Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
Oleo, it is likely 2-7/8" vs 4-1/2" casing. Yes, there was (and still is) liquid - takes a while to remove all frac fluid.
Flare is back, does not look much bigger yet. Assuming they have run a production tubing. Let's see if rate will improve in a few days.
https://apps.sentinel-hub.com/eo-browser/?zoom=16&lat=-16.40101&lng=134.70345&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2Fbd86bcc0-f318-402b-a145-015f85b9427e&datasetId=S2L2A&fromTime=2022-04-03T00%3A00%3A00.000Z&toTime=2022-04-03T23%3A59%3A59.999Z&layerId=6-SWIR
prior incentives were for new work only, i.e. if well was already planned and announced - tough luck. Also, fair bit amount of work is required to get the grants. Not to mention the need to spend money to get 25% back.
https://bit.ly/3N6IDdO
17% upward revision (how???), one well is shut and the other needs velocity string.
Once both wells have the production tubing installed - we may see a temporary rate increase into 3-4mmscf/day.
Does anyone know number of clusters/stage and details of the perforations? #of holes/cluster, EH diameter, penetration, phasing, oriented or not? Ta
Greenies at it again. It was never about the environment
https://www.energynewsbulletin.net/environment/news/1428632/anti-fraccing-activists-fill-war-chest-for-campaigning-in-nt
Maxim agreed to step down from the board
Don’t know Maxim but name sounds Russian. I guess no questions on the company reasoning. https://falconoilandgas.com/2022/03/01/director-change/
Not the new grant, but re-signing grant agreement following unsuccessful court challenge by greenies. I wish court would of slam them with legal fees for an abuse of the judicial process.
Does any other operators got grants awarded?
Farm-in is when a company buys into an asset. Farm out - when they are seeking partners and reducing their stake. I'm guessing they are using farm-down instead of farm-out.
https://www.investopedia.com/terms/f/farmout.asp
The difference may also be that the company builds something and sells it to investors seeking yield, but at this stage of exploration and appraisal it will be a misnomer.
tell this to PRMS
https://app.sharelinktechnologies.com/announcement/asx/7fb4b3054cb5a9f1e7d04eaf2704435e
"Successful 2021 Beetaloo work program (production testing of Carpentaria-1, drilling of Carpentaria-2H and acquisition of the Charlotte 2D seismic survey) has resulted in a substantial increase in resources independently assessed by Netherland, Sewell & Associates (“NSAI”) for EP187:
o 1,402% increase in 3C Contingent Resources from 86 BCF to 1,292 BCF
o 866% increase in 2C Contingent Resources from 41 BCF to 396 BCF
o Maiden 1C Contingent Resources of 81 BCF
• Empire’s total Beetaloo 2C Contingent Resources are now 554 BCF
• EP187 best estimate P(50) Prospective Resources have increased by 23% to ~4.3 TCF following identification of improved prospectivity across the block, increasing total Northern Territory P(50) Prospective Resources to ~43 TCF plus 797 mmbbls"
Of note, a significant increase in EP187 East Carpentaria Velkerri acreage after seismic; right depth. No Rallen to deal with.
Anxious for C-2H frac results in Q2-22.
@hydrogen, I've heard the micro-LNG option was considered. Unsure of cost/ feasibility. Well, Baker did an analysis of "virtual pipeline" to replace diesel with LNG - wasn't economic due to low consumption at the NT. But the different objectives of the pilot production where liquefaction is a way to overcome government-imposed restrictions on the duration of the test.
I haven't seen any info on how much proppant was placed, what fluid was used, clusters per stage, pump schedule, job executions. W/o this I can't tell if anything went wrong there.
On the production improvement side, it is possible. At current rates, there is not enough gas velocity to bring all water to surface. As it falls back into wellbore, it reduces drawdown pressure. They need to produce enough frac water to cleanup the fractures. Best way to do this would be to run a smaller diameter pipe. Increased gas velocity will keep the well flowing. Once cleanup is complete, they may close the well to allow pressure to build up and the remaining water to be "sucked" by formation (imibition by capillary forces). It may take few month. Wells would need to be tested for at least 30 days after that (not 14 days selective reporting).
Not impressed with lack of respect to the operating partner and service company.
It’s not exactly a ****tail glass with many straws in it. Due to low permeability it takes many years for gas to travel just a few meters from formation into the wast network created by hydraulic fracturing (horizontal wellbores required to extend it further than single point of entry).
Resource belongs to individual states, not farmers or the federal government.
Acreage positions are huge hence issue of “frac hits” (parent-child interaction) won’t be a concern for a long time.
Hope that helps
"more compact" means shorted cluster spacing, i.e. more perforation holes per length of the lateral. I wouldn't read much into it
@newtofo,
reason Maverick is located ON Tanumbirini station is its proximity to Carpentaria Highway. Moving it would require new round of Environmental Management Planning - a process which takes a very long time with the current NT regulator. Cost a lot of money, too. In addition, they would have to get a clearance permit for the road and incur construction costs. The dirt road will be less accessible after rain.
Hope they will manage to negotiate and drill their first well.
@newtofo, if you enable "cadastre" or "pastoral properties" on http://strike.nt.gov.au/wss.html, you'll see that planned Maverick-1H location (https://www.proactiveinvestors.com.au/companies/news/970229/tamboran-resources-higher-as-gas-flows-to-surface-in-two-beetaloo-sub-basin-jv-wells-970229.html) is over Tanumbirini station. Same SA millionaire mob with an extreme NIMBY sentiment.
EEG well is ~2km shallower than Santos'. Lower pressure but makes it cheaper to drill (no BHA lost in hole, no sidetracks, etc); longer cased lateral length.
Tamboran is facing an uphill battle with the landholder; Santos operations moratorium applies to JV. EEG.AX has large acreage position and permits in place. Astute and well-connected CEO keeping cash burn to a minimum; lowest operating costs (1/3rd-1/4th of Santos/Origin). No position.
Advantage of FOG is its small market cap.
@hydrogen - because all three Tanumbirini wells are drilled at the same location (reasons beyond my understanding), adding reserves would be problematic. There is ~1000m radius increase with laterals and the reserves assessor can take it into account. But this is nothing like having two other wells 15-20km out and expanding reserves over a much larger area.
But there will be substantial uplift in valuation if clear path to commerciality (>>5mmscf/day/well) is demonstrated.
depends on your employment contract. One of my employers precluded buying any operator the company is working with, except via mutual fund/ETF. I've followed ur strategy for that reason (didn't play out at a time). EEG.AX can benefit from T2&3 success as well.