.

http://www.guardian.co.tt/business-guardian/2012-01-25/british-official-promotes-caribbean-private-sector


British official promotes Caribbean private sector
Published: Thursday, January 26, 2012


With crude prices averaging around US$100 a barrel, T&T is unlikely to fully benefit because of continued declining production. On Monday last, the Central Bank presented its sustainability report for December 2011. During the presentation, both the Governor of the Central Bank Ewart Williams and his deputy Dr Shelton Nicholls, predicted further declines in crude production in 2012. Nicholls said: “While it is difficult to predict what crude prices will be like over the next year, it is fair to expect that production will continue to fall.” According to the Central Bank report, the decline in output from the energy sector was two-fold in that oil production was down due to maintenance challenges that affected condensate production, while, at the same time, natural gas production was down affecting the downstream manufacturers. The combined effect was a negative impact on the economy last year.

The report read: “Output in the energy sector slipped in the context of heightened maintenance operations and maturing oil fields.” Energy Minister Kevin Ramnarine has insisted that his mission is to increase domestic crude production. He has consistently said that Petrotrin holds the key to increase crude production and that the state-owned company had plans in place. He has set an initial target of increasing domestic production to more than 120,000 barrels of oil a day. Ramnarine said that while Petrotrin remains the key to increasing crude production, Bayfield Energy is likely to play an important role. Governor Williams told the Business Guardian: “The decline in crude production has been happening for a number of years now. That is our problem. We are faced with ageing fields and, as a result, we expect for 2012 production will continue to decline.” On Tuesday, energy consultant Anthony Paul told the Business Guardian that additional fiscal incentives is not the answer for increased crude production unless it is tied to concrete measures for increase production.

Paul said T&T has in the past given away its patrimony by giving fiscal incentives to companies and all they do it take profit. “Our biggest challenge is crude production. We have in the past given fiscal incentives, but we have not said if we give you this fiscal incentives, then you have to drill these number of wells or do this number of workovers. So unless you tie the incentives to concrete action, then all you will have on the part of the companies will be profit taking. He said too often, T&T has a knee-jerk reaction and rather than looking at the exploration potential of the acreage. T&T gets suckered into old arguments of fiscal incentives. Paul said it was also necessary to look at increasing production and efficiency in the wider energy sector if T&T is to get the kind of returns from the energy sector. He also agreed that crude prices were likely to continue strong for the rest of the fiscal year and that government’s 2012 budget price of US$75 a barrel was likely to hold true.

“While there has been a decrease in demand, particularly in the developed economies, there is still strong demand for energy in China and India, and I think that the prices will in the next nine months remain fairly strong. So the US$75 on which the Finance Minister has based his projections is likely to hold, even if you factor in T&T earning less money per barrel of oil because of the quality of the crude.”

http://www.rigzone.com/news/article.asp?a_id=114632&hmpn=1

Bayfield Spuds New Trinidad well, but Trintes 2011 Production Disappoints
by Jon Mainwaring|Rigzone Staff|Friday, January 27, 2012

Bayfield Energy announced that it expects on Friday to spud the first well in its exploration and appraisal program on the offshore Galeota license area in Trinidad.

The firm – which is also active in South Africa and Russia, and whose stock is traded in London – said that Rowan Gorilla III is on location and jacked-up in preparation for the drilling of the well, designated EG8. The well is in 135 feet of water and will be drilled to a total depth of approximately 8,700 feet.

EG8 is a deviated exploration well intended to appraise the Lower Pliocene-to-Upper Miocene stacked, shallow marine sandstone reservoirs that were encountered in previous offset wells. Both of these earlier wells – EG2 and EG5, which were drilled in 1978 and 1985 respectively – encountered and tested gas at various levels and EG2 tested oil as a rate of 1,000 barrels of oil per day.

In EG8, the firm said, several primary exploration targets have been identified by direct hydrocarbon indicators through reprocessing of 3D seismic data acquired by Bayfield in 2010. Following completion of this well, Bayfield plans to relocate the rig approximately 2.5 miles south west of EG8 to drill the second well in its program: EG7.

As well as drilling EG7 and EG8, Bayfield also plans to drill at least one additional well in Trinidad to the north east of the producing Trintes field.

Oil analysts at investment bank Seymour Pierce, which acts as broker to Bayfield, commented: "We feel the timely spudding of EG8 is a positive development for the company given that the market was expecting an update in relation to the well by the end of January. In our view, successful drilling at this relatively low-risk site will continue to unlock existing resources, allowing the company to potentially increase their reserve base."

