What We Know30 Jun 2019 22:23
Ok so on the Oil front we know Broadford Bridge was a duster for UKOG and Brockham looks like a duster for Angus (Alba only 5% holding) so I'd say it's fair to say that the Kimmeridge Oil is not as easy to get out or even find as investors were led to believe..But..
HH has delivered Kimmeridge Oil in tests to date:
From 16th Jan RNS:
KL4 production from a 103 ft perforated interval commenced in late November 2018, yielding 2,192 bbl at a maximum half-hourly metered rate of 584 barrels of oil per day ("bopd") and at an average sustained daily continuous rate of 300 bopd over the subsequent week.
· Fluid and pressure build-up data gathered from the KL4 test demonstrate that KL3 and KL4 are one single oil pool of 358 ft in vertical extent. As a result, and as previously indicated, a decision was made to commingle both KL3 and KL4 production (i.e. produce from both sets of perforations at the same time).
· Commingled KL3 and KL4 production from an aggregate 187 ft perforated interval commenced on 4 December 2018 at a maximum half-hourly rate of 426 bopd and continued throughout the Christmas and New Year period, producing 8,829 bbl of 40° API crude. The programme included several pressure build-up tests and testing of different pump configurations, settings and equipment.
· Following the installation of a new downhole pump and an optimised surface hydraulic pump unit, stable commingled production resumed on 7 January 2019 at an increased initial rate of 525 bopd. The sustained daily rate over the subsequent week averaged 303 bopd. A de-waxing treatment applied on 14 January 2019 led to an increase in the hourly rate to 351 bopd. Commingled production continues.
· To date, the absence of produced formation water adds continuing support to the Operator's geological concept that KL oil lies within a significant continuous oil deposit.
My guess (and it's only my guess) is that there is a volume of Oil present across the Weald but the natural fractured rocks that hold that Oil are too tight to let the Oil flow and therefore recoverable..(PV often said how tight the rock was)
HH seemingly has a pool (word used in many RNS's) that is recoverable possibly created by the Horst Block and this has maybe created larger fractures that allow the Oil to be recovered..
Lets get HH works underway and find out what it can do (or can't do)
Brockham was as pointed out by Albinio74 effectively thrown in as part of Alba's HH purchase and it's not what Alba has attributed much value to
Alba have been busy on many mining assets and continue to press on with these whilst the Weald Oil operators do their thing
Interesting times for sure and I hope Amitsoq Graphite drill delivers the news we all need
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