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+--- Thread: OSH edited earnings call (/showthread.php?tid=9785)
RE: OSH edited earnings call - jft310 - 02-26-2016
That's a very important comment /question /answer. Thank you .
I like this because Interoil's call for year end is before the end of March . Most likely the results of the tests and cores (known next 2,3 or 4 weeks ) will be revealed then with this very good feel for the resource base (asset size ??).
RE: OSH edited earnings call - petrengr1 - 02-26-2016
(02-26-2016, 01:28 AM)sageo Wrote:
(02-26-2016, 01:05 AM)petrengr1 Wrote:Below you will find an excerpt from the OSH call which I think is of some interest- Nik Burns, UBS - Analyst [47]
--------------------------------------------------------------------------------Okay, thanks for that. Just on Antelope you just repeated the interference test between Antelope 5 and 1, are you able to comment at all on whether those results validated the earlier results that were achieved there understanding that there was an issue with the gauge calibration the first time around? Are you able to comment on the results there at all?--------------------------------------------------------------------------------Ian Munro, Oil Search Limited - Executive General Manager [48]--------------------------------------------------------------------------------It's a little too early. We recovered the gauges yesterday from Antelope 1 and Antelope 5 are now both out of the ground. We didn't have topol readouts so the data is now with the operators being calibrated and then we'll get a look at that I'd imagine in the next few days. It was a two week or so flow test and it was around a 10 day build up. We should get some very good data from 5 and the something that the engineers are quite excited to get in.On Antelope 6 we've just taken our fourth core in the reservoir and we're doing an intermediate logging run. We'll test on the way down and then we'll drill out through the reservoir and do a longer term test and also an injectivity test as well.I think once we've got all that data over the next sort of two, three, four weeks I think we're going to have a very good, a good feel for the resource base and all of that data is and will be provided to our certifiers.
Pet - I believe the injectivity test is to keep them from creating the mess that happened with the cement job in the A4 well ...is that the case? Also,if they have taken 4 cores so far in the reservoir,can I assume that we are already into the top 100 ft or so? (of the 450 ft) . " We'll test on the way down" .....dsts maybe ? [ I guess I'm just too doggone anxious to find out more about this eastern part of the reservoir !! ] .
I don’t think they will be doing any open hole drill stem tests (DST) but they will probably set the packer near the bottom of the casing and test all of the open hole. It could be that they will test as soon as the intermediate logging run is completed.
It will be interesting to see if they drill all the way to the planned TD which, as you know is several hundred feet below the gas/water contact. If they drill all the way down before doing the longer term test they will have to plug off the water zone below the gas/water contact before testing. The other possibility of course would be to drill down to the gas/water contact depth and do the longer term test which I believe will also be done with the packer set in the casing, testing the entire open hole section. They will eventually need to drill below the gas/water contact at least far enough to run a log across the interval where we think the gas/water contact is in order to confirm its location (again), if possible.
The injectivity test on a producing well is new to me. Such tests are usually done on water injection wells or water disposal wells. However such a test could probably be done in conjunction with a Schlumberger logging tool in the hole to see where the fluid is going. The test would be done using fresh water and could be used to locate permeable zones and perhaps to get an estimate of the permeability. They may do the injection at a constant rate and then do a pressure fall off test. Similar to the pressure buildup test after a production test. I would have thought it would be better to run a Schlumberger production log while producing the well to see where the gas is coming from. In either case they will probably be able to locate the permeable zones where the gas is coming from. Most of the gas will probably be coming from a very high porosity zone or a fractured zone.
RE: OSH edited earnings call - petrengr1 - 02-26-2016
'petrengr1' pid='67008' datel Wrote:Below you will find an excerpt from the OSH call which I think is of some interest- Nik Burns, UBS - Analyst [47]
--------------------------------------------------------------------------------Okay, thanks for that. Just on Antelope you just repeated the interference test between Antelope 5 and 1, are you able to comment at all on whether those results validated the earlier results that were achieved there understanding that there was an issue with the gauge calibration the first time around? Are you able to comment on the results there at all?--------------------------------------------------------------------------------Ian Munro, Oil Search Limited - Executive General Manager [48]--------------------------------------------------------------------------------It's a little too early. We recovered the gauges yesterday from Antelope 1 and Antelope 5 are now both out of the ground. We didn't have topol readouts so the data is now with the operators being calibrated and then we'll get a look at that I'd imagine in the next few days. It was a two week or so flow test and it was around a 10 day build up. We should get some very good data from 5 and the something that the engineers are quite excited to get in.On Antelope 6 we've just taken our fourth core in the reservoir and we're doing an intermediate logging run. We'll test on the way down and then we'll drill out through the reservoir and do a longer term test and also an injectivity test as well.I think once we've got all that data over the next sort of two, three, four weeks I think we're going to have a very good, a good feel for the resource base and all of that data is and will be provided to our certifiers.
This was a test to see if anyone questioned what "topol" is.
