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Thanks for reminding my of that Chesh, The CCS will be great for net zero credentials and can certainly be monetized but I do think the actual value will be more about the number of businesses that can geographically and/or practically take advantage of the facility rather than the actual storage numbers available. For me. Project 3 is still primarily about the gas.
Welcome back Ra11adw2, good post.
The way I see it I would put the chance of the sidetrack being successful at about 85%.
I also think there is an 80% chance of getting more than 150 bopd
In my view a "modest" result would be 250 bopd, a "good" result would be 500 bopd and a "very good" result would be 900 bopd).
I am hoping for around 500 bopd and everything above that number would be a big bonus!!
GLA
Pinched from Carbfix website:
"As a sign of ever-increasing interest in CO2 mineral storage, Carbfix has compiled a mapping tool that shows the feasibility of applying the Carbfix technology for industries and nations to assess as a part of their climate strategy. The global storage potential is greater than the emissions of the burning of all fossil fuels on Earth."
"It is estimated that Europe could theoretically store at least 4,000 billion tons of CO2 in rocks while the United States could store at least 7,500 billion tons."
Hopefully there will be competition Chesh, but that is one reason why I don't anticipate news that quickly if they are negotiating with multiple parties.
With regard to the "reimbursed costs" I would assume these will come out of the first gas sales when they happen in about 3 or 4 years time.
Most of the costs seem to be inherited from the work done by Schlumberger - this from an RNS in March, 2020
"Block XIB has a cost recovery pool of US$103 million, which has been approved by the state, plus an additional US$30 million expenditure during 2019 subject to state audit."
Good morning folks, a couple of points that may be of interest:
1) The Carbix website giving information on the Carbfix Injection Well in Iceland.
2) GoogleMap and GoogleEarth have been updated recently and you can now view all the Project 1 well sites including WR34 (and the Project 2 well site) and if you go into Street View you can see views of most of the sites, including BOC direction signs alongside the road!!
Have tried to locate the Chinese consortium well site without any success - does anybody know exactly where it is?
Hi Grower - In answer to your question you need customers who have the ability to convey the carbon to the facility in a cost efficient manner, the most efficient method is by a pipeline. Block have suggested that the CCS facility could support a major net zero industrial hub and steel and cement production has also been mentioned. This may have already been discussed with the authorities in Georgia and I would assume such a hub would need to be in the general Project 3 area so that a localized pipeline infrastructure could be built. We do not know how much of the CCS capacity would actually be utilized by such a hub.
Dai2belts - to answer your question I have taken the liberty of pinching this bit from an Ezhik post:
"About 10 days start to finish, drill, complete, get it producing." - So if the rig arrives in about 10 days time could in theory be producing in about 3 weeks at the earliest but probably best to say about 4 weeks to be safe.
Good morning Avi8r & Mal
An observation from someone who does not fully understand the numbers - The recent RNS re CCS started off as follows:
"Block Energy plc, the development and production company focused on Georgia, is pleased to announce a study identifying a Carbon Capture and Storage ("CCS") opportunity within the Company's Block XIB with the potential to support a major net-zero CO2 industrial hub."
While the CCS is a fantastic asset for net zero credentials and Project 3 profitability it strikes me that as the CCS capacity is so large it will outstrip the actual demand by a considerable margin, even from a "major" industrial hub, so in reality may not be fully utilized. Just my thoughts on the matter and happy to be corrected.
Rlightor - I totally agree with regard to the gas play point of view, I totally agree with not giving the Scirrocco mob a foothold but my point was AJW used to go on the attack accusing certain poster of being in some sort of bashing syndicate when it was quite clear they were just straightforward investors expressing a point of view.
MgBRG96 - Maladoni bought in last week so why would he not like the rise, your observation does not make any sense.
Mal - You may remember AJW who used to shout down any poster who presented an alternative view - someone here has taken his place.
Last time we had production figures was the the Q3 Quarterly update but they have now stopped. Year end audited results have to be provided by 30th June. We already know from the first three quarters that year end Dec 2023 should produce record production figures and revenue. However, when they provided flow figures for the first five days of production on WR34 they only provided a boepd figure and did not specify how much oil was being produced but I think you are already aware of that.
From RNS 2nd April:
"Beacon confirms that the rig mobilisation is on track with the rig due to arrive on location in mid-April with the sidetrack operation scheduled to commence the following week."
That sounds to me that the rig will probably arrive on site within the next couple of days,
We could of course get an RNS at any time but I think it is probably more likely at the beginning of next week to say the sidetrack operation has commenced.
BB - I totally disagree, Block are much, much further down the line than they were four years ago and it would be ridiculous to oust PH at this point in time in the middle of potential farm out negotiations. You now have to let the farm out process take its course and await the outcome but it will take time, if at Xmas the SP is still at 1p and there are no takers for a farm out then you may have a point.
My point was that the new NED, John Barker (RoleyBirkin) was keeping a close eye on who said what, etc on this board, If you check back RB did call out Guzzler on this board for allegedly misinformation and that is what Guzzler (aka stuie62) now says he was banned for, Draw your own conclusions.
Thanks Roger / Mikeepikee - Won't be holding you to the numbers.
The way I see it I would put the chance of the sidetrack being successful at about 85%.
Then its do we get a "modest" result (say 250 bopd), a "good" result (say 500 bopd) or an "very good" result (say 900 bopd).
I am hoping for a minimum of 500 bopd but would treat everything above that number as a bonus!!