Arr! It was 6-8 days until first oil 5 days ago! Clearly time stands still up in the phillipines.
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Arr! It was 6-8 days until first oil 5 days ago! Clearly time stands still up in the phillipines.
It feels like i've been out of OEL for ages...
Just to think "first oil" was meant to be April!
After what happened to AED, the market is now very skeptical about near term producers & there forecasts/timeframes.
Any delays (& i would have thought 3 - 6 months was the industry norm) get lashed, despite the good fundamentals.
I can't wait to get back in when Galoc is churning out 17,500> bopd. (Net 3,000+ to OEL)
With the Brent oil price currently at $US101.94, & the FX rate $A1.197 (v $USD), things are still looking healthy for OEL, even with the small ~$US5 discount to the Brent Oil price that "GPC*" is reportedly meant to receive.
* GPC = Galoc Production Company
No im not back in...yet
As well as first oil, we recently learnt the extent of the gas reserves (Edrine), & have the Italian "Gazatta-1" gas drill soon...:D
OEL are using the same style AVO analysis that struck gas everytime in Turkey, so i'm rather hopeful Gazatta-1 is a large gas find :eek:
There are associated risks with OEL, so as always DYOR ;)
Will Cooper Energy change the focus that IPM/OEL has on the Turkey, Edirne gas project?That is if takeover is successful.
Good point, i've always thought/wondered if OEL would sell it's Turkish gas assets & focus on the Phillipines.
They will need around $A9m for the Gazatta drill, & will need more working capital with Galoc not coming online as expected...
Anyone else receive a copy of the Stock Analysis OEL Special today?
Not sure it can be posted here due to copyright laws, but painted a very rosy picture of OEL.
Peter Strachan has always rated OEL, & in a previous "Smart Investor" mag picked OEL as one of the two best stocks for 2008.
Seems now 2009 will be the year for Otto...:rolleyes:
Still urks me that these "experts" don't always properly value all the exploration targets on a risked/unrisked basis.
Gazatta-1 was given a 25% COS - i'd argue with that, the AVO style analysis they used in Turkey (with IPM) has a 100% strike rate from memory...
Still on the sidelines....for now*
* Any capital raising may provide one final cheap entry, before she sets sail...
Thats right Shasta copyright laws.
However what he says is a buy under 40 cents and values them at 80 cents.
Hey Shasta u being the accountant, PPP, where is the best value, holding them on the ASX or NZX ???
AA asked about on the PPP thread and if u do know, it would be appropiate to put it there.
Cheers Tricha
I'm not sure to be honest...
Here's the link re volume on the NZX
http://www.nzx.com/markets/NZSX/PPP
Seems more interest on the ASX to me (approx 1m shares traded over last 5 days), & they have more coverage of O&G companies
Maybe an opportunity for arbitrage though, OGC is another classic dual listed share that suffers form being illiquid on the NZX & creates some price discrepancies...
I'd probably buy them on the ASX though
Thanks for your view.A few unknowns up the track for OEL and Galoc turned out to be way past "expected" first oil as is common for oilers.This week they say.I posted this on 28th. May --
A poster on another thread has a nic BESBS. Buy Early Sell Before Spud.Trouble is missing out on any substantial find but certainly de-risking by half would be a good strategy too imo.Quote:
Wysiwyg;202953]I can`t see production expectations being met at Galoc, and I think that because almost every oiler I have studied over the last 4 years has expected more and produced less.
A fan only at the moment.
How are they doing for cashflow at the moment. In hindsight, that placement at 39c was actually a very good move.
Re Galoc, last announcement 24/09, with first oil due in 6 to 8 days
My guess, is that market is worried that this is an awfulll long 6 to 8 days without news of first oil.
OEL Ann out - FIRST OIL :eek::eek::D
http://www.stocknessmonster.com/news...E=ASX&N=424105
Now to time my re-entry...:D
Rather surprised at the lack of reaction to first oil. Isn't that supposed to be a major derisking?
