Member Info for Scott22

https://www.transparencymarketresearch.com/helium3-market.html

That is an absolutely super report.

He3 is from tritium from aging warheads.

The idea that is can be separted from Helium associated with natural gas is speculative. It is totally not something you do at the bedside (the wellhead) with a little helium plant purchased from Linde.

Many governments might be interested in trying to make that work (at least research it) and would be more interested if they had a source of primordial helium with higher concentrations than the usual stuff (which is He4 derived from radioactive decay of uranium and thorium).

Some governments are willing to go to the moon to try to get some, but it is not like He3 is lying on the surface. It is primordial Helium with 300 ppm of He3 and would have to be concentrated even there.

The current story of Helium 1 and DME too is all about He4.

If either one has a natural gas source with 200-300 ppm He3 (rather than 2-20 ppm), then there might be an research angle for the future, likely to be developed by high level research labs. In US that would be Department of Energy Isotope Lab. Russia, EU, China all have similar labs.

It seems more likely that He1 could have something closer to primordial Helium, just based on the geology they are describing with super plume from big rift providing the gas from a deeper source. But that is way beyond my level of expertise.

This article however is GREAT.

Coho pipeline can’t move the needle. They promised it would be operational more than a year ago. How is a promise to build tin the next six weeks going to move anything.

On the other hand a number that Chinook Cruse will contribute (say 5 mmcf/day ) would be something new and could be combined with a lot of other operational details. Final plan for a
Cascadura project would be huge but it is too early. .Royston should spud soon. Canadian rig should spur a well soon, over on legacy side.

Wireline and DST testing can hopefully be done on this smaller hole and are enough to declare a discovery.

Flow tests and pressure build up tests have to wait for the larger bore appraisal well. That plus localized 3D seismic in some cases are necessary to get reserves and to get an estimate of at what rate the well can be produced and how best to develop the entire reservoir, including number of offset development wells and completion techniques. All that is necessary to do the engineering and get the permits for field development and certainly for any helium extraction facility. That last item will take careful analysis of gas samples and is much simpler if the gas is all He and NO2 than it is if there is methane and CO2 and any other cases than cannot be simply vented as nitrogen can.

So there is a long way to go. What we are waiting on is drilling to depth, wireline testing, DST testing and analysis of a gas sample from the target reservoir. This piece should not take that much longer. Any future pieces depend on the findings of this piece. Good luck all. Historic means historic so I hope their July newsletter is prescient.

There were a lot of comments about CMRS as it bounced up strongly after announcing agreement to evaluate possible JV with JBL. (exclusive through November as further studies of tailings done).

Any thoughts about why CMRS shares have been recently sliding back down?

Thanks for bringing that up again. That was a GREAT presentation.

Yes they have an Herrera target picked out at Coora. I don't know exactly when they will drill that. Probably they will do the four required (to meet comittment) shallow legacy wells first. Maybe they will deepen one of them at Coora to test the Herrera. Or maybe that will be a separate drill? Will give us another interesting detail to follow and another interesting result to look forward to.

Yes and I hope Wells Services steps up big time. They are an important company in Trinidad. They provide good jobs, employ local work force, do a lot of education in all aspects of the oil services industry. If you are interested check out:

wellservicespetroleum.com/courses/

I will also be interested in how much local content there will be in the operation of the Canadian Star Valley Star valley rig. I am assuming there will be major local workforce component as that is how TXP has operated from the very start.

Just some details on Wells Services Rig 60. Wells services purchased it used in 2010 and upgraded it . It is the biggest rig on the Island. Capable of 16,000 feet depth. Has not gotten a lot of work from what I can tell and has had a second upgrade more recently. It has Cabot 1500E drawworks, 4500 HP, 2 Oilwell 1700PT pumps.

I am sure that well services wants this drill to go very well. This is the perfect drilling rig for Steelhead and especially for Kraken.

But there is a lot of pressure as to what share of TXP work will be done by the new more modern and faster Canadian Star Valley jackknife rig that is arriving any day. Best for Well services is that Well Services 60 will be used for some of the deeper exploration projects while the Canadian rig is pounding out development wells at Cascadura and then hopefully at Royston, and is also drilling shallow and deep prospects on legacy lands. But if the Well Services 60 rig has troubles at Royston (hopefully not) it may take a back seat to the new rig, rather than a playing an ongoing complementary role.

So TXP wants Royston to go smoothly, and Wells Services wants Royston to go smoothly.

I don't think it is so much an issue of transparency. This is exploration. Even the concept of turbidite sands on-shore Trinidad (chock full of natural gas) was totally not accepted when they bid on the Ortoire block, but was established by Coho and especially Cascadura discoveries. Royston of course was named for PB's father (an oil and gas explorer from earlier generation) and not a fish. The well data is from an 80 year old Shell well that was not confirmed as hydrocarbon bearing and was not flow tested let alone pressure tested. Plus it stopped short of one of the Herrera sands that TXP is targeting. Plus they have only had the new seismic for about two weeks. So it is not surprising they do not have resource estimates to share, though I am sure they have a range of values they are hoping for. Just based on the size of the prospect and the results of the first four wells of the exploration program, a 1 TCF resource is certainly not out of the question.

