Member Info for theiceberg

So they haven't proved the flow yet.(that will come from the flow test when they start it later)
But they have proved that the reservoir is 1000ft across over the 10 miles. Is actually a bit higher than they thought (so more up dip, better) it has better quality as it goes towards theta, and that by far the worse end has 70 bopd with 40-50 at a sustained pressure. So the reservoir is on track to deliver at least 1.2bn barrels.(MAybe more since the worse end of the reservoir had better recovery rates when the flow tested it(not two weeks ago).

For folks wondering from this weekend the temperature should recover to -20 or so....It will be much nicer to work in.

Now that is an update I can enjoy.
Over 1000ft of oil all in superior reservoir and flow testing to take place shortly.!

I fully admit I thought we would hear today. But don't care in the slightest if it's tomorrow or wed.
Funny how we get a bit of selling while London is open then we seem to be rising when the US wakes up.... A bit of trend developing.

As I type that it comes out of auction at 129.5

Yep auction 139 to buy 121 sell.
Probably auction until close.

Obviously it will fall, but we can look back to talitha, back in april. The market and this board was convinced that talitha was a failure, the board was full of folks saying it would collapse a minimum of 50% (or more) and it did briefly go from 40p to 22p, but with in a week it was back to 30p and a few months back to 40p.
It is a fair amount higher now, but then we are better funded, have production drills for alkaid and have a success already at talitha.

Btw I am not saying that there will be a failure, it's difficult to see how you won't get at least some oil, if not commercial flows.

Just my opinion.
The testing in the BFF alreach shows a significant zone. Whether it reaches all the way to theta isn't the be all and end all. If it does then it's the biggest oil deposit found probably in the world this year. But imo it doesn't have to be that big to support the current SP.
We know that TD was reached at the latest on tuesday.. The chances of it being a complete dud seems very slim and the company would certainly know by now.
The rest of the testing at talitha is to support a half billion barrel oil field, which would support the sp at the moment with alkaid (a developing valuable field in its own right)

What the market does,who knows? But the company will already have LWD and initial cuttings etc from theta, it will already know the Slope potential in talitha imo.

I am still not sure what to say here.nobody wants to sell and so the share is climbing...it's no wonder that nobody wants to sell because it's still massively undervalued, but I am curious why now? Is the market waking up? Does somebody want in and so is forced to buy on the open market? Do we have some quite amazing ascot drills (Maybe the big one that I talked about a while ago of 700-800m at .6-.8 or whatever I said?
But it's very very nice to see. :) it's also nice to see no silly unrealistic pumping on the board(maybe a bit of over predicting),
but far far less than many shares.
Rock on and may it continue. We deserve it.

No doubt there will be a few folks who see a 20-30% fall in 88E as a opportunity to buy in , hoping it will rise quickly.
its really how much risk folks might want to take.
We know that the geological COS for their drill is lower than ours (down to 10-20% for most targets.56% for one), we also know that in real life that equals a less than 10% chance for the lower ones.
Also, imo, they will not have time to flow test, although this is dependent on the weather. as things stand they would be flow testing in April, which is iffy to say the least.

Given that logging will have started on Theta West and that it makes sense to use the flow test specific equip at Talitha. (it can't be cost effective to ship two loads of tubing, pump equip etc down the ice road).
They would have finished BFF testing over the weekend and probably gone on to frack on monday. doing a 24 hr shut on tuesday and then testing today.

The Slope fan has two mini zones with a seal in place half way in the target.
it's a total bonus section, without oil it doens't disprove anything. It has NO OIP or barrels attributed to, With moveable oil it would seem almost impossible for the SMD not to be fully loaded.

the bonus might be tomorrow or friday.

The slope and BFF are really simple tests, not to optimise flow, but purely to prove the API and the Moveable Oil. Hence quick.
SMD will be a bit longer with maybe 2 or 3 days of testing.

IMO.

This website isn't the best for displaying trades, unfortunately.
They could use the excuse it's free, but even if you pay it isn't much better.
Oh the actual London stock exchange size as you say, there is at least £2.5m of large off book or delayed trades. It explains the traders selling up while the bigger players come in allowing the price to continue climbing.

I am sure this has occured to others.
But If the BFF had the goal of finding moveable oil and it exceeded that goal with 50 BOPD without pressure loss as per logs etc.
Then the increased BOPD must be due to an increase in moveable oil.
The previous assumption is that the BFF has 12bn barrels OIP, with an 11% moveable giving 1.2bn barrels.
If the testing revealed roughly twice as much moveable oil as assumed, then we get a higher 20%(give or take) moveable giving 2bn barrels. Just for the BFF. Obviously this needs to be confirmed by Theta West.

Is out for the talitha testing.
Looks to be quick than possibly though, with results for the next secondary zone later this week. Maybe as early as thursday.

Brought in last month for my normal yearly north slope stuff.
Agree xtr will have its day and indeed is doing rather well in the last 5 days

My time was taken up with panr today,, but nice to see xtr continuing it's climb. Not sure what's causing it apart from its obviously undervalued..
Come on Colin gives us a bit of news.

Malcy really isn't anymore than a paid hack.it's very easy to gain followers if you pump stuff all the time. I've lost count of the amount of times I've come across him mentioned when a placing or failed drill has annoyed those invested.

Quite simply panr has moved beyond the likes of him. Panr is in the realms of the serious investors and pension funds (hence today's big trades). They will keep buying panr mopping up shares until their top price is reached.

Totally Agree ageingGeo.
I thought at best a trickle of 10-20 bopd with quite a quick loss of pressure, most of the oil would have migrated from this location up dip. There was obviously oil in place according to the logs but probably quite tight.

That its flowed as easily as this, importantly with maintained pressure is quite beyond any expectation. Obviously it could be that some kind of lateral seal is in place preventing it from going upstream, but thats unlikely.

I am not giving any expectation for the SMD, but the logs do indicate much more movement in this layer (I am secretly hoping for an outstanding surprise from their hopes).

mistype the horizontal is 10k ft not 19k.

I am not sure the actual plan has been detailed recently (sorry if it has).
There are 3 main testing zones in this well. At the bottom the BFF, then the Slope system, then the SMD at the top. The testing it done from bottom to top.
In terms of expectations the SMD is the main target, the BFF and Slope are for information only with the simple aim to prove the oil flows and the system is pressured.

The economic plan is for the SMD:
The aim for the SMD is to get 50-80 bopd.
If this is achieved , the development plan is production with 19K ft Horizontals with 30-40 stages (Talitha has a single stage)
If 50-80 bopd is recorded then under this plan the expectation is 1350bopd per a well, with a potential for 400 wells.
The production facilities would be shared with Alkaid, which is due to go into production this year.

The slope zone:
has a goal of 35-42 API (which is what the market demands from the north slope)
Also the goal of proving reservoir with moveable oil. With good pressure.

The BFF zone.
has a goal of 35-42 API (which is what the market demands from the north slope)
Also the goal of proving reservoir with moveable oil. With good pressure.

It also has the knock on impact in that the ThetaW well just about to reach TD, hit this well upstream, where the oil will be much more pressured and is approx 50% thicker.

Today we have learnt that the first test at the BFF zone has basically flowed at the same rate which we expected the primary SMD zone to flow at.

Thats incredible, that's why the market is so excited. The market is waking up to 3 world class oil deposits, not to mention probably a major upgrade to the BFF total potential.