Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
‘The 11th and 12th successful well finds, by Exxon and partners Hess Oil of the U.S. and Nexen of China, have now pushed authorities in Trinidad to move to apply to the relevant world bodies to extend its country’s continental shelf as far as possible southeast toward Guyana’s gushing oil fields. And exploration companies in Suriname to the east want to tweak their search areas as both of the latest Exxon wells are close to the marine border with the Dutch-speaking country.‘
‘In Suriname, state-owned Staatsolie and Kosmos Energy of Texas say they are now more than convinced that commercial quantities of offshore oil would soon be found there, as the Talapia-1 and Haimari-1 wells of Exxon are located less than 10 miles from the marine border between the two neighbors. Suriname produces about 17,000 barrels daily from onshore wells near Guyana but has not had any major luck offshore.‘
The Geology looks very similar in Suriname to Trinidad.
Well worth a browse on Tinternet ??
Thanks Offerman I appreciate the time you’ve given to share your notes from the AGM, it sounds like it was a very informative meeting :) Ross, if you really have a true and honest interest in CERP I would highly recommend you attend the AGM meetings so the levels of scrutiny are met to your standard or you could communicate your concerns direct to the company. Failing that I would highly recommend not wasting your valuable time if you have absolutely zero interest or hope of success for the company.
LGO, you mean a CPR of some sort?
Was it a limit order?
I know time flys when you are having fun, but.. “Further to an announcement of 10 May 2017, LGO, the oil and gas producer and explorer focussed on onshore Trinidad with the ambition to grow in South America, is pleased to announce that the change of Company name to Columbus Energy Resources plc will take effect from 15 June 2017.” https://polaris.brighterir.com/public/columbus_energy_resources/news/rns/story/w6754kx/export
I always believed “Needle” would play a major role against the Night King. Dragons.. Pfft :)
Very much so, they’re adapting to the changes within the company. Ie Steeldrum deal and no doubt they’ll be adapting again before the end of the 5 year plan. For example if PRD did eventually purchase TI, it will no doubt see changes via production and availability to capital.
That they do LGO-Fan, it’s the determination and passion to achieve their aspirations that makes them find solutions to the problems they face to their desired goal. I like the odd counter argument with the odd Politician too ;)
You may need to look into the traits of an entrepreneur.. I’m fortunate to have started my working Career with an entrepreneur/innovator, I must say they have been the best employer I’ve ever worked for. Determination, Passion, Learning from mistakes, confidence and discipline are a few traits.
I don’t think the agreement would exist without the assurances from Heritage. After all the intention of the agreement is for PRD to eventually purchase Fram. Being a company that is seeking to expand the CO2 project across Trinidad is going to be a real problem unless they become an operator.
There’s nothing to stop Heritage from being a partner with PRD... apart from the well participation agreement with Fram.
Hi Bamps, yes the CO2 project currently replaces the 2 wells that were planned to be drilled on the TI field, this was renegotiated due to low oil prices and an economic evaluations before pushing on with drilling. I couldn’t put a potential recovery figure through CO2, projects elsewhere in Trinidad have previously been pretty successful with heavier oils but never with lighter oils found in Trinidad, Huff and puff was most favourable, but none were pursued to a large scale project. 50/50 split on joint working production, once PRD have recovered their initial investment of less that $600k is possible, with an option to expand the project with a further $700k (capped). Fram are already operating without additional production from TI CO2 EOR, any assistance in oil recovery through increasing reservoir pressures and the nature of CO2 and its reaction with oil can only assist in operating costs and interventions.
EOR is currently one of the few benefits of holding an IPSC, which sees all wells operated by one company in the field. Trinity Innis is a good prospect to trial CO2 with its successful water flood project recovering an additional 11% of oil in place, well connectivity has been proven from injector to producing wells. The progressive agreement between PRD, Fram and Heritage is beneficial to all during a low oil price environment. It’s ensuring investment into Trinidad, potential returns for PRD and CERP and kicking the drill obligations down the road until 1. Market conditions improve (oil price). 2. Successful CO2 trials which may require new wells for water flood which would eventually see CO2 injection. Currently I can not see no pressure for PRD to purchase the field nor CERP to for fill drill obligations.
If I remember the CO2 agreement can be reviewed every 6 months and be adjusted to suit the performance of the project, for example if the first trial is a success an expansion can be applied, hence the requirement for a licence extension to 2022.. same review process applies to PRD purchasing agreement ( I believe ).
On or before 31 August 2018 the Company to commence planning, preparation and execution of a Pilot Enhanced Oil Recovery Project using injected carbon dioxide ("Pilot CO2 EOR"); · Pilot C02 EOR is subject to the following Conditions Precedent: 1. Receipt of any necessary permits and authorisations for CO2 EOR 2. Extension of the current expiry date of the Incremental Production Services Contract ("IPSC") to 31 January 2022; 3. Regulatory approval to defer by one year FRAM's current drilling obligations to allow for the CO2 EOR Pilot to be executed and a minimum of 3 months of C02 to be injected; · Subject to receipt of any necessary permits, authorisations and approvals, Pilot CO2 EOR operations to commence on or before 31 October 2018 but in no event later than 31 January 2019; · An AFE for the re-entry of two existing wells for CO2 injection and incremental oil production off-take has been approved by the Company and FRAM; · Predator shall fund the cost of acquiring and upgrading surface facilities for Pilot C02 EOR operations and the supply of a minimum of 5,400 metric tonnes of C02 to the C02 injector well; · Predator shall fund all costs associated with the initial phase of Pilot C02 EOR operations up to a maximum Consideration Cap of USD 800,000; · Subject to a successful Pilot C02 EOR, the extension of the IPSC to 31 January 2022 and the Company's Pilot C02 EOR economics, Predator shall fund the cost of expanding C02 EOR operations up to a maximum Consideration Cap of USD 700,000;
In the interview he said was cheap. How is cheap defined?
I do remember there word about oil water/separation on Bonasse. The oil heater from Spain would have been ideal to improve oil handling speeds.
What I do know is that drilling the biggest prospect is not viable at present. But there is sufficient infrastructure in Icacos and Bonasse for the smaller prospects. From memory Icacos has oil storage of 10,000bop and the company has already stated upgrades to Bonasse infrastructure to improve oil handling, but happily be proven wrong.
I’m sure it will come Irene. Personally, I like efficiencies.. what’s the cost difference in producing ~600bopd with 57 wells and producing ~300bopd from 7 wells?