From 88e Quarterly:
· Winx-1 Results
Petrophysical interpretation of the LWD data at Winx-1 indicated elevated resistivities associated with increased mud gas ratios (C1 - C5) in the distinctive Nanushuk Topset sequence, comparable with other successful neighbouring wells in the Nanushuk play fairway. Early indications were encouraging and, on this basis, a comprehensive wireline program was undertaken to further evaluate the interval of interest.
The wireline program was designed to fully evaluate and quantify the reservoir potential and associated shows in the Nanushuk Topsets. The suite comprised specialist logging tools capable of quantifying laminated pay zones, including nuclear magnetic resonance; a triaxial induction tool that measures both horizontal and vertical resistivity, and an MDT program to determine pressure gradients and sample fluids from the zones of interest.
Wireline results indicate low oil saturations in the Nanushuk Topsets not conducive to successfully flowing the formation, as borne out by the MDT sampling results, which did not retrieve hydrocarbon samples. Reservoir properties appear to be compromised by dispersed clay in the matrix at Winx-1. This clay is often present in other successful Nanushuk wells but in discrete laminations with decent quality, high resistivity, oil saturated sandstones in between. The dispersed clay in the Nanushuk at Winx impacts both fluid mobility and oil saturations. The clay serves to bind much of the fluid present in place so that it cannot flow. It also occupies pore space within the formation, resulting in a lower relative hydrocarbon saturation. This means that, whilst oil is present in the reservoir, there is less of it and it is not mobile. Further evaluation will be undertaken post drill to fully understand the implications of the petrophysical results
The reservoir performance in the Torok Channel Sequence was better than the Nanushuk in the Winx-1 well, as evidenced by relatively faster influx of fluid during MDT sampling. On completion of the wireline logging program it is apparent that the oil saturations in the Torok zone of interest are also low and not conducive to hydrocarbon flow. The oil saturations are evidence of an active petroleum system / charge and further work is required to determine whether there is an effective trapping mechanism at this location or elsewhere on the leases.
The forward plan is to further evaluate and integrate the valuable data acquired at Winx-1, reprocess the Nanuq 3D seismic (2004) in order to evaluate the remaining prospectivity on the Western Leases including the Nanushuk Fairway potential.
Hi Sprintman,
Not sure why you get a 404 works for me.
Here it is again (maybe copy and paste into address bar?):
http://www.europaoil.com/presentations.aspx
If still not working - just go to:
www.europaoil.com
Navigate to "investors" then "presentations" and it's the one at the top of the list.
It's an interview on proactive investors which I don't think I can post a link to on these billboards.
Hi D45,
Europa Oil and Gas. Really interesting listening to them talk about the FO process. If you're interested - have a look at the first link on this page:
http://www.europaoil.com/presentations.aspx with the Hugh Mackay April 2019 interview.
It has the video of the CEO interview - sounds like he was also getting some grief from investors about time being taken to reach agreement.
Just been researching another O&G company who coincidentally started a FO in July 2018 as well. They're still going at it with a preferred bidder as well, and the CEO recited some research which said the median time to complete a FO in the industry is 12 months.
Against that context, we're not doing too badly, as frustrating as it may seem at times.
Apologies - I thought you’d posted the 88e AGM deck. So the below link is all historical, but the AGM deck which I was referring to is relevant. See this deck: http://clients3.weblink.com.au/pdf/88E/02096162.pdf
Slide 12
Very relevant. It states the forwards plan and cost (to 88e so RMP can be derived) for the western blocks, which is the reprocessIng of the seismic.
Danielson
I believe it is final interpretation. They used inversion techniques to validate and de-risk the earlier estimates.
But also newly declared that there is a 300ft cross section and the 86MMBO was a conservative estimate based on 30% gross to net ratio (i.e. the 86MMBO = 30% of the gross).
They also upgraded Yukon to prospect status given the additional data from the inversion.
Very interesting podcast - in particular the observations about the Djeno with 103.
My take was that despite historically saying that the Djeno would not go into prod with 103, it seems that this may now be on the cards given the oil getting around the 25ft concrete cap.
Also mention of 6-8 wells. obviously some time and a big chunk of Capex away, but I like the scalability.
CBS,
My view is that for delineation of resources you need a combination of the 3D and drilled wells.
3D to identify the size of the reservoir, and drill data from enough points over the3D identified reservoir to confirm what the 3D cannot - that the reservoir is in fact oil, how well it will flow, and the quality of the oil.
