T-2 Testing Confirms 'Second Largest' Find

[Tree]

This article is sooooo deceiving.  It is toooooooo easy to have your 'second largest' find when your 'first largest' find is nuttin but a scam as thoughtfully argued this week by a couple of liars!!!!

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T-2 testing confirms ‘second largest’ find

Wednesday, 15 August 2012 Blair Price INTEROIL estimates the Triceratops-2 discovery well in Papua New Guinea’s Gulf province has a gross hydrocarbon column height of 248m but the total column in the field may be vaster. InterOil also has two more wells on the horizon. Triceratops-2 well in PNG's Gulf province. Image courtesy of InterOil. A series of drill stem tests have been completed on Triceratops-2 since May 14 when it flowed 17.6 million cubic feet of gas per day with a condensate to gas ratio varying between 13.6 barrels per million cubic feet and 16.3bbl/MMcf. As part of its second-quarter results, InterOil said gas and a stronger condensate ratio had been confirmed in an additional 40m of pay in the lower two reservoir intervals. “It is the company’s view that the results of testing at Triceratops-2 have established gas on rock in the upper limestone and established gas and a separate gas water contact in the lower limestone and established a gross hydrocarbon column height of 814 feet (248m) in the Triceratops-2 well,”InterOil said.  “Importantly, the gas pressures from both units lie on the same gradient as each other and the Bwata-1 well and indicate a gross gas column height of 1762ft (537m) in the field.” InterOil chief executive officer Phil Mulacek provided more insight in a conference call.  “Triceratops is proven to be the second largest gas structure that we have drilled in PNG and this was documented in Triceratops-2,” he said.  “The recent surprise during testing operations was a high condensate yield we recovered in Triceratops-2.  “This recent high condensate data will likely have us revise the drilling and completion strategies of Triceratops-3.  “The liquid side of the business is a proven strength of our joint venture partner, Pacific Rubiales Energy and we'll be working over the coming weeks on this revised execution strategy, looking at potential early condensate sales and early cash flow.” Under the recent JV, PRE will help fund up to six Triceratops wells and has so far paid $US20 million of the staged cash payments to InterOil.  Meanwhile, InterOil’s Rig 2 will be moved to spud Antelope-3 in the neighbouring licence area while its Rig 3 will spud the Elk-3 well further north.  “With the access roads from the north and the south and central camp development completed and in place, InterOil is set to begin the drilling of these two important obligation and appraisal wells in petroleum retention licence 15,” Mulacek said.

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Meanwhile TLM Scrounges for Billions or Trillions CF of Gas.  More likely the BCF.  Where are

all the liars slamming TLM on SA?  Oh yeas, Like Henry said in 2010 CC  with MS Calio (paraphrase):

Since Joining IOC - 'Biggest surprise is seeing the roles short's play in manipulating share price.  Saying outrageous and sill things regarding resource and comparing reefs to shale plays etc.  (chuckling)  I come from the world of majors where this just doesn't happen and frankly I'm gobsmacked by it"

Guess TLM is too big for the big Short guy to push around with BS claims.

Talisman well results unknown

Blair Price Friday, 17 August 2012 TALISMAN Energy says it is too early to know the production potential of its Weimang-1 exploration well in PNG’s Western Province, which met its unrevealed “pre-drill expectations”. Puk Puk-1 PNG licence map courtesy of Talisman. While there was no answer on what those expectations were in terms of possible billion cubic feet or trillion cubic feet of gas levels, Talisman Niugini spokesperson Andy Grainge did provide a general operational update toPNGIndustryNews.net.  “The Weimang-1 well found gas in line with pre-drill expectations,” Grainge said.  “At this time, it is too early to know the resource size and production potential of this well.” Talisman is now moving onto the Puk Puk-2 appraisal well which is in the same tenement, petroleum prospecting licence 235.  “Our drilling program continues with a target of up to four exploration wells by end [of] 2013 in Talisman operated licences, subject to prospects being identified and firmed up from seismic acquisition,” Grainge said.  “These exploration wells will help us define the likely potential resources within our very large acreage position in PNG. Talisman will also participate in a number of other wells in licences operated by Horizon Oil.” Talisman’s strategy to prove up enough gas for possible commercialisation through LNG is going to plan.  “To date the resource build is on track for our target of between 2 - 4 tcf and our exploration program will continue to focus on the southern hub of PPL 261 and PPL 235 where the next phase of 2D seismic acquisition [more than 500km] is due to start in October 2012,” Grainge said.  Talisman’s $US280 million farm-out to downstream player Mitsubishi struck earlier this year was expected to reduce Talisman’s average stake of nine licences in this region to 40%. A lot of paperwork behind the various transactions involved is complete.  “We have received government and partners’ approval for our deal with Mitsubishi, which is now a full joint venture partner in eight licenses,” Grainge said.  “We are working together on a three year forward exploration program and considering monetization options including tie-in to a third party facility or construction of an LNG export facility in the PNG Foreland.” The Puk Puk-2 well comes with big expectations. Rift Oil was acquired by Talisman after independent analysis of Puk Puk-1 discovery of 2008 concluded it was capable of producing more than 100mmcf of gas per day.

[Palm]

Love that Talisman article. Now if IOC management said that a well far exceeded their undisclosed estimates, what would the Yazooers of bashing fame have to say about that?

"the beat goes on with this group. Can you believe the things they say that get accepted at face value?"

"great point Bones. Clearly deceptive stuff."

[admin]

Yea, where were the bashers when the TLM CEO said that there were likely to be 11TCF on their license area in PNG?

[Tree]

Well...?? We should have 2 rigs moved OR drilling extensions. Rig#2 had been at T-2 and that rig was de-comissioned this summer. Was that bad-boy moved yet? I'll take a spud and the new associated gas over an extension.

********** ..."Meanwhile, InterOil’s Rig 2 will be moved to spud Antelope-3 in the neighbouring licence area while its Rig 3 will spud the Elk-3 well further north. “With the access roads from the north and the south and central camp development completed and in place, InterOil is set to begin the drilling of these two important obligation and appraisal wells in petroleum retention licence 15,” Mulacek said."...