Cloudbreak Discovery Share Discussion Threads

[david brent] 28/11/2010 21:44

yes, could be very interesting if they relist with any sort of value, even 1p. immediate sell... but doubt we long suffering foolhardy cdl holders will ever see those greenbacks again ;(

[bb44] 28/11/2010 21:12

i think we would all agree. Bensh and Cardinal would be a better buy. They own the majourity of the asset and they have oklahoma production as well. Cardinal has today 1600 boeped in production. That's more than Regal petroleum and more than we ever had at cardinal previously. There's a lot to happen before - but this could be VERY interesting for cardinal in 2011.

[753690] 28/11/2010 19:50

Interesting :

[bb44] 28/11/2010 14:24

Yes
They have had numerous deals that have gone the way side for the business. He and others have been attempting to use the business as a shell for groups looking to list in London. Ultimately they have not gone forward their listing. In addition, they have been encouraged by bankers to wind the business up as Irvine shareholders would end up with next to nothing.

[camelot5] 28/11/2010 12:01

bb44

When you have been in conversation with Mr Bensh,has Irvine Energy IVE been mentioned at any time?

TIA

[xenawarriorprincess] 26/11/2010 18:39

Any news bb44?

People don't seem quite to be able to believe the story. Maybe they will in a few weeks.

Over on Stockhouse in the US on the Quetzal thread (our JV partner in Colombia) there is talk of the Upper Mirador producing up to 10,000bpd. Obviously the thinking goes that as production from 5ft of the Lower Mirador was 2250bpd, then the larger Upper Mirador should produce more.

The next couple of weeks will tell.

Quetzal have also done an interesting presentation which is on their website



This was presented to the Oil Council's Americas Assembly on 26th October 2010. It contains some interesting facts and figures - such as the hope the well will produce between 1,000-10,000bpd, but will be considered a success at 1,000bpd.

So, it's a success.

But the juicy bit is in the small print.

The very small print.

On page 14 of the presentation are maps of the Canaguaro field - the two larger ones appear to be just maps, with any interesting figures cut off.

The smaller map at the bottom appears to be just that - a very small map.

However, thanks to the wonders of computing and the internet the small map can be enlarged. Enlarged to 800% (!) you can just about make out the writing and figures on the plan - and these appear to be the figures deliberately cut off the larger maps!

It takes a bit of negotiating the page to get at the figures once the map is blown up in size - but the figures are worth it once you get to them.

The map shows 3 areas of oil - all of this is pre-drill.

The first says "Minimum oil filled area 1,180 acres 22,000,000 Stbooip"

The second "Lower know oil (indecipherable) 1,909 acres 75,000,000 Stbooip"

The third "Maximum oil filled area 2,300 acres 126,000,000 Stbooip"

"Stbooip" - I assume means stock tank barrels of original oil in place.

So, Quetzal seem to be expecting the find to hold a minimum 22Mb, hoping for about 75Mb, and have a chance of getting 126Mb. Of course that is not recoverable oil. I'm not sure what the recovery factor will be (bb44 can you help?) but I guess it could be as much as 50% over the lifetime of the field.

Condor/Taurex had around 80% of whatever this is, but farmed out 50% to get the drilling done.

So 22Mb x 50% x 80% x 50% gives about 4.4 Million barrels,
75Mb gives 15 Million barrels
126Mb gives 25.2 Million barrels

This is recoverable and net to Cardinal/Taurex - after making the aforesaid assumptions.

Quetzal, in their presentation assumed they would exit the year at 1,000bpd, which they seemed to think would be 500bpd from Canaguay-1 and 500bpd from other sources. So they expected Canaguay-1 to produce about 2,000bpd, of which they would have 25%.

That was pre-drill, so it was probably fairly cautious. As the well produced more than that from just one zone, and the better zone is yet to be tested, if it does produce 10,000bpd, then reserves could be towards the higher end of estimates.

Which means Cardinal/Taurex shareholders may be sitting on around 25 Million barrels of recoverable reserves.

Hooray!

The next test results should be interesting.

All IMHO, DYOR, etc.

Xena

[andy] 26/11/2010 17:45

bb,

When?

[bb44] 25/11/2010 12:17

I just guess there are four of us that even know about the news. I'll call Bensh and ask what they're thinking

[brownmruk] 23/11/2010 15:07

I though there would be a bit more excitement around here now.

[zengas] 22/11/2010 22:21

Great result for the lower mirador -

DST 6 of the upper mirador section still to be tested which is even more prospective.

The upper mirador which has the majority of the indicated oil pay has not been tested at this time.

Interesting update !

[david brent] 22/11/2010 22:13

and for us............??????????

[brownmruk] 22/11/2010 20:37

News out - Quetzal Energy Tests 2,225 bopd From The Lower Mirador Reservoir of The Canaguay-1 Well in Colombia.

[nicky21] 21/11/2010 15:46

what happened bensh was in london or was he.
has he got the regal job/?

[bb44] 19/11/2010 13:48

I thought you were going to drop that? so you didn't try because i spoke with him this morning. 7135302634 or [e-mail]

[david brent] 19/11/2010 08:31

Tried, lines probably been disconnected - hasn't paid the bill.

[bb44] 15/11/2010 07:52

David

have you called on Bensh?

[turbotrader2] 12/11/2010 22:23

he told me that he expected the highest bidder to be circa $30m and it would be returned to shareholders

relisting was never mentioned

[bb44] 11/11/2010 22:43

call the man and see what is going on. The rest of us do and the problem with Bensh is, he won't shut up. Ask him anything or send him an email. He responds.

[david brent] 11/11/2010 22:03

OK, there is no point anyway, just venting some 'old' frustration. Armastice it is.

[bb44] 11/11/2010 21:55

DB

Look I mean no offence to you. I just would like to see you lighten up and see perhaps that you may possibly be wrong or mistaken - that's all.

Bensh clearly doesn't read this board or yes - he would be suing you.

[david brent] 11/11/2010 21:46

Cheers for the advice Zengas. It's an unfortunate situation.

bb44, Zengas is alright.