As we saw with Winx (which I know was not on modern 3D), despite the seismics showing a significant resource, until we drilled into the geology we could not know whether it was indeed oil, and whether or not it was there in commercial quantities that would flow at commercial rates.
Re: the 3D - we have only conducted modern 3D seismic over 25% of the acreage which has identified 75% of the conventional prospects. A further 25% of the conventional prospects were identified with old 2D seismic data prior to executing the 3d.
Part of what I hope we get in the FO is commitment from Farmee to conduct the remaining 75% of 3D seismic which if similar to the upgrade of resources we saw on the Western flanks from 2D, could see a big jump in prospective resources.
Thanks Whittington.
343112 Adjoining our Regenerate leases - highly relevant if they find a reservoir. Like this para:
“Potential Brookian reservoirs have been encountered by numerous wells that have been drilled in and near the PTU since the 1970’s. BP drilled two prior wells (Sourdough #2 and #3) in ADL 343112 in 1994 and 1996. Sourdough #2 was drilled to a True Vertical Depth (TVD) of 12,562 feet and was plugged and abandoned. Sourdough #3 was drilled to 12,425 feet TVD and the well was suspended. Both Sourdough wells have been granted extended confidentiality. In a 1997 press release, BP announced the discovery of hydrocarbons in the Sourdough wells and stated that the accumulation could contain 100 million barrels of recoverable oil. In addition to the data derived from these wells, Jade acquired new seismic 3D data from the area during the 2017–2018 winter season.”
Latest
http://dog.dnr.alaska.gov/Documents/Maps/NorthSlope_NotificationLesseeFeb2019_Labeled.pdf
Not sure if posted, but latest Alaska Leesee Map
http://dog.dnr.alaska.gov/Documents/Maps/NorthSlope_NotificationLesseeFeb2019_Labeled.pdf
Thanks for the info Brom.
What is interesting is that the additional leases on the chequerboard are now fully owned by Accumulate and Bex.
We took 69% as per what was RNS’d, but looks like at that time Bex took 20% from GB, and finally have taken the remainder 10.8% as per your post. So looks like between us we’ve stitched up the whole area.
One lease example here: http://dnr.alaska.gov/projects/las/#filetype/ADL/filenumber/392296/landflag/y/searchtype/casefile/reporttype/abstract
Thanks BB32
Not sure if been posted, but I found the below interesting regarding CP’s Alaskan focus and plan.
https://static.conocophillips.com/files/resources/alaska-analyst-investor-tour-presentation.pdf
Thank you
"If I had 240 feet of pay, why would I need to go horizontal" - because you may be able to get to more reservoir footage and therefore more flow? Plus you can get more wells from a single drill pad?
I found this presentation from Conoco quite interesting, and what they are doing. And I don't have an opinion on American vs. British knowing how to drill wells, as I don't know enough myself. But I do believe that CP know what they are doing based on the achievements they have delivered in Alaska.
https://static.conocophillips.com/files/resources/alaska-analyst-investor-tour-presentation.pdf
Appreciate your response.
I'm sure you're right Marmaris,
So question - would it not have taken a too long to perforate a longer section of the well thereby risking the testing of the other zones prior to thaw?
And as per horizontal - from what I've read that's how other operators in Alaska are getting optimal flow rates in the Brookian. Wouldn't it make sense for PANR to follow the methodology employed by companies like CP?
Thanks in advance
I think he omitted much of the RNS to paint a negative picture, and also made an emotive statement at the end which points more to his lack of analysis of the company’s plans and strategy than an implied change of direction as a consequence of the result.
A more balanced post would have also referenced the conjoined information to the quote below:
‘The Company will immediately set about reworking and analysing all key data from our Alaskan programme which will include reviewing the pre-drill conceptual development plans on Alkaid as well formulating plans for future farm out discussions.“
I quite like reading Malcy’s Stuff, but I think he’s cherry picked the negatives this time around, and I don’t believe a “new field oil discovery” constitutes a “Massive setback” as he calls it. The zone of interest has exceeded expectations.
I’m all for facing up to the reality of the situation, but let’s be rounded and objective.
The answer to that final question is “anybody who realises there’s no drilling activity on the Alaskan tundra post spring thaw and who bothered to read the RNS of 21st December which clearly stated the intention to drill VOBM-1”