Chariot Share Discussion Threads

[wild_goose] 30/5/2013 20:17

Hedggy baby,

Calmm, you are going to die young if you keep posting like that, chill Bill.

There ain't no evidence, it is just the way it is.

Your post below, can not argue with any of it.

HEDGEBETTER   30 May'13 - 18:19 - 2931 of 2932   0 0

WG - where is the evidence?

When HRT strike oil then all hell will break loose. The hedge funds crucified HRT on the way down. Now they will start accumulating and sell to the PI's when it spikes up. Easy pickings to scare PI's out when you have a gazillion of capital behind you. That's the way the hedge fund money pump operates

[crosswire] 30/5/2013 18:42

- from the Conference Call:


Milton Romeu Franke -
The well (Wingat) did not have the objective to run a casing and run production tests of the payzones to evaluate it's commerciality,

HRT TODAY AFTER RESULTS OF WINGAT IS ANALYSING TO ADJUST OUR DRILLING PLAN FOR THE MUROMBE WELL INCLUDING THE CASING OF THE WELL AND THE RUNNING OF PRODUCTION TESTS TO EVALUATE EVENTUAL FLOWRATES AND THEN WORK ON ECONOMIC MODEL TO EVALUATE THE COMMERCIALITY OF THE WELL

What did HRT observe during drilling in the wingat,
the well as you know started at 1050m of water-depth and
when we started drilling around 1500m depth we started observing hydrocarbon shows in the mud, this hydrocarbon became gradually more and more important as we starting getting C2, C3, C6, plus and heavier hydrocarbons in some intervals, with depth these hydrocarbons, or these shows in the mud, they increased gradually with depth, the two targeted reservoirs did not have reservoir porosities, we could see this on the LWD and later confirm this with the logging that was done, but they have below important hydrocarbon shows and considering our geological model of the petroleum system, it was HRTs interpretation that we were in the oil zone, the temperature and everything in our model was consistent with the analysis we did, that we were in the oil zone in this well,

HRT analyzed the technical conditions to continue drilling, as well as the seismic data and the possibility to go deeper, to test deeper sections in the well, we consulted our partner and decided to go deeper, ... the main source rock mapped and passed deeper potential pay zone.

We drilled deeper with increasing amount of hydrocarbon shows and these hydrocarbon shows became more and more important with depth, we drilled threw some potential reservoir layers, we had some mud losses and at 5000m we decided to stop the drilling and run the final log,

Important to say that we were able to collect over 40 side wall cores of the main interest zone and run several wire line tests to collect fluid samples and evaluate such zones, again I give a little detail here,

There was coverage that HRT observed some very small shows of oil, in reality with wire line we filled up four collecting samples completely full with hydrocarbons from this one pay zone, we really were able to test,

so it was not just a little pieces of information about oil, we actually have the oil samples, what are our main conclusions about the well today, we have yet produced light oil, it probably is something about 40°API
,
we have identified pay zones, they are not so thick as they could be but we have pay zones, we did the wire line tests, we have the samples, they are in the lab and we will get the full analysis of such samples,

this is really concrete results with important indications for the work of HRT and I can imagine of maybe more than 10 other companies that have assets in Namibia and that are planning to drill
,
we have logged the full section down to the 5000m, we have interpreted the presence of two important source rocks that are in the oil window that generated hydrocarbon shows observed in the mud while drilling,

we have several information that still will be analyzed over the next days and weeks, as I said, and the full contribution of this well still has to be concluded but for sure we are very pleased with the results we have obtained,

we are abandoning the wingat well according to international and local procedures and we will move the rig to our second well the murombe prospect and we expect to start to have the spud in of the second well in around 2 weeks,


the murombe prospect is only 15kms from the wingat, to conclude I would like to confirm for all of you that our namibian project today is much stronger than it was before we started to drill, wingat confirms the oil potential of the basin
and you probably all know that rare persons so far considered that Namibia could produce oil, most thought Namibia was the gas potential area, we have a plan for namibia,

we will continue our drilling and adjust every time we think and when our partner agrees it's better to adjust our plan, we have today a much better set of information about namibia than we had before and maybe we have the best set of information of all companies in Namibia today.

Joe Paul -

Initially we felt very strongly that reservoir was not a high risk in these wells, we had excellent seismic data with excellent responses that indicated to us clear environments of depositions and depositional models, since of seismic we felt reservoir was not a significant risk, we had such large prospects in the wingat well

we had the concern that the generative potential of the source rock would not be sufficient to fill these structures all the way up with billions of barrels of oil,


the results of the wingat well have shown us that the play element that we had the least risk on witch is reservoir actually came out to have the greatest risk we found very little porosity in the wingat well,

on the other hand the source potential we had shown and we had proven has significant generative potential to create huge volumes of oil in the walvis basin and charge our prospects as we continue with our exploration program,

one final comment, generally reservoirs and porosity are very easy to find and so that shouldn't be the big concern, whereas source rock, charge and migration pathways can be very difficult,


in this case

WE FOUND THE HARD STUFF BUT NOT THE EASY STUFF, SO I WOULD SAY WITH OUR FUTURE EXPLORATION WELLS THE CHANCE OF FINDING RESERVOIR IS VERY HIGH AS WE ALWAYS SEE RESERVOIR IN ANY BASIN WE DRILL IN AROUND THE WORLD

Milton Romeu Franke -

There are no reservoirs clearly water saturated in our well, there are no water zones in our well,

the amount of gas that came in to the well was very high and this amount of hydrocarbons , we had full measurement, full follow up of which kind of hydrocarbons were coming in into the mud,

then we have the thickness of the pay zones, it's a larger thickness than at least in any basin that I have seen before, I think one of our sources is several 100ds meters thick,

so in respect to the valuation,

we have today two source rock with high potential in the oil window
,
considering our geological model we have, where they are considering temperature depth temperature and pressure.

Joe Paul -

The reason there was no discovery or no significant volumes found at wingat is the absence of reservoir,

there was no porosity,

WHERE EVER WE SAW POROSITY IN THE ENTIRE WELL BORE WE HAD HYDROCARBONS IN IT, WE HAD OIL IN IT, NOT JUST WEAK KIND OF HYDROCARBONS AND SO IT'S A VERY SIMPLE LINK TO THINK THAT WHERE EVER WE HAVE POROSITY IN A WELL WE DRILL IN THIS BASIN WITH SUCH PROLIFIC SOURCE ROCK WE WILL CHARGE IT AND WE WILL HAVE OIL!

Read more at

[hedgebetter] 30/5/2013 18:19

WG - where is the evidence?

When HRT strike oil then all hell will break loose. The hedge funds crucified HRT on the way down. Now they will start accumulating and sell to the PI's when it spikes up. Easy pickings to scare PI's out when you have a gazillion of capital behind you. That's the way the hedge fund money pump operates

[crosswire] 30/5/2013 17:52

HRT executives expressed wide optimism to investors on Wednesday about the source rock and oil shows found at its Wingat-1 well off Namibia. But the management of the Brazil independent still faced doubts from analysts about whether the geology – which despite oil shows had low porosity - could translate into commercially viable hydrocarbons.

"We are very, very pleased with the results we have obtained," newly appointed chief executive Milton Franke said in a conference call.

The source rock had a "larger thickness in any basin I have seen before," he added, with one "several hundred metres thick." "We have two source rocks with high potential in the oil window."

HRT has faced a difficult road over the past few weeks, with a management shakeup that replaced its chief executive and another top boss, and non-commercial results at the closely watched Namibia prospect and its latest onshore well in Brazil's Solimoes basin.

Company shares, which had hit a record low in Sao Paulo trading this week, recovered somewhat to 2.81 reais ($1.37) as of early afternoon.

But HRT also said it would sit down with partner Rosneft through this weekend to decide the direction of future exploration efforts in Brazil's remote onshore Solimoes basin after a recent non-commercial well. Wingat-1, drilled in about 1500 metres of water by the semisubmersible Transocean Marianas, is the first of three wildcats planned for the region. Portuguese player Galp has a 14% interest in the trio. HRT said it will press on with plans to drill at its Murombe prospect 15 kilometres from the first well in about two weeks' time.

Analysts peppered the management with questions, however, about whether the rock found at Wingat-1 could translate into oil flows and why the company would expect to find better results elsewhere in the basin.

It was unsuccessful in the main Albian-era carbonate target, but was drilled deeper, to 5000 metres, to test a secondary turbidite target, rich in organic carbonic material and oil-soaked sandstones.

Joe Paul, VP of exploration and production at HRT America, indicated that pinpointing suitable reservoirs and porosity had a higher probability of success when source rock was identified.

"We found the hard stuff but not the easy stuff," he said. "The chance of finding reservoir is very high."

Tudor Pickering Holt said early on Wednesday said the signs from the initial well could lure more partners to the prospect.

"We like the risk/reward given encouragement from the Wingat well and massive upside potential from Murombe," the investment bank said in a note.

"Moreover a further Namibia farm-out is now more likely

Read more at

[belisce6] 30/5/2013 15:05

wonder if the bp theory holds if hrt strike commercial oil at Murombe...

[clumpweight] 30/5/2013 14:38

Goose has a point.

BP are also in with SQZ and the share price has been remarkable "stable".

[crosswire] 30/5/2013 14:13

Murombe is located offshore Namibia in PEL 23.

The Murombe-1 exploration well is expected to spud in May 2013 and will test a Cretaceous basin-floor fan. Murombe-1 will be drilled just over 9 miles from the Wingat-1 well which failed to detect commercial quantities of hydrocarbons but did confirm the existence of two active source rocks.

[hedgebetter] 30/5/2013 12:30

Evidence of BP suppressing CHAR share price WG - where is it?

[wild_goose] 30/5/2013 12:07

SQZ, annual results out.

BP to decide in 2H2013 on exercising option to drill well

------------------

Namibia - Luderitz Blocks (Serica operator - 55%)

· 17,400 square kilometre block awarded in central Luderitz Basin at turn of year

· Agreed farm out to BP in March

· Completed 4,180 square kilometre 3D seismic survey at end of September

· Fast track data is excellent quality and early indications very encouraging:

o Confirms presence of very large 4-way dip closed prospect (Prospect B)

o Indicates additional significant canyon turbidite channel sand features

· Result of Wingat well recently drilled by HRT in northern Namibia is encouraging as it reportedly recovered light, high quality oil and presence of 2 mature working oil source rocks

· Serica estimate gross P50 resource potential of 670 mmbbls for Prospect B with substantial upside supported by independent report

· BP to decide in 2H2013 on exercising option to drill well

· All work to-date at no cost to Serica

[wild_goose] 30/5/2013 07:38

It is a well known fact.

[lanaken] 29/5/2013 11:34

I had a decent sized punt on V.HRT a couple of days ago at 72c.

The chances of getting commercial oil look to have increased a fair bit and the odds at these prices given the potential size of any finds look very good.

Murombe is the big one here and will spud very shortly. The market doesn't seem to have reacted to this news yet. I'm expecting a run up before the drilling result.

http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32615767&l=0&r=0&s=HRP&t=LIST

repo

[hedgebetter] 27/5/2013 10:29

WG - who controls the SP?

[belisce6] 24/5/2013 22:57

w-g... ur a crackpot...

[wild_goose] 24/5/2013 18:50

It is not about what is going on in the next few years, it is about who controls the share price

[david brent] 24/5/2013 12:31

thanks b6.

[belisce6] 24/5/2013 10:42

other than that, best short way to describe it is as follows...
for 2013 to mid 2014...

-CHAR has a free ride on 4 drills (3 remaining to be drilled) each near their own tenements within Namibian offshore prospects...
-CHARs direct work relates to 2 farmouts (central and northern) in the country, which r being planned for 2014 drilling... announcements of which we expect this year.
-CHAR will have direct 3D seismic results for Mauritania prospects (3D seismics r one of the most positive announements that these pennyshare dreadfuls can make !! :-) ), even though third party 4-well drilling will also be occurring during this time... farmout might be also completed in parallel to this...
-CHAR has a free ride on some drilling in Morocco while it accumulates preliminary data in the form of 2D seismic...

plenty going on over the next 6 to 12 months...
and fully financed until end of 2014.

[belisce6] 24/5/2013 10:30

hrt s next drill starting in less than 2 weeks in is the same tenement as Wingat... but with more and bigger targets... Murombe prospect...

effectively hrt first two drills r in central namibian area,
3rd hrt drill is in southern namibian area,
repsol/trp drill in H1 2014 is in northern namibian area...
char has ground in all three areas and more or less next to these third party 2013 drills... i have updated my third party work summary above to indicate the areas within namibian offshore basins..