Not surprisingly that good anns in this market are being ignored.
Also OEL is bound to the GPC oil sales agreement (not sure where thats at?), NDO have there own arrangement.:confused:
As OEL has an indirect interest, so the cheques from GPC may not come in for up to 90 days (depending on the agreement).
I imagine the catalyst for a re-rating will come when the Dec Quarterly shows the cashflows being generated, & the revenue accrued to date.
Am watching for a re-entry, OEL is still my favourite O&G producer
Bear
I have BCC on one of my O&G/CSG watchlists, but as it's in the USA i'm not so keen on it. (Plus it has debt!)
I've been in AMU, PSA, & TEX before & all seems to cop it more than most due to being in the USA, those damn GoM hurricanes don't help!
However BCC do have some nice gas assets & the period Nov 08 - Jan 09, will be the making of the company as several projects come into production.
I personally prefer TEX/O to BCC for a leveraged US based play.
OEL has great acreage in the Phillipines, & lots of gas in Turkey, which attracts much higher prices than the US.
I like it's portfolio of leads, with upcoming drilling (early 09) in Italy, & some farm out activity due in the Phillipines for some deep water drilling.
OEL - Appendix
15m shares issued as part consideration for the buy back of the 5% royalty on the permits SC50, SC51 & SC55.
These are the deeper water permits, so issuing the shares at these depressed prices may well be a bargin!
http://www.stocknessmonster.com/news...E=ASX&N=424517
OEL Ann - John Letter buys 500k on market ;)
http://www.stocknessmonster.com/news...E=ASX&N=424890
I hold both BCC and OEL.
Both are absolute bargains at the moment. Both have very strong management teams and both are generating cashflow, although in the case of BCC the last well they drilled does not look like it will be a producer.
BCC are just selling gas into the USA which could be a bit of a problem with the way their economy is and already the price of gas has drifted down significantly.
I would go with OEL as some of their permits will generate a lot interest as they are "big" if they come in.:)
OEL & NDO anns - Galoc looking the goods ;)
NDO - Galoc 3 & 4 online, approaching 20,000 bopd
http://www.stocknessmonster.com/news...E=ASX&N=425268
OEL - Galoc operations update
http://www.stocknessmonster.com/news...E=ASX&N=425269
confident sounding announcement IMO
are u back in Shasta? ;)
Absolutely phenomenal they can achieve 20000 bbls/d.
All oilers smashed mercilessly of late.Must be close to a good thing these two.
Not holding anything. :cool:
A bit of a curve ball question: How does the price discount they recieve for their sour crude change when the POO goes down?
For all you Otto fans out there (& yes i'm one) ;)
http://www.wise-owl.com/images/user/...BuyOct2008.pdf
OEL - Sept Quarterly :cool:
http://www.asx.com.au/asxpdf/2008102...vnh1l58cff.pdf
OEL - First Cargo of Oil (300,000/bbls, 54,840 net to OEL)
http://www.stocknessmonster.com/news...E=ASX&N=427289
Average 15,000 bopd x 0.1828 = 2,742 bopd net to OEL
Let's assume say $A100/bbl, thats daily revenue of $A274,200, nice :cool:
OEL - Asian Oil & Gas Investment Congress Presentation
http://www.stocknessmonster.com/news...E=ASX&N=428579
Meanwhile OEL continues to accrue revenue at least $A250k per day :D
OEL - Galoc Field Update
http://www.stocknessmonster.com/news...E=ASX&N=428925
If -and it's a big if-the oil price stops bouncing up and down on the bottom, and heads north again, a stock such as Otto is a double bagger for sure. I picked them up for 18.5, but anything under 30c is an absolute steal IMO.
Galoc oil production underpins the SP and junior looks sure to be re-rated in due course.;)
down 17% yesterday....what happened?
