RE: Board hearing24 Aug 2023 22:36
After listening to the majority of the Hearing last night, it was Hoodoo's Consultant Field Development Engineer that stole the show. He came across extremely knowledgeable and equally arrogant, so much so, that at times I thought he may lose the Board.
But if his job was to bamboozle everyone with highly technical arguments and textbook jargon he successfully did that, so much so that Valkor's attorney was lost (and probably too scared) to object, or respond with any real authority and the arguments put forward by the Hoodoo team seemed to be accepted with some merit, rather than thrown out.
The general argument put forward was that the bitumen was in fact heavy oil and not bitumen at all and it was 78% mobile because it had the ability to move an inch over a year ! In addition, the heavy oil had escaped to an updip at a large fault line that Valkor's geologist disputed even existed, all worked out from a mystery 200 drill cores that no one has seen apart from Hoodoo.
The result was that Hoodoo admitted they were interested and even planning on drilling for the oil from depths of 1000m + which trespassed (or vice versa) on Valkor's oil which was to be drilled between 800-2000m depths, hence it was impossible to approve the unitisation plan without a clear 'owner' of the oil and as soon as the Division said the same in their summing up it was game over.
The only positive for Tomco in this is that Hoodoo seemed genuinely excited and impressed with the oil saturation percentages at Asphalt Ridge and its potential for $B's extraction and admitted they had no intention, or claim, to mine the shallow sands, whilst being aware that plans for mining were afoot.
I've said it may times on here, but as we stand now, the drilling is irrelevant to the survival and prosperity of Tomco and its all about gaining the funding for the oil separation plants.
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