markymar
- 29 Jul 2010 10:01
- 2209 of 6294
July offshore Mag
Falkland Islands
A small spot with a disproportionate amount of activity, the Falkland Islands continue to see drilling. Rockhopper Exploration has updated the analysis of its Sea Lion oil discovery in the offshore North Falkland basin. According to independent consultants RPS Energy, the field could contain 242 MMbbl of recoverable oil, with significant upside potential.
Well 14/10-2 was drilled in April and May to a depth of 2,744 m (9,002 ft), and following completion of final logging, was suspended for future testing. The well penetrated what is thought to be a regional seal between 2,250 and 2,374 m (7,382 and 7788 ft) subsea. Based on log analysis, well site evaluation of shows and samples, sidewall cores, and wireline formation testing, all sands encountered beneath the regional seal at this location appear to be charged with oil. No oil/water contacts were encountered.
The top oil sand in Sea Lion was encountered at 2,374 m (7,789 ft) subsea, and the base of the lowest oil sand at 2,591 m (8,500 ft) subsea. Rockhopper estimates the total vertical oil column at 217 m (712 ft), with total net pay of 53 m (174 ft) in seven identified pay zones, the thickest around 30 m (98 ft) gross.
Pressure data suggest there may be two separate oil columns, although this will have to be confirmed by the well test. The main Sea Lion fan has a net pay interval of 34.5 m (113 ft). Other underlying sands have total net pay of around 18 m (59 ft), some of which appears to be connected to a Sea Lion lower fan, which had been regarded as a primary prospect. The well also intersected a further 2 m (6.5 ft) of deeper pay.
Oil down to 2,591 m subsea is 116 m (380 ft) beneath the lowest mapped point of the entire Sea Lion fan, which has an aerial extent of over 45 sq km (17 sq mi). There are seismic indications of thicker reservoir compartments elsewhere in the fan.
Rockhopper believes the well has opened a new play fairway in licenses PL032 and PL033.
The play around the Falklands may be set to expand, too. Desire Petroleum has classified its first well in the North Falkland basin as a gas discovery. The Liz well 14/19-1 reached a TD of 3,667 m (12,031 ft), and is currently being plugged and abandoned.
Initial log interpretation suggests that the well encountered 17 m (56 ft) of net hydrocarbon pay at sub-surface depths between 2,961 and 3,031 m (9,714 and 9,944 ft) within a zone of over-pressured, and chiefly sandstone, reservoir. A hydrocarbon sample and formation pressures were recovered from this interval.
Early analysis indicates wet gas, with no apparent water-leg in this interval. Desire adds that further work will be needed to evaluate reservoir quality, to determine the trapping mechanism, and to assess the discoverys potential.
The well also recovered dry gas in a separate accumulation in a different pressure regime from a deeper interval below 3,400 m (11,155 ft). This suggests that gas pay is present in generally poor quality reservoir. However, there is uncertainty over the rock type and its reservoir potential.
The Liz fan was encountered between 2,540 and 2,568 m (8,333 and 8,425 ft). Desire says that good oil shows were recorded while drilling, but logging and sampling confirmed that this reservoir interval was tight. The company believes the Beth fan was also penetrated between 2,654 and 2,672 m (8,707 and 8,766 ft), again with oil shows in tight reservoir. Further weak oil shows were recorded in conglomeratic zones between 2,706 and 2,932 m (8,878 and 9,619 ft).
Liz was the first in a multi-well, multi-operator campaign offshore the Falkland Islands using the semisub Ocean Guardian. Rockhopper will now drill two wells in the North Falkland basin and BHP one in the East Falkland basin before the rig returns to Desire for further drilling later in the year.
Desire says it will use the next three months to evaluate data from the Liz well. These and the results of the Rockhopper wells should assist planning of future well locations.
cynic
- 29 Jul 2010 10:02
- 2210 of 6294
so much for a bounce!
next stop = 290 = 50 dma level
HARRYCAT
- 29 Jul 2010 22:20
- 2212 of 6294
Your not wrong there marky. iii & ADVFN full of rampers & rubbish, but I think the younger members love the banter. MAM & Motley Fool at least have some decent info & opinions.
cynic
- 30 Jul 2010 09:08
- 2215 of 6294
????????????
sp is flat to down
aldwickk
- 30 Jul 2010 09:21
- 2216 of 6294
ADVFN also has some very well informed posters as well, depends what threads you want to read, some like the PET thread attracts a lot of tossers.
Jon B
- 31 Jul 2010 20:44
- 2218 of 6294
Hi Marky,
Hope all is well. It's been a long time. I am still in both these and DES. Gave up posting on BB's a while back, too much flak. I see it is nice and civilised on here though!
Are you uptodate with what is happening on the rig?
drop me a line.
HARRYCAT
- 02 Aug 2010 13:50
- 2221 of 6294
Hmmmm... that looks very like the car park on the seafront at Gt.Yarmouth to me!
markymar
- 02 Aug 2010 13:58
- 2222 of 6294
This one ways 16 ton Harry lets hope they use it on Ernest as Ernest is the Key to the SNFB and if she blows so will the share price of Desire And Rockhopper as this will attract the big boys for sure.
News soon keep a close eye on her
http://www.exprogroup.com/products-services/well-testing-commissioning/well-test/
chris547
- 02 Aug 2010 16:50
- 2223 of 6294
To: Harrycat (2212), markymar (2213), aldwickk (2216), Jon B (2222)
Fine, yes there is a pre-ponderance of scruff on iii, ADVFN and other BB's however its also good to hear contrasting opinions.
If someone is an idiot you have to just filter them. Complaining to the moderators usually falls on deaf ears. Become a minority and demand your rights seems to be the way of the 21st century!
It's interesting to hear the analytical, accountant types work out a SP (share price) and equally interesting to hear an oily add some technical/geological angles to make us think. I also love the investor/trader types that add a market slant because that is where the final decision on SP is taken.
As you suggest many posts on BB's are just loud mouths sounding off and worth less than nothing and indeed are often misleading entirely in the wrong direction due to individual agendas. Shorters and rampers!
The interesting decisions for the investor are how much will you commit and when? When will you buy/sell and why?
Rockhopper is a stock that makes one address these questions again and again. It is really a stock you could retire from if you judge things correctly. There are those that will take 10,000 and make it worth 5 times as much.
As somone with geology, geophysics and engineering skills it is to me a fascinating techical challenge and yet also an opportunity. As someone who focuses on junior miners and O&G explorers all the Falkland Oilers are IMHO worthy of careful study.
I also find it interesting that 2 companies have found substantial quantities of oil and yet the market does not yet perceive value. One is Rockhopper and the other is Xcite.
There is IMHO no better area of opportunity than the junior oilers so good luck and consider the facts on RKH and XEL with due care!
C547
chav
- 03 Aug 2010 00:23
- 2225 of 6294
Marky...4th June RNS
"The Company intends to test the well at the earliest opportunity during the current campaign and test equipment is currently being mobilised."
markymar
- 03 Aug 2010 09:12
- 2226 of 6294
Cheers Chav looks like we have a green light,now to win my 50p bet back which i lost........i will plum for RNS Monday at 7am.
i think the 50p should be a pint in the Angel and if she blows we can get the bubbly out.If not a box of tissues and a pint.
Not long
cynic
- 03 Aug 2010 09:21
- 2227 of 6294
fingers x'ed especially for marky