Not too sure, the VWAP was 15.42c, compared to the close of 14c.
Not a big amount $ wise traded, but volume up on the rest of the week...
Looks like it's a liquidity issue, the 100k parcels had to drop the sell price to get hit (looking at the stockness trading data)
Might have flushed out a few weak hands near the close with a few small parcels going through.
Negative ann coming Monday:confused:
Yes shasta I agree, they might be releasing some bad news monday. A break below the previous support of 16.5c is a sell signal in itself.
Hmm, might be bargain time.:confused:
ABN 65 086 630 373 Perth Office Registered Office | Aquila Centre Level 3, 1 Preston Street Como WA 6152 | P: +61 8 9474 0000 F: +61 8 9474 0099 | www.nido.com.au Manila Office Unit 38B, 38th Floor, Philamlife Tower, 8767 Paseo de Roxas Street, Makati City 1226, Philippines | P: +63 2 856 5910 F: + 63 2 856 5494 ASX Code: NDO 11 December 2008 Australian Securities Exchange Limited Company Announcements Office Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000
First Galoc Revenue Received
Nido Petroleum Limited (Nido) is pleased to advise that since the first offtake was announced on 10 November 2008, first revenue has now been received by Nido from the Galoc field. Ms Joanne Williams, Nido’s Deputy Managing Director, said "As we advised in November, the inaugural Galoc cargo was sold to the Petron refinery in the Philippines and our 22.279% participating interest share of the cargo payment was received directly from the buyer yesterday. Further, despite the poor crude oil market conditions worldwide, the joint venture has now sold a total of four cargoes with a combined volume of around 1.3 million barrels." The field operator, the Galoc Production Company WLL (GPC), has advised that three additional crude oil cargoes have been sold on behalf of the joint venture partners in the past month following the first cargo oftake. The second cargo of 306,010 bbl (68,176 bbl net to Nido) was lifted from the facility on 1 December with the offtake of the third cargo due before the end of the year. Ms Williams went on to say, "We have been pleased with the online performance of the Rubicon Intrepid to date with facility uptime of over 95%. The field production rate has averaged around 13,000 barrels of oil per day over the past month whilst we have continued the well testing programme and the ongoing assessment of the performance of the reservoir. Notwithstanding the prevailing market conditions, at current production rates, the cost of production to Nido is approximately US$15/bbl, which leaves a substantial operating margin for us." Yours sincerely Joanne Williams Deputy Managing Director For more information please contact: Ms. Joanne Williams, Deputy Managing Director
Ph: +61 8 9474 0000 F: +61 8 9474 0099 www.nido.com.au
OEL is "not ruling out" capital raising to pay off a short term debt facility.
Hope you have more PPP than OEL tricha!
OEL - Trading Halt :confused:
http://www.stocknessmonster.com/news...E=ASX&N=433222
Sorry Chaps , this one is a goner. Prepare for complete loss as this will not re-enter trading in my opinion. A Trading Halt so close on the heels of a shock 'banks are in control of our main asset' announcement spells doom in 95% of such cases.
Misc
Yes its unfortunate, delays, followed by production problems, compounded by the low oil price.
U called this one right Shasta, they have missed the boat.
But like PPP, where I have now sold half and hedged my bets. I did the same here and have reduced my losses.
So while the Oil price is so low, Otto is now in the endangered list.
Hence I am out and will remain so, until there is change for the better. :confused:
Hopefully the reimbursement of costs on SC55 to date will assist OEL getting thru the tough times...
Higher oil prices ahead when OEL starts receiving cheques :D
I'm still watching OEL, but there are too many variables still for me to buy back in.
I would urge all Oil fans to read over the AED problems before buying into any near term producers...
The market is rightly hammering ANY problems
Yes, regarding Puffin (this also explains NWE's poor perfomance)
I guess from the bullish talk from management in the lead up to first oil & the subsequent problems since then.
