Caspian Sunrise Share Discussion Threads

[davidblack] 01/2/2018 12:49

The presentation was actually very good. Upbeat but not rampy so no issues with that.

The problem is they stated in November they would be working through the winter. Now the story is because they are cashflow positive it’s better to wait for the winter to pass and collect the cash for when the weather eases. That sounds reasonable but the issue is it’s exactly the opposite of what was said in November. So the question then becomes which “Truth” do they want to sell this week.

Oh and the new acquisition strategy was again exactly what they said they would not be doing in November.

So all the oil bits sound great the issue seems to be the management alter their strategy every other month.

[konil] 01/2/2018 12:43

david, thanks for feedback.

[davidblack] 01/2/2018 12:21

Apparently they have been excouraged to test the zones individually which has constrained production.

No questions were asked on this as Clive ran away.

[bwakem] 01/2/2018 12:11

Yes 2500. See page 3 of the presentation:

[xclusive2] 01/2/2018 12:04

So real production is 2500 not 4000bopd ?

[davidblack] 01/2/2018 11:46

More jam tomorrow in the presentation this morning.

Moderator closed down the questions very quickly after the presentation and said Clive would be available for questions at the coffee break.

Clive then ran away!

Looks like they are lining up a second acquisition. That was the only piece of new information.

Clive explained the theoretical 4,000 bpd was only 2,500 bpd as being down to zone testing. Absolutely not what he said in November on future production.

[togglebrush] 01/2/2018 10:57

From Sitting on Something Special orator
Slide 3
Projected production capacity
__________________31/12/18____31/12/19
From existing wells
▪  Shallow__________4,000________4,000
▪  Deep____________10,000_______10,000
From new wells
▪  Shallow__________5,000________9,000
▪  Deep_____________3,500_______20,000
'
Total bopd (illustrative)
▪  Shallow__________9,000_______13,000
▪  Deep____________13,500_______30,000
__________________________________________
_________________ 22,500_______43,000

BUT
▪  December 2017________2,500 bopd produced
Although RNS of 14 Dec suggested 4,000

[bullinachinashop3] 01/2/2018 10:47

presentation up

[stuart14] 01/2/2018 10:19

Xclusive- Yep, and we now have the acreage surrounding it, and the rights to the deep potential below it.

I can't help but think this is all part of the plan to sell for big bucks- Maersk may well be the one we're aiming for.

Lets hope so anyway!!

[xclusive2] 01/2/2018 08:17

Stuart,Had a bee in the bonnet last night ! I think you'll find that Dunga reached 17000 bopd in 2017.Control, Casper are completing the shallows in 3 or 4 weeks a go and 6-8 weeks to report flow result. I don't believe Maersk are doing that in half the time.HornetYou're right re lining the asset up for sale but it is difficult not to get cynical about this crowd. They're not there to damage the value of Casper as a successful conclusion sees them all well looked after. Quite frankly they do what they like as demonstrated by KS's flagrant disregard for the regulatory process re disclosure.They over egged the PR for a reason and the weather is an excuse to cover up more operational issues imo but we'll soon see.

[control1] 01/2/2018 07:40

This bit from 3338 made me incredibly jealous, clearly there are some good rig crews in Kazh, we just didn't bother using them

"In the coming three years, four drilling rigs at Dunga will complete a new well every three weeks"

[hornetsting] 01/2/2018 06:02

Having adsorbed the news of the latest sweetheart deal. I guess it means that CASP is being groomed and grown for sale, and this is what passes for good-housekeeping in Sunrise crescent.
Also may placate KS who must be fuming with the lack of progress after 5 years and keep him quiet by giving him a bigger share of the pie.

[1enigmatic] 31/1/2018 23:28

Anyone is welcome to view the sad ex banker. Look up Milton Keynes ramblers. Pictures Great English walk may 2016 picture 15 back row second on the left.What a clip no wonder he can't get a job. For some sad reason always wears a chinstrap other aliases are High IQ E1 and now LEMAILLOTJAUNE on LSE

[davidblack] 31/1/2018 21:23

This just smells like a sweetheart deal. Of the rotting fruit variety not roses!

Perhaps it was the “Necessary Encouragement” required to exit the old FD?

Let’s see what Clive has to say for himself tomorrow.

