Member Info for Hepseal

From Rhein statement yesterday:

“The existing well will be used unchanged up to a depth of around 1,600 meters and will receive a newly drilled branch from there,” explains the Rhein Petroleum managing director. "Immediately after the end of the drilling, the test production is prepared, including inserting the delivery pump."

My understanding is that the initial delivery pump will be a rod pump which I believe has a limit of 250 bopd. After the well has cleaned up I believe this will be replaced with an electric submersible pump which will be able to handle flows in excess of 250 bopd. As I have said before, I am hoping for 500 bopd but if its more I won't be arguing.

Appel: “Due to the excellent reservoir properties and the known data, we continue to be convinced that ‘Schwarzbach 2’ can produce significant quantities of high-quality domestic crude oil.” Heidelberg, April 24, 2024

Itsawrap - thanks for posting - that confirms why I am invested here.

Yep - I totally agree Shed, lots of potential in the Rustavi area and it looks like a goer to me, just saying the logistics may not stack up to service industries further a field.

Grower / Shed - as another word of caution I think increases to our tonnage/turnover in future years may be limited to some extent by the number of customers that can actually be serviced by a pipeline infrastructure. PH did refer to localized industries in his recent Q & A.

Not sure if folks are aware of the following as nobody seems to have mentioned it and I have only just noticed it:

Page 15 of the Block Energy CCS report by OPC / Prof Eric Oelkers refers to Initial Injection Rates of 100,000 - 300,000 tonnes per year for the Block CCS project.

By way of comparison I note that the Iceland project that has been running for 10 years currently deals with 12,000 tonnes a year but with plans to step it up to 34,000 tonnes per year.

Scooby - May not just be the "number" of shoes that make the difference, may also be the "brand" she chooses that makes the difference

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.

Think we are in the same ball park, give or take a bit.

Chesh - we was typing at the same time!!

And perhaps the building of a new industrial hub that will require carbon capture!

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.

MgBRG96 - You are the one doing the attacking not me, I have lost count of the posters you have had a go at, you even had a go at Shedulike yesterday.

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.