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http://www.subseaworld.com/contracts/titan-torque-secures-falklands-deal-03905.html


Titan Torque secures Falklands deal

2011.02.01 - Contracts

Oilfield equipment specialist Titan Torque Services has secured a six-figure contract to provide support services for exploration work off the Falkland Islands in the South Atlantic.

It has signed a one-year deal with well management company AGR Petroleum Services to provide torquing facilities in support of the operation of the drilling rig Ocean Guardian.

Aberdeen-based Titan Torque is to set up an operational unit in the Falklands to be the focal point of its service delivery.

The Ocean Guardian is working on behalf of Desire Petroleum and Rockhopper Exploration.

This is a very exciting development for us, illustrating our capabilities to deliver for clients on a global basis, says Titan Torque managing director Keith Gaskin.

Our market offerings are based on the principles of creating a safer working environment and increasing rig efficiency. The benefits of our service are increasingly being recognised across our industry.

Bruce Jepp, Titan Torque business development director, said: We are delighted to be supporting a highly-respected company such as AGR and look forward to building a relationship with one of the leading service providers in the global offshore industry.

The contract, valued at approximately 400,000 for the year and featuring extension options, will see Titan equipment shipped to the Falklands later this month and a company team put in place to set up the facility.

Titan will provide torquing services alongside specialist ancillary equipment and customised crane and transportation facilities.

The contract will also involve the deployment of Titans innovative drill bit protector, which facilitates onshore drilling bottomhole assembly and encases the drill bit during transportation offshore, enhancing safety and efficiency during transportation and offshore deployment.

The award is the latest in a series of contract wins for Titan, which has included a three-year deal to support the UK North Sea operations of Premier Oil.

Titans service portfolio is focused upon pre-made drilling assemblies and innovative drill bit protection equipment.

The specially designed Protector saw the company win the Wood Group Award for Innovation at the 2010 Grampian Awards for Business Enterprise.

The company has gone on to develop its Push Pull Unit. The innovation has been specially designed to insert the running tool in a process that is more controlled and measurable than existing industry techniques.

http://www.ft.com/cms/s/0/156ede7a-2e27-11e0-8733-00144feabdc0.html#ixzz1CkQwZD88

.............Rockhopper Exploration added 3.5 per cent to 368p on further speculation of an imminent drilling report from its latest prospect off the coast of the Falkland Islands.............

I think the "no testing while drilling" is deliberate to prevent any DES type leaks. Drill to TD, core along the way and then when TD is hit, then wireline it and log it, and only then will it be known what the results are.


http://www.offshoreenergytoday.com/falkland-islands-director-of-mineral-resources-gives-december-2010-report/


.........On completion of Desires well, the rig was taken on contract by Rockhopper Exploration and well 14/10-3 (Sea Lion North) was spudded on 13 January. This is an exploration well due to it being located outside the Discovery Area that has been declared by Rockhopper. It will be followed by an appraisal well that will be drilled in the Discovery Area. NEITHER OF THESE TWO WELLS WILL BE TESTED WHILE BEING DRILLED but cores will be taken from these and subsequent wells for analysis..............

The biggest thing to watch is, as said many times, VOLUME.

Around 10 million shares traded on 1 day is when something is going on. So look for if volume moves up past 5 million shares traded intraday, that will be an indicator that something might be cooking.

At the moment volume is small and so, nobody presently knows much.

In the waiting period I expect the price to gyrate between 350p and 380p while the short term traders go long and short, trying to scare people or suck them in to get some movement to feed their short term trades.

If you want a reference point this is the chart prior to Sea Lion discovery RNS.

The price kept falling down gently for days on sub 5M shares volume per day and then BANG.





RKH do not do leaks and do wireline logging only after getting to TD :)

Presentation on the new S2 fan, to be drilled in a downdip location during this ongoing exploration well.

http://www.rockhopperexploration.co.uk/pdf/s2_presentation.pdf

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I must say, with reference to the S2 presentation that went up on the RKH website late yesterday, its interesting timing to put the details up.

Most people would assume, and it may be incorrect, that you would not put the information up unless you later wanted to talk about it, and indeed, the only reason to talk about it would be hydrocarbons being found.

Interesting, perhaps a precursor for some good news in the days ahead ? ;)

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Something else that is interesting is that "on loan stock" - or if you like shorts, is reducing all the time, its getting near the stage of being minimal now and continues down over the last couple of days.


This means that normal short positions in the stock are tiny, and that means nobody is hearing any bad news perhaps. (this excludes naked shorting or spread bet shorting, just standard shorting where stock is borrowed and sold)



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New contract in place, when this well, the appraisal well and DESIRES other well are complete a new 3 well + 1 option contract is in place.

http://www.diamondoffshore.com/ourFleet/rigStatus.php

I would guess this will allow us to get to August, at which point ARG should have a good idea of what they want to do and be party to a future extension contract.

Well, if you go to the RKH web site using Internet Explorer

http://www.rockhopperexploration.co.uk/investor-information/reports_presentations.php


Right click on the thumbnail of the S2 Images and select properties you get

thumb_agm_s2_2011.jpg

Which means "Thumbnail AGM S2 2011"


So this presentation is going to be shown at the AGM in 2011. That kind of suggests that they have found something in the S2 fan and its going to become a new discussion point in future.

Interesting.........

Trying to guess this....the most likely story is that they have encountered oil but not in commercial amounts but this confirms the size of sea lion which will hopefully confirm the sp......much more upside than downside here....if no oil -to me : minus 30p, and then it will come back...anything else and the upside could be anything from 50p to several pounds.....so a good share to be in is my way of thinking....

It shows that short term traders/day traders are controlling the price, as the RKH and GKP charts for the short term are nearly the same.

Volume very low again today, not even 750K by lunch time.

Expectations anyone ?

Sea Lion Main Fan - some net pay but small amounts - will boost up the potential that an appraisal well slightly closer to Sea Lion 1 well yield good results and firm up the P50 figures.

Teardrop (Sea Lion Lower) - charged and with decent net pay.

S2 fans - new discovery, charged and with decent net pay - to be be appraised up dip

Lower potential fans under S2 - no idea at all, if they drill longer and deeper that the pre-drill estimated TD then I expect some will be charged and they will go as deep as possible wary of any HP gas.


And of course, it could all be done dry or full of Evian :)

The timing marker should be the S2 presentation being put up on the RKH website, I mean, no point loading it unless you have just been into it.

That would put depth at circa 2680M on 2nd Feb, if it were to be the case. There are possibly 4 more fans under that and so perhaps 3 to 4 days drilling IF they do not go deeper.

So possible that drilling will get to TD on Sunday or Monday and then wireline will be run.

So on that schedule and its all just opinion, then an RNS might be coming Wed or Thu next week, possibly Tue though depending on progress and actual depth at which drilling stops.

News might leak out......through supplies from Port Stanley......

Not at RKH. This is not DES.

L2 update. Basically the offer side is "noise" up to 373p. At 373p lies the seller happy to offload in volume.

A move past 373p bid with high volume is when you know the seller is clear, or something is afoot, as it stands now IMO.

Not even 750K volume by midday. Very low volume.