Member Info for bigspike

Pvr drilled a wildcat in over 2200m offshore Ireland for a well cap cost $42m with a state of the art drill ship. 340metres is not deepwater although deeper than much of North Sea, the Pearl River Mouth Basin already has active oil industry. Cnooc buy back in at 51% is a means of funding field development.

Yes I agree with most of that rathole, eme need a partner to fund the drill and this is what will give a major kick to the share price. 40-60m usd for a single drill???? It won’t cost that much! The prospective resource here is enough to create interest from most oil companies and the fact these prospects are anologues from proven nearby discoveries is very encouraging. Oil migration is already proven in the area and on this block, so once Gaz Bisht is able to demonstrate the pathway into topaz, jade and pearl they’ll be a busy data room! Gla, even rathole....

31% increase in prospective resource, anologues of proven nearby discoveries. Oil price 75. Huge asset for a company like eme.

Exploration = tick (pearl river mouth basin) Development = tick (Duyung psc) Production = tick (Sacramento basin)

Mako prior to mako south successful drill. Check out additional license prospects! http://haloil.co.uk/wp-content/uploads/2015/09/HALO_Duyung_Presentation_September_2015.pdf

I didn’t hear malcy say Tom was disappointed with Dempsey. In fact others have posted on hear that Tom is happy Dempsey is generating cash and has further potential. GJ ramped Dempsey, that’s the only disappointing point! He wasn’t clear with his testing strategy and the time it would take if the reservoirs were found to be tight. Even the time scales on the analyst report were poor. However, eme’s assets are diversified, China and Indo prospects have huge potential and California has existing infrusture with wells that can generate cash quickly with wells that can access a number of reservoirs. At this price, eme offers a compelling investment.

https://www.energyvoice.com/oilandgas/north-sea/173268/corallians-oulton-field-can-deliver-up-to-31m-barrels/ Looking for a partner to drill Oulton. Alpha petroleum hoping for FID this summer for the Cheviot field FPSO. Possible contender! Alpha petroleum are looking to tie additional fields back to their fpso.

Fully funded drilling of Prospect S, offshore Namibia, in Q4 2018.

Possible subsidiary?

In addition to Norio and Satskhenisi, Block Energy retains a working interest in West Rustavi Block Xif, which has produced 500,000 bbl oil to date and tested commercial quantities of sweet gas on trend with a significant gas target that is currently being evaluated as part of the commissioned CPR. West Rustavi shares the same geology and play types as Schlumberger’s adjacent Block XIb permit, where 200 MMbbl of oil have been recovered and is currently undergoing significant evaluation on its gas potential. As part of a farm-in agreement to earn a 75% working interest in the West Rustavi PSC, Block Energy intends to re-enter 2-3 wells and side-track 3 to 4 additional wells to increase production to over 1,000 bopd of oil from the Middle Eocene. Furthermore, subject to the results of the CPR, Block Energy also plans to re-test gas production from previously discovered wells located within the permit.

The syn-rift prospects in Duyung PSC were initially identified by Conoco in the 1980’s and then refined by Lasmo in the 1990’s through a series of 2D seismic acquisition • Three main prospects initially highlighted, including the CJ/CH prospect, a stratigraphic trap with structural features on the western edge on the permit. Covered by 3D seismic showing good top seal characteristics which could contain a recoverable 250mmbbls of liquids or 1.5Tcf of wet gas.

In addition to mako the psc includes 3 synrift prospects The CK prospect is located in the central part of the permit and excluding the Mako discovery represents the largest feature of the PSC. The prospect is only mapped by combined vintage and recent 2D seismic. Lasmo were due to drill Baracuda-1 on the CK prospect in 1998 after significant basin modeling but pulled out of the well due to financial difficulties. The prospect could contain a high case recoverable resource of 300mmbls or 1.9Tc of recoverable wet gas • Hiu Putih is a sub crop prospect at the North Eastern flank of the Mako inversion. The prospect contains several sizeable monocline closures in the Upper and Lower Grabus formations. These make up the best quality reservoirs in West Natuna with a volumetric assumption of 120mmbls of recoverable resource

http://www.blockenergy.co.uk/wp-content/uploads/2018/05/Block-Energy-CPR.Gustavson-Final.051418.pdf

A poster on advfn says the application is in but I haven’t seen this in an rns yet. GJ says they are doing studies into the deeper reservoirs and these include the option of fracking. I think it will happen but when?

I think this will bounce off 29p then start moving up, maybe I’m a little over ambitious but this could double in the next 3/4 months... AIMO.

George Maxwell expected this to be completed by end of May, unsure if this included tie in time to production and flow testing? Good trading volume over the last couple days.....

Dempsey won’t be worth much at the moment because the deeper zones remain unproven from a commercial prospective. Once Raven sort themselves out hopefully the JV will make the decision to fracture stimulate Dempsey and then we’ll know what value the California project will add. For eme, the Sacramento basin has the existing infrustrure to enable cash generation, the Asian assets have what will add value the most to eme.

Dempsey was a mixture of appraisal and exploration, TK was referring to the exploration. I would expect the China assets to have a geological Cos of between 35 - 45 % and this value is pretty good. Given its in a proven oil basin, adjacent to a billion barrel discovery with an additional 4 proven discoveries outside of the source kitchen next to eme licence makes this very interesting indeed. In fact the structures identified are analogues of proven nearby discoveries.

https://www.energyvoice.com/oilandgas/north-sea/172919/corallian-applies-for-consent-to-drill-wick/

Preliminary mapping of 3D data indicates that these 3 prospects could hold over 590 million barrels of oil (MMbbls). Topaz is located mid-point betweenLH11-1 and LH16-2 oil accumulations. Pearl, a close analogue for nearby LH16-2 oil discovery and Topaz prospect. Jade, a carbonate build up with 4 way dip closure, close to LH23-1 that has been mapped with 3D. CNOOC provided approval (first time ever to any foreign operator) for acquiring data outside the block covering their oil discovery (LH 23-1) and will help de-risk Jade and Topaz prospects and demostrates a genuine relationship between the 2 companies. In addition, three wells within the 3D survey are expected to provide the control for depth conversion of the 3D seismic data. Interpretation of the excellent quality data provides the understanding of structure, trap type and reservoir characteristics and helps define the drill locations. Four CNOOC discoveries since 2010 outside of the Baiyun Sag- oil kitchen proves oil migration from this petroleum system is active, using the data now in hand will help understand the pathway for oil migration to Topaz, Jade and pearl and is required to demonstate and reduce exploration risks.