Member Info for highlandmatt

PB - apparently the lack of the words 'pleased', 'discovery' or 'commercial'.

Splice - Everything has stalled due to Covid, to some extent. Unless you are looking for existing production. Last year the CCS / EOR was a pilot / proof of concept, so yes, small numbers. Did you see the tie up with Lease Operators? If you are uncertain on this, can I offer you a friendly alternative tip? Run your eyes over Touchstone TXP and see if that is a closer fit to your criteria. Bon chance.

What makes you think Trinidad has limited upside and/or has stalled?

Splice - why do you think some are too optimistic? What is the data / info released telling you?

Oh goodie! Shorts gonna burn! :)

GRH - I want to thank you for pointing us to the research papers re seepages. I hadn't realised the significance of this information in the CPR previously. Surface seepage surveys will now form part of my due diligence of any exploration play from now on. A great example of the BB being a tool for learning / sharing.

So, from the research papers:-

Of the wells drilled on prospects associated with a hydrocarbon seepage anomaly, 80% resulted in discoveries. In contrast,
only 11% of wells drilled on prospects without a microseepage anomaly yielded a discovery.

Of the 2610 wells drilled, 42% resulted in discoveries. For wells drilled on prospects with a microseepage anomaly, success
rates ranged from 73-87% with an average of 80%. Wells drilled on prospects without an associated hydrocarbon anomaly had success rates ranging from 2-29% with an average of 11%.
From the 2012 CPR:-

Two micro-seepage surveys were carried out by Geo-Microbial Technologies in 2006 and 2007. A total of 32 traverses were carried out over a 2500km2 area and 731 soil samples were analysed in 2006 and 2007. Pathfinder Energy Maghreb Plc/finnCap Limited 11 SLR 501.00269.0001 CPR Morocco May 2012 SLR

The results of the 2006-07 surveys (Geo-Microbial Technologies Inc, March/April 2007) identify several hydrocarbon types in the Guercif basin: thermogenic dry gas and some condensate around the GRF-1 well; oil and gas/condensate around the MSD-1 well, over the Jezira anticline and in southwest; and oil in all other anomalies. Particularly interesting is the abundant seepage in a large area around the TAF-1X well which appears to be oil rather than gas. The anomalies cover a larger area and have higher oil concentrations than the anomalies elsewhere. These surveys confirm there is an active hydrocarbon source system in the basin.

MSD-1 is just about 2km SW of GRF-1.

Speaking of which, been rereading the CPR and 2020 presentation. Main thrust is biogenic gas, with thermogenic a theory of deep source rocks (Jurassic 7km down). So, if the source is that deep, and has to go through various layers and traps, no wonder PG is so excited about the readings found at 1-2km. Learning all the time. BTW, there is a slide 15 that states 'MOU-1 to derisk?' (note the question mark). PG is following his treasure map, and everything he is finding is better than expected?

Hi everyone. I was just updating my well spreadsheet for the Cruse test at Chinook. Interestingly, that was announced as Oil. However, there is a flare, so I'm thinking it's possibly gas with liquids? I then looked across where else we had declared findings in the Cruse = Cascadura, 80ft. Now, Cascadura was declared as oil all the way down (Cruse, Upper, Middle, Lower Herrera). Only Middle and Lower Herrera have been tested, and they were liquid rich gas.

Soooo......if TXP was wrong about the 'oil' in the middle and lower Herrera, and in the Cruse at Chinook, does that mean the Cruse and Upper Herrera at Casca could be gas as well? Upper Herrera is 180ft. Another 260ft of gas pay? In strata not tested yet? Makes you think, doesn't it?!

PB has stated they will start small, so maybe a few pence per share. 5p should be easily affordable.

60% in TXP. Been buying (averaging up) during the unexpected opportunity of the last 4 months, and increased my shares held by over 25%.

True words GRH. No debt significantly reduces the risks of (a) cash burn to service debt, and (b) having to do something unpalatable to deleverage/repay the debt. At this MCap, you are getting the upside of Morocco drilling acreage and the Ireland assets for free. If I could afford to buy more, I would. As long as it is sub £50m, I'll keep buying and accumulating.

Definitely a flare at Chinook. I wonder how the testing is going.
Coho could have just been all the folk who were told to turn up to meet the minister. No car sharing if you are just out of lockdown.

I would have thought oil would have been mentioned in the RNSs. It's all gas, gas, gas.

Just to change the headline ;)
Condensates?

That was at that time, with kit already in place. We are on to the next phases now, and T&T just out of a lockdown. Anyway, I recall a recent post quoting 9 months of injection for this stage. Not much to report while that is ongoing, as has been stated recently, so no numbers expected for some time? Patience.

Or maybe more folk think Trifle's post added value to the board than your posts, Nigel?

A falling out? Maybe RP sold because he needed the money and PG called him an idiot. Maybe they disagreed about the interpretation of the data, or the future plans? Who knows, but it does happen. I once worked with someone that had a falling out with a business partner over whether an order was considered firm or not for cashflow planning purposes! Either way, it's all just speculation at the moment. I'm judging the company on its results and the risk/reward balance.

GRH -I'm always keen to learn. Which bit of data is it that tells you that MOU has come in (pre testing)? Or is simply the statements that pre-drill expectations have been met and exceeded?

Wacky - always possible! However, until definitely declared a commercial discovery, I can only allow myself to 'bank' the indicators. If MOU comes in, it then becomes a gold bar plus the map to the rest of them at MOU4.

FWIW, I think you are right. PG thinks he's found something, but he's not allowed to say so yet. He had to release something after the drill, so he made it technical and dropped a few bread crumbs.