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+--- Thread: Who remember Hession's comment about rigs?? (/showthread.php?tid=6173)
RE: Who remember Hession's comment about rigs?? - ltinvest - 03-14-2014
"I would like to see two rigs working in PRL 15 simultaneously in order to expedite the certification process and our resource payment. This would also move forward the exploration well and the possible resource payment that would come from that if a discovery is made. Maybe Rig-2 will come back to PRL 15 when it completes Bobcat."
Pet, thats what I was told. 2 or 3 going to PRL 15 when they finish current exploration well.
RE: Who remember Hession's comment about rigs?? - petrengr1 - 03-14-2014
(03-14-2014, 01:35 AM)ltinvest Wrote: "I would like to see two rigs working in PRL 15 simultaneously in order to expedite the certification process and our resource payment. This would also move forward the exploration well and the possible resource payment that would come from that if a discovery is made. Maybe Rig-2 will come back to PRL 15 when it completes Bobcat." Pet, thats what I was told. 2 or 3 going to PRL 15 when they finish current exploration well.
Sounds like a good plan.
1. Get the deal done!!!!
2. Drill the wells in PRL-15 where Total will carry the cost until resource payment.
3. They probably already have sufficient seismic in PRL 15 to pick the locations and build same.
4. Gives time to get more seismic at Bobcat and Raptor so we can pick and build locations. (assuming we make a discovery)
5. One rig could work at Triceratops where we have sufficient seismic to pick and build more locations and PRE is carrying 35% of cost.
6. That would give us work in five of or six new license areas PRL 15, PRL 39, PPL 475 (Raptor), PPL474 (Wahoo) and PPL 476 (Bobcat)
7. We will eventually have to make a work program to do some work in PPL 477 to the North and Northeast of our overall license area.
RE: Who remember Hession's comment about rigs?? - Getitrt2 - 03-14-2014
Pet, I'm not absolutely certain, but if I remember correctly, PRE would be carrying 35% of appraisal/exploration in PRL 39 and PPL 475, including their permanent 10%.
RE: Who remember Hession's comment about rigs?? - petrengr1 - 03-14-2014
'Getitrt2' pid='39149' datel Wrote:Pet, I'm not absolutely certain, but if I remember correctly, PRE would be carrying 35% of appraisal/exploration in PRL 39 and PPL 475, including their permanent 10%.
Thanks. You are correct. I will edit my post accordingly.
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"Acquisition of a 10% net participating interest in the Triceratops structure, accomplished through a U.S.$80 million down payment and a funding of 35% of the total expenditures associated with a work program consisting of 250 km 2D seismic, the Triceratops-2 appraisal well (currently being drilled by InterOil), and the drilling, testing and completion of six additional exploration and appraisal wells planned on the structure. On completion of all the work program expenditures, an additional cash payment ("Resource Payment"
based on independently certified prospect resources of the Triceratops structure will be paid by the Company out of a 70% portion of its proceeds from production. A portion of the initial up-front down payment and approximately 70% of the funded work program are deducted from the Resource Payment."