RE: Wick26 Dec 2018 17:28
luckyman,
"Wick is the only exploration well in our portfilio"
Yes. But also there's an important thing to remember (or learn about if not clued-up about oilfield details).
It's 'exploration' in name only, for various reglementary licencing-reasons only. Technically, it should be considered an 'offset' to what's already been found, but unfortunately the 'authorities' won't consider it as such.
I'm going slightly offtrack on this, but deliberately, because I know that there are quite a few PI's here who are also 'into' a completey different company, Hurricane Energy. (Hi! Guys an' girls!) HUR are doing things on a completetly different reservoir system, West of Shetland, so there's no DIRECT comparison. Different geology.
Except for this. Corallion drilling Wick is very much the same as the way HUR drilled Halifax. 'Related fields' in terms of what had been done before. The 'exploration' regulations however caused certain 'constrictions' regarding the way Halifax had to be drilled, especially in terms of pressure-overbalance, and thus the drilling-fluids (or 'mud' in the vernacular) used. Which led to a somewhat 'iffy', equivocal result in the eyes of a lot of non-tech oriented people, and a failed DST.
Now the same will happen here, with Wick. The same kind of 'restrictions' will apply. But due to the entirely different geology, being heavily 'overbalanced' shouldn't cause any drastic negative effects as were seen on Halifax, and a DST isn't planned for, anyway. The well's being drilled for data-gathering, no doubt MDT sampling, and very importantly the seismic, or VSP. Which has been permitted. And (to cut a long story short) the 'exploration' aspect shouldn't change any of the results acquired.
A word of caution, though. Wick may be finished in three weeks or so, seemingly. But the data-processing will take a lot more than that. However, if there's 'good news' immediately forthcoming, it generally means the news is good, and the heck with the figures.