Member Info for Keefy01

Hi Moda 09:19,
Good spot buddy, certainly asks the right question. For a young guy either Hi or Pizzad he presented it pretty well.
Maybe the answer regarding GAS, will become apparent at the next round of announcements.

Gas not mentioned, when we were made aware that Charlie 1 results were going to be re-examined following Talitha results.

The plot thickens.

AS Always, GLA
keefy

Hi Phrontist 08:47,

I was thinking, perhaps take the cheaper option, which would make sense, but Umiat has been previously explored with several wells, so, Appraisal is the only option?

Don't want to get 'em & lose them do we?

Exploration or Appraisal
What is an exploration well?

An exploratory well is drilled for the purpose of identifying the lithological, structural, hydrological, or thermal characteristics of a geothermal resource. Exploratory wells are used to locate and roughly define the potential power output of a resource.

Appraisal Well
The wells, which have a higher chance of success and are more expensive than exploration wells, are used to determine the size of an oil gas field (both physically and in terms of its reserves) and its expected production rate.

What is appraisal in oil and gas?
1. n. [Geology] The phase of petroleum operations that immediately follows successful exploratory drilling. During appraisal, delineation wells might be drilled to determine the size of the oil or gas field and how to develop it most efficiently. See: development, exploration, production.

But, do we actually need to drill another well or can we appraise what has already been drilled & logged?

Experts with answers required here.

keefy GLA

Hi WAa 14:08,
RU still in & how is DW's lawn?

If ur still in, we appear to have a collaborator over on OTC putting up some really interesting tweets.

Apologies if the link has been put up previously, but IMHO, well worth a read to follow his thread.

https://twitter.com/HarisRad88/status/1395049042435055618

GLA
keefy

Could there be 2 Wall’s?
Is there a link?
Are they related?
Similar age group although it looks like DW would be older
Both graduated from Western Australia University 1995 & 98.
Similar business interests & goals. Massive shareholdings in their respective companies.

Let’s get the Sherlock hats on.

https://gb.wallmine.com/lse/88e/officer/2137837/david-james-wall

DW Shareholdings (Possibly Not All) @ 15th May 2021

ASX: 88e 111,704,682. July 2020
ASX: EXR 10,219,028 Elixir Gas
ASX: IVZ 7,750,000 Invictus Gas

Mr. Peter Christopher Wall
ASX: MNB 152,342,600 Minbos Phosphate

https://www.steinpag.com.au/team-members/peter-wall profile + image

https://au.wallmine.com/asx/mmj/officer/1705478/peter-wall

Just a little something before Supper

PCW specialties:- Acquisitions, Mergers.

keefy

Something or Nothing Page 2 RNS

Initial feedback from the PVT lab encouraging in relation to fluids that were obtained from shallower intervals.
PVT - pressure, volume, temperature. 1. n. [Enhanced Oil Recovery] An abbreviation for pressure, volume, temperature.

The term PVT is used in fluid properties evaluations.

https://www.researchgate.net/publication/241791759_Reservoir_Fluid_Sampling_and_CharacterizationKey_to_Efficient_Reservoir_Management

OK, so from which element of the rough schedule covers PVT testing?
Or was this PVT carried out during the drilling, as it does mention “shallower intervals”?
Nanushuk perhaps?
So not included in schedule.

1 Core photography (white and UV light) and geological descriptions 2-3 weeks
2 Isotope analysis of mud gas 2-4 weeks
3 VAS on cuttings 2-4 weeks
4 Results from centrifugal spin out of oil samples from select cores 3-4 weeks
5 Routine core analysis including saturations from Dean Stark 4-8 weeks
6 Fluid analysis with oil geochemistry 5-10 weeks
Come on guys, food for thought before Sunday Dinner
keefy
Happy Sunday

Hi JofH 14:53,
good post mate.