RE: OSH edited earnings call - sageo - 02-26-2016
'petrengr1' pid='67014' datel Wrote:
'petrengr1' pid='67008' datel Wrote:Below you will find an excerpt from the OSH call which I think is of some interest- Nik Burns, UBS - Analyst [47]
--------------------------------------------------------------------------------Okay, thanks for that. Just on Antelope you just repeated the interference test between Antelope 5 and 1, are you able to comment at all on whether those results validated the earlier results that were achieved there understanding that there was an issue with the gauge calibration the first time around? Are you able to comment on the results there at all?--------------------------------------------------------------------------------Ian Munro, Oil Search Limited - Executive General Manager [48]--------------------------------------------------------------------------------It's a little too early. We recovered the gauges yesterday from Antelope 1 and Antelope 5 are now both out of the ground. We didn't have topol readouts so the data is now with the operators being calibrated and then we'll get a look at that I'd imagine in the next few days. It was a two week or so flow test and it was around a 10 day build up. We should get some very good data from 5 and the something that the engineers are quite excited to get in.On Antelope 6 we've just taken our fourth core in the reservoir and we're doing an intermediate logging run. We'll test on the way down and then we'll drill out through the reservoir and do a longer term test and also an injectivity test as well.I think once we've got all that data over the next sort of two, three, four weeks I think we're going to have a very good, a good feel for the resource base and all of that data is and will be provided to our certifiers.
This was a test to see if anyone questioned what "topol" is.
"Top of the hole " or "above ground" is what I assumed ?? (yes, I remember what "assume" does ) !! Ha,ha.
RE: OSH edited earnings call - petrengr1 - 02-26-2016
'sageo' pid='67015' datel Wrote:
'petrengr1' pid='67014' datel Wrote:
'petrengr1' pid='67008' datel Wrote:Below you will find an excerpt from the OSH call which I think is of some interest- Nik Burns, UBS - Analyst [47]
--------------------------------------------------------------------------------Okay, thanks for that. Just on Antelope you just repeated the interference test between Antelope 5 and 1, are you able to comment at all on whether those results validated the earlier results that were achieved there understanding that there was an issue with the gauge calibration the first time around? Are you able to comment on the results there at all?--------------------------------------------------------------------------------Ian Munro, Oil Search Limited - Executive General Manager [48]--------------------------------------------------------------------------------It's a little too early. We recovered the gauges yesterday from Antelope 1 and Antelope 5 are now both out of the ground. We didn't have topol readouts so the data is now with the operators being calibrated and then we'll get a look at that I'd imagine in the next few days. It was a two week or so flow test and it was around a 10 day build up. We should get some very good data from 5 and the something that the engineers are quite excited to get in.On Antelope 6 we've just taken our fourth core in the reservoir and we're doing an intermediate logging run. We'll test on the way down and then we'll drill out through the reservoir and do a longer term test and also an injectivity test as well.I think once we've got all that data over the next sort of two, three, four weeks I think we're going to have a very good, a good feel for the resource base and all of that data is and will be provided to our certifiers.
This was a test to see if anyone questioned what "topol" is.
"Top of the hole " or "above ground" is what I assumed ?? (yes, I remember what "assume" does ) !! Ha,ha.
Yes you are correct. This "edited" transcript was not edited quite closely enough. The transcriber probably does not understand oilfield "lingo". Topol = Top Hole
RE: OSH edited earnings call - Getitrt2 - 02-26-2016
'ArtM72' pid='66958' datel Wrote:
'jft310' pid='66953' datel Wrote:Art at the AGM meeting this summer Hession stated he hopes that they can eventually prove out 55 T's . Then the Target Capital owner asked a question about that . There's no way Oil Search has the remotest possibility of anything close to 55 T's Right now I love the idea of 10 T's that got Oil Search using C-1 numbers ,a 2 train 3.5 mtpa per train plant . Good place to start in this environment .I hate to say it but an honest appraisal of Hession's performance to date can only justify the statement that whatever he says is worthless. That's not to say IOC is worthless, but without a doubt NOTHING that Hession has said or done can be taken to the bank. Sad but true. Just how would you like to deal with a guy like that who can't be relied upon to give an honest appraisal of the company, its plans or its material activites?
Hession's dream is one of privatizing IOC.
"Worthless" is also a good word for the biased and exaggerated bitter grapes here, also. Certainly no complete or "honest appraisal".
RE: OSH edited earnings call - Putncalls - 02-26-2016
'Getitrt2' pid='67020' datel Wrote:
'ArtM72' pid='66958' datel Wrote:
'jft310' pid='66953' datel Wrote:Art at the AGM meeting this summer Hession stated he hopes that they can eventually prove out 55 T's . Then the Target Capital owner asked a question about that . There's no way Oil Search has the remotest possibility of anything close to 55 T's Right now I love the idea of 10 T's that got Oil Search using C-1 numbers ,a 2 train 3.5 mtpa per train plant . Good place to start in this environment .I hate to say it but an honest appraisal of Hession's performance to date can only justify the statement that whatever he says is worthless. That's not to say IOC is worthless, but without a doubt NOTHING that Hession has said or done can be taken to the bank. Sad but true. Just how would you like to deal with a guy like that who can't be relied upon to give an honest appraisal of the company, its plans or its material activites?
Hession's dream is one of privatizing IOC.
