Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
It wouldn’t be a significant discovery if it didn’t flow imho, there’s been an offshore support vessel capable of oil storage alongside this week. Dyor.
Can’t stay here at £6m mcap
Amin, hardly the time for paternalistic comments is it!
You tell me bladey let’s hope the operator, or sub contractor has consequential insurance.
Interesting hot copper post
I think their mapping etc could b possibly off which is why the 80m discrepancy in the drill results for the Elang Top at 3338m.
From the WL logs they'll do a well tie-up (ie correlation) & also plot that depth on the Topo to see what went wrong. Is it a case of velocity misinterp or a localised fault that's thrown the Elang Deeped or did the sands pinch out due to a thicker overburden sequence in the Flamingo/Frigate ??
As for the Elang top, if u plot the current rig co-ordinates (-10.6713,126.1152 in GDA94 datum) on the 3 topo maps published in the RISC report by BHP, Nexen & CVN then u'll get a different answer for the Elang top. The contours show the depth for the Elang sands Top in TVDss. Based on that,
1) CVN's B10 is situated ~220 to 230m SE from BHP's B3. Another BHP well B2 is ~750m east of B10. So these r the 2 nearest well to B10.
B3 intersected the Elang top at 3264m (TVDss), B2 had the top at 3289m (TVDss). As per the topo map & current rig location, the Elang is interpreted at ~3250m. Easy to read the depth on the contour once u plot the wells. ASX
2) Nexen's topo was based on PSDM analysis they did before drilling B7, 8 & 9 located on the western side of B1, B5.
As per those contours, B10's Elang should b at 3305m (using the surface location only as we dont know the final bottomhole location yet).
With so much knowledge base from the nearby offset wells, production record, 3Dseis, it's just bizzare that things came up totally different on the attic with 12m gross thickness, albiet deeper then prognosed.
Anyways update on Monday should add more clarity on the 'Net/gross, Poro/perm, oil quality etc. Noticed that Advance price took quite a hammering over the last few days, as the answers should come from the Operator who put a lot of faith in technology & FWI imaging. Just makes a mockery of the Independent expert's report & the fancy topo images on their Powerpoint presentation over the last 4yrs!!
Rufman I’m giving you special dispensation to release yourself from Dry January, otherwise you may as well male it dry 2022!
I remember when MATD drill partner walked away, a very nice break clause was triggered, as someone said, perhaps a positive event if CARAV have walked away.
Just have to wait on multiple fronts.
Kev only comments on shares he’s invested in as far as I can see, probably because he’s normal and not special.
Got a bit of colour from my broker on the SP and why it tanked so hard, according to him clients at ADV broker, also the twitterati types, were extremely heavily leveraged on ADV several of them, they were buying literally millions before the news, literally everything available was how he described it.
Obviously they’ve had to sell not only the leveraged stock on margin calls, but also physical holdings too, to cover losses, hence the magnified drop, and perhaps a cautionary tale.
He was however, confident there will be a bounce here at some point.
https://www.malcysblog.com/2022/01/oil-price-advance-union-jack-egdon-europa-longboat-and-finally/
Advance has provided the following update on the Buffalo-10 well. The Operator, Carnarvon Petroleum Timor, Lda., has advised that, since the last announcement on 14 January 2022, the 9 5/8” casing has been successfully cemented in place and drilling has reached total depth of around 3,415 metres Measured Depth (“MD”) in the 8 ½” hole section.
Observations from Logging While Drilling (“LWD”) tools have identified that the primary reservoir has been intersected, with indications of hydrocarbons as anticipated in the Elang. The top Elang reservoir was intersected at a depth of around 3,338 metres MD, which was approximately 80 metres low to prognosis and outside the pre-drill range of expectations.
The interpretation from the LWD tools and drilling information is that an approximate 12 metre gross oil column was encountered. Wireline logging results will be used to determine the reservoir properties (porosity, net to gross) and to confirm a net oil column.
The information to date indicates that the seismic processing techniques employed on this project have not resolved the underlying seismic velocities or imaging resolution issues that are present in this field.
The Buffalo-10 well is being drilled offshore Timor-Leste in the TL-SO-T 19-14 PSC in which Advance Energy holds a 50% interest.
The update on the drilling of B-10 well and the results are clearly not what was hoped for from this much anticipated well. The drilling operations are ongoing so it’s too early to definitively know what has happened, but the update today indicates that the well clearly encountered a significantly deeper reservoir than was expected. The principal challenge with the field was choosing the well location based on the field’s production history and the seismic data.
The JV will likely run further testing activities, including logging to get a picture of exactly what has happened and will provide an update in due course, however the market reaction clearly indicates that this is a very disappointing result for Advance.
Despite the disappointment, Advance remains a high-quality team with a strong industry reputation and, within the Interim results issued yesterday, they acknowledged the inherent risks associated with all drilling activities, but more importantly it provided an update that the team is actively progressing a pipeline of compelling business development opportunities which, if they come to fruition, can reinvigorate the story. And as demonstrated by the recent Savannah deal, the right teams are able to access highly value accretive deals with limited equity financing required.
Would help our cause massively if we showed 80% down on the LSE losers board, but we are nowhere to be seen. Funny that.
Because a similar RNS landed at JOG once upon a time, and I made off like a bandit with three times my investment inside a week. That’s why.
Noob
“On 13 October, 2020 Pantheon announced that the internal estimate of prospective resource potential at Talitha was 1.4 billion barrels of oil in place and 341 million barrels of recoverable oil in the Kuparuk Formation alone and based on conceptual development plans this oil had an NPV10 of $6 per barrel based upon the oil pricing at that time. Simply adjusting the same model(2) for today's oil price of $69.36 (held flat) and making no other changes, that NPV10 increases to over $10 per barrel.”
Now apply that statement to Copl, the Copl share price currently is perhaps the biggest no brainier buy I’ve even seen imho. Buy!
I suggest Jedster you go and look at PANR, they have discovered a similar amount of oil on the North Slope Alaska, their share price took a while to get going to, however, currently PANR mcap stands at £568, and guess what Jedster, not a single barrel has been flowed yet on their discovery on the North slope.
You wait for wells to come on stream, me I’m buying more Monday, as I’ll take £568 mcap from here. PS the North slope can only be drilled in the winter, much worse than here.