Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Initial 14hr flow rates sound great and when Paul gets interviewed goes on to say he doesn’t know what the majority of gas is and requires further analyst backed up with oil logs in an RNS as an interpretation. Clear and concise on informing the market. :D
‘Operations Update - Goudron extension
Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to confirm an extension to the term of the Goudron Incremental Production Service Contract ("IPSC") to 31 March 2020, allowing time for the Company and Heritage to negotiate a longer term extension.’
‘As announced on 11 November 2019, the Company entered into the Agreement to provide access to additional funds, should they be required, to:
· assist with costs arising from the drilling of the Saffron well in Trinidad;
· enable Columbus to fast-track the appraisal and development of the Saffron prospect following any discovery; and
· provide the resources to fast-track planned technical and operational activities on the Weg Naar Zee licence in Suriname, including development of the field following the extended well tests.‘
‘Completion of the interpretation of the Saffron cased hole logging, with the result supporting the completion and testing of the Saffron well in February 2020; and
· Submission of a Saffron Well Test application to the Ministry of Energy and Energy Industries.‘
"The Company has successfully injected the first tranche of CO2 in the Trinity Inniss field. The CO2 project is an important enhanced oil recovery project for both the Company and Trinidad. I look forward to updating the market as to the results of the CO2 pilot project in due course."
I’m not sure what information you are seeking, I can only assume it’s info on a Saffron (aren’t we all).
The BOD hold the responsibility for the following..
‘An AIM company must take reasonable care to ensure that any information it notifies is not misleading, false or deceptive and does not omit anything likely to affect the import of such information.’
I would guess as it’s an exploration well that they will want to interpret and understand all the information, it’s potential and hopefully the opportunities it presents before informing the market... but until then, nothing has changed.
We were kind of given an update on Saffron and Suriname in the new loan agreement update. Goudron is ticking over while negotiating a new licence and Trinity Innis is in its first stage of CO2 injection.
As you are fully aware Quarterly updates were given when the company was at a much higher risk than at present.
An AIM company must issue notification without delay of any new developments which are not public knowledge concerning a change in:
? its financial condition;
? its sphere of activity;
? the performance of its business; or
? its expectation of its performance,
which, if made public, would be likely to lead to a substantial movement in the price of its AIM securities.
No Quarterly update means no change it’s day to day performance or no material news which will effect the share price.
Navette was solution gas driven (on the fringe of the block), Goudron ( south of the block ) had a ‘calculated’ open hole flow rate of 6000bopd but deemed an oil well, There is Tabaquite the onshore gas field ( north/west of the block ) that also produces good quality light oil. All experienced heavy decline rates. Navette had a water flood project implemented after two years from its peak production and Goudron is in its early stages of a water flood project. I believe Trinity/Heritage operate Tabaquite.
“The Tabaquite field was discovered in 1911. The crude that was produced was reported to have been of good quality, with a relatively high API gravity.
The Blanket Sand at the base of the Nariva Formation forms a relatively thick unit (up to 100ft) which is laterally extensive across the Tabaquite lease and along strike into Brighton Marine Field. Internal heterogeneity within the Blanket Sand is common, indicating that it comprises multiple stacked thin beds. The overlying Stringer Sands comprise thinner beds of sandstone intercalated with shale.
Locally sand/shale packages are correlatable but individual sands are unlikely to extend laterally for more than a few hundred meters in dip sections. The API gravity of crude from the Nariva and Stringer Sands varies between 28° and 40°. Porosities average 15% in the Nariva Sands and 12% in the Stringer Sands.”
What is expected in terms of infrastructure going forward (including future drilling). What are the expected timescales for approval, installation and commissioning to achieve full scale production?
Rollinginit
Yes I do have a holding in CERP to retain an interest in its developments, so you could say I have a little knowledge on oil and gas production in Trinidad. im waiting patiently to take a bigger holding there. it’s a matter of timing that run same goes here.
Ramp away.. Good luck
‘with no mandatory principal payments until January 1, 2021. Touchstone is now required to repay C$1,100,000 per quarter commencing on January 1, 2021 through October 1, 2023, and the then outstanding principal balance is repayable on the November 23, 2023 maturity date’
Let’s hope it continues to be successful as the 800k quarterly loan payments kick in this time next year.. on top of the 1% production payment. Just need to install that infrastructure to handle these massive volumes ASAP.
At least it’s producing 800bopd and currently covering its base costs.