AED was around $11 (with the market pricing in 100% success IMO), & fell to about $1. This highlights my point, you get it wrong the market WILL punish you.
It's not the size of the oil field, but rather the flow rates that determine the success or failure, as all producers have a marginal rate that is required to make a project viable.
One of the better examples of a successful transformation into production is our own NZO!
For me OEL will be worth re-visiting mid 2009, by then Alex Parks will have turned things around, or OEL will be toast :confused:
OEL is amongst the walking dead stocks . Just one problem at the Galoc field and the banks will do what banks often do....... screw , not drill ....
OEL has to be around in 12-18 months time to benefit from BHP
OEL - Santa Rosa gets the green light... :cool:
http://www.stocknessmonster.com/news...E=ASX&N=434611
Might have to buy a few OEL just before the drill bit hits play dirt in Argentina. :D
I say sell the Turkish Gas interest to IPM & drill the ar$e out of Santa Rosa!
Ron - You still in on this? (Any goss re Argentina?)
Hi Shasta,
Yeh i've been buying cheap and selling, riding them up and down still have 300k, i have been playing with them and done alright. i will pm you if i get the goss. Goss--- look at WCL, look good to me. Talk is there are only going to be a couple of players at Gladstone but which ones?
OEL - West Turkey well finds net pay 27m gas ;)
http://www.stocknessmonster.com/news...E=ASX&N=435199
I'm keen on OEL again, the gas assets in Turkey when hooked up & going to be substantial revenue for Otto, once again there AVO style analysis strikes (is it now 100%?)
Po Valley, Italy looks a better than even bet to find a decent gas find too.
I'll be keen on any capital raising to drill Argentina to bits :D
OEL's actual ann (a bit different to IPM's)
http://www.stocknessmonster.com/news...E=ASX&N=435208
all time lows today...
any idea when Galoc production starts up?
:cool:
.^sc
http://www.stocknessmonster.com/news...E=ASX&N=438549
From a few days ago, should be just about up & running :confused:
A few days old but OEL in capital raising.
OEL has raised a hell of alot of capital over the last 2 years...
Be interesting to see how it goes this time around...
I missed posting about the 1 millionth barrel produced from Galoc.
A great company hampered by ongoing production/weather issues.
I may well be back before the Santa Rosa drilling, so will keep an eye on Otto.
Signs look bad ; but the capital raising is big and a new direction could be happening here , with a new squad of shareholders . Otherwise the stock is rubbish if the capital raising doesnt go through....
This must be a high profile cap raising, it turned up on Yahoo news.
New shares issued at 7c each. Quite dilutive.
The surprising thing for me was how moderate the discount was for the new shares, last traded at 10 cents prior to halt, and it's underwritten so cash is gauranteed.
Compare this to our NPX where trading at $1 prior to halt, and new shares issued at 23 cents, I think OEL have done quite well.
anyone interested in OEL?
Watch out...
Typhoon season is just around the corner
http://en.wikipedia.org/wiki/2009_Pa...typhoon_season
:cool:
.^sc
Ha Ha Ha! :p
With any luck one will head straight for the Galoc Oilfield !:eek:
Any cash raised can still be used for drinks and nibbles at staff functions, in default of anything else to spend it on.
Don't you just love the way junior oil companies chew up your money.
APX excelled at this sort of thing. Hero to zero in two years, meanwhile the CEO's were promising to take the company to the moon.
Just read the whole thread ( skimmed quickly really ) while looking over the Chart.
Very educational
They dont promote Argentina much ......this is all they really git going for em in the kennels ..... wow wow woof . Maybe a buy on market at 4c is a play ?
Hey shasta,Quote:
shasta-As for OEL, the Turkish gas assets are coming online soon, Galoc is still producing & they have raised more cash...
The SP has factored in all the bad news & seemingly forgotten the direction the company is taking.
I also think the Santa Rosa project in Argentina could be huge...
