What are the different reserve classification systems?
Estimating the chance of success
How we value the reserves
Why reserves in different regions are valued differently
In southeast Saskatchewan, the Company is pleased to provide an update on two new pool discovery wells that have recently been drilled and completed. Last month, the Company reported a vertical Bakken discovery well (50% WI) at Ceylon. The well, which was not stimulated, has produced an average of 28 bbl/d during the first 30 days of production with a 100% oil cut. We are very encouraged by these initial results and believe that the potential for significantly higher rates exists through horizontal development and fracture stimulation. Together with our partner, the Company is moving ahead with a 3D seismic program covering our lands and is currently in the process of licensing 6 horizontal wells. Spartan has 21 (10.5 net) sections of Crown land on the Ceylon prospect.
At Torquay, the company recently tested a vertical Midale discovery well (50% WI). The well, which was unstimulated, flowed at an average rate (restricted) of 303 bbl/d with a 98% oil cut during a 67 hour test period, following which the well was shut in for equipping. The well was drilled off a proprietary 3D seismic survey. The survey shows several distinct anomalies that are prospective for Midale oil and the Company believes that it has numerous follow up locations at Torquay in the Midale and the Bakken. The well is expected to be on production in the next week.
Hamilton, Bermuda, September 9, 2011 - A four-year contract has been secured for the ultra-deepwater rig West Hercules for operations for harsh environment for the international energy company Statoil. The potential contract revenue value is US$787 million, including US$50 million in mobilization fee. Statoil has in addition, the right to extend the contract for an additional one-year period.DR $504,000, on hyvä(Huskyn mahdollisessa jatkosopimuksessa $490,000, mutta Norjassa on korkeammat kustannukset), mutta neljän vuoden kesto erinomaista, kun yhtiön tuloksen teon näkyvyys parantuu .
Commencement of the assignment is scheduled for third quarter 2012, following completion of its current contract in South China Sea and mobilization period. The rig will be operated by North Atlantic Drilling Ltd., Seadrill's 75 percent owned subsidiary.
West Hercules is a sixth generation, dynamically positioned, high-specification, state of the art semi-submersible drilling unit. The unit has been working in the South China Sea since delivery from the yard in November 2008.
Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS "We are pleased to secure a long-term contract for one of our most advanced ultra-deepwater rigs. This assignment reflects the growth in demand for premium rigs and allows West Hercules to utilize its deepwater and harsh environment capabilities. We are delighted to extend our relationship with Statoil, as a key client and as one of our longest standing business partners.
9 September 2011 - Tullow Oil plc (Tullow) announces that the Zaedyus exploration well (GM-ES-1), offshore French Guiana, has made an oil discovery having encountered 72 metres of net oil pay in two turbidite fans. Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered good quality reservoir sands on prognosis. The objective of the Zaedyus well was to test whether the Jubilee-play, successfully established in West Africa, was mirrored on the other side of the Atlantic. This discovery therefore opens a new hydrocarbon basin within which several neighbouring prospects have been mapped. This result also reduces the exploration risk associated with Tullow's prospect inventory offshore French Guiana, Suriname and Guyana. An appraisal programme and extensive follow-up exploration activities will now be considered. The Zaedyus well is being drilled in the Guyane Maritime licence using the ENSCO 8503 deepwater semi submersible. The well was drilled in water depths of 2,048 metres and has been drilled to a depth of 5,711 metres. Drilling operations will now continue and the well will be deepened to over 6,000 metres to calibrate the deeper geology. The well will then likely be sidetracked to enable cores to be obtained over the reservoir sections. Tullow (27.5%) operates the Guyane Maritime license and is partnered by Shell (45%), Total (25%) and Northpet (2.5%), a company owned 50% by Northern Petroleum plc and 50% by Wessex Exploration plc.70 metrin paksuinen pay zone on todennäköisesti hyvinkin kaupallinen. Pre-drill arvio prospektin koosta oli 700 miljoonaa tynnyriä bruttona.
BOGOTA, COLOMBIA--(Marketwire - Sept. 8, 2011) - Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX:PMG) (BVC:PMGC) advises that groups of persons are illegally blocking public roads near Corcel and Guatiquia, which has led to a lack of public order in the area.
On the evening of September 6, 2011, small groups of people began illegally blocking roads near Corcel and Guatiquia. These persons are not employees or contractors of, or associated in any way, with Petrominerales. These blockades and the actions of those involved have resulted in a lack of public order which impacts Petrominerales' operations in the area. Petrominerales has taken all precautions necessary and acted prudently to ensure the safety of our staff and contractors, including releasing all non-essential personnel from the applicable areas.
As a result of these measures, a temporary production halt has been initiated on certain wells located on our Corcel and Guatiquia Blocks. We estimate that approximately 15,000 barrels of oil per day are currently shut-in as a result. We will continue to take all necessary measures to maintain the safety of our personnel and contractors and to limit any potential damages.
Open Range Energy Corp. (TSX:ONR) ("Open Range" or the "Company") is pleased to announce a proposed strategic realignment in the interests of shareholders aimed at recognizing the value in the Company's current businesses through the creation of a dividend-paying, publicly-traded energy service company. Open Range is also pleased to include initial 2012 guidance for the new energy service and supply company.
Under the proposed Arrangement Agreement (the "Arrangement"), Open Range's wholly-owned subsidiary, Poseidon Concepts, will become an independent, sustainable, pure-play, dividend-paying company ("Poseidon") while Open Range, formed as a new legal entity for the purposes of the Arrangement, will continue to grow its high-quality Deep Basin exploration and production (E&P) assets in a separate publicly-traded company with a target to exit 2011 at 6,200 boe per day.
Under the Arrangement, Open Range shareholders will receive, for each common share of Open Range:
0.882 of a Poseidon common share. Poseidon Concepts will be an independent, publicly-traded corporation paying a monthly dividend to shareholders that is anticipated to be $0.09 per share ($1.08 per share annually) commencing December 2011. Holders of Poseidon common shares as of November 30, 2011 will be entitled to the dividend payable on December 15, 2011; and
One common share of the E&P company ("NewCo")...
Perusteet, joilla lupia meinataan viedä vaikuttavat aika epämääräisiltä. Tuskin tämä on pysyvää. Pohjois-Amerikassa on frakattu tuhansia kaivoja ja vahinkojen määrä on olematon. Pelkoa ja hysteriaa on Amerikassakin, mutta noiden tunnetilojen saavuttaminen ei edellytä todellista uhkaa.France may quash permits to explore for oil and natural gas in shale under the country’s hydraulic fracturing ban as soon as next month, according to Environment Minister Nathalie Kosciusko-Morizet.
Oil and gas companies that were planning to explore for shale hydrocarbons under previously granted licenses have until Sept. 13 to inform the government whether they plan to use the technique known as fracking, the minister said in an interview at a conference outside Paris.
“After that we have one month to decide the fate of the permits,” she said. “If a company says it’s planning to use hydraulic fracturing, their permit will be canceled. It’s the law.”
