Member Info for WilkCoutts

The third well on the Canje block, Sapote-1, was spudded circa the 29 August 2021, using the Stena DrillMAX drillship. This well is located in the southeast of the Canje Block, approximately 60kms north of the Campanian and Santonian Maka Central-1 stacked pay discovery, in a new depositional setting linked to the Berbice canyon system. It is an independent multi-layer prospect, with several Upper Cretaceous targets, and is potentially the largest prospect drilled on the Canje block to date. Drilling of Sapote-1 is anticipated to take 60 days, with results anticipated in late October. At the time of going to press the results of the well are pending.

Results pending.... if it was dry, then it would have been announced.

Looks like a hit by Apache. Look at Total SA RNS today.

Nope, the $60 breakeven relates to Jethro as it stands. Wood Mac are stating Joe is not viable as a standalone, even with subsea tieback due to the cooling in the pipeline. That might change if there is an increase of surrounding reserves to bring the overall costs down. But current as it stands, Wood Mac have Joe has non commercial on it's own, and Jethro at $60 Breakeven due to the increased costs of heavy oil extraction and FPSO storage.

The more barrels are found the less the per barrel cost. Still think ECO is in a great position, but no investment case for me until TLW provide some light on future, Carapa results, updated CPR and future drilling plans from the JV.

Shpunken, of course it doesn't fit with my expectations, that's why I sold....

Wood Mackenzie I'd trust over any BB. I don't like the figures either. But that doesn't mean WoodMac have it wrong.

Standard BB reply, if it doesn't fit with your expectations then it must he wrong? Correct?

Head over to Wood Mac site and buy it. Better have $4000 ready though

Unfortunately I've sold out here. I really though Eco were unique and had something amazing. Reading latest WoodMac report, they state Joe is only 50Mboe and not commercial on it's own as even a subsea tieback would be impractical due to the cooling of the heavy crude in the pipeline.

Jethro at 150 Mboe. May be a standalone but the costs to extract are much higher with a breakeven of $60 as it stands. Heated FPSO, extra injection wells.

I'm sure this will come good. I like Gil as CEO, they dont come much better, but I'll remove the risk of the table until there is more clarity. Carrapa comes in , then I'm.back in heavy. Even if it means missing the rise.

Good luck all, just goes to show nothings a given. I thought it was back in October!

In the target area. Tullow share price seems positive.

*development costs

For all those that said Gill had sold the stake to Total too cheaply, it shows just how much if a stroke of genius that was. Imagine if we still had 40% of the de elioment costs of these fields..

Share the cost, share the risk, well done Gil.

Was sent a snippet from a market report...

On a positive note, the (Jethro/Joe) reservoir conditions support the producibility of the heavy crude. Tullow remains upbeat about the light oil potential of future exploration on the Orinduik block and expects Tertiary targets in the central and southeastern portion to contain light oil and even gas condensate. The ongoing Carapa-1 well on the non-operated Kanuku block is testing a Cretaceous target – which has delivered light oil on ExxonMobil's Stabroek block.

We are only talking about 2 prospects here. People are acting as if the whole of the block is heavy oil. It's like assuming the whole of the North Sea is heavy oil because there is a couple of heavy oil fields. The rest of the block is anticipated to have light oil.

4.5 Billion barrels to play for, and effectively the potentially remaining 4.35 Billion have been written off by the market because the first strike was heavy oil. It's ludicrous, and shows a lack of understanding by retail investors on the oil industry.

Jethro flows as we know. You can take this or leave it, it makes no odds to me whatsoever, but I have just heard that it could be developed using a standalone (HEATED) FPSO with an expected $10 discount to Brent, potentially rising to $11 after IMO 2020, however demand for heavy oil is so high in the Gulf Coast that these discounts can be wiped out while Venezuela is down.

Also, the tertiary targets in Central and SE side of the block are predicted to have light oil.