I had a look at Those Turkish gas assets... I was not overly impressed with expected Flow rates... 10 MMCF is not wow...
CUE's Oyong Gas project Flowing in the 3rd quarter should produce at 5 times that rate...
When the cap raising process is over OEL will have almost one billion shares...
SP should Fall to 5c....
:cool:
.^sc
Which may well provide me with yet other opportunity to ride the Otto wave.
OEL are producing over 2,000 bopd net from Galoc, that puts them ahead of CUE at this point in time :D
The gas assets have grown & they keep striking discoveries using there AVO style analysis, i'm picking by the time they link up all the wells, the annual revenue should be around $US8-10m, useful if not exceptional.
Po Valley in Italy is another project that could set OEL off...
I'm happy to wait for the capital raising & overhang to sort itself out, & have better targets at present.
Still will watch it for any chart reversal
1-Well shasta, you got your chance... OEL down to 6c todayQuote:
shasta-
1-Which may well provide me with yet other opportunity to ride the Otto wave.
2-OEL are producing over 2,000 bopd net from Galoc, that puts them ahead of CUE at this point in time :D
3-The gas assets have grown & they keep striking discoveries using there AVO style analysis, i'm picking by the time they link up all the wells, the annual revenue should be around $US8-10m, useful if not exceptional.
2-maybe not... With the third well coming online now, and existing production, that call is touch and go...
3-10 Mill US per year exceptional...?
Not really!.... not when all the cap raising is complete with a Billion shares--> Not good at 10 CPS supporting approx a 100m cap...
:cool:
.^sc
OEL is going the wrong way, i'll be interested when it starts moving up!
I'm watching CUE Shrewd, & good to see you're checking in on OEL
The gas revenue adds to the galoc oil remember, whats 2000bopd at a slight discount (around $2) to the Brent price worth?
Remember they paid less than $US10/bbl for Galoc
hey Shasta ;)
Ouch !!! for shareholders today.....
I've decided to take the opportunity to become one today at 6 cents.
Am very positive with my purchase and am waiting on the stabilisation of the capital raising just like NIDO did.....
She will be back to normal levels in no time IMHO.
There could be some surprise news coming up before the AGM....
I like what I see....and think today was a window of opportunity for many.
cheers
The battle is not lost just yet folks.....
BHP farm-in deal lapses with Otto
By Upstream staff
BHP’s farm-in agreement with Otto Energy for the deep-water exploration block Service Contract 55 off south-west Palawan Island in the Philippines has lapsed.
On 22 December Australian minnow Otto entered into a conditional heads of agreement with BHP Billiton Petroleum to farm out 60% of its equity in Service Contract 55. The agreement lapsed on the 31 March as all the necessary conditions and approvals were not achieved.
Otto said that discussions with BHP in respect of Service Contract 55 are continuing despite the lapse of the heads of agreement.
http://www.upstreamonline.com/live/article175099.ece
Otto, BHP deal lapses
Monday, 6 April 2009
OTTO Energy’s heads of agreement with BHP Billiton Petroleum for the farm-out of a 60% stake in SC55 offshore the Palawan Basin, Philippines, has lapsed forcing Otto to restructure its capital raising plans.
The agreement lapsed after the two companies failed to finalise all necessary conditions and approvals before March 31.
However, Otto said discussions with BHP in respect to SC55 were continuing and it remained confident that a farm-out for the permit would be reached.
Under the original agreement, BHP had agreed to carry Otto through a 3D seismic program and two deepwater exploration wells to earn the stake in SC55.
Otto would retain a 25% stake in the permit and transfer operatorship of the permit to BHP.
The deepwater SC55 covers an area of 9000 square kilometres in the southwest Palawan Basin.
It holds the giant Marantao prospect, a potential multi-trillion cubic feet gas or billion barrel oil field, and the Hawkeye prospect, which could hold 456 billion cubic feet of gas or 249 million barrels of oil and appears to be a direct analogue of Shell’s Kamunsu East oil and gas field offshore Borneo.
