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spirit

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  1. In reply to: apache123 on Thursday 07/07/05 03:18pm Hi Apache - I'm impressed by your graphics [NZ/Malta]. Can I ask the source for each? thanks in advance Spirit
  2. I guess someone can always play hardball. Why front up with $100m for just some of the licence when you can pull the pin, buy the company for nothing, and have all of it for the same expenditure. Putting Afrex into PCL might have made the opportunity too great to resist.
  3. Daj - I'm still here but have finally sold out of HZN. Certainly in my view there has to be a reasonable likelihood that the oil charge at Maari [along with Moki and Maui-4] has been from the west, but perhaps more probably from the kitchens further north of Pukeko. I've looked carefully for potential migration paths into the Maari licence area from the west and there is a ridge between Pukeko and Maari/Moki/Maui-4 which would tend to interrupt any direct westerly charge. However there does seem potential for viable migration paths out of the NW. In summary, the results from Pukeko and especially Tui/Amokura to the north are certainly positive for further exploration potential in the Maari licence area. Spirit
  4. Pukeko-1 [AWE/NZO/PPP] is today reporting good oil shows to the west. This is definitely making the case for oil charge in Maari/Moki/Maui-4 to have been sourced out of 38460 and should cause a radical rethink of the Maari licence area. Spirit
  5. Juno - Yes, good question. Whatever it is,surely it must be something more tangible than mere speculation. Best candidate seems to be to do with offshore Kenya, and the seismic now being processed. I'm thinking if the basin is as good as they have touted, and the anticlinal targets are as large and simple as they seem, then maybe WPE are intending to go straight to drill - afterall why bother with 3D. Also,the lack of tie-in wells might also mean limited gain from 3D. No matter, we should know the actual reason soon enough - "by May" seems to be the consensus across the boards. Spirit
  6. The big buy at market suggests maybe something about to happen.
  7. IN REPLY TO A POST BY dreamer, Wed 10/03/04 11:20am You have to make your own inference. This must be the rig HZN are waiting on and the WZ 11-1N is now completed - on stream - therefore there can't be much holding it on station so wouldn't be surprised to have it already moving next door and getting ready to spud.
  8. Looks like rig must be on the way..... http://www.globeinvestor.com/servlet/Artic...23_2907_1102159 Spirit
  9. from another board, comment re ITC: Had a word with my broker's oil analyst......he said they are about to embark on a solid 5 well program in very strategically placed wellsite(s) + 1 contigent well. He said details will be out shortly ........
  10. It's interesting to note that ITC got up and running today, and with PCL storming ahead, and APX now getting a kick along in NZ, that's now all 3 of the smaller guys in JV PEP 38716 showing unexplained momentum. It will be interesting how Austral Pacific performs overnight in the North American markets, but for me it's looking like the expexplanation for all sudden activity may be centered on PEP 38716/Huinga or thereabouts. S.
  11. IN REPLY TO A POST BY trindlers, Sat 10/01/04 08:27am [READ POST] Spirit. Are you the same Spirit that posted on Ozestock around Huinga ST1 time? I recall attending a presentation by HZN around the same time they were testing Huinga (and doing a lot of head scratching) and talking briefly to Emmett. He basically said not to worry there was oil there but it was just taking time to get to the formation properly. Oh dear. Slightly optimistic. What about the PCL Chairmans "reluctant debutante' and don't worry ...remarks in the PCL Annual Report around the same time. And PCL MD's Andy Swalbe's comment to the local NZ paper regarding a $1bn 'oil field'! She fooled them all. Just enough residual oil in the fractures and also a fracture block that was much further across then anticipated and whooosh ... there goes $12m+ drilling costs. Regarding PCL - personally I think its just a case that certain punters are thinking they might be the next HDR. 8-10c to $1.10. Simple get some sexy offshore acrerage - farm in the big boys - get free carried and off you go elephant hunting. It worked for HDR of course. I sold out of PCL at 2.5c after Huinga and thought they might actually have trouble staying afloat after Huinga and the funds expended. They were fortunate Jingemia came along even though it was only 1.2% interest or something. Which they sold to NWE which gave them some breathing space. But good on them they have pulled off these Offshore prospects and the punters love a 'ten bagger' of course. Trinders - Yes, I'm the same one. By my preceding post you will see that I'm not really a fan of the fracture story for Huinga. Yes, I held onto some options and forgot about PCL until a few weeks ago. No, I don't know their story, but punters do seem the more likely explanation for recent activity, though not so sure about Friday's apparent strength. S.
  12. Huinga Revisited I'll do all this off memory, so some of the detail and sequencing might be a little off. As I recall, the JV gave no shortage of drilling detail, then when the well didn't flow, JV sentiment became variously perplexed, mystified, puzzled etc. Apparently, swabbing was only producing formation water