Upland Resources Share Discussion Threads

[tyler90] 04/1/2019 19:14

Thanks Spangles. A friend is thinking of investing and wanted a 'CPR' on why it was being sealed. Also take on board the point that onshore drilling does not necessarily need a flow rate from this drill. Have a good weekend all...I think my friend will be buying in on Monday morning!

[spangle93] 04/1/2019 19:07

Not true to say it's irrelevant. If it won't flow, then you won't develop the field. You've got to have some confidence that it can deliver, and at what drawdown/rates, before you start to design a development.

However, I take your point that you may choose not to conduct a flow test to get inflow information, if you feel uncertainty is sufficiently reduced through other methods e.g. by log analogue with Lybby the Lybster.

[nlmbidc] 04/1/2019 19:02

They only need an estimate of volumes because it will be drilled horizontally from on-shore.

Flow testing to surface is therefore irrelevant.

[spangle93] 04/1/2019 18:46

tyler90 - it's pretty common not to test the first exporation well on a new prospect - you'd have to commit to equipment a long way in advance, pay the rental, crew etc, when (as they state) there's only a 1 in 3 chance of actually needing it.

It's more common to get the results from logging the well, and if logs and samples confirm a discovery, you'd plan an appraisal to reduce key areas of uncertainty for a possible development, such as getting a full core across the Jurassic and Triassic, testing the well, drilling the well downdip to look for a contact, yada yada.


By the way, according to strict definitions, you can't book reserves until a field has been flowed to surface, so even if this Wick well is successful, we might have to wait a while to officially book reserves.

[henrymcivor1] 04/1/2019 17:38

It's an exploration well.

hxxps://www.sepa.org.uk/media/365888/fraser-well-management-exploration-well-supporting-doc.pdf





The proposed Wick exploration well (designated 11/24b-D) will be a vertical well targeting the Wick prospect, located to the north east of the Lybster oilfield. It will be drilled from a jack-up Mobile Offshore Drilling Unit (MODU), with operations planned to commence in on 30th September 2018, subject to regulatory consent and rig availability. The well will be drilled to a total depth of 1,200 metres TVDSS. It is anticipated that the MODU will be on location for up to 30 days. At the end of the proposed operations, the well will be permanently plugged and abandoned. The well will not be flow tested (i.e. no hydrocarbons will be flowed to surface).

[tyler90] 04/1/2019 17:22

Why is this being sealed and no flow tests etc?

[henrymcivor1] 04/1/2019 17:06

Also need to pick up cement/grout/bentonite or whatever for sealing the hole.

[tyler90] 04/1/2019 16:45

Dirty laundry and empty irn bru bottles and cans lol!

[tburns] 04/1/2019 16:34

If that is the case Cash then half the dockyard will be in on it, if we start to see a spike of 50k and 100k buys early next week he might not be that far from the truth.

[soulsauce] 04/1/2019 16:30

😊 Cheers Cash.

[doughty] 04/1/2019 16:28

https://twitter.com/andrewjdoughty/status/1081220144586735616?s=21

[cashandcard] 04/1/2019 16:27

So basically, henry is suggesting they have rushed back to a dockyard that deals specifically with industrial waste disposal from oil and gas industry (insinuating the cuttings maybe oil stained so need to be handled there etc) and the vessel maybe picking up formation testing equipment as it berthed to pickup something else.


All very possible, who knows. A nice thought hey ;)


Cash

[soulsauce] 04/1/2019 16:13

Why don't you just tell people if you think you know. 😕

[henrymcivor1] 04/1/2019 16:10

Guys, next clue. What do you think the vessel will be picking up?

It's not just rushing back to dump the cuttings.

[soulsauce] 04/1/2019 15:34

Cash it's the twitter elite getting themselves all in a lather 😉

Doesn’t look like it's phasing the seller.

[tburns] 04/1/2019 15:14

MM taking advantage though of not getting caught out with an 11-12% spread

[cashandcard] 04/1/2019 15:10

Spangle,


That's my worry, folk getting ahead of themselves here. An update will come when its ready.


Cash

[cashandcard] 04/1/2019 14:43

Spangle,


Yes ;) Glasgows finest Fried Mars-Bars at that.


Cash

[spangle93] 04/1/2019 14:42

Lack of Mars bars?

[cashandcard] 04/1/2019 14:39

I love the theory about the cuttings being transported back to shore. But surely there could be other reasons for supply ship run?


Cash

[2solaris] 04/1/2019 14:38

Going back up!

[throwingmuses] 04/1/2019 14:16

Well well, can sell a heap and not buy a heap. Just coincidence copperpot?? Get your finger off the buy button and give us all the good news!

[throwingmuses] 04/1/2019 14:12

Hey copperpot, clear your throat and give it a try my friend! Remember to inform the board afterwards though ;)

[2solaris] 04/1/2019 13:32

According to the Twitter fig it would appear they are through the primary target. Will any cuttings be processed in Peterhead?

I would have thought someone from the crew would have leaked something by now though.