Bridge Energy Share Discussion Threads

[bomfin] 05/3/2013 09:15

From FPM's latest presentation.

Sour Crude Project
•
Perth field (Faroe 34.6%) discovered by well 15/21a-7 in 1983
•
Subsequently appraised by three wells and a sidetrack
•
Average quality Claymore reservoir package
•
Substantial in place volumes (ca.200mmbbl)
•
Test rates up to 6,000 bopd with high Hydrogen Sulphide and Carbon Dioxide concentrations
•
Lowlander Field (Faroe 50%) discovered by well 14/20b-17 in 1987
•
Subsequently appraised by six wells
•
Good quality Piper reservoir
•
Test rates up to 6,800bopd
•
Substantial in place volumes (ca. 100mmbbl)
•
High Hydrogen Sulphide concentrations
•
Currently fallow due to lack of capacity in the area

Bridge with 50% option over rest, other half of Lowlander.

[bomfin] 05/3/2013 08:24

This disparity between opinions is quite fascinating. Wintershall the operator in PL457 are still to elaborate on what Bridge have released. Detnorske may prefer to be in denial about what has been found on PL457 as they won't want to give up a significant part of Ivar Aasen to the PL457 licence holders as they don't have a share there. Certainly as has been rightly pointed out the PL457 licence holders will have to prove up how much oil they have on their licence. If it's more than 100 million barrels and Detnorske arn't prepared to Unitize at the proportion PL457 wish even after discussion then PL457 may wish to go for their own development. The Norwegian government do tend to get involved in such situations and knock heads together to get a solution which is best for Norway as well as the companies. With Amol still to drill they may end up with more oil in PL457 than the Draupne block. The disparity means to me though that they will drill the thicker sands to the East to prove what they've got before they drill Amol. Also that it will be as sooner rather than later. imho dyor
Further, all the bigger companies in the area Statoil, Wintershall, Lundin and Detnorske will be very interested in Bridge's 20% of PL457 for leverage in further discussions. imho

[rogerlin] 04/3/2013 17:51

Webcast of Detnorske's 4th quarter presentation the CEO said of Ivar Aasen "The field do extend as we always have mapped it into the neighbouring licence 457...exploration well result came in better than expected which is better for Ivar Aasen as a whole...so the reserves of Ivar Aasen are larger than our 150 million barrels but part of that belongs to the neighbouring licence".

So they do seem to regard Asha and Ivar Aasen as one and the same.

[bomfin] 02/3/2013 19:07

Looks like Cormorant is out again.



Just as well I'm discounting it here. More than enough in PL457 to see the share price increase over the coming months. imho dyor

[flyingbull] 01/3/2013 18:10

The March oil stock competition challenge is still on.....deadline line entries is Midnight on Monday 4 March 2013.

Best regards,
fb

[rogerlin] 01/3/2013 18:03

Yes webcast is very informative. Tom Reynolds says that the shape of Asha has changed,that it is within the polygon with a dotted line on the latest diagram and that it is limited in the east by the bounding fault of the Utsira high where the sands may thicken. The Amol target is separate from this.

He said that Detnorske said last week that Asha and Ivar Aasen are one and the same.

Garantiana and Asha have added 8.6 and 13.4 mmbbl net to Bridge and "in no way do we believe that that has been reflected in the trading pattern of our stock but I'm sure you worked that out already".

[bomfin] 01/3/2013 08:50

Listened to webcast. Asha sounds very hopeful imho. They are hoping that the sands thicken towards the ultsira high fault. If they do it doesn't need a big aerial extent to really bump up the reserves numbers. Look what happened at Johan Sverdrup when they appraised near to the fault and found thicker sands.
On a down note. Don't know what to make of what was said abotu Cormorant East. Didn't sound that hopeful imho and that 1.3 million contingent resources sounded like it was mostly Kerloch. imho dyor

[bomfin] 28/2/2013 14:37

Also liked this from the actual 4th quarter report on website.

• The side-track confirmed good quality reservoir and
indicated an initial volume of between 25 and 35 mmboe
of recoverable resource. Following completion of the well
on 1st January 2013 and further analysis, this resource
estimate has now been upgraded to between 30 and
100 mmboe of recoverable resource. Bridge has a 20%
working interest.
• This resource estimate excludes other independent
prospects within the immediate area and Bridge remains
in discussions with the joint venture party on the future
drilling programme in this licence.

so potential 100 million barrels gross with still independent prospects intact.

[bomfin] 28/2/2013 13:18

Interesting to see FPM taking a 50% interest in Lowlander where Bridge have an option over the other 50%.

