Bridge Energy Share Discussion Threads

[bomfin] 24/4/2013 08:54

Rogerlin.

I did notice in Detnor's last webcast that they mentioned only 3/4 of development spend at Ivar Aasen is before 1st oil. Meaning final 1/4 should be payable out of revenues.

Also a bit of a slip up in Annual Report online today. Under licence interests it appears to state that Bridge have 25% in PL 457. Bit of wishful thinking there I think? imho

[rogerlin] 22/4/2013 18:19

There is lots of information in the det norske report about the Ivar Aasen development, among other things I see that it will cost 24.7 billion NOK, that first oil is expected Q4 2016 and that production to det norske (35%) is estimated at 16,000 barrels/day initially rising to 23,000 in 2019. After unitization Bridge's 20% of PL457 would make a smaller proportion of a joint development, but that will still make an awful lot of NOK.

[bomfin] 19/4/2013 10:23

Many thanks for that Rogerlin. That seems close enough for me for it to be a possibility. imho

[rogerlin] 19/4/2013 09:34

Looking up the NPD data again I see that at Asha 16/1-16 the O/W contact was at 2440m which was "6m deeper than in the western part of the IA discovery". There was a gross oil column of 70m in the Hugin and Skagerak.

At Hanz 25/10-8 the oil was in the upper Jurassic and in testing the well was perforated from 2391- 2398m. OWC isn't mentioned. There was a sidetrack which was dry, but it doesn't say in which direction the sidetrack was (the well was in 1997 incidentally).

These depths seem fairly similar to me but whether they are compatible with a single accumulation exceeds my limited understanding of this subject so DYOR. If Asha exends to Hanz that is a Sverdrup sized area!

[bomfin] 18/4/2013 19:55

rogerlin,

I'm not sure about the Hanz field but just looking at that depth map on the Ivar Aasen website I can see an scenario where the Asha discovery joins (Is the Bridge!) between the Ivar Aasen field and the Hanz field. Perhaps you know what depth the Hanz field is at? That would be a big discovery! imho dyor

[rogerlin] 18/4/2013 16:45

Thank you for answering that question Unlikely2. I recall that the nearby Linnorm well was high temperature and pressure and although it is quite an old discovery the plans to develop it seem to have been postponed. Let's hope these problems don't extend to 6406/6-3

[unlikely2] 18/4/2013 13:06

In answer to how long Mjøsa is likely to take, the following is (loosely) translated from Leteuken Nord:-

Wintershall will use Transocean Artic on license 511 to drill well 6406/6-3 Mjøsa. The drilling operation will last 190 days, assuming discovery and well testing. Intention is to obtain information on the hydrocarbon potential, mainly gas in the Jurassic in the Ile, Tilje, Tofte and Åre formations. Main targets are Ile and Tofte. The well is planned to be vertical, with total depth around 4,500m TVD.

[rogerlin] 17/4/2013 20:54

The Detnorske website is now reporting the boardroom changes at the general meeting and featuring a new presentation. On page 10 of this there is a caption (in relation to Ivar Aasen) "From 148 mill barrels to 170? Unitisation in 2014" whatever that means.

Looking back at their 2012 report there is a section entitled "Ivar Aasen- a considerable development project" which has a tiny diagram insert showing the Edvard Grieg and Ivar Aasen platforms and the subsea connection to Hanz, and a bit of an artistic 3D representation with a fault. Is this the "bounding fault" referred to at Asha? Does this fault run through the middle of the northern part of PL457?

[rogerlin] 17/4/2013 09:37

Indeed Bomfin I have been hoping that the "new Hugin" map is significant because it is not repeated elsewhere but Wintershall should know. There were some old drills in PL167 to the east of the upper part of PL457. 16/16S in 2003 encountered Grid and Heimdal sands but did not reach Jurassic. I found (and posted previously) a record of 16/1-5 from 1998 which did encounter Hugin but looking at that again I see it is actually in what is now PL338 to the west and so I think the boundaries of these licences have changed. So the upper part of PL457 is untested. On the Bridge diagrams the Mukta (Heimdal) prospect is drawn in, but on what basis is not clear. I think it would be a shame for Bridge to sell out of the PL457 licence without testing the northern half of it.

[bomfin] 17/4/2013 08:29

Yes. A nice positive report. I always get a chuckle at their presentations etc.

Bridge share price under pressure again this morning but they are drilling again and just perhaps 2 very material appraisals later this year at Garantiana and PL457. Meanwhile I'd expect Victoria and Boa are providing enough cash flow to cover operating costs.

