CVN 0.00% 16.5¢ carnarvon energy limited

Like everyone else, I have been trying to figure out what they...

  1. 18,681 Posts.
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    Like everyone else, I have been trying to figure out what they are going to do next.

    Statement from Adrian:

    “There is great potential within this basin for significant hydrocarbon volumes to exist as I have referred to on numerous occasions. These results provide Carnarvon and its partner with enormous blue sky potential and a platform within the Phoenix South and Roc area in which to test and develop this potential.”

    So it looks like they want "One Platform" within Phoenix South and ROC areas.
    Any way, I went back to past press releases to try to find clues and found this diagram at the Good Oil conference.


    21 Oct 2016.jpg
    IMHO, this could be the clue of what they want to do next.
    Note the question marks (??) at both PS1 and ROC2.
    Well, now we know what is in ROC2 (the question mark in the red section)
    But what is question mark (?) at PS1.
    Will it contain gas and condensate that we could use to pump the oil in the Barret sandstones (4 columns of green)?
    And is it also a trap?
    Guess they will know whether it is a trap based on their 3d seismic.
    But we will need to drill another hole to find out if gas and condensate are trapped, under PS1, in the Caley sandstone.
    And if we find condensate and gas, it will be extremely valuable to our whole project - we could extract the condensate but re-inject the gas back into the oil field to extract as much oil as we could, economically.
    Lets remember this; Apache had originally estimated (and Finder agrees) that there could 300m barrels of oil in place, but due to the lower porosity (6 to 8%) and average permeability (10 to 100 md), DeGolyer and MacNaughton had estimated we could Only recover 19M barrels.
    But with gas injection possibility, we could increase the recovery at PS1 to 30% of the Oil in Place of 300M - well, at least I hope so...lol  
    Any way, that would equate to 90M barrels of oil, and in today's price of oil, equates to $4.5 billion USD on the oil alone (not including any condensate there) and our share would be at least $900M USD.
    Good money...
    So, IMHO we will conduct a PS2 before Dorado.
 
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