IOC PR: Raptor-1 Flares gas and condensate

[Putncalls]

Hey!
All you need is triceratops type finds to validate the "string of pearls". Once there is a market then drilling costs that are less than 10 cents per MCF really don't matter much. Who cares if an A2 type finds reduces the cost from ?10 cents a T to say 1 cent per T?

[calaban48]

PetEgr1, thanks very much for that explanation of the "oil window" and thanks for sharing all your expertise here for a long time. The message board would be poorer without you, sir.

[Kaliboo]

PetE – do you know if they have reported coring in any of the wells? There should be an easily recognizable drilling break as they enter the limestone. Given the troubles and open hole above the Kapau, they may not want to take the risk. Maps made without a well are only as good as the seismic data, which in this case, are pretty awful. The geology itself is a mess and 2-D lines have built–in migration issues, not to mention the surface problems. Mapping is tough at best, even after a well. Fortunately, reef indicators can often be seen even if you can’t map location vs. depth precisely. If you’re right that we’re not seeing better porosity/perm. in this location, then yes, updip may be the answer. However, I sure would like to know if I’m in a back- or fore-reef facies. Coring could give you some answers. IF they don’t see water, isn’t a possible oil leg still alive?

Northoil- To my knowledge they have not reported any coring (or anything else)in the recent wells. In the Antelope and Elk wells they took both whole cores and sidewall cores. A 6” hole is a little small for sidewall coring but they probably have such a tool. It is possible that they have taken some full cores in the 200 meter interval and they could have picked up some of the shallow marine fossils in the drill cuttings.

Regarding the possibility of the oil leg down dip if we don’t find water, see my comments above to Calaban.
The possibility of finding oil declines with depth in these deeper wells.

So we are at a depth of 13,329 feet. This oil window depth varies across the world depending on the oil characteristics, temperature and pressure etc. Yes, it can be much deeper in some areas - maybe the Gulf of Mexico.

Here is a comment that I pulled from an article:

"Tengiz is the world’s deepest operating super-giant oil field, with the top of the reservoir at about 12,000 feet (3,657 m) below ground."

So we may be getting into the “ball park” at 13,329+ feet.

I guess we will have to wait for MH to tell us. He is the explorationist and he should know these things about the area/region.

The "oil window" rule is unreliable.  Especially in new unexplored basins.  These png depths, pressures and likely temps (I haven't seen the temp data) are very average to low compared to many oilfields

[jft310]

Kaliboo tell that story to Oil Search who has producing wells on PNG at these depths..

[Kaliboo]

Kaliboo tell that story to Oil Search who has producing wells on PNG at these depths..

PNG may well be a gas basin where the geochemistry of ages past delivered mostly gas.  In some basins you have a mixture of differnt types of fields.  Depth, pressure and temperature cutoffs are not reliable factors to say whether any reservoir will be primarily oil or gas.  It's other factors that come into play.  I know of high pressure oil fields at great depths and over 300F with no free gas.  Using these old rules of thumb would have said that's not possible.

[Tusker]

CAC is spot on and today is another example of why the company needs to be sold. It's not the shorts and with all that is going on in the U.S. with oil and gas no one cares about a small cap drilling company in PNG. Good news is never good news and the only way to maximize shareholder value is to sell the company. If IOC discovers 20T's of natural gas in the jungles on PNG does anyone care? Exxon, Total, Oil Search, Shell and Woodside certainly do but no one else does, so let them pay shareholders for it. Raise your hand if you are ready to get paid! I can do a lot with $120 per share over the next 10 years. Chandler can too. Giving Hession

job security to drag this out into the next decade has provided shareholders what exactly? UBS still restricted.

Are you feeling ok?

1) " Good news is never good news.... "

    This is a bazaar statement.  So for example, IOC offered $250.00 per share by XYZ company.  Good news right?  WRONG !!

     Why, see quote above.

2) " If IOC discovers 20T's of natural gas....  " Exxon, Total, Oil Search, Shell and Woodside certainly do but no one else does,...."

    This is a bazaar omission.  The government and people of PNG plus the shareholders of InterOil are going to be astonished to  

     to learn that they are not included with those that care.

The question " are you feeling ok" is derived from me wiping the verbal vomit off my screen.

Tucker - Unicorn Appraiser

[CAC]

CAC is spot on and today is another example of why the company needs to be sold. It's not the shorts and with all that is going on in the U.S. with oil and gas no one cares about a small cap drilling company in PNG. Good news is never good news and the only way to maximize shareholder value is to sell the company. If IOC discovers 20T's of natural gas in the jungles on PNG does anyone care? Exxon, Total, Oil Search, Shell and Woodside certainly do but no one else does, so let them pay shareholders for it. Raise your hand if you are ready to get paid! I can do a lot with $120 per share over the next 10 years. Chandler can too. Giving Hession

job security to drag this out into the next decade has provided shareholders what exactly? UBS still restricted.

Are you feeling ok?

1) " Good news is never good news.... "

    This is a bazaar statement.  So for example, IOC offered $250.00 per share by XYZ company.  Good news right?  WRONG !!

     Why, see quote above.

2) " If IOC discovers 20T's of natural gas....  " Exxon, Total, Oil Search, Shell and Woodside certainly do but no one else does,...."

    This is a bazaar omission.  The government and people of PNG plus the shareholders of InterOil are going to be astonished to  

     to learn that they are not included with those that care.

The question " are you feeling ok" is derived from me wiping the verbal vomit off my screen.

Tucker - Unicorn Appraiser

*******

Blah, blah, blah.  I think most people could figure out that he meant...no past catylists touted as being "good news" (by many on this board) have actually been considered "good news" by the market.  About that he is 100% correct.  I recall you explaining why you considered the Wahoo suspension as actually being "good news" too.

"Verbal vomit" is in the eye of the beholder...errr, in the eye of the wiper.

[ebster123]

I consider myself a realist, I suspect (given comment which are either middle of the road are far negative) that Mikesioc is either a mole/plant or has some alterior motive. We are closer to the inflection point than ever. Is it up or down? I believe up but time will tell.

[Palm]

Mike is absolute noise and likely posting anymore just to see how people react. Starting to contradict himself (won't make it out of November/will be bought by end of 2015; $80/$120). Given enough time he will claim being right no matter what happens. We've seen that movie before.

[ArtM72]

It is hard to imagine the gas flare is not good news. How good is of course yet to be disclosed. For one, while I welcome announcement of the flare the dearth of information accompanying that news is unfortunate. Why was the flare info released? I like the jungle drum thesis forcing the release. Why no other common data like flow and choke and recovery being available? Anybody's guess. Typical M H.