Petroneft Resources Share Discussion Threads

[crudde99] 23/7/2015 19:52

There was an article on the Irish Independent business section today re. Ptr and the flow rates from its latest T503 well. IT states how happy DF was with these results and how he feels that there should be a material improvement in flow rates from the planned H wells compaired to the more traditional V wells. He is also encouraged by the potential significant reserve upgrade that he expects from the sib' field once the survey is completed....

[rockin robin] 23/7/2015 10:04

considering, 'on the face of it' two Companies are obviously accumulating PTR, and PI's must be reasonably positive about the Co's prospects also, the 'flatness' or lack of demand for the shares - is nothing short of ...A l a r m i n g.Bigger News & more positive News in the sector required it seems, to get this lump moving.

[steelwatch] 23/7/2015 09:32

granto - the pilot was drilled away from the sweetspot in order to bend the sidetrack horizontally into the structurally higher location where producible oil is expected. It really doesn't matter what the pilot intercepted within the J1-1. End of.

[granto2] 23/7/2015 09:27

steelwatch, it is very important because it would mean that the reservoir has higher reserves. It is possible that there was 2.5m of oil in the J1, i am unsure if the compression was an issue but the rock was fine …. hard to say.

[granto2] 23/7/2015 09:24

all oil is found in sandstone ( well usually ) the thing is they failed to say if the reservoir had water or oil. It merely gave the height of the sandstone

[steelwatch] 23/7/2015 09:11

By the way, I don't recall any mention of the J1-2 in connection with either the L-7 and L-8 wells drilled in 2007/8.

[steelwatch] 23/7/2015 09:07

granto - imo, they wouldn't have drilled the pilot as a stand alone well. They only really drilled it to facilitate the horizontal section and, subject to the outcome being satisfactory, then oil may be produced as a result. Whilst they were about it, they took the opportunity to see whether the J1-2 was prospective. It wasn't. The J1-1 intercepted by the pilot was found to be excellent reservoir quality and that information will have been used to calculate the optimum kick-off point and trajectory for the sidetrack. Hardly a failure in my book and I really don't understand why you are making such a fuss. Of course, if the horizontal section turns out to be a dud, then I would accept it being termed a "duster", but not until then.

[ningalooreef] 23/7/2015 09:05

Here's a quote from an old article re. Tullow http://m.independent.ie/business/irish/tullow-shares-get-18pc-boost-as-kenya-oil-find-of-good-quality-29777686.html:It said it had "discovered and sampled moveable oil" at the latest Agete-1 exploration well in Block 13T. It features an estimated "100 metres of net oil pay in good quality sandstone reservoirs" the company said in an investor update.

[granto2] 23/7/2015 08:55

Danny111 that's exactly it. It is only a minor issue but one I wanted answered.

[danny111] 23/7/2015 08:33

Grant - I understand where you are coming from and your comment makes sense to me. What is confusing is that the RNS was clear that no oil was found in the secondary objective, yet they talk about good quality sandstone for the first objective. Like you, what that actually means is not clear to me, but clearly it is different from the 'no oil found' for J1-2.

[granto2] 23/7/2015 08:24

steelwatch, I understand what you are saying so no need to quote DF to back that end of it up. what I am trying to say to you is that the well was dry, and that was a disappointment, even if the pilot well was also or primarily intended for the Hz sidetrack. This point seems to be completely lost on you, but not on other media commentators and analysts yesterday. sorry you gave up on the conversation, as for me I am still not 100% sure what the pilot well hit in J1 but it sure as heck was not oil. as for others here issuing LOLs rather than simply answering …what can I say. if I don't know I ask. others here seem to bluff it.

[crudde99] 22/7/2015 21:51

Db last posted on July 7th. It's not all that long ago guys...!! Can't see him having sold out at this share price as he was always quite bullish re. this Co.

[telegraph1] 22/7/2015 21:25

It's a pity about db his posts were quite informative looks like Natlata or the general are thining out the small PIs were all probably afraid of being delisted by the Russians through a back door takeover I just can't trust those Russians and I think other small western investers agree with me otherwise with good news going forward and a solvent company western investors would be putting money into this . Even though the price of oil is bad this company NOW has good fundamentals I just hope these two guys aren't in cahoots

[ravin146] 22/7/2015 20:46

Db where are you? Sold your stake to natlata lol

[seangwhite] 22/7/2015 20:45

The volume of trades today of £14.5k shows the level of interest in PTR.I despair of this BOD achieving any increase in the share price except by their resignations or a take out.Db has been silent for a fair while now I wonder why.VGLTA

[crudde99] 22/7/2015 18:28

Good news today, but as usual a very muted reaction by the market. Steelwatch did I read you right when you said that T5 (due to water flooding) is now only producing 100 bopd...??? If that is so it is hugely disappointment that our first H well suffered esp problems at first and then water flooding as they tried to remidy the esp problem.....