Meanwhile, Otto’s plans to raise up to $A35 million have been scaled back to $A31.5 million.
The company is looking to raise $5.1 million through a placement of shares priced at 7c each with the first tranche of $4.3 million going to two of Otto’s major shareholders, Santo Holding and Molton Holdings. The remaining $800,000 will be taken up by Otto’s directors.
Otto will also launch a pro-rata non-renounceable entitlement issue to raise a maximum of $21.2 million.
Under the issue, which is partially underwritten by Euroz Securities to a maximum of $15.7 million, existing shareholders will be able to subscribe for three new shares for every four shares held at 5c each.
The company has already raised $5.2 million through a placement of about 73.9 million shares at 7c each to institutional investors of Euroz Securities.
Proceeds from the raising will be used to fund the company’s upcoming exploration in Italy and Argentina as well as development of the Edirne gas project in Turkey.
The raising will also be used to repay loans provided by Santo and Molton as well as loans provided by the company’s directors.
http://www.petroleumnews.net
Yes, some of these prospects in the Phillipines are "elephants" and lets hope Otto can farm them out, sooner, rather than later.
While its true that the issue of new shares will significantly dilute the equity, this is the only way for Otto to go forward. Better than bank debt, and with their cashflow they shouldn't go broke.
I bought into Otto for "thrill and drill" in the Phillipines, high risk high stakes!
Disc. Hold NZO. BPT. BOW OEL VPE :) BCC APX:eek:
An independent report on OEL has clarified the position Otto is in.
Because of the enforced shutdown of the Galoc field OEL had no cashflow to service their debt. Debt is now sitting at $7 million and although cashflow has resumed from Galoc it is too late to stop the Co. breaching the covenants of the loans.
Accordingly, they need to raise capital to pay back the loans before the due date, and also to provide some working capital.
The only asset they could borrow from is the Galoc field itself, however the main partner in the Galoc field has already borrowed heavily on this producing asset. It is considered that all of Ottos' other Assets would not provide sufficient security for a lender, as they are somewhat "pie in the sky".
This is the predicament Otto are in and it would be a reasonable assumption to make that any major problems with the Galoc field-such as a typhoon- could finish them off as a viable entity.
Impatience got the best of me and I'm out of this one......
Just lurking now thru May..... see what happens...
Good luck for the ones fully loaded.
cheers
Onya Rabbi..... ;)) she will be re-rated very soon IMHO
Otto confirms gas in Turkish wildcat
By Upstream staff
Australia’s Otto Energy said the Kirmizihoyuk-1 wildcat produced a combined 4.8 million cubic feet of gas a day during several tests run on the gas intervals.
Kirmizihoyuk-1 encountered gas columns over a number of zones measuring from three metres to 15 metres at depths of 330 metres to 480 metres.
Tests were run on the upper intervals and over a total perforated length of 41 metres over the last week.
The well will be completed as a future producer.
The chartered land rig has moved on from Kirmizihoyuk-1 to test the Ikihoyuk-2 discovery well. Results will be released later this week.
Otto holds a 35% stake in Edirne. The licence is operated by joint venture partners Petroleum Exploration Mediterranean (55%) and Petraco (10%).
http://www.upstreamonline.com/live/article180420.ece
Next week should be a very interesting time for Otto.....another box ticked..... this is building up nice and slowly......
First, Turkey gas findings then 2 top 20 shareholders buying in more. Followed by the 4 directors buying in. Confirmation of Turkey gas for production...... and now big GAZZATA1 is coming up...... ;)))
We already producing from Philo and end of the month Argentina ST ROSA here we come ! :))) re-rate is inevitable ! ;) keep tight ....
Perth, June 10, 2009 (ABN Newswire) -
Otto Energy Limited (ASX EL)(PINK TTEF) provides an update on its exploration drilling programs in Turkey, Italy and Argentina.
