Maari Progressing ahead of schedule ...
HORIZON OIL (HZN): MAARI DEVELOPMENT DRILLING UPDATE – 23 JAN 09
Horizon Oil Limited is pleased to announce that further good progress has been made on the
Maari Oil Field development since the last drilling update provided to shareholders on 29
December 2008. In that update it was reported that batch drilling of the surface holes for the
first three production wells to depths of about 900 m was successfully completed.
The MR3P8 oil production well was then drilled to a depth of 2,052 m and 10-¾” casing run to
2,048 m. A 9-½” horizontal section was drilled over 1,518 m in the upper part of the Moki
reservoir formation, entirely in clean, oil-bearing sandstone. On reaching total depth of 3,570
m, the lower completion assembly consisting of wire-wrapped screens was installed into the
open-hole.
Subsequently the upper completion assembly, containing the electric submersible pump and
sub-surface safety valve assemblies, was run on 6-5/8” tubing and stabbed into the lower
completion. Finally the heat-tube, which is designed to prevent wax deposition in the tubing,
was installed inside the completion string and terminated at the wellhead.
The rig completed operations on MR3P8 at 1800 hrs on 22 January 2009 and skidded to the
next production well slot, MR4P9, where drilling of the 14-½” hole-section is underway.
The MR3P8 well will now be hooked-up to the production facilities, by installing surface
piping, electrical connections and instrumentation, prior to commencing production to the FPSO
Raroa anticipated for later next month.
The Maari Oil Field is located in PMP 38160, in the offshore Taranaki basin, New Zealand. Oil
production will ramp up towards the expected initial gross rate of 35,000 barrels of oil as the
development wells are progressively drilled and turned to the FPSO.
what on Earth is wrong here?
The reason we are in CUE is because we recognise that the SP significantly undervalues the company ...
The SP is down from 0.165 on Jan12 to 0.125 on Jan23 or 24.2% on a total of only 12,183,992 shares or .55% of issued capital whilst in this period MEO has risen 16.1% ...
Whilst this is disappointing, CUE have a growing production profile that will benefit when the oil price starts returning to more realistic levels in our 'Peak' oil world.
If Zeus comes in CUE's Carnarvon basin acreage could be worth ??? ... Here's hoping !!! :D
Lockout dispute resolved...
More good news people...
Quote:
Taranaki Daily News > Local News > Story Oil workers dispute is settled
By RYAN EVANS
ryan.evans@tnl.co.nz - Taranaki Daily News | Saturday, 24 January 2009
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A threatened lockout of 45 Taranaki offshore oil workers has been averted at the last minute.
Offshore Marine Services issued the 45 workers, all Engineering, Printing and Manufacturing Union members, with a lockout notice almost two weeks ago. It was due to come into effect yesterday.
The lockout notice followed an ongoing dispute over employment negotiations. Yesterday EPMU Taranaki organiser Ross Henderson said a deal had been reached on Wednesday after six or seven days of negotiation.
The deal is still subject to ratification but includes a 5 per cent bonus for the workers upon ratification, a 5 per cent bonus on the first off-take of oil and pay rises ranging from 14 to 20 per cent.
It allows the workers to return to work on the floating production storage and uploading vessel Raroa, which works alongside the Maari wellhead platform about 80km off the South Taranaki coast before the lockout
.
:cool:
.^sc