Agree we need multiple dollars & some big spending big brothers. Certainly will not get the $$$AUD by CR's.
You mentioned Umiat & Seismic. Maybe You & the Geology SME's can pick the bones out of the following for seismic mapping on our areas. Note: it was carried out 2015/16.
https://dog.dnr.alaska.gov/Documents/Programs/NorthSlopeTaxCreditSeismicData.pdf

Good Luck 2All.

keefy

Hi Spinefx 13:48,

Also reading Phrontist 12:27 post, we are as a company, not progressing quickly enough & seem to be stuck in the CR, rinse & repeat cycle, where we annually increase the number of shares, find a JV partner & drill one hole.
I think by now, reading what all the other explorers & producers are doing during the extremely short drilling season, we have to be doing the same. Multi hole drilling but we can't do that from the funds created by CR's at very low SP's. We generate ZERO cash & we need to.
Buy, Develop, Sell is one way to be able to fund more than ONE drill per annum. I got excited when it was slated that we would be drilling 2 at Peregrine, but knew as soon as the final announcement was made regarding the spud date, that 2 drills were not going to happen & I think I posted that belief at the time.
WE had a guy, DW, who knew his way round this industry but maybe he ran out of steam or patience with 1 drill every year.

If we don't generate cash for drilling projects & prove up more opportunities at a faster rate then we stagnate.
Since IW1 I have sat, waited, topped up, averaged down, re-energised for the following drilling window & then rinsed & repeated the following year.

We Need Change.

keefy GLA

Hi Phrontist 12:51

Strategy
The company’s goal is to build a successful exploration and production company that delivers material benefits to its shareholders and contributes to the development of the regions in which it works.
It aims to achieve this by targeting overlooked or emerging play types where its small team of experts can move quickly to capitalise on opportunities prior to larger industry players moving in.
The opportunities the company seeks are based on robust technical evaluation together with informed socio-political decisions and cultural sensitivity in business relationships.

Lets call your Options A or B.

Which is closer to or resembles the Company Strategy.

Option A - Just a rinse & repeat of previous years
Option B - More positive with much more of a leaning towards -The company’s goal is to build a successful exploration and production company that delivers material benefits to its shareholders and contributes to the development of the regions in which it works.
DW's strategy was buy, develop, SELL. Umiat & Peregrine are exactly that. "targeting overlooked or emerging play types where its small team of experts can move quickly to capitalise on opportunities prior to larger industry players moving in."

I agree with you Phrontist, but I have always been easily led.

it's Good to Talk

keefy

Hi Spinefx 09:57,

My interpretation was, I suppose, in the way the individual tests were allocated a time slot. I understand DW stipulated a rough schedule but a schedule is a Timetable. Is it not?

I agree with your "These results will then be integrated into a final petrophysical interpretation."
But when was that going to occur?
I, for one, just like some format to presented data & that appeared to be in the number of weeks, each test would require before results were available.
Seriously Sfx, if we had added all the higher weekly values together including
5 Routine core analysis including saturations from Dean Stark 4-8 weeks
6 Fluid analysis with oil geochemistry 5-10 weeks

we would have had a total of 33 weeks potential duration & then add on "These results will then be integrated into a final petrophysical interpretation."

How long might that have all taken.?
Approx 8+ months for results & then further time for interpretation.

Takes us to sometime around Feb 2022.

Not getting RC Spinefx, just need to understand timeframes when they are given. (Blame 40 years as a WorkStudy Engineer)

I want this to do as well as all holders would wish, I just like clarity.

keefy

Hi Spinefx 09:58,
no apology required mate, been referred to as many names beginning with k.

kenny

Hi Waussie 10:10,
are you still up?
How are you doing these days mate?
Not much in the RNS we didn't already know, would you say?

keefy

Hi Brom 09:33,

Great article, good find Sherlock.

Nice to read with someone as open as Bill Armstrong.

