Touchstone Exploration Share Discussion Threads

[ngms27] 05/3/2021 15:33

Spangle, oil didn't flow, they actually said: During this test, the well recovered trace amounts of 41 degrees API sweet oil

[swanvesta] 05/3/2021 15:32

Spangle, wasn't the plan always to skip between Chinook and Casca? Which (to me) meant setting up a test on one site and then, while it's testing, move to set up the next test on the other well. I assumed that would involve just one rig.

"Another non sequiteur is that we were told testing of Chinook couldn't happen while they were drilling on Cascadura because the HSE implications of not having a clear escape route, but now they plan to test the two sites simultaneously."

[swanvesta] 05/3/2021 15:29

ngms27, yes sorry, I misunderstood you. Not quite 2000 ft though, as the lower sheet doesn't extend up so high and we know there is water at the bottom.

[sos100] 05/3/2021 15:29

todays video..

testing at Cascadura begin at in next 10 days

testing at Chinook-1 -2 hydrocarbon zones ,one a production test and this was not the primary targets

1st production at Coho April($500k per month)

May is Royston.

Covering a lot in this video .

[che7win] 05/3/2021 15:25

Canada is up today on the news

[jkulbaba] 05/3/2021 15:20

Malcy’s Blog

hxxps://www.malcysblog.com/2021/03/oil-price-rockhopper-touchstone-sdx-and-finally/

[homebrewruss] 05/3/2021 15:09

Q&A from the Shore capital analyst, doesn't add much but maybe some timelines on tests/production:

[spangle93] 05/3/2021 15:06

Jonny - if it was residual oil, it is trapped, stuck, in the pores and wouldn't flow on test. You're correct that it would influence the logs, but if it were mobile to flow on test then it wouldn't be residual


Edit - whoo - 17000+ posts, and that's the first quotation from Voltaire.

[davidblack] 05/3/2021 15:05

Wheniamfree the issue is not delays, they happen it’s veracity.

And yes I have been here a good while with this my biggest holding.

But their failure to deliver is disappointing and that is important given many posts here have a Voltaire’s Candide “Best of all possible worlds” optimism and seem to ignore all the less than positive aspects of today’s release. Failure to complete being the biggest aspect.

[dr pinkstone] 05/3/2021 15:04

A move up on level2

[ngms27] 05/3/2021 15:04

swanvesta, the Herrera section in Chinook is close to 2000ft so Pro's interpretation is clearly wrong with those lines.

Low oil on test can be residual oil, swept by the water or oil still migrating from source. It might not be OWC/transitional zone.

[spangle93] 05/3/2021 15:02

Buffy - 17093 - for sure, that was an interesting finding. you could also consider that the oil in the subthrust is 41 API vs in the higher zone in which testing is about to start, where they cite 35 API.

The fact that there are so many posts today is indicative of the lack of clarity in the relatively short RNS, with different people taking different views based on their interpretation of the wording. For instance whether 1000ft updip means 1000ft perpendicular to the strike of the structure (laterally), or 1000ft higher in the structure (vertically). IMHO it's the former, because that's more typically what oilfield vernacular would mean, but I can't be unequivocal.

Likewise, my original impression on reading this was that the 68ft was oil bearing, but because of the high water cut that they interpret as an intersection with a fracture linked to a mobile water leg, the water dominates the flow. Like city dwellers (oil) trying to get out of a 20 mph residential street onto a dual carriageway (water) on a weekday. ;-) Remember, it's 68 ft pay over 253ft (9750 to 10003), so it's a series of discrete sands rather than one big interval, and the fracture might actually be below an OWC. But then they throw in "potential" in front of pay, and you think "hang on, maybe they don't think it's pay any more".

There's no depth or interval given for the second zone to be tested. Is it the full 900 ft of the intermediate Herrera, or a portion of it. They say they are testing "the two low resistivity" packages, so one assumes that, at least, the 560ft of Gr7a is gas-bearing.

Another non sequiteur is that we were told testing of Chinook couldn't happen while they were drilling on Cascadura because the HSE implications of not having a clear escape route, but now they plan to test the two sites simultaneously.

So I was keeping powder dry and hoping that Mr Baay takes time to do an interview to explain test results to date and their implications.

[captainfatcat] 05/3/2021 14:57

Imho the negative effect today is pretty much solely due to the time window closing for IG holders due to the delay in flow testing folk that would be holding on there already by the skin of their teeth are now liquidating there is no longer any hope or light at the end of the tunnel left for them this delay is the final straw that broke the 🐫 back.

Let the dust settle and the positives in the RNs be digested (there are many) and see what PB has to say next week.

