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[funtimejonny] 23/7/2017 09:08

Thanks for posting above item. Odd that oil migrates upwards...would have expected gravity to take it down!

[harrissen] 23/7/2017 00:26

Taking in to account the time the Iceman was off drill we should be down about 550m by Tuesday 25th July.

For thickos like myself the following article might help give a clearer understanding of what goes on after the drill bit starts its journey to TD.

.....................

How deep do you have to generally drill to reach oil?

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Mehran Janghorbani, Petroleum engineer for 15 years, worked in several countries.

Answered Apr 18, 2015

It varies greatly, in many parts of the Middle East and elsewhere oil was originally found literally at the surface in the form of tar pits or oil seepages. I personally have drilled wells deeper than 6,000 meters. However, to get a better understanding you should realize what the geologists refer to as the five steps to heaven:

Step one: source rock. This is a rock that is buried deep enough for a long enough time and has enough organic material buried in it to form oil or gas. Too shallow or too soon and you will have nothing, too deep and too long, you will again have nothing. There are charts that show the window for various depths, lengths of time and type of kerogen (organic material)

Step two: migration path. Very few reserves exist that are found in the original source rock. The reason is that the source rock is often either too deep or has little permeability. So commercial accumulations of oil need to move usually upwards towards a rock where they can accumulate. To do so they need to have a path.

Step three: reservoir. This is the rock where the oil accumulates. It should be a porous and permeable rock. Around 45% of the world reservoirs are sandstone, 45% carbonates (most commonly limestone) and the rest are other types of rock.

Step four: cap rock. This is a rock that overlies the reservoir and needs to be impermeable so that the oil cannot escape from the reservoir. Sometimes, this cap rock is eroded and we see seepages on the surface.

Step five: structural trap. This means that the oil not only should not be able to go vertically up through the cap rock but it should be also trapped on the sides as well. These traps can take many forms such as faults, unconformities, diapirs, lenses, etc.

As you can see, commercial deposits of oil need very specific circumstances to exist. Aming these circumstances perhaps the most important is the source rock and the reservoir rock. None can be too old. Most source rocks that I am familiar with are Jurassic in age (around 60 million years old), there exist older ones, but the older the source rock, the more the oil will be cracked thermally and after a certain length of time no oil will remain. As for the reservoir rock, as said before, it needs to be porous and permeable, both of these qualities mean that it should have cavities and these cavities should be connected to each other. Now the deeper the rock is buried, the more squeezed these cavities become and the less oil it can contain and transmit. Therefore, there exists a limit to how deep an oil reservoir actually can be. If I remember correctly, the deepest one is around 8,000 meters deep.

[control1] 22/7/2017 20:49

We will be 2 weeks in by Tuesday which may be a little early but, it won't be too much longer...

[ruedolf] 22/7/2017 19:33

Herm .. early next week sounds very ambitious ... we know Ice max is fast .. but I'd be surprised if its that fast.

[ragewarrior] 22/7/2017 18:14

Ruedolf - PVR will not develop Druid or Drombeg...that's my understanding.They will Sell it as they have no interest in progressing it.Total would probably be the front runner to buy it.Question is what will they do with all the money from it ?

[hermana3] 22/7/2017 17:54

Rue,We'll soon know who's right! Tis the result that matters....

[ruedolf] 22/7/2017 17:14

Herm ... By my calculations you probably a week to soon ... next weekend they should be getting close.

[hermana3] 22/7/2017 16:38

Neo,Expecting drill to reach oilzone by Monday evening/Tuesday morning. The daily logs will be a must read by then....

[neo26] 22/7/2017 16:35

Come in you Irish, get your telescopes out and keep an eye on that well!!!!:-)

[hermana3] 22/7/2017 16:14

And Spanish Point and Barryroe. FTSE 100 here we come....

[hermana3] 22/7/2017 16:05

Ray,How are you? Thought your toes had curled up....

[rayrac] 22/7/2017 16:01

looks like the whole Irish nation has been holding their breath on this one?

Hi herm, just having a nose. Long time since I held. Might think about it soon.👉ӿ99;🤔

[hermana3] 22/7/2017 15:57

Rage, Should see min. 65p as it will derisk Drombeg and all other AM licences....

[ragewarrior] 22/7/2017 15:51

So we got Druid prospect RNS and then the Drombeg RNS coming over the next few weeks.How much will the share price increase if one is successful, either way going to be exciting times ahead...Looking how well UKOG are doing should be some investors with large profits looking for another oiler to make more on...

[hermana3] 22/7/2017 15:51

Steel,Tis not for the fainthearted and my broker thinks I am a gambler! He has a nice holiday on my last trade but insists I pay up/sell on time in future or he will send the nice men in the white coats round for me next time....

[steelwatch] 22/7/2017 15:46

herm - I am done with Ts on binary bets. Getting too long in de tooth.

[neo26] 22/7/2017 15:45

HermLet's look at this logically, the mkt cap is 100m, after the drilling of the dual targets the company should still have around $31m in bank with no debt.Worse case the the well is a duster and the share price falls 20-25%, leaving mkt cap of only 75m..This is extremely cheap with all other potential assets they have, I don't think it will last that long with that mkt cap.. imhoShould we find oil, then it massive gains... ImhoReward outweighs the risk, imho...

[hermana3] 22/7/2017 15:38

Steel,Think Sully is a superb Geologist and an excellent communicator too. Very bullish on this drill is he,Tone,Pat,Angus and many others(me included). Have yet to decide whether to put more money where my mouth is. The problem is tick as always....

[steelwatch] 22/7/2017 15:33

herm - have ye lost faith in JOS, who I shall refer to in the success case as Super Mario henceforth?

[hermana3] 22/7/2017 15:23

When we get Druid update RNS there will be a mad dash to buy or sell and sfa liquidity! Boom or bust scenario as with all small oilies in megadrills and no current production. There will be many beadies on trading from Monday on.....

[riley9] 22/7/2017 14:11

What's the number of shares at the bottom of the list ?

[neo26] 22/7/2017 12:14

Ig index not taking long bets, top 50 shareholders hold 90% of share capital.

Not many shares available...

Good time to buy if you can, currently this should be over 200m, imho...

[1cagney] 22/7/2017 10:51

Cheers zh :)

[hermana3] 22/7/2017 08:57

Steel,Goldman only beholden to Goldman(and to the almighty Greenback of course). Well known members of de short community too......