RE: Upbeat from now on!18 Jan 2019 12:55
'fraid I'm not getting my violin out for Islandgirl.
To post something useful and constructive
Very interesting article worth a read of the whole article for background and facts about our nearest neighbour Horseshoe - massive oil deposits just 4 miles west (Pet. News 28/5/17).
http://www.petroleumnews.com/pntruncate/533556056.shtml
here is an extract:
Horseshoe
Around the time of the first discovery at Pikka, Repsol was planning to make a public decision about how it would approach a development program in the Pikka region.
But instead, the joint venture reorganized. After the shuffle, Armstrong became the project operator and got a majority interest in the exploration and development acreage, and Repsol took a minority position - handing over control but remaining engaged.
The joint venture lost a year of drilling to the reorganization effort, but still conducted some limited fieldwork and reprocessed some 3-D seismic information from the region.
In an interview with Petroleum News in the summer of 2016, Bill Armstrong contrasted the discovery with the unconventional projects gaining attention across the Lower 48.
“We believe we have proven an oil pool that covers more than 25,000 acres, at a shallow depth of only 4,100 feet, with an oil column of 650-plus feet, up to 225 feet of net pay and an average porosity of 22 percent. Individual wells should be in excess of 10 million barrels each,” he said, noting, “to put it in perspective, this is 25 times larger than the average Bakken well,” referring to the famous tight oil play in the North Dakota region.
“Dream oil fields are still out there to be found, especially in Alaska,” he added.
This past winter was the first drilling season with Armstrong at the helm.
Armstrong initially planned to drill two wells. The Pikka No. 1 well would appraise the previous discoveries in the southern tip of the Pikka unit. The Horseshoe No. 1 well would be a wildcat well some 20 miles south of the Pikka unit, near a horseshoe bend in the Colville River, and was designed to “test a new idea,” according to Armstrong.
Concern from villagers in nearby Nuiqsut led Armstrong to cancel plans for the Pikka No. 1 well. The company struck a deal with ConocoPhillips to share information from the proposed Putu No. 1, which was located in the vicinity. But ConocoPhillips ultimately cancelled its plans as well, also in response to concerns from villagers in Nuiqsut.
The Horseshoe project went ahead.
The project involved a group of leases in a small swath of acreage that Armstrong acquired from the independent Royale Energy Inc. in late 2015. Royale had been at least partly interested in the source rock potential in the acreage, as well as the conventional potential of the Brookian and Beaufortian in the region. But Armstrong was exclusively interested in exploring conventional opportunities along the lines of its Pikka project.
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