Raptor has 150 million barrels of condensate certified

[petrengr1]

JFT- Where are you getting this stuff? I have not heard IOC mention anything about a gas reinjection project to recover condensate for early cash flow. We have been arguing about the possibility of a gas recycling project since since way back in the Yahoo era.

There will never be a gas recyling project at Raptor. They show a condensate/gas ratio of about 40 Bbl/MMCF which I expect is on the high side. This field is deep and high pressure. It is 4,032 meters (13,228 feet) deep. They never reported a gas or condensate flow rate. Just said gas and condensate had been recovered at the surface and directed to the flare. It would cost too much to do this for a short time before the field is developed for LNG. In the first place they would require two or more wells. It would take a lot of horsepower to reinject large volumes of gas into the formation at these depths and pressure. It would be too costly to be profitable. Raptor is a long way from the river and there are no roads or pipelines.

I am afraid we will have to wait for an LNG project to see any economic benefit from these fields.

The only way we might get early cash flow (next five to ten years) is if we can make another "transformational" deal with someone like we have with Total. Or maybe sell gas directly to PNGLNG or Papua LNG.

[jft310]

On the call they mentioned they were looking at the possibility of a stripping plant .
You want to find that statement or should I ???

[jft310]

Beveridge

"Yes. No, I think that's very helpful. And just one quick follow-up on that. I think it was mentioned on the potentially high compensate volumes in Raptor over a 100 million barrels. Is there any thought to compensate recycling scheme, I think InterOil had looked to that in the past potentially fair, Antelope has had something that you could look out potentially for Raptor?"

Dr. Michael Hession

"A very interesting question here." But just on David's point, with respect to the intended well test. Let me tell you what excited the CEO. This connectivity issues significant because it looks like this is a relatively simple reservoir which can be drained by relatively few wells. That connectivity will translate to lower CapEx. We can see a scenario where this field may well be drilled and developed from what had. Now, as normal, you would have a reserve pad, but that's quite extraordinary and that's something what we're working through further.

PET please tell us why Hession thought the idea of a condensate stripping plant was interesting ????
That's my source . Please show where they are not interested , Thanks in advance ...

[sageo]

JFT- Where are you getting this stuff? I have not heard IOC mention anything about a gas reinjection project to recover condensate for early cash flow. We have been arguing about the possibility of a gas recycling project since since way back in the Yahoo era.

There will never be a gas recyling project at Raptor. They show a condensate/gas ratio of about 40 Bbl/MMCF which I expect is on the high side. This field is deep and high pressure. It is 4,032 meters (13,228 feet) deep. They never reported a gas or condensate flow rate. Just said gas and condensate had been recovered at the surface and directed to the flare. It would cost too much to do this for a short time before the field is developed for LNG. In the first place they would require two or more wells. It would take a lot of horsepower to reinject large volumes of gas into the formation at these depths and pressure. It would be too costly to be profitable. Raptor is a long way from the river and there are no roads or pipelines.

I am afraid we will have to wait for an LNG project to see any economic benefit from these fields.

The only way we might get early cash flow (next five to ten years) is if we can make another "transformational" deal with someone like we have with Total. Or maybe sell gas directly to PNGLNG.

Pet - Good am to you. Loved your "where are you getting this stuff?". Your points are so true .( I call it 'realism' .) This am he posted something about "the next earnings call" in 6 weeks.....using the word " earnings" call just doesn't seem appropiate....maybe should read" next report in 6 weeks" . That would be more realistic.

Read earlier in a report about IOC's board of directors.....10 0f them. Seems like"too many chiefs and not enough indians"to me.Also,report said that Hession expects to spend 175 million in 2016 !!! At that rate our borrowed 300 million won't last very long. Oh well, I guess the bankers have more to loaned us.  (big smile .)  As Red said, God bless !

[jft310]

The diference in quantity of oil condensate between Antelope and Raptor/ Bobcat is dramatic .
One marginal the other prolific .
Hession stated its an interesting idea
Phil M went so far as to get an independent study from a condensate plant engineering firm who concluded it was a viable idea . That study would be in the data room . It was on the IOC slides before you appeared .
This certainly does not mean they will build that plant .
But it does show both CEO's liked the idea . Is it possible they know things you do not know ?..
Why do they both like the idea ???

[Thylacine-2]

I think Hession was just being nice to the questioner, with a standard "interesting question" response. He didn't say anything like "We are looking into that possibility." or give any indication that IOC is actually considering the possibility of a condensate stripping plant at Raptor.

[petrengr1]

The diference in quantity of oil condensate between Antelope and Raptor/ Bobcat is dramatic . One marginal the other prolific . Hession stated its an interesting idea Phil M went so far as to get an independent study from a condensate plant engineering firm who concluded it was a viable idea . That study would be in the data room . It was on the IOC slides before you appeared . This certainly does not mean they will build that plant . But it does show both CEO's liked the idea . Is it possible they know things you do not know ?.. Why do they both like the idea ???

Yes, they know a lot more than I do. Wake me up when they announce they are building a stripping plant.

[jft310]

If a condensate striping plant was such a bad idea why did the PNG govt approve a plant for Horizon and Talisman.???Why did they agree to build that plant???
Or there is precedent for a stripping plant on PNG fully approved by the govt.
Smoke that one for awhile.
Or its a possibility and there is zero reason to rule it out!!
That doesn't mean that's what they decide.

[kommonsents]

Ah, the pom poms are wilting.....

[Ass0ciatedPress]

If a condensate striping plant was such a bad idea why did the PNG govt approve a plant for Horizon and Talisman.???Why did they agree to build that plant??? Or there is precedent for a stripping plant on PNG fully approved by the govt. Smoke that one for awhile. Or its a possibility and there is zero reason to rule it out!! That doesn't mean that's what they decide.

Don't believe Pet ever called it a bad idea. He said it's not as simple as you're making it out to be. You took one word from a conference call and then let your mind go wild. Is Repsol still building the project? I found the link below just now and its from 2014 references the high capex cost ($380M) and I do not believe this is currently operational.  I believe the quickest way to cashflow is to get our payment from Total.

If Condensate stripping is what they want to pursue, I would imagine we are 2-3 years out. You can't just say "interesting" and turn on a magic pipe to make it happen. Another question is who is going to pay for it? How?

http://horizonoil.com.au/wp-content/uplo...-a-BUY.pdf