Turkey - Edirne Licence
The Kirmizihoyuk-1 exploration well was drilled and encountered gas over a number of zones of between 3 and 15 metres (m) gross thickness at depths of 330-480m. Over the past week, the upper intervals of seven sets of perforations over a total perforated length of 41m were tested. These intervals flowed gas at individual rates of up to 1.5 MMscf per day with some water production. Total combined rates of the individual zones were around 4.8 MMscf per day. The well will be completed as a future producer.
-----------------------------------------
Name of well Kirmizihoyuk-1
Spud date 13 May 2009
Depth of well Total Depth 500m
OEL beneficial interest 35%
-----------------------------------------
The rig has been moved to the Ikihoyuk-2 discovery well for testing, which is expected to commence later this week.
Italy - Cento-Bastiglia Permits
The Gazzata-1 exploration well was drilling at a depth of approximately 2,219m on the evening of 9 June 2009. Drilling will continue today until a minimum depth of 2,300m or until an appropriate geological horizon is reached. An electric logging evaluation program will then be run. The results of the interpretation of wireline logs will be reported once available.
---------------------------------------
Name of well Gazzata-1
Spud date 19 May 2009
Depth of well Approx 2,219m
OEL beneficial interest 50%
---------------------------------------
Argentina - Santa Rosa Licence
Preparations continue at well site for rig arrival. Schedule remains unchanged for the spudding of the first exploration well to occur in late June 2009.
The Company will continue to update the market on a weekly basis each Wednesday during the drilling and testing programs.
Link: http://www.abnnewswire.net/media/en/...OEL-449361.pdf
There is some healthy discussion on couple of OS forums - US and UK on Ascent Resources and Otto....
Worth a look.... and to look at the PDF it's easier to save as target first than opening it....
Thanks to mate Proselenes
Upper Miocine has been producing in nearby wells. It comes from the Fusignano formation. The nearby ones are very large structures, estimated to be 300Bcf to 500Bcf recoverable.
However, this is then like a "wildcat", you are deepending purely on speculation in the case of Gazatta. I think this is why they want to find gas in the Primary Zone first, and only then will make an attempt to test the deeper levels, just in case. If the Primary Zone contains gas then its worthwhile testing the potential in the Upper Miocine and the potential for a secondary zone.
If you refer to page 3 of 11 in this document, it shows the producing resevoirs in the Fusignano and upper Miocene with nice red dots on the diagram (page 3 of 11 of the PDF (or page 191 document notation)) :
http://www.socgeol.info/Ricerca/PDF/..._1_189_199.pdf
So far the max upside is as said 380Bcf which is all the targets, primary and seconday in the primary zone from 1800m to 2300m coming up trumps.
As no decision has been made to deepen to 3000m (as yet) there can be no talk of this upside. However, if they do go there then the upside is likely another 300Bcf to 500Bcf potential, on top of the primary max of 380Bcf.
As an example, if you refer to the Envoi farm out document, the last page with the diagram, if you find "Spilamberto" well, this is an Upper Miocine well with estimated 330Bcf recoverable.
http://boards.fool.co.uk/Message.asp...792&sort=whole
http://www.sharecrazy.com/ubbthreads...=5&o=&fpart=17
I'm rekindling my interest in OEL again, when i think the SP is 1/6th of what i sold out at, & yet it's prospects are getting better, i agree Trader it's only a matter of time until the market wakes up...
I couldn't miss the Santa Rosa drills, i just couldn't :rolleyes:
Ron - You still around & in this?
G'day Shasta...long time no see ;) hope you are well and happy....
Well, the operator Ascent Resources together with Otto team seens to be confident on Po Valley drilling.... they are going deeper.
And by the looks until they have the logging..... ;) IMHO they have gas shows and are going deeper for more....time will tell....next week there is.
