the forest.
May be cleared so there is somewhere to store the pipe and equipment….? But does seem quite large….
It’s definitely only appeared recently though

It may be not related to TXP but there have also been some clearance works close to the coho site….

https://www.ft.com/content/eb231586-7214-44af-99c2-b42ee408e206?segmentId=c841d669-8dab-e460-26f0-30ea79c2a1d0

Operating net back $24.24/bbl for last 6 months. $26.30 for last 3 months.
It’s all on page 3 of latest report with breakdown of royalties and operating costs.
Expect overall output to rise though once work overs in the south west completed.

http://www.touchstoneexploration.com/wp-content/uploads/2021/09/September-2021-Corp.-Presentation-.pdf

I actually put the question forward to Paul (via flagstaff) as to the reason behind MOU-5 being drilled. There are several as far as I can see. Unfortunately the response was that there is a presentation at the end of the month and I would be able to ask questions there. My preferred response would have been for them to put the question forward and have it covered in said presentation so that the expected outcomes were clear for everyone.

So, my thoughts.

Two is better than one. MOU-4 is being drilled at what is perceived to be the ‘epicentre’ of the prospect. We have already seen the increase in mud weight. Paul briefly mentioned the drill ‘kicks’ that needed controlling. Is there a fear that potentially pressure could be so high that they could loose a well….. hence drill another in close proximity? Possible option, but feel they’ll be ready for that occurrence with increased mud weight, drill control etc.

MOU-5 is slightly down from MOU-4 so is this the place they are expecting to be able to produce from with MOU-4 being at the ‘peak’ point?
However, two wells close together like this. A single CNG station between the two with twice the production capacity, as minimal infrastructure needed, would provide a very quick cash flow.

As Keith has pointed out, and I think I mentioned on Thursday. There is a fault between the two locations. Are they expecting slightly different results between the two. Sand thicknesses. Pressures (again). Or will they be the same….?

Also are there some upper zones that MOU-5 could potentially explore due to its location. There have been mention of tgb4 and tgb5 sands. Are they also looking to confirm some of the shallower targets.

I would also agree with the dual testing providing even more data than a single well in isolation.

There are plenty of reasons for both of these being drilled together and a mixture of all of the suggestions. After all this is exploration.

GLA

HI MEM, Great post around the 'bigger' thinking.
Question though, you say 170km as the crow flies.... I have it more like 300km+... Am I going wrong somewhere?

Was also thinking that they are describing sands as 'equivalent to those of the Rharb basin' . I wonder how long before they are describing them as 'Gucerif Basin Sands' and equivalents of....