[ravin146] 22/7/2015 18:20

Steel lol what handled replys!This is what I am worried/concentrate on:1) 2450/4000 bopd y/e2) No reserve update yet3) share price lack of interest4) natlata stake building too cheaplyNo worries about Oil IndiaDyor

[steelwatch] 22/7/2015 18:06

I give up. Dennis Francis set out what was planned with this well in the Annual Report. The primary purpose of the pilot was always to drill the horizontal section into the J1-1 reservoir 12m higher than in the L-8, whilst checking at the same time the prospectivity of the J1-2 secondary target.

[granto2] 22/7/2015 17:57

I am not the only one calling it a duster, no oil is no oil, I accept that it has a primary purpose of intercepting the nearby reservoir but clearly there is disappointment that oil was not hit on the J1 level or the J2 level. A no oil well is 'a duster' plain and simple. Yes a duster can still have uses as you pointed out, and indeed this may even have been a key objective. But it would have been better if it hit oil….

[steelwatch] 22/7/2015 17:44

granto - why do you persist in calling the pilot a dud? It had 2 purposes.

1. To act as a stratigraphic test well

http://www.iadclexicon.org/stratigraphic-test-well/

2. To act as a pilot hole to facillitate the horizontal sidetrack well.

The kick off point will be planned for a specific depth above the prognosed target zone depth, such that there will be enough room to turn the well around, so as to enter the target at a near horizontal angle. If the target zone comes in high on prediction, the chances are that the well will be drilled all the way through the reservoir before being able to turn round quickly enough to establish a horizontal trajectory. If the target zone is deeper than expected, then quite a long distance of well can be drilled at a very high angle before the reservoir is entered. Given the normal uncertainty on establishing the depth of a target zone from the seismic data, it is common for a pilot hole to be drilled first to get this information directly. Pilot holes may be vertical, although it is better to deviate the pilot hole in the direction of the horizontal well path, and closer to the planned entry point for the horizontal section. If a horizontal well is planned near an appraisal well, then this can be used as a proxy for a pilot hole.

[granto2] 22/7/2015 17:30

Okay I managed to get the answer….J1 was a dud and J2 was a dud on L10 well. They intent to drill with a side Hz well to intercept a known nearby reservoir. The positive reference to quality sandstone is a odd given they just drilled a duster. so thats a bit disappointing. seems my Plan B comment was not entirely out of place after all given this well had two independent objectives

[cfccfc1970] 22/7/2015 17:21

I have to say the best update we have had in say three years, and granted it has not had to beat much, but it look as if we are on our way!!!

....and the share price rises 0.1....(probably give that "gain" back tomorrow) !!

[granto2] 22/7/2015 17:20

steelwatch, thanks for that. Maybe I meant Plan A and A1, my question is did they hit oil in the upper J1 section of the vertical well. it doesn't actually say. I am clear on the Hz well and all that it entails. The thing is if they hit oil, why didn't they say so, and maybe give some data like Bopd etc. Nope, we get a line about nice sandstone. well as a non geologist I need it spelt out a little clearer. what do you think? I would email but they never reply.

[steelwatch] 22/7/2015 16:58

Quoting Dennis Francis:

"In 2015, as part of the full field development of the Lineynoye and West Lineynoye oil fields, we will drill the Lineynoye No. 10 delineation well on the Lineynoye 8 lobe of the West Lineynoye field. The Lineynoye No. 8 well has been steadily producing 50 bopd for the last several years with little decline and no water production. The L-10 well will be drilled initially as a vertical well, but then a horizontal segment of up to 300m will be drilled in the main J1-1 reservoir interval. The well is being drilled by LLC Tomskburneftegaz (“TBNG”), and is similar in nature to the T-5 well which they drilled at Tungolskoye. It is expected to be completed in the summer of 2015 and, if successful, can immediately be brought in production."