[dogdays] 31/1/2018 18:42

It's all very well this talk about more licenses,but I think we will all feel better when they can get at least one of the deep wells flowing without blocking. I understand that at that extreme depth things are not easy, but it does seem we are always getting a litany of excuses as to why they will not flow. As it stands it's always bread today,jam tomorrow.

[stuart14] 31/1/2018 17:47

If anyone has a spare $2600 Wood Mackenzie have a full report available for the Dunga field.

hxxps://www.woodmac.com/reports/upstream-oil-and-gas-dunga-550991

[stuart14] 31/1/2018 17:08

I wonder whether there is a bigger plan here? Maersk Oil have plans to get production to 400'000 bopd, this acreage sits around and below their Dunga field. The Dunga field's production is behind schedule. Would some other producing assets and a nice big field to develop be interesting to them?

[stuart14] 31/1/2018 17:06

STATUS
Discovered in 1957 the field is situated close to the coast of the Caspian Sea approximately 50 km north of the city of Aktau in the Mangystau Oblast, Western Kazakhstan.

Maersk Oil acquired 60% interest and operatorship of the Dunga field with partners Partex Corporation (20%) and Oman Oil Company Limited (20%) in 2002. Since then Maersk Oil has gradually increased average daily oil production from the field from 1,300 boepd in 2002 to around 17,000 in 2017 through production optimisation and field development activities including drilling of new wells and expansion of processing and storing facilities.

[hornetsting] 31/1/2018 17:03

All they need now is a valuation of $24m on an exploration block with a history of failed wells on an extension to the Dunga field. Maybe Gaffney Cline will oblige with another "reserves statement". I look forward to the presentation when all will be revealed. Will it be tomorrow?

[stuart14] 31/1/2018 17:00

First oil at Dunga Phase II sets path to 30,000 bpd in Kazakhstan
10-Dec-2012 14:00
First oil at Dunga
The first Dunga Phase II well is now on-stream with another two wells to be added to the flow line this week, ensuring early, if modest, cash flow.

Dunga Phase II, a $1 billion project, is the first of Maersk Oil’s major projects, presented at A.P. Moller - Maersk’s Capital Markets Day, to deliver first oil. It is expected that the major development projects, combined with current production, will increase Maersk Oil’s entitlement production by 50% to 400,000 barrels per day (bpd) by 2020.

In the coming three years, four drilling rigs at Dunga will complete a new well every three weeks. When all 198 wells are drilled by 2015, production is expected to be 30,000 bpd and add around 15,000 bpd to Maersk Oil’s entitlement production.

“We made a commitment to deliver first oil in December this year and we have done just that. Our young and rapidly expanding organisation has met numerous administrative and technical challenges, so what we have achieved in recent months is quite remarkable,” said Morten Kelstrup, managing director of Maersk Oil Kazakhstan.

“The Dunga field has a lot of potential. This is just the first step in a long journey with an even higher activity level in 2013 and until expected project completion in 2015,” Kelstrup said.

“We are already looking at a Phase III for Dunga and we expect to drill other appraisal and exploration wells in the area. We see significant growth opportunities in Kazakhstan so we have some very exciting years in front of us,” said Kelstrup.

The Dunga field is currently producing 7,000 bpd. Maersk Oil is operator of the field with a 60% share, with partners Partex Corporation (20%) and Oman Oil Company Limited (20%).

[stuart14] 31/1/2018 16:59

Maersk Oil is operator at the Dunga field, an onshore development producing around 15,000 barrels of oil equivalent per day. The 281 km2 onshore block is situated close to the coast of the Caspian Sea in western Kazakhstan.


Since Dunga development activities began in 2011, 170 wells have been drilled and a variety of new facilities and buildings have been built.

First oil from the development was achieved in December 2012, and by 2015 production had doubled.

[hashertu] 31/1/2018 15:49

I too share the concerns about this transaction. It is clear as mud.
If the transaction were conditional upon finding commercial oil/gas and getting a 2P reserves report, I might find it more palatable.
Could anyone explain what the RNS actually means, when it says adjacent to, and under?
Does 3ABest include an area adjacent to the Dunga Contract Area, at all depths, plus some/all of the DCA below 2500m? What does the areal extent refer to? The area adjacent or area adjacent plus some/all of the DCA?