Hi Blade :)
So, do you concur with this :-
If the GME has a capacity of 12BCM per year, for 2 x 22'' pipelines, then 1 x 20'' would have a capacity of about 5BCM per year.
5BCM is about 50BCF per year, so capacity is about 140mm scft/day.
I noted in the BB presentation that JJ increased the estimated delivery volume to 66 mmscf/d up from the earlier intention of 60 mmscf/d. So under half capacity - plenty of running room, if needed !!!!!
Courtesy of BladeOim (Offshore Installation Manager) -
'20" pipeline at 300 Bar = 3513 = 1053km3/hr
20" pipeline at 200 Bar = 4535 = 907 km3/hr
12" pipeline at 300 Bar = 960 = 288 km3/hr
12" pipeline at 200 Bar = 1239 = 247 km3/hr
So in summary, a 20" pipeline exports around 4x more than a 12" pipeline.'
Presumably km3 is thousand cubic metres ?
Also, The Maghreb pipeline has a capacity of 12 BCM per year and that is 2 x 22 inch pipes under the Med.
Courtesy of smallsmile - apologies for quality
http://cobwebdesign.co.uk/sou/BallsBros.m4a
seaton - I don't believe that this value has come from JJ. If it has, then obviously you need to make an allowance for obfuscation !!
This has arisen from the 'Progressive Research Note' :-
https://www.soundenergyplc.com/media/1594/exciting-times-ahead.pdf
'We have looked at the industry standard valuation of the assets through a discounted cash flow analysis. The main discovered asset is the TE-5 field. Here,using a gas price of US$8.9/mcf, we achieve a value of 27.1p/share. Adjusting for the balance sheet this would imply a value for the share of 27.2p/share. On a fully diluted basis this would slip to 26.6p/share. This implies a value of US$2.4million per BCF of gross resources found. Therefore it would seem sensible to say that if Sound Energy discovered 1TCF of net gas reserves and resources in the licence that this might increase the implied asset value by approximately 166p/share. The current exploration well, TE-10, is targeting 2.8 TCF of gas in place. Assuming a 50% recovery this would entail net recoverable resources of 665 BCF of gas – equivalent to 110 p/share.'
My understanding from the 'Balls' up is that we will not probably get unstimulated flow results, they intend waiting to give stimulated flow results. This will likely be nearer the end of April.
Good to catch up with the regular 'groupies' - see you all at the next one......
Jag - courtesy of can't remember.......
'In September 2009, Cove acquired from Artumas a 8.5% interest in Rovuma Offshore Area 1 (also known as Area 1), offshore Northern Mozambique. The block covered 9,562 km2 (c. 2.4 million acres), located in the deep waters off the coast of Northern Mozambique. It was operated by the large US independent Anadarko. The partnership consisted of Anadarko (36.5%), Mitsui & Co. Ltd (20%), Empresa Nacional de Hydrocarbonetos, E.P. (15%), Bharat Petroleum Corporation Ltd (10%), Videocon Industries Ltd (10%) and Cove Energy (8.5%).
In late 2009, Cove and its partners started drilling their first exploration well, Windjammer. In February 2010, it discovered the giant Prosperidade field. In the period from 2010 to 2012, an additional seven exploration wells and five appraisal wells were drilled, and extensive flow testing was conducted and the recoverable resources increased from 5+ Trillion Cubic Feet (TCF) to 35-65+ TCF of gas.[2]
Prosperidade and the surrounding gas discoveries at Orca, Lagosta, Atum, Golfinho and Tubarão are among the world’s largest gas discoveries in the last 20 years. Today, the recoverable resources are estimated at 50-70+ TCF of gas. Area 1 is due to start producing gas in 2019 and has the potential to transform Mozambique into one of the world’s largest LNG exporters, similar to Qatar and Australia, and offer long-term benefits to the population.
Notwithstanding its strong financial position, Cove put itself up for sale in December 2011, in line with its stated exit strategy of monetizing immediately after exploration and appraisal success. Given Prosperidade’s size and its close distance to the gas-hungry Asian markets, the sale attracted a long list of high-calibre suitors, including major independents and national oil companies.
Between February and July 2012, Shell and PTTEP engaged in a prominent bidding war to acquire Cove. On 21 February 2012, Shell placed an indicative bid of £1.95 per share. Two days later, Cove received an indicative bid of £2.20 per share from PTTEP.
On 2 March 2012, the Mozambique Government announced its intention to levy a capital gains tax on the petroleum sector, in order to capture taxation on the active Cove sale process. On 10 April 2012, Cove announced that it had received written clarification from the Mozambican authorities in relation to the basis for, and method of calculation of, the proposed tax charge, which amounted to a capital gains tax of 12.8% on the “gain” to Cove from its Mozambican operations.
On 3 May 2012, Shell made a recommended cash offer of £2.20 per share,[3] followed on 23 May 2012 by a recommended cash offer of £2.40 per share from PTTEP.[4][5][6][7]
In July 2012, Shell retracted its offer and announced it was withdrawing from the bidding process.[8][9][10]
In August 2012, Cove was sold to PTTEP for £1.2 billion (£2.40 per share).
RNS 17/4/17
https://www.soundenergyplc.com/investors/regulatory-news/rns-announcement/3364348
Given the Company's strong financial position, the Company also announces that it has decided not to proceed with the previously announced proposed farm out of Sidi Moktar, and to instead retain its 75% operated position in the Sidi Moktar licences.
'Stumbled' upon by whosthedaddy on Monday morning
https://beta.companieshouse.gov.uk/company/11839292
Operations Update: Surface Casing Successfully Run
Highlights: Winx-1
o Surface casing has been run to ~2,500', as planned
o Drilling of intermediate section scheduled to commence week beginning 25th February
Western Leases - Winx-1 Exploration Well
The Winx-1 exploration well was drilled to ~2,500' on the 20thFebruary (AK time), as scheduled, and casing has been run successfully. The forward plan includes cementing of casing in place; a mandatory test of the blow out preventer system, drilling out cement into the 8.5" hole and performing a formation integrity test. Post these activities, drilling will commence in the intermediate section of the well, where the primary Nanushuk target formation will be intersected.
No chance of FattyR being there, he's gone to PJ's Bar & Grill in Chelsea
https://www.pjsbarandgrill.co.uk/
Pity the date for the event isn't May 11th we coild all go along to the Oak pub in Kingston to see 'JP & The Wiseguys'.
https://london.carpe-diem.events/calendar/9626507-jp-the-wiseguys-at-the-oak-pub-kingston/
Yes, Blade, you're quite correct, but you haven't taken into account that 'the volumes are made in accordance with SPE standards.' - That's the Silly Petroleum Estimating standards.....
All looking good to me.........bring on the big guns !!