Not really inside information but interesting news. The FB and Twitter feeds for TXP and for Xavier Moonan are most relevant.
The biggest surprise was a big flare from the Chinook Cruse test as the Trinidad minister of energy was visiting the site. But those photos were widely available in news media and on the government energy department site as well. There have been photos of the rig finally moving up the royston road and the new canadian rig being loaded on a ship in Houston. I do not think items like that need any RNS. And I think they are fairly reported on social media without having any hint of inside information. I think they are just doing a good job at detailing their activities and maintaining interest (and patience) during a long but probably necessary pre-production lag.

I do not think all that is readily available. the Cascadura1ST well was reported in the annual reserves but that did not include Cascadura Deep or any development sites (three are planned). They reported 1P reserves of 23,622Mboe and 2P reserves of 45,030 Mboe with 2P NPV10 of $411.8 million. Again that is one of possible 5 total wells in Cascadura project.
On the 2019 reserve report the single Coho well was assigned 1P reserves of 1,148 Mboe and 2P reserves of 3349 Mboe with 2P NPV10 of $27.5 million. hey have hinted at one development well at Coho.

Slide 7 on the most recent corporate presentation from May 2021 shows the outline of the aerial extent of the P90 case, the P50 case, and the P10 case. There are no numbers there (they haven't drilled anything) but the sheer size of the prospect is pretty amazing and they have some information about 700 feet of pay on the old shell well logs (though they will also test deeper sands too). They likely have some guesses or even rough projections about the potential size of the resource - but I don't think that is something you can look up.

If Royston is a discovery and approaches their expectation, the 2P NPV10 is likely to exceed a billion dollars. (just my opinion) It is hard to even fathom the numbers if Kraken is really a pool like the off shore oil discoveries off Guyana and Surinam (on same trend). But Kraken is a lottery ticket and is no way needed to obtain massive volumes and value from the Ortoire block exploration program.

I thought you were not supposed to run from the hem - but what do I know. Now you have me worried.

Hope we get some update in next week or so as I am going on a fishing trip to remote part of Alaska and will not have phone or internet for just over a week.

I'm fishing for Coho (silver) and Chinook (king) salmon. I'm serious about that. Hoping I can get Coho on line faster than TXP. That's a joke. There are also three other species, Sockeye, chum, and pink salmon. We thought about going to a different part of Alaska for Steelhead but I thought it was bad luck not to wait until next year. (That is also a joke).

We are doing some ocean fishing too, halibut, lincod, some other fish.

We should have some little tidbits from TXP soon - Coho plan and start of pipeline construction, Chinook Cruse results, Royston spud. Cascadura project comprehensive plan and acceptance of it and NGC starting pipeline construction to cascadura site will likely be 2 months off. At least.

I'm fishing for Coho (silver) and Chinook (king) salmon. I'm serious about that. Hoping I can get Coho on line faster than TXP. That's a joke. There are also three other species, Sockeye, chum, and pink salmon. We thought about going to a different part of Alaska for Steelhead but I thought it was bad luck not to wait until next year.

Out in the ocean we will be after halibut, lincod, some other stuff. I'll let you know what we run into. Seriously I would like to have news about our TXP Coho before I report back on mine.

Remote Alaska - fly to Anchorage, then fly to Kodiak Island, then hour by float plane to place with zero roads and three primitive cabins, with no other buildings within 50 miles. No phones or internet. Some kind of radio connection for emergencies. Stream fishing for salmon (if they are running) and ocean fishing (one boat but pretty small - nothing like Most Damgerous Catch TV series - for halibut etc. Big adventure. Still I am staying in a spot with more amenities than the tent camp where DM is living.

I agree but unfortunately share buybacks have a sneaky way of funding share grants to company principals - rather than company owners (shareholders). Of course they deserve to be rewarded as well if this all plays out, as do employees. So it is good to have a balance with part of compensation tied to share price in some way.

I am hoping for some update in the next week. The following week I am going totally off grid to a fly-in (by float plane) fishing camp that has no phone and no internet. It will seem odd to return a whole week later and check in to see what has happened. Recently I have gotten i habit of checking in at 7 am London time and again at London open. That is a little crazy as that is 1 am and 3:30 am my time. It is messing with my circadian rhythm.

That is the thesis. I bought into JLP partly because of that language. Now they need to demonstrate proof of concept. First step is the response letter to Zambia about how they will move the tailings while avoiding stirring up lead dust and also process the tailings while not emitting lead and other toxins into the air and water - and also remediate the processed tailings so as to be cleaner and safer so that winds don't stir up the lead dust. I hope they release a copy of their response letter to the queries from Zambia and also international agencies.

That is what I mean. This sounds great. The company makes a big point of it. Now they are going to be tested- on how the depth of knowledge and their overall competency in this area —and I hope they pass with flying colors. This was one part of my investment decision for sure. I like the idea of cleaning up the tailings by extracting the metals and other toxins in an environmentally responsible way and then remediating the sites with detoxified waste materials following the processing. We may be about to learn how much of this is reality versus hype.

As for Chinook:

1. We do have gas in Cruse, enough to flare. We know nothing about flow rates or pressure testing or whether it is commercial or has bookable reserves. Paul has implied that it likely is commercial and production will be piped to cascadura site only 1.3 km away - but of course that site has to be hooked into central gas pipeline first.

2. We do have TRACES of light oil in water in the lower sands at Chinook. There are several other locations in the formation that are up dip by hundreds of feet (was it 900 feet?) and the assumption is there may be oil (and or gas) at those high points in the formation. That has yet to be proved. On up dip drill would tell a lot.