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[scot126] 03/11/2021 11:25

Hi cezuan - Rig 3 can indeed do both but posts #18675 and #18678 explain why, in a time-limited Alaskan season, Rig 3 will be employed chiefly/solely(?) at Theta West rather than Talitha #A.

[michaelsadvfn] 03/11/2021 11:21

Ah, thanks cezuan, wasn’t aware of that.

[ngms27] 03/11/2021 11:20

I took it that the rig to drill Theta West will be shipped to Talitha in parts. Rigged up at Talitha whilst they continue the ice road and then move to Theta West when rigged up and the ice road is ready.

They don't need much to run coiled tube operations, can be done without a conventional rig.

Testing at Talitha should take around a week per zone. Using more time per zone won't yield any more pertinent data. Only longer time will be required if they get issues getting the zone to flow / clean up.

[cezuan] 03/11/2021 11:13

@unlikely thx for the explanation!

[cezuan] 03/11/2021 11:12

@michael yes, thx. I missed that April was given as the end date. Per source btw, the nordic rig can do both workover+drill.
hxxps://www.nordic-calista.com/rigs/rig-3/

[unlikely2] 03/11/2021 11:08

cezuan - Talitha is already drilled and cased - ready for testing. They will move in a workover rig and a coiled tubing unit to test the 4 zones they have identified.
The time between from 4th to 15th Jan is the moving and set up period.

This will be a separate rig from the Northern Callista 3 which will drill and test Theta West. That was the rig that drilled Talitha last winter - by all accounts doing an excellent job. They expect to be on location and spud in on the 18th Jan
No guidance given but I would reckon they will take to the end of Feb to drill, case and log the hole. Using the info they get during drilling and from logging they will then decide on a testing program. So results anytime from mid March onwards. IMHO

I guess it is important to note that timings in this business are always subject to what happens in real life. In particular here, weather is a major player. On the plus side, I think we were all surprised last winter with the performance achieved at the start of the operation.

[michaelsadvfn] 03/11/2021 11:04

cezuan,

The plan is to spud TW on 18th Jan, testing, if required(lol), will likely be in the second half of February.
When they mention moving the rig i’m not sure which rig they refer to as i thought they would need 2 different rigs, a workover rig for Talitha A and a drilling rig for TW.

[sirmark] 03/11/2021 11:01

Watching the order book on L2 and the 100 / 8 trades getting reloaded and dealt to some extent

eased now but still have the 1,733 about 10 on the bid and offer so seems someones happy to nick the spreads.

[cezuan] 03/11/2021 10:49

@unlikely Thx! I seem to misunderstand the plan. I thought: drill Talitha on Jan 4th, move to Theta on the 15th and on the 18th Theta IS "tested". Should I read it as testing Theta between Jan and April instead?
(Edit: yes, obviously. It says "start jan end date april". I missed it, sry)

[unlikely2] 03/11/2021 10:34

cezuan - they will start mid Jan (hopefully) with testing the lowest formation, then work up. The SFS is the 3rd to be tested. How long each test will take we do not know, could be as little as 5 - 6 days, but I would expect them to try to utilise the full season to gain as much info as possible. That could mean allowing ca. 2 weeks per test. That is where my March estimate comes from.

NGMS - you did not say it was bad news - you simply said conclusions could be drawn. I pointed out that drawing conclusions of any variety would be premature. As you yourself point out - further work may change the model.

[probabilityofsuccess] 03/11/2021 10:27

You didn’t ngms.

That said, would you care to share the conclusion you have drawn, if any?

If not, some may assume that you believe “its much bigger and more extensive than first modelled”. 😉

That would be great news wouldn’t it.

[cezuan] 03/11/2021 10:23

@unlikely did you mean you expect the mid-january flow test results "in march or earlier"? I dont know about recently, but in the past they gave out those results within ~2 weeks after the drilling.
(I looked up the 2015 flow testing history here:
hxxps://www.sharesmagazine.co.uk/shares/share/PANR/news/shares)

[ngms27] 03/11/2021 10:17

unlikely2, where did I state it was bad news? It could be for example that further work shows its much bigger and more extensive than first modelled.

[scot126] 03/11/2021 10:11

Again, johnswan193? This obsession you have with me can't be healthy. It's all beginning to feel a tad unhinged. No, and for the record Twitter did not form part of that digital workflow.

"Let go of your hate." - Luke Skywalker

[unlikely2] 03/11/2021 10:11

Thanks Scot

NGMS27 - ref Rule 7 " assumptions shall not be made on the basis of scanty information".
We have seen earlier that when Pantheon are not forthcoming it does not necessarily mean bad news. We will have clarity after the flow test (Start of March is my best guess), or before. Were the flow test to be dropped, that would also tell everything.

[johnswan193] 03/11/2021 09:48

Correct swanvesta. Twitter, Scots digital workflow.

[ngms27] 03/11/2021 09:45

Weren't we supposed to have the SFS numbers within a month of the first post drill webinar?

You can all draw your own conclusions as to what the outcome is.

[scot126] 03/11/2021 09:42

Hi unlikely2 - I don't think you've missed anything. I agree that there's been comparatively little guidance issued about the SFS. It's described in the VAS explanation and when Roger Young goes through the seismic models but that's about the extent of the formal guidance, I believe. Happy to be corrected. I suppose that whatever volume of oil is present that equates to an upgrade heading our way?

Hi overeager - in my mind's eye, what you have described in post #18658 is how I am reading the situation too, FWIW.

[swanvesta] 03/11/2021 09:41

The first related post I see on Twitter was at 19:32

[dhb368] 03/11/2021 09:36

In your haste to have a dig you have possibly made a fool of yourself Johnswan193, post #18656

ADVFN scot1262 Nov '21 - 19:38 - 18629

Reddit u/novice1993 08:09 PM GMT

Which came first John? That might be a C-suite level question.

[johnswan193] 03/11/2021 09:32

Your digital workflow? LOL

[scot126] 03/11/2021 09:31

Post #18656.

Up he pops from the middle office mediocrity of Middle Earth. The angst-ridden troll who, please recall, has declared himself to be at the very pinnacle of his chosen profession to a forum full of anonymous avatars. Hmmm...exactly the conduct you expect from a fulfilled, contented and fully-rounded person, lol.

Naturally it would be a cold day in Hell before this was to happen but if he had access to my digital workflow from yesterday evening he would not see the word "reddit" appear anywhere.

What a deeply damaged fella. Cry harder, johnswan193.

[overeager] 03/11/2021 09:18

Let me add my thanks to Scot for posting the link to the Alaska DNR information. Excellent news indeed. I'm anticipating just a couple more weeks until funding news and then it's full steam ahead.

FWIW I fully expect that management are in the final stages of farm out talks but this time with the sure knowledge that a backup plan of a placement to fund this winter's activity would be very straightforward, thus allowing them to negotiate hard with potential suiters.

[unlikely2] 03/11/2021 09:10

Slope Fan System. I have not found much comment or guidance as to the volumes / areal extent of the SFS. Am I missing something here ? Would appreciate being pointed at any company docs or presentation which give concrete info.

Maybe they have downgraded this due to the immense potential elsewhere, or maybe after lease auction results are issued later today more info might be made available.

[johnswan193] 03/11/2021 09:01

Yep well done to Scot for digging around and finding that bit of info (on Reddit Panr channel) and posting it here. A more honourable approach would be to cite the source.