Jersey Oil And Gas Share Discussion Threads

[pol123] 14/1/2019 19:41

Davidblack,,,,,re read 370. Why not use the latest 3D to optimise drill location. Whats a few months in the scheme of things, frustrating though it may be

[davidblack] 14/1/2019 18:55

Yes but wasn’t this well due last year?

And if I am not mistaken this well is not going to happen this quarter?

[xxnjr1] 14/1/2019 18:31

It's an Equinor 4 well drilling program. Equinor have a 70% operating interest in P2170!

[davidblack] 14/1/2019 18:11

Well still due Q1?

Q1 of course only having ten more weeks to go!

Feels like Jersey are very much the poor relations when it comes to drill access.

[xxnjr1] 14/1/2019 16:32

I wasn't! Interesting captain, thanks for that.

[captain james t kirk] 14/1/2019 15:13

Yes, it makes sense to look at the 3D before the appraisal well is drilled and could be the reason Equinor changed the schedule for the UKCS portion of their West Phoenix campaign, moving Verbier from 1st to 3rd.
Incidentally I don't know if you are aware but following on from our discussions on 20/5a-10y, the OGA has implemented a supplementary 31st licensing round for the Greater Buchan area commencing this qtr.
hxxps://www.ogauthority.co.uk/news-publications/news/2018/supplementary-offshore-licensing-round-to-target-greater-buchan-area/

[bomfin] 14/1/2019 14:52

Yes, the annoucement above is in 2O18 so the reference to q3 and q4 above actually refers to 2O18. So they were clearly planning to drill before seismic results were all in. The seismic is for the whole block and my suggestion especially Cortina. Now! They will have done Verbier first though and have results for the appraisal well I am certain. Also, putting the well to last on the list gives more flexibility. Personally I believe Verbier might be big for some of the reasons I already posted re oil column. Again, The likelihood they have drilled the best sands with the biggest oil column with a sidetrack are slim since their original seismic was a bit out which we can allude to from the original well missing. So, I reckon late q1 to q2 as you say but possible more drilling if appraisal successful which I am confident it will be. imho dyor

[captain james t kirk] 14/1/2019 13:05

What do you mean by on this ?

[parisv] 14/1/2019 12:56

In this RNS



It says:

"Delivery of the final imaged data by PGS from the survey continues to be expected in late Q1 2019. This data will be integrated with the results from the Verbier appraisal well, scheduled for drilling late Q3/early Q4 this year, which, in a success case, will be an important step for strategic planning as the Verbier project progresses into a potential future development phase."

So I guess we won't see anything on this until Q2 now?

[xxnjr1] 13/1/2019 21:55

weird, seems like a repeat of last weekend
Havila Jupiter: Returning to base
Far Sigma: Returning to base
Normand Skipper: Returning to base
Siddis Mariner: Off the grid
(WP: Off the grid)
All of above went went to WP yesterday.

[bomfin] 13/1/2019 14:56

Thanks xxnjr1 We are last in the drill list. ok that gives perhaps more flexibility when they get there.

[xxnjr1] 13/1/2019 14:46

Good post bomfin!

On another topic, West Phoenix: Off the grid
+++++++++++++++++++++++++++
Havila Jupiter: Off the grid
Far Sigma: Off the grid
Siddis Mariner: Off the grid
Normand Skipper: Returning to base
All of above went went to WP yesterday.

[bomfin] 13/1/2019 14:24

If you look at page 9 of the presentation above and the new outline of what they think Verbier may be then the oil in vicinity of the well is unlikely to be more than 1km2. Now the new outline is about 12km2. Go have a look. They are quite confident they have drilled the thickest sands. I think that is unlikely and there will be thicker sands somewhere in the trap. They would have to be geniuses to sidetrack a well into the thickest sands first go. Also often there are thicker sands at the fault. Still, Let us assume they got the thickest oil column. For it to give 25 million barrels recoverable oil in the vicinity of the well and my assumption that is a 1km2 area, again look at page 9 of the February 2O18 presentation, then the oil column has to be at least 4O metres. My guess would be 5O metres. That is very healthy and if it extends north and south east any distance at all we are closing in on 1OO million barrels recoverable. All imho dyor

[pol123] 12/1/2019 22:18

Thanks folks, I now under the context of recent posts. Good detective work.