Bayfield also provided an update Friday on its production figures as well as its activities in South Africa and Russia.

Gross production from the Trintes field in 2011 averaged 1,197 bopd with net production top Bayfield amounted to 778 bopd. However, weather-related downtime meant production here was well short of the 2,500 bopd that the company had been hoping for.

Bayfield said that the contribution from two new wells drilled in the fourth quarter of 2011 has allowed gross production at Trintes to increase to 1,700 bopd (1,105 bopd net to Bayfield).

In South Africa, Bayfield said that, after receiving an acceptance letter from the country's Petroleum Agency, its focus this year will be to reprocess existing 2D seismic data over the Pletmos inshore block.

In Russia, the firm reported that interpretation of the reprocessed 2D seismic data acquired over the Karalatsky license area during 1Q 2011 has not identified any prospects that would justify further investment in an exploration well. Accordingly, Bayfield is taking steps to prepare for the surrender of the Karalatsky license.

"Bayfield’s first operations update since its listing [on London's Alternative Investment Market] in July 2011 contained some minor disappointments in terms of production from the Trintes field and a write-down associated with its Russian operations," said the oil and gas team at investment bank Westhouse Securities. "However, given the track record of its board and management team, which includes Ex-Burren CEO, Finian O’Sullivan, and former Dana Petroleum CFO, David MacFarlane, Bayfield Energy could be a company which looks to expand its portfolio beyond Trinidad and South Africa."

Back to 50p then, and the drill bit goes round and round.

And moving upwards, must be the start of speculative funds coming in ahead of drill results.

http://www.capmarkets.com/11013/Oil___Gas_review_-_February_2012.pdf

.

Onwards and upwards she goes.

And some more, over 10% up now from when I purchased recently.

Poked its nose through 60p even, very nice.

Flying again :) !!!


Even machoman (aka Master RSI on ADVFN) is now ramping BEH on ADVFN....... LOL


hahaha

Upupup

70p even.

Very nice :)



Bayfield Energy
Trinidad and Tobago Discovery
RNS Number : 1972Z
Bayfield Energy Holdings PLC
13 March 2012

Bayfield Energy Holdings plc

("Bayfield" or "the Company")

Trinidad and Tobago Discovery

Bayfield Energy, (AIM: BEH), an independent oil and gas exploration and production group with key assets in Trinidad and Tobago, is pleased to announce that its first exploration well in the Galeota Licence, EG8, has been suspended as an oil and gas discovery having reached a total depth of 8,133ft (2,479m). EG8 is located 930m east of a previous discovery, well EG2, which was drilled in 1978 and tested oil and gas.

EG8 was deviated from its surface location towards the south west in order to target the crestal area of mapped horizons in the prospective EG2/EG5 Central fault block. The well encountered ten hydrocarbon-bearing sandstone reservoir zones between 1,364ft (416m) and 6,000ft (1,829m) below mean sea level. Preliminary analysis indicates that the vertical thickness of net hydrocarbon-bearing sands totals 421ft (128m) of which 352ft (107m) is gas and 69ft (21m) is oil. A comprehensive programme of logging and sampling has been conducted and samples of oil were collected in the oil zone and a mini drill stem test (mini-DST) was conducted on wireline. The data confirms light oil and good quality reservoir with production potential of over 1,000 barrels of oil per day. Samples of gas and gas condensate were also collected in other reservoirs.

Bayfield is currently integrating the new well data into the 3D seismic mapping to study the impact on contingent and prospective resources. Management believes that EG8 has demonstrated development potential of 32 million barrels (Mmbbls) of oil and 69 billion standard cubic feet (Bscf) of gas in the EG2/EG5/EG8 Central and East fault blocks. Initial interpretation suggests that substantially all of the gas potential lies within the Galeota Licence though the oil potential extends into an adjacent licence in which Bayfield has no participating interest.

The jack-up drilling unit, Rowan Gorilla III, will shortly move to the EG7 location to drill the second of Bayfield's seven exploration and appraisal well commitments in the Galeota Licence.

Bayfield is the operator of the Galeota Licence area holding a 65% interest, with Petrotrin holding the remaining 35%.

Hywel John, Chief Executive of Bayfield Energy, commented: "The results from EG8 add to our confidence in the prospectivity of the Galeota licence and we will continue to focus on the potential for accelerated development and commercialisation of hydrocarbons in the East Galeota area."

-ends-

Is that all it's risen.....?....worth more than this surely ?....