[swanvesta] 05/3/2021 14:49

ngms27, he's highlighting the new lower subthrust, below 9750 feet which is what they tested and found mostly water, but importantly mixed with oil. 250ft, not 2000 ft. They're currently doing an extended test in the Gr7bc above 9750.

The mixing is surely due to production disturbance? The column they tested may be straddling the oil/water contact, or at least close enough for the pressure drop to cone up large amounts of water, or draw down small amounts of oil.

[mount teide] 05/3/2021 14:40

L2: 4 v 2 / 147p v 149p (then 1 x 153p, rest between 154p and 161p)

[gopbg] 05/3/2021 14:38

If we are objective here , one could conclude that the Press Release just wasn't big enough ( although likely big enough to get the job done ) It didn't meet expectations .......and in the infamous words of Michael Scott ....... 'That is what she said " ....LOL

[ngms27] 05/3/2021 14:35

You're overly optimistic there Pro. The RNS for Chinook stated:
The well encountered 341 net feet of hydrocarbon pay in the Gr7a section of the overthrust Herrera sands at measured depths between 8,154 and 8,710 feet. The overthrust Gr7a sands were the Company's primary target originally identified in the offsetting BW-7X well. 180 net feet of hydrocarbon pay was identified in the Gr7bc section of the intermediate Herrera sands at measured depths between 8,850 and 9,750 feet. The sands encountered in this thrust sheet also correlate to the offsetting BW-7X well and were the Company's secondary target. 68 net feet of hydrocarbon pay was identified in the Gr7bc section in a subthrust sheet of Herrera sands at measured depths between 9,750 and 10,003 feet. This represents a previously unknown thrust sheet as no sands of this depth were previously penetrated in the offsetting wells.

So the section you are highlighting is close to 2000ft (8154 to 10003).

If you look at the seismic lines there maybe around 30% of the section in Casc deep up dip from Chinook.

However I also think I've been too hasty writing off Casc Deep as there's clearly an opportunity for 1000 to 1500ft to be above the OWC if the faults are none sealing which I suspect they are.

[homebrewruss] 05/3/2021 14:34

Pro you should offer your artwork for PB's presentation next week :)

[wheniamfree] 05/3/2021 14:31

Davidblack, on a side note I see your posting the same comments here and on LSE.

Personally my investment strategy is longer than a few days/weeks and whilst I know you have been here a while then I would expect you to realise delays are par for the course.

In my eyes PB has played this well and coupled the news wirh the results, they have not sat on their hands whilst waiting for the equipment and have carried out testing on the two oil bearing zones.

Given performance to date and PB staying true to his word I don’t see the logic in you continually berating him and pointing out that he has lied merely due to a delay which was caused by the previous operator BP running behind. It changes absolutely nothing.

You have vented, maybe best give it a rest unless there is an other reason for you to continue posting he same negative comments?

[buffythebuffoon] 05/3/2021 14:24

On to more important matters Spangle, shouldn’t we be focussing on the fact that oil was found down there at all? Isn’t that the news we should be taking away?

I’ve no idea how this extrapolates to other areas on Ortoire, but I’m sure you have a view that’s worth listening to.

Buffy

[pro_s2009] 05/3/2021 14:23

If you have an oil water mix at the bottom then its very likely you will have some solid oil columns in the 1000 feet of updip structure.

Would be perfect timing to strike a big load of oil, just as oil prices are strong and looking to remain strong.

And dont forget the subthrust at Royston, which may offer very similar results in that its potentially a massive gas target on top (which is the primary drill target) but when that rig goes down into the sub thrust might there be a bucket load of oil ???

We all might be posting here for a very long time to come, I will be for sure. With three rigs on the go from 2021 end onwards, just going to be one hell of a ride.

[buffythebuffoon] 05/3/2021 14:20

Hey Spangle,

I’m gonna out him to everyone....he’;s better known by the name Jonny Ringo.

The 27 in Ngms27 is the number of notches in the grip of his Colt Peacemaker.

All the best gunslingers shoot from the hip.

Buffy

[gopbg] 05/3/2021 14:15

Probably a good thing that PB is better at answering questions than Biden (lots of questions ) Discouraged that mgt cant hit time lines......Good to see 2P 10% RESERVES at a number above mkt share price with Chinook, Deep and Royston to come

[swanvesta] 05/3/2021 14:14

Yep, Pro, that's what I was looking at. ngms27 is saying the whole lot is "water-charged", whereas clearly oil has been logged (and even produced?) so there's got to be oil in greater quantity higher up. I'm assuming the current well is at or just above the water contact and sucking up mostly water.

[davidblack] 05/3/2021 14:13

If so I wonder how much per day oil wise that might yield?