"Worthless" is also a good word for the biased and exaggerated bitter grapes here, also. Certainly no complete or "honest appraisal".
Good to hear from ya 
RE: OSH edited earnings call - jft310 - 02-26-2016
Hession
*Caused the price of oil to drop 70 percent .
*Caused LNG prices to drop from $20 to $8 .
*Caused a global slow down including China .
*Had full control of the size of the asset getting larger causing more time needed for a proper certification.
*Maybe not most would say about the above .
*The GCA report is from 2013 look at the Oil Seach PR I reposted from 2014 deal with PAC.
*David Harris of GLJ is one of the best reservoir engineers in the world see their client list it includes Exxon . Hession inherited GLJ. Small shop not large enough for the big banks .
*The GCA report will be updated by July ,says Oil Search as well as a new extimate from NSAI.
*There are more than 2 years additional seismics and drilling and testing to add to the GCA estimates
*Oil Search had reasons to want a low number in 2014 . Today they would want a large number to work on the synergies between PNGLNG and Papua per Oil Search Earning call .
*Most important read what PET posted from the full Oil Search call , the question from Nik Burns UBS . Oil Search clearly stated they would have a very good feel for asset size in the next 2,3 or 4 weeks . Yes Oil Search is gonna get on board . Whatever the number may be .
*Most of Interoil's 4 million acres was submerged under the China Sea for 100's of years and deposits were made , with some reefs formed which included dolomite . At one time Phil M had slides showing a possible 13 reefs on our acreage .
Over time the 4 million acres will be explored and more assets confirmed .
*The hardest deal , the hardest plant is the first plant and that's exactly what's going on now but we now have the expertise of Total which in their call was clear they want this plant .
*Pull the year end institutional ownership and ask why are most not all of the big boys holding onto Interoil . It's a percentage of their holding not their only holding .
*Total stated they will finalize the appraisal this year 2016 . Some might want to look up the definition of the word final . Remember this is Total speaking not any of the other partners .
* Sure sounds like this is finally Interoil's year to partially recover in price as oil prices and LNG prices recover late in 2016 .
RE: OSH edited earnings call - ArtM72 - 02-26-2016
'Getitrt2' pid='67020' datel Wrote:
'ArtM72' pid='66958' datel Wrote:
'jft310' pid='66953' datel Wrote:Art at the AGM meeting this summer Hession stated he hopes that they can eventually prove out 55 T's . Then the Target Capital owner asked a question about that . There's no way Oil Search has the remotest possibility of anything close to 55 T's Right now I love the idea of 10 T's that got Oil Search using C-1 numbers ,a 2 train 3.5 mtpa per train plant . Good place to start in this environment .I hate to say it but an honest appraisal of Hession's performance to date can only justify the statement that whatever he says is worthless. That's not to say IOC is worthless, but without a doubt NOTHING that Hession has said or done can be taken to the bank. Sad but true. Just how would you like to deal with a guy like that who can't be relied upon to give an honest appraisal of the company, its plans or its material activites?
Hession's dream is one of privatizing IOC.
"Worthless" is also a good word for the biased and exaggerated bitter grapes here, also. Certainly no complete or "honest appraisal".
55 Ts. Was that before or after he declared Wahoo a duster? I'm still wondering what he found at Wahoo rather than what he didn't find in a well shut down for over a year because of high pressure gas.
RE: OSH edited earnings call - ebster123 - 02-26-2016
'ArtM72' pid='67025' dateline='<a href="tel:1456465 Wrote:
'Getitrt2' pid='67020' dateline='<a href="tel:1456444 Wrote:
'ArtM72' pid='66958' dateline='<a href="tel:1456279 Wrote:
'jft310' pid='66953' dateline='<a href="tel:1456263 Wrote:Art at the AGM meeting this summer Hession stated he hopes that they can eventually prove out 55 T's . Then the Target Capital owner asked a question about that . There's no way Oil Search has the remotest possibility of anything close to 55 T's Right now I love the idea of 10 T's that got Oil Search using C-1 numbers ,a 2 train 3.5 mtpa per train plant . Good place to start in this environment .I hate to say it but an honest appraisal of Hession's performance to date can only justify the statement that whatever he says is worthless. That's not to say IOC is worthless, but without a doubt NOTHING that Hession has said or done can be taken to the bank. Sad but true. Just how would you like to deal with a guy like that who can't be relied upon to give an honest appraisal of the company, its plans or its material activites?
Hession's dream is one of privatizing IOC.
"Worthless" is also a good word for the biased and exaggerated bitter grapes here, also. Certainly no complete or "honest appraisal".
55 Ts. Was that before or after he declared Wahoo a duster? I'm still wondering what he found at Wahoo rather than what he didn't find in a well shut down for over a year because of high pressure gas.
MH's openness to share information in a timely manner is poor. There are many questions in this IOC maze. MH and the BOD know and understand this. They did not create the economic slowdown, the oil/LNG bubble burst or other issues mentioned. However, they are not helping by not letting some potentially valuable information out. If there is no "valuable information" in Wahoo call it what it is. But the lack of information release is like a black hole...it sucks.