The mentality of some beggars belief. Jethro was 250mmbo prospect if I recall? We targeting 3 billion barrels in cretaceous. Tertiary was 1.5 billion. The problem here is that we are situated in the hottest region in the world for exploration, expectations are too high. Any company would be delighted striking 2/2 oil finds, regardless of quality. They are only beginning to understand the play here, the cretaceous is the prize. The tertiary was a bonus.

Conoco had to drill dry holes for 2 years before they struck in the North Sea.

Massive overreaction, but hey ho. I'm in for the cretaceous. Well done to anyone shorting for banking a profit. Think about being caught out overnight if carrappa comes in. Could easily open tens of pence up.

Proselenes, well done on your short. Have some dignity with your call and move on.

Some real information.

Bentley is in the FID under a new owner. Xcite Energy ran out of cash due to the oil turn in 2014. It wasn't brought to production because of financing, not lack of ability to flow or demand. Nice try on the spin but you look a bit silly.

Hess at the energy conference stated

"According to the Hess ‘Boss’, “We already have three ships on the way,” and that the Hammerhead discovery has already been found to be commercially viable. In downplaying the move by the Guyanese authorities on the third field, Hess disclosed further that plans for a fourth vessel to be used at the Hammerhead discovery are already at an advanced stage.
In fact, Hess has projected as many as seven FPSO’s operating offshore Guyana in the Stabroek Block"

Make do doubt about it, HH is also heavy hence the lack of detail, but it makes it no less commercial, potentially less profit per barrel but insignificant when the assets are as large as they are.

Carrapa is inboard, but it's cretaceous, a different age altogether, so that spin makes you look a bit silly too.

Not sure if already posted. https://www.lse.co.uk/media/eco-atlantic-coro-energy-petro-matad-and-nostra-terra-brief-the-market.html

Pros:

Longer Carrapa goes on the better.
Total want to target the largest targets
Tullow want to appraise Jethro and look at channel (why would they do that if they didnt think it would be commercial)
Eco want the low hanging fruit. Looks like there are some obvious pools of oil on seismic.
Eco likely not exist in few years ( they could be taken out at any time on the cheap now)

Pros.
Tullow have a 150m drilling budget and must honour obligations in Peru, Suriname and elsewhere.
May not see 2 or 3 drills in 2020

Sorry wrong link, here is the method.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.spe-aberdeen.org/wp-content/uploads/2017/01/THE-BENTLEY-FIELD-UKCS-BLCK-93B-WORKING-WITH-THE-RESERVOIR-AND-FLUID-PROPERTIES-TO-PROVIDE-A-COST-EFFECTIVE-DEVELOPMENT-%25E2%2580%2593-BARNY-BRENNAN-XCITE-ENERGY.pdf&ved=2ahUKEwj9n8e37eflAhVLecAKHWIfBtQQFjADegQIBxAB&usg=AOvVaw38UPtsIlYygI3fXm_oeOvy

https://www.spe-aberdeen.org › ...PDF
The Bentley Field, UKCS Block 9/3b - SPE Aberdeen

Ok not the result we wanted, but the tertiary play is 1.5bboe compared to 3bbobe in cretaceous. It's a working petroleum system, we have everything and more to play for here. Today's technology allows the extraction of heavy crude using submerged pumps and by injecting polymers.

Minnow xcite energy ran out of cash in the oil downturn few years ago , but they mastered how to extract it, so I'm sure Tullow Total and QP can match it.

https://en.m.wikipedia.org/wiki/Bentley_Oil_Field

Em...... you buy Eco Atlantics stake and enjoy the ride.

https://youtu.be/5dVQab5Ku6Q

I cant help but think that the recent spurts of PR are an attempt to push support the process as we are looking pretty vulnerable to a hostile takeover. Gil and co own a huge number of shares, so it's in their interest to keep support and raise the market capital to prevent low balls coming in. National oil companies are preferring to bank reserves through acquisitions at present, rather than risky wells.

https://www.guyanastandard.com/2019/10/22/eco-atlantic-potentially-sitting-on-600-million-barrels-of-recoverable-oil-berenberg-bank/