Looked again at that Wintershall hugin map and you'd have to think (they think!) that there is a hugin reservoir in the northern part of PL457. imho dyor

[rogerlin] 16/4/2013 18:27

I wish all annual reports were so positive. Are all the quotations from Ivar Aasen? "The drink from small brooks is just as good as from the larger ones" is a good one. The comment about the further well on Garantiana is firmly stated and is welcome news. I see there is a meeting scheduled for April 17th.

[bomfin] 16/4/2013 15:45

I recommend the Detnor Annual report on website and the video in Norwegian which is fun. imho

I note they state another well will be drilled at Garantiana this year.

[rogerlin] 15/4/2013 15:42

No estimate as to how long it's going to take.

[unlikely2] 15/4/2013 08:21

RNS this morning - drilling has started on Mjosa. Wintershall are the operator, Bridge have 7,5% which equals a net of 14 mmboe mean potential.

[rogerlin] 12/4/2013 09:21

Thanks sludgesurfer, that answers my question and is reassuring re Causeway.

[sludgesurfer] 11/4/2013 18:42

rogerlin,

Are you referring to the issues at Cormorant Alpha?



If so around 20 odd fields flow across Cormorant Alpha - including Cormorant North & East. Although all fields were shut down as a precaution until the nature of the leak was established, these were soon given consent to restart. Long term, the leak is only affecting production from the Cormorant Alpha itself, not the oil which flows across it.

Sludge

[rogerlin] 11/4/2013 17:58

I see that Dong recently completed well 3/7-8S south of Trym and say that the rig "will now proceed to neighbouring licence 289 to drill wildcat well 3/7-9S". This is some way from Hercules but it could provide some encouragement if successful. It is closer (about 10km?)to PMO's Myrhauk (PL539) if I have understood it correctly.

[bomfin] 11/4/2013 11:39

It does appear to me that they've been able to include East Cormorant within the North Cormorant field withough incurring the same high tax level on East Cormorant production. Is it possible then that payout on the well investment can come from production from North Cormorant and East Cormorant combined by tax concessions on the heavily taxed North Cormorant production? If so Bridge will get revenues quicker. Only about £2,000/day though if that happens. imho dyor

[bomfin] 11/4/2013 10:01

Not sure about Causeway production. Don't think it's effected by the same issues as East Cormorant but DECC isn't reporting Causeway production yet (even 3 month delayed) and I havn't seen any updated figures from Valiant or Antrim?

[cwa1] 11/4/2013 08:53

Gawd-if there is a worse advert out there sludge, PLEASE keep it to yourself :-(

[rogerlin] 11/4/2013 08:47

Do these problems at North Cormorant only affect the production from Cormorant East or are they relevant to Causeway also?

[bomfin] 11/4/2013 08:30

We mean. Lets make as much of the government tax allowances as possible :-)
No! If we all 'truly' adopted the spirit of the advert 'we instead of me and working together' we'd all be better for it. Not sure what 'Health and safety' will think of the 'free from bureacracy part'? :-)

[rogerlin] 10/4/2013 20:56

Thanks sludgesurfer. I feel much better for watching that ad.

[bomfin] 10/4/2013 19:36

thanks for that sludge.

Yes, something has gone wrong with the production at Cormorant East. 4% for Bridge. I'm curious about the PRT relief (initials by memory) does that meant they are getting relief for their drilling expense from their other production some of which appears to being taxed at 81%. If that is the case the payout on the explo well could be quicker than 1,000 bopd production would suggest?
My interpretation of what is said. They went for the Brown field allowances which include PRT relief by stating that East Cormorant is within North Cormorant field area. They still though get small field tax allowances which saves £48 million in taxes paid. All imho dyor

[sludgesurfer] 10/4/2013 19:11

Bomfin & others,

Don't know if you saw this but here is some SPE info on Cormorant East. It may as well be an advert for Taqa (something which incidentally they are now airing at break times on Scottish Television involving a cheesy horse running on a beach - presumably in the opposite direction from the nearest Tesco).


- Currently doing about 1000 bopd - wicked decline.
- Tubing to A which is never easy to fix - (if you have to of course)
- ESP (groan) and water injection plans afoot
- North Cormorant looks like a right pi$$ heap



and if you have 3 minutes of your life to waste, here's the advert in question:



pure stilton I'm sure you'll agree.

Sludge