Mind you, no sell off whatsoever.....there are some scared crows getting out but buyers are plenty and on technicals looks like that Darvas Box is forming nicely...
Here's another presentation from Deltana Energy showing with more details Gazzata.....
Thanks again to Proselenes ;)
http://ss01.boardroomradio.com/files...2020071003.swf
Have a great weekend Shasta.....and yes St Rosa should be a ripper mate....
Take care :))
Watching closely Ascent website :
http://www.ascentresources.co.uk/news/index.php
News could be imminent now..... lol ;))))
She's all good here in the Global Warming hub of the Universe, Wellington :D
Even the Polar Bears wear jerseys in the Nations Capital :eek:
What has always excited me about the Turkish gas drills & now the Gazzata "Italian elephant", is the AVO style analysis that OEL have used.
Thus far it has a 100% successful strike rate, & Po Valley is a much bigger target than all the Turkish wells put together...
I always said i'd be back for the Santa Rosa monster ;)
LOL Shasta.... ;)
..."Even the Polar Bears wear jerseys in the Nations Capital "....... LMAO ! :)))
Well..... I am waiting for an update on the logging...and that's good news cause they will probably tell us they are going deeper..... ;) I have no doubts that they have found gas..... the question is : IS IT COMMERCIAL ? GAS PAY ?a
cheers and enjoy your weekend
Ascent Resources news 12/06/09
Drilling of Gazatta-1 exploration well underway in Po Valley, Italy
In Italy, we are currently drilling the Gazatta-1 gas exploration well in the Po Valley. The drilling contractor, Perazzoli, is 22.5% owned by Ascent and the drilling rig is a new build, low environmental impact, HH-200. The Gazatta-1 prospect is well defined by seismic data acquired and has the potential to be a valuable discovery for Ascent.
Italy, Po Valley, Cento and Bastiglia Exploration Permit.
(50% interest through Ascent Resources Italia s.r.l.)
Located in the prolific Po valley, the Gazatta-1 well, targeting the Gazzata gas structure, was spudded in May 2009 with drilling expected to be completed shortly. Gazatta-1 is funded and, under the terms of the farm-out agreement with Otto Energy Limited ('Otto'), funding for a second well will be provided if a significant discovery of hydrocarbons is made. Otto has taken a 50% interest in the project in return for paying the costs of one firm and one follow-up contingent well.
The region between Milan to the west and between Venice and Ravenna to the east is the second largest onshore gas producing area in Europe, with some 130 oil and gas fields already discovered. The vast majority of these fields are in the Pliocene sandstones which are the target of the Gazzata-1 well.
Recent discoveries nearby have relied on the AVO (amplitude versus offset) processing of the seismic data and the Gazzata prospect seismic exhibits these attributes over a large area. The Italian gas market is strong and prices achieved are some of the highest in Europe. A discovery here would be particularly valuable to the Company.
The Cento and Bastiglia Permit is one of the largest in the region and there are a variety of different targets for the on-going exploration work for which additional seismic will need to be acquired.
http://www.ascentresources.co.uk/new...5_20090612.php
IMHO an update on the logging next week will be coming....that's extremely positive..... and hopefully they are going deeper to 3000 m.
good luck all.....
ST ROSA - Argentina drilling is coming up...... ;)
Anyway....have a great weekend all and take care....
Hey Shasta,
If you are thinking St Rosa check this out :
http://www.oromin.com/i/pdf/Santa_Rosa_Final.PDF
Well..... I'm looking forward still to the news from Gazzata..... and then more news from Turkey soon, Philo and our Monster ST ROSA !!!!! :))))
cheers
Hummmmm.....
Well, looks like some ppl want out.....boat are leaking now ?
Heard that logs are coming in and being analysed today/tomorrow.
So when the update comes it might tell the story...other than that I'm still here my stop loss have not been hit just yet.... arvo could be interesting......
good luck all