Fingers crossed. Hope WP starts to move sooooooooooon

[bomfin] 12/1/2019 20:15

It also may explain lack of detailed reporting on the discovery well. They may be trying to shake Repsol out! As xxjnr1 stated JOG used the API of the oil at J2 as an indication of oil quality at Verbier suggesting strongly even after the well result that they are connected. I bet they got a ticking off for that. lol

[bomfin] 12/1/2019 20:12

Yes captain. Exactly. Economies of scale and Repsol as people who were previously trying to sell J2 may sell out or! get fully involved or perhaps swap and entry into Verbier for some producing assets. Buchan and Hannay are also possible redevelopment assets although I doubt they have much reserves left. The Buchan platform is being dismantled. Hardly surprising they were worried about its safety 2O years ago even.

[captain james t kirk] 12/1/2019 19:41

pol
With a fair wind we and our partners, of course, already have 25m barrels in the hutch as the Verbier discovery sidetrack well 20/05b-13z. JOG have already stated that with this volume of oil they believe the discovery to be commercial, ie it supports the cost of the infrastructure needed to get the oil out of the ground economically.
We are hoping that the upcoming appraisal well and possible sidetrack, will prove up greater volumes as estimated by JOG (up to 130m barrels of recoverable oil.)
What bomfin is saying is that with the Repsol Sinopec 20/5a-10y discovery well in very close proximity to Verbier, if our volumes do not increase after the appraisal, then we could join forces and develop the two wells together to achieve economies of scale.

[bomfin] 12/1/2019 18:01

Its 3 kms from Verbier discovery. I am saying there are already resources to add to the 25 million barrels discovered in Verbier. I believe Verbier is big but there are enough reserves in the area already for a development already is what I am saying.

[pol123] 12/1/2019 17:46

Some interesting posts, but in summary what does this mean for JOG. Apologies, but Im not as learned as other posters here. Thanks

[bomfin] 12/1/2019 17:31

And here you have it. Quite pleased with my J2 guesstimate of 15 million barrels. Repsol estimate is 14 to 43 million barrels.
hxxp://www.stellarlimited.com/Mandates%20RepsolSinopec%20-%20Buchan.htm

[bomfin] 12/1/2019 17:24

Here you will see it called J2 and looking substantial. Sorry link was too enormous, edited it out. If you search j2 field buchan and pictures you will see Jog have shown it as a substantial discovery within the Repsol licence.

[bomfin] 12/1/2019 16:14

hxxps://www.jerseyoilandgas.com/wp-content/uploads/2018/02/investor_presentation_1_feb_2018_final_v3.pdf

Page 9 of this presentation. Even if you step out 1km from the blue dot in all directions perhaps 1O% falls in JOGs licence area. For Jog to have booked 2 million barrels 2c resources for this discovery then the whole discovery must be sizeable. imho dyor

[bomfin] 12/1/2019 15:17

Not to mention involving Repsol in the capex spend.

[bomfin] 12/1/2019 15:16

Thanks for the research all. The point I am trying to make is that JOG booked 2 million barrels 2c reserves for that discovery when the bulk of the discovery is in Repsols block. Now JOG have almost definitely at least 25million barrels at verbier,4.5 million boe net. I am guesstimating the Repsol discovery is at least 15 million barrels even if it is not a part of enormous potential verbier even though there are suggestions it is. Now 4O million barrels combined within 3 kms of each other improves the economics of a development. You can actually long reach well both fields from a fpso stationed somewhere in the middle.