Great Nanushuk Confidence Booster

keefy

Hi Brom 08:58,
I have to say I am really disappointed with the previous timetable release on the 27th April.
Concerns about parallel or series testing? We are 4 weeks out from that announcement & results wise, we have Diddly!
June will become end of July & without other positive news meantime, SP will falter. IMHO.

keefy

Hi Brom 18:50,

and then there were even bigger cats:- https://www.justice.gov/usao-sdny/pr/former-ceo-houston-based-seismic-data-acquisition-company-charged-accounting-fraud

keefy

Hey Sherlock Brom,
who's a busy boy then?
Is it All Good News?
As I live & breathe Brom, where do we go from here?

Keefy is still holding but totally bamboozled

Hi Spinefx 07:52

From last RNS of 27th April, I would think (IMHO) 1st set of results will be this week, which is the 4th week, following that announcement & in-line with the Rough Schedule, as shown here.

Highlights
• Testing commenced on sidewall cores, cuttings, mud gas and fluid samples from Merlin-1
o Results expected over next 2 – 10 weeks

The rough schedule of testing and results is as follows:
1 Core photography (white and UV light) and geological descriptions 2-3 weeks
2 Isotope analysis of mud gas 2-4 weeks
3 VAS on cuttings 2-4 weeks
4 Results from centrifugal spin out of oil samples from select cores 3-4 weeks

5 Routine core analysis including saturations from Dean Stark 4-8 weeks
6 Fluid analysis with oil geochemistry 5-10 weeks

We could really do with some POSITIVE NEWS tomorrow. If the company were to wait another 6 weeks before announcing full set of results, this SP, as I stated last week will be on its knees. Purely because no news is as bad as bad news.

Still Holding Firm. GLA

keefy

Hi JofH 10:16,
it appears that PANR were modelling a ~ 11% recovery rate from the outset.
Apologies from me for earlier post, well done to you for stating that 1.4 bbl recovered is not to be sniffed at.
Full article here: https://investegate.co.uk/pantheon-resources--panr-/rns/resource-upgrade---basin-floor-fan/202105170700147585Y/

keefy

Hi Dd 09:46,
thanks for that & you are correct.
But; The Basin Floor Fan Complex is now referred to as the Theta West Project and includes the Talitha Unit,
Theta West contains two separate reservoirs, the Upper Basin Floor Fan ("UBFF") and the Lower Basin Floor Fan ("LBFF").
So, are they only going to recover 1.41 bbl barrels from 12.10 OIP? ~11.70%

Knowing the above, what would you make of the following :- Theta West, due to similar reservoir characteristics, is interpreted as a direct analogue to the producing Tarn oilfield deposition where recoveries are estimated to EXCEED 40%. Whilst Theta West APPEARS larger in potential size, its depositional setting is deeper and therefore RECOVERIES ARE NOT expected to be as high as 40%.
Big difference between "not as high as 40%" & 11.70% huh?

Not surprised their SP hasn't bolted North.
But what impact on 88e?

keefy

Theta West, due to similar reservoir characteristics, is interpreted as a direct analogue to the producing Tarn oilfield deposition where recoveries are estimated to exceed 40%. Whilst Theta West appears larger in potential size, its depositional setting is deeper and therefore recoveries are not expected to be as high as 40%

Hi Rodrod 07:55,

The figures don't appear to stack up. Maybe its my interpretation or I'm missing something.
It has been known!.

Responses welcome.

Company P50 estimate of 12.1 billion barrels ("BBL") of oil in place ("OIP")

1.41 billion barrels of Recoverable oil in the Basin Floor Fan Complex,

11.0 billion barrels OIP and 1.20 billion barrels recoverable in the Lower Basin Floor Fan

1.10 billion barrels OIP and 0.21 billion barrels recoverable in the Upper Basin Floor Fan

Oil in place ("OIP") 12.10+11.00+1.10 = 24.20 billion barrels ("BBL")

Recoverable 1.41+1.20+0.21 = 2.82 billion barrels recoverable

% Recoverable 2.82 / 24.20 = 11.65 %

keefy

Hi Goldie 19:49 (My Birth Year)

Thanks for your appraisal, makes good sense & coming from an SME in that field, we learn even more.
Exciting times.

Good Luck All

keefy