Sefton Resources Share Discussion Threads

[california joe] 11/2/2008 20:21

as long as bopd doesnt mean per decade!!!!

[dropside] 11/2/2008 19:46

Hi Mickey,

If they're drilling 2 or (hopefully) 3 wells off the one base at Snow, as I think they are, then is it the case that they won't start producing the first until the last well has finished drilling?

Thanks in advance
S.

[mickey take] 11/2/2008 18:17

Sefton Resources Spuds First Well Of 2008 But Still Awaits Final Regulatory Sign Off For Key Steam Test Of Its Tapia Canyon Heavy Oilfield
Having had its fair share of operational setbacks and delays over the years, often due to environmental conditions beyond its control, investors in AIM-quoted Sefton Resources must be relieved to see its 2008 drilling programme has started bang on schedule.

The company plans to drill three to four wells in the first quarter on its Tapia Canyon heavy oilfield in California. The field, which lies just 40 miles north of Los Angeles, was discovered back in 1957 when the Yule-2 well flowed 120 barrels per day of 18 degree API oil. Over the years, oil price slumps led to neglect and Sefton's own ambitions and investments in the field were stymied by a run of bad luck that included a devastating well blow out, bush fires and torrential rains. In early 2007 production was limping along at around 120 bpd, way off the company's production targets.

The second half of 2007, however, saw some real progress (despite yet another spate of devastating fires across the state). Two new wells Hartje-16 and Hartje-17, stabilised at a combined total of 80 bpd, fairly typical for the heavy oilfield, lifting December's average output to almost 200 bpd. The new drilling programme should add to that tally. Snow-3 well spudded on February 3, the first in a programme of step-out wells designed to extend the productive limits of the field to both the east and west. These new wells, which should take around ten days to drill and complete, are expected to encounter a thickened section of Yule oil sand reservoir, which is mapped at more than 120 feet thick in this part of the field.

The company has long planned to use steam-assisted technology to improve recovery using gas held in the field's shallower formations to flush out the heavy oil. There are hopes steam-assisted recovery will double production rates (a "huff and puff" test by a previous operator on the Yule-5 well saw production increase from 10 bpd to 30 bpd). According to analysts at Hardman & Co, peak production at Tapia should ramp up to 150,000 bpd by 2009 through conventional drilling with significant upside if the steam-enhanced recovery programme proves viable.

2008 should see those plans become reality as a steam pilot test gets underway on the Yule-7 and Yule-10 wells. The company had planned to use the Yule-8 gas well, which tested at 1.1 million cubic feet of gas back in January 2004, as a fuel for the steam test but fluid has collected in the wellbore over the past four years. Sefton now plans to use propane gas so it can proceed with the pilot without spending time and money on well repairs and the construction of a gas supply line.

But this long-awaited pilot remains on hold pending final approval from the Los Angeles Air Quality Control Board. The company believes this final sign off is purely administrative but, given the importance of a successful steam test to the ultimate recovery of this heavy oil, investors will be twitchy until that approval comes in and the steam test begins.
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[legin3] 11/2/2008 18:07

nice article in oil barrel .com today

[relishing] 11/2/2008 17:08

Indeed.

Not sure when we will be updated though - it was after the completion of both wells last time.

[mickey take] 11/2/2008 17:07

Lets hope Ser's can- They should have reached target depth now

[relishing] 11/2/2008 16:42

Oil shooting up this afternoon.

[deanroberthunt] 11/2/2008 12:32

I would be very surprised if I was able to buy again at 4.8p.

[relishing] 11/2/2008 11:51

That's a real shame Ferny. All in TOM?

[fernygrade] 11/2/2008 11:49

Dean 19 pages actually!

Rel truth be told I very much doubt if I will come back in!

BUT WISH YOU GUYS LUCK WITH IT

Also should I change my mind there will be at least one more spike & with that a further drop this I consider will be my time to get back in.
F

[yas0] 11/2/2008 11:45

meanwhile aim listed (lol) MPH HITTING NEW LOWS TODAY...NO SIGN OF THE 90P TARHET GIVEN BY drh.

[relishing] 11/2/2008 11:45

Ferny,

Don't hang around mate, the first well has probably finished already! News could come at any time. Put your chips in imo.

[deanroberthunt] 11/2/2008 11:38

Ferny...did you co-write the book "How to make friends and influence people"? I believe it was closely typed and still in draft form.

[fernygrade] 11/2/2008 11:33

COBBLERS ON YOUR LAST STATEMENT rel I have been out and in most of the time and have made money.

shall stay on the side line for the moment
f

[mickey take] 11/2/2008 11:27

Rel-lol, This share would test the patience of a saint

[relishing] 11/2/2008 11:11

I say good riddance to weak and impatient sellers. They don't deserve to reap the rewards of patience and conviction, and they won't.

[unimog] 11/2/2008 10:54

well there's a decent buy, whoops probably a rollover

[markinthepark] 11/2/2008 10:32

There's only been only 60k traded......

[relishing] 11/2/2008 10:31

What, a share that is marked down on sells? Shocking!

[markinthepark] 11/2/2008 10:29

Red,

SER just doing SER what always does I guess......no wonder we can't attract any serious buyers.....

[redhill] 11/2/2008 10:15

Market Makers keen to mark down this morning!

[yas0] 11/2/2008 09:12

With data from several wells due soon, the possibility of increased production suggests that this is not the time to be getting bored with an existing holding.

[iain g] 11/2/2008 07:44

Good morning All