RE: Any Answers?17 Jun 2018 03:35
johnpwh,
" wonder if anyone could help with a few basic questions."
Often one's tempted to rudely post 'DYOR' on seeing that query, but as SiPP has said, you appear to have done the real basic stuff already. Plus also, as things progress, there is more to absorb, so what may seem 'basic' for people who've been here a while (and have probably got it committed to memory) might be quite complicated for newcomers.
I'd like to add to what the others have written, but please understand that it's personal opinion only, with which others may disagree.
JayKay has answered your first question regarding overall 'ownership' of the EPS.
"When is further drilling due on Halifax, both to evaluate DST and to provide conclusive proof that Lancaster/ Halifax is a single accumulation? When will Warwick be drilled, similarly its continuity with Lincoln hopefully established?"
We don't know. But we do know it will happen sometime. The company has two options on the rig for end of Q1 2019. Maybe a couple of those projects are what the options (if exercised) will be targetted at, but to my (personal) recollection the company hasn'tgiven confirmation of this.
"And is Whirlwind likely to be held 'in reserve' until L/H, L/W are better understood? "
That's not a 'basic' question at all! My personal opinion is that yes, Whirlwind will be left as it is for quite a long while. It's a 'discovery' and has been proved-up through DST testing, but it's not on the crest of the Rona Ridge (unlike the others), deeper water, and the oil is not the same. It's 'on the books', and certainly shouldn't be considered an 'ugly duckling', just a bit different. The well has been left 'suspended for eventual re-entry', but I think it will be a while until that happens.
" Is the EPS likely to be transferred then to, say, Lincoln?"
Personally I think not, though others may disagree! I (opinion only, remember), think it will remain as it is, as a 'cash-cow', maybe with a couple more wells tied in. Because FFD will take time and a whole lot of money to even begin physically seeing the light of day. It must be recalled that 'Linwick' is considered to be essentially identical to Lancaster. This can be conclusively proved (or worst-case disproved) through rig-based DST's and comparing the two. Plus once Halifax has been re-entered and tested, there will be a lot of focus on proving (or again disproving) the 'Lanfax connection'. During which time, the FPSO will be getting older, but still chugging along, providing a nice cashflow to cover such stuff. So why shut it down, most likely take it somewhere for refurb again, all of which COSTS money?