It appears that the present drilling and planned drilling is moving ahead about as fast as we could have hoped.
Bobcat-1 Spudded March 5, 2014 Expected to take 90 days. First Week of June.
Wahoo-1 Spudded March 10, 2014 Expect to hear results of finding the top of the pay zone by late April - early May.
Raptor-1 Spudded March 28, 2014 Expected to take 90 days. First Week of July.
From today’s Annual Information Form:
1. “we plan to drill at least two appraisal wells in PRL 15 during 2014.” (Antelope-4 and Antelope-5)
2. “We expect the Triceratops-3 well to be drilled in 2014 after we have interpreted seismic data.”
From today’s Conference call:
1. “Antelope Deep, is expected to be spudded in the second half of this year.” (Antelope Deep-1)
2. “And the two Antelope appraisal wells, they should be spudded in the second half of this year with a third well, if required, to follow shortly thereafter. (Antelope-4, Antelope-5 and maybe Antelope-6)
So which wells do they say will be drilled in 2014?
1. Bobcat-1
2. Wahoo-1
3. Raptor-1
4. Antelope-4
5. Antelope-5
6. Antelope Deep-1
7. Triceratops-3
Antelope-6, if required may carry over into 2015.
From the Conference call Q & A:
“Q - Pavel Molchanov>: Okay. And then on Triceratops, any sense of timing on and you might be able to do some appraisal at that prospect?
A - Michael Hession>: Yeah. Our plan is definitely to do some appraisal on Triceratops. That also is a very interesting gas discovery which is underappraised. We plan at the moment to be first Q of next year. We're working through the timing of the drilling. But I would say if you [indiscernible] (24:24) with first Q of next year, we'll have a better understanding of what Triceratops is going to give in terms of value. I expect that it'll be March or April of 2015.”
I don’t think Hession, in the above statement, is changing what is stated in the Annual Information Form about drilling Triceratops-3 in 2014. He is saying he will have a better idea of the value of Triceratops Field by March or April of 2015. Does that mean he will have Triceratops-3 data evaluated by then or does it mean that more than 1 additional Triceratops well will be drilled by then?
It looks like we will get all of the wells drilled this year that are needed to get the Elk/Antelope Field re-certified (with the exception of the third appraisal well, if required). That is both the appraisal wells and the exploration well. These are the wells that are needed for IOC to get their resource payment and probably reach the FID for the LNG project. This is where the big money is and it looks like they are expediting the work required to get the the big bucks.
Looks like an exciting 2014 if they fulfill all of their plans.