[rogerlin] 28/2/2013 09:51

Yes there is plenty of newsflow with this company. I see in the new presentation there is a diagram of PL457 which now appears to show the Asha (Preliminary) as an irregular lime-green area within a dashed line, extending beyond PL457 to both the south and the west, but no longer into the northern part of PL457 where only the Mukta (Heimdal) is figured. This Asha Hugin prospect is a very plastic creature but it seems to be getting bigger.

[bomfin] 28/2/2013 08:15

Nice presentation this morning. liking the much reduced payment for Boa and the size of what they think they've discovered at Asha. More meaningful field boundary line I think. Also like the 1.3 million barrels contingent resource figure at East Cormorant. With the near £140 million tax allowances they have in UK that 1.3 million barrels could be worth a £50 million in time. All imho dyor

[bomfin] 27/2/2013 12:41

Thanks for that Rogerlin gl. I'm not certain that the edge of the the hugin to the East is a fault but if it is it appears the sands thicken against the fault. Potentially that would create a big trap. If it's anything like Sverdrup on the other side of the ultsira high then this could be a big oilfield. I'm hoping that anyway. imho dyor

[rogerlin] 27/2/2013 11:28

I have e-mailed investor relations at Bridge to ask if the significance of the white line can be explained as it seems quite important as it is such a large area.

[rogerlin] 27/2/2013 09:31

Sorry no I don't know how these depth colours relate to thickness. The NPD summary said that in 16/1-16A "The Hugin formation is about twice as thick as in 16/1-16..." so clearly the thickness of the Hugin is variable in this area but whether that can be known accurately before drilling I don't know.

[bomfin] 27/2/2013 08:26

Thanks for that Rogerlin. That increases my understanding of the Hugin and that most of the area to the north is likely to be below the oil water contact but it doesn't mean that their won't be oil there in sands above the hugin. Here's hoping. Also those deeper colours towards the fault to the east are then hopefully hugin sands with big intervals above the oil water contact. Are you able to work out how far above?

rgds
bomfin

[rogerlin] 26/2/2013 20:37

I also was intrigued by the white line in the northern part of PL457 in the map on page 54 because if it delineates the Hugin, it is indeed huge. Much of this area is the same as where a Heimdal prospect was also previously marked.

My knowledge of geology is strictly limited and so I am struggling to put these pieces of information together.

The NPD summary says clearly "Wells 16/1-16 and 16/1-16A were drilled to a vertical depth of 2722 and 2683 metres below sea level, respectively, and were terminated in the Rotliegende group in the Permian and the Skagerrak formation in the Triassic...water depth is 113 metres". And also "The oil/water contact was encountered at 2440 metres below sea level". The oil was mostly in the Hugin which is therefore above that depth at that location.

The map on page 54 is entitled "New Hugin Map". Most of the area in the northern part of PL457 is coloured blue which is evidently a depth. Mid green is 2450 metres, blue is deeper. Is this the depth of the Hugin in that area? Is it too deep to form part of the same accumulation as 16/1-16?

[bomfin] 26/2/2013 15:39

thanks mattoil.

Have you seen the map on page 54?

Is what is within the white line the possible extent of Hugin reservoir within PL457? If so It's big! imho dyor

[mattoil] 26/2/2013 14:48

The field is connected to the west and into Detnor's license, but it is not a part of the Ivar Aasen field. I think Bridge said it may extend over licenses, in plural, meaning presumably both Detnor and Lundin, at least thats my guess.

[bomfin] 26/2/2013 08:50

Garantiana 140 million barrels oil in place at best estimate from bridge. Looks like at best estimate they use recovery factor of 30% to give 42 million barrels oil. Some gas also which takes discovery up to nearly 50 million boe.

I like the deeper colours near to the fault to the east at Asha.

[bomfin] 26/2/2013 08:41

Oil was discovered in the Hugin Formation and the Triassic Skagerrak Formation. It
appears that the discovery is not part of the Ivar Aasen accumulation as the
reservoir and pressures are different. Currently, there remains some uncertainty
regarding the extent of this discovery, reflected in the range of volumes. Ongoing
work is being carried out by the Operator.

Hopefully they are into something big. Certainly if it's not connecting to the west where it goes into Detnor's licence where we don't have an interest and is instead connecting to the East where we have more licence area that could be good?



Scratches head?

[bomfin] 26/2/2013 08:21

Comprehensive new reserves report on website.

[bomfin] 26/2/2013 08:15

Very strong reserves report. Asha and Garantiana the jewels in the crown imho.
Almost certain to go to development. imho dyor

[bomfin] 21/2/2013 14:47

Just a week for 4th quarter results and the reserves report I think.

Taqa sound happy with themselves over Cormorant East.



They will present at SPE on 27th February in Aberdeen.