explorer marches into old cold war territory

I found this article on GDN and the Ukraine gas field Povorotnoye.

If you don’t want to read the full story, here is some things I found interesting. I don’t think this article has been posted before. Best to read the full story…..

Sorry I could not find any Date of the article.

Who knows, is this dog is starting to get rid of it fleas?

Link

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http://forum.hegnar.no/thread.asp?id=2119593
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Golden State's program is to spud Povorotnoye-12 – a twin of the Russians' first well – in June, of which it plans to farm-out part of the cost. A drilling team is in Perth organising the logistics including a 'western style' rig far superior to that which the Russians used. Though the Russians' first well did test at about 5.5 MM cf/d, they struggled to control it, eventually doing so with the help of the army before the second well blew out. Subsequent wells 3–7 did not blow out.

"Once we put this well on production we'll have one team preparing to drill another three or four deep wells which will need to be drilled by 2013 to bring the field completely into production. At the same time, the drill team will look at getting a shallow rig in to drill some 1200 m holes to evaluate the oil, which would be taken by tanker if there are small volumes; larger volumes may require another pipeline to be built."

Transeuro still has 15% of the permit, but Muir said Golden State is likely to take over the permit eventually. However, he said the company has had conversations with international significant independent companies interested in farming in, as the wells are "not cheap".

Golden State may also raise revenue by selling its Paradox Basin interest. It also has a royalty over an iron ore mine to the north of Kalgoorlie, WA which will produce a 2.5% royalty, which is saleable for the life of the mine, once the State Government gives its approval.



Wally