I3 Energy Share Discussion Threads

[gisjob2] 13/9/2019 07:46

Flawless,

Are you claiming that management purposely drilled outside of where the seismic said there was oil ? That's not what they said. They have admitted the seismic did not show the pinched out area in the upper sands ! So why is it beyond possibility that the upper sands are not mapped accurately in the next drill location ? Unless you are drilling very close to the previous successful well you can't guarantee anything if the upper sands are questionable on the seismic in the pilot well location and you're using the same modelling created from duff seismic

[flawlesskicks] 13/9/2019 07:40

No, it was on the outer boundary of a field already discovered and as management said, there was always a chance they would miss the sand slightly. The next drill is in the middle of an already discovered oil find as in.... It is already discovered! Lol

[gisjob2] 13/9/2019 07:35

Flawless,

The pilot well was on a field already discovered, it still missed when the seismic said it shouldn't !

If it was using different seismic the COS for the next well would he the same but it's using the same flawed seismic. It's up to you to decide how flawed but the COS will be less.

You don't understand COS.

[flawlesskicks] 13/9/2019 07:30

Why? It is already a discovery? How can it be a lower chance of discovery when it is already a discovery? You don't make any sense?

[flawlesskicks] 13/9/2019 07:23

gosjob2... It is already a discovery by Dana in 2013...what part of that statement are you not understanding?Is it my writing or are you playing thick? Lol

[gaffer73] 13/9/2019 07:22

Fair point

[gisjob2] 13/9/2019 07:20

Gaffer,

If it was based on seismic that has been found to be inaccurate since the first COS was applied then yes

[gaffer73] 13/9/2019 07:18

But not for the CoS of the individual well.

[gisjob2] 13/9/2019 07:17

Flawless,

Then you don't understand the theory of COS. If you have a chance of success for 2 wells based on the same seismic and the first well proves the seismic to be inaccurate then the COS for the second well has to be compromised to a degree by inaccurate seismic.

You make your decision as to what degree but the COS cannot be the same if the seismic has been found to have an error

[flawlesskicks] 13/9/2019 07:12

I don't agree. This is a central drill into a known discovery by Dana in 2013. They have a very high chance of a strike. At this price it's a no brainer!

[gisjob2] 13/9/2019 07:04

Costax, Flawless

Lenders did not locate the pilot well management did. There may have been pressure applied which led management to become greedy and try and up the resource size but it was their decision.

The seismic did not show the pinched out area of the upper sands and by management admission was not aligned accurately. Going forward after the next 2 drills they be able to tweak the model with what they have learned but the next drill location is based on this inaccurate data that didn't show the pinched out area of the upper sands in the pilot well location. The COS is less than it was for the next drill.

It doesn't mean it won't be a success but the COS is less

[costax1654x] 13/9/2019 06:59

I am not a ramper we all now that it might end up from 5-250 pence!I will take the risk

[costax1654x] 13/9/2019 06:58

Monday probably we will get a RNS saying results from Vlg logs

[costax1654x] 13/9/2019 06:57

Specially without miton and Lombard

[costax1654x] 13/9/2019 06:57

Oil in the next hole will take price over 1£!

[costax1654x] 13/9/2019 06:56

Talking about next drill

[costax1654x] 13/9/2019 06:55

In the interview they said...drilling it will be in the middle!!!of their interpretation!Lenders asked as well for this position!It means that area has only 1 km diameter!So mid case prospects!Longs will determine!

[gisjob2] 13/9/2019 06:52

Costax,

So you think taking the decision to drill on the edge of the field was a sensible idea even though they admit they had doubts ?

My point was management placed the hole in the wrong place and with their admission in the video the seismic proved to be inaccurate and is the same seismic that was used to locate the next well. The next well.may or may not be a success but the COS is not the same as before the pilot well it is less.

[costax1654x] 13/9/2019 06:43

They missed by 100 m!So...drilling next to boundary it was probably to see how long can extend!I reckon still mid case!

[flawlesskicks] 13/9/2019 06:31

The next drill is central into an oil discovery made by Dana in 2013...i can't see how they can miss when the it is a central drill into a discovered oil field.Just my guess but happy with my entry and price and will hold for results of the drill.

[gisjob2] 13/9/2019 06:27

Flawlesskicks,

The COS is not the same as before the failed pilot well for 2 reasons.

The Failure of management to interpret the seismic correctly and the inaccuracy of the seismic which is the same seismic that has been used to locate the next well.

[flawlesskicks] 13/9/2019 05:16

Rumobejo.... That miss has allowed me in at less than half the previous price and the Wells cos is the same as before this drill!Very happy with that. Now if they do sidetrack this well 200m back into the sands... What then?I can lose this £5k...ive made plenty this year on casp from 4p...i fancy my chances here though for a 4 x bag on the next drill.Strong buy.