For those interested, just posting my summary of the latest release of the Alameda-2 Unit 1B Workover.
The numbers below relate to the numbers on Slides 1 & 2.
1. A list of what I see as the key improvements that will be included in the next Unit 1B well Amistad-2.
2. IMO, the method used to shut in the well - bullheading (see Slide 3) - forced the shut in fluids deeper into the formation that the reperforations, new perforations and acid squeeze / soak were able to penetrate. Thus, potentially limited, if any, virgin formation, unaffected by the shut in fluids, was accessed by the Workover?
3. The peak total fluid rate of 4,167 BPD achieved while surging the well implies a high reservoir pressure.
4. The surge flow rate, the original stabilized flow rate of 1,235bopd & the materially sub-optimal drilling & completion that this resulted from gives me hope for a materially higher from flow rate from subsequent Unit 1B wells assuming similar reservoir parameters.
5. Need an update from MAY on the capacity of the vessel for the first trial shipment of oil. AP has mentioned in the past the likelihood for a small 25,000 barrel shipment to be made to test transportation logistics etc.If a 25,000 barrel shipment was made then the first shipment could be in ~1 months time?
6. Drilling of Amistad-3 is commented on as being a contingent well. IMO, I think this is just management caution "speak" as I would not expect the JV to go ahead with the cost of Pad 9 if they felt their were any real risks of reservoir production issues as they step way from the tested Alameda-2 location.
GLTAH Cheers VOGC
MAY Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
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