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Agreed - mud issues, in my opinion I think the problems at BB will actually help this EWT as lessons were learnt. For example if they revisit BB for a possible future sidetrack, they will likely use an alternate completion methodology, new completion fluids, the possible use of small-bore radial drilling and other reservoir stimulation techniques, as stated in Annual Report and Accounts For the year ended 30 September 2017. The main point about BB seems to be an operational problem as discussed...
https://youtu.be/rvw9ikPZma0?t=485
Ibug,
Thanks for the info.
What I found interesting is that if they revisit BB for a possible future sidetrack, they will likely use an alternate completion methodology, new completion fluids, the possible use of small-bore radial drilling and other reservoir stimulation techniques.
Sounds like some good lessons were learnt on this new type of oil play, and will be very useful for the HH EWT.
Penguins,
I think you missed the point I was making. I am not aware of any official RNS explaing why oil did not flow at BB, other than what Vonk alludes to in an interview. The RNS's you point out do not address what the BB problem actually was. Do you know of an RNS where the problem was officially stated?
In the absense of this I keep an open mind about bentonite being the problem and it was just an operational problem as alluded to in this interview ....
https://youtu.be/rvw9ikPZma0?t=485
I think a lot of investors are quite rightly concerned about the BB problems. When I came across the Vonk interview it was the first time I heard it being discussed. Take it or leave it, as you say it is just an interview...
Thanks for pointing out all the RNS links, I know it takes time.
Heid,
Never really believed that paid posters existed until I read the following albeit old post . Perhaps I should consider a career move out of retirement LOL!
"Confessions of a paid deramper...."
https://hotcopper.com.au/threads/esg-and-derampers.1561150/?get_post=true#.W3RBy6LTU0M
I will keep an open mind as to the reasons why BB never flowed, as it has never been made clear, but perhaps it was the bentonite in the mud that Vonk alludes to at 08:05 minutes in this interview.
https://youtu.be/rvw9ikPZma0?t=485
However, he goes on to say the problem was operational and NOT a formation problem as per RNS 27Dec2017.
"BB-1 core demonstrates world class oil-source potential, several Kimmeridge zones exceed 30% Total Organic Carbon ("TOC") by weight, three times higher than equivalent section seen in Horse Hill"
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=UKOG&ArticleCode=ir9r13ci&ArticleHeadline=Amended_Operational_Technical__Corporate_Update
SS explains here that commerciality is not just flow rates, but volume, which is now being tested by EWT...
https://www.youtube.com/watch?v=PcSQ4M4buBI
This is a three year old video by Stephen Sanderson when he became CEO and hosted by Tom Winnifrith which essentially gives a lesson on the geology in the weald basin and IOW. I found it useful in understanding information presented in RNS data. For example the massive difference between the portland and kimmeridge oil discoveries.
I would recommend setting aside 40 minutes to watch it sometime as it gets quite technical....
https://www.youtube.com/watch?v=SCQuL4rVAlg&t=2s
You might find this old video by SS on the flow rate achieved after the very first oil discovery in the lower kimmeridge zone.
It states that HH is close to commerciality provided a future EWT proves volume. Not long to wait...
https://www.youtube.com/watch?v=PcSQ4M4buBI
Indeed after only 8.5 hours it was stated that Horse Hill was close to commerciality as far as flow rates were concerned, but it is neccessary to prove volume with EWT.
REMEMBER this old video after just the first oil discovery in the lower kimmeridge, they hadn't even found the oil in the upper kimmeridge and portland at this point!
https://www.youtube.com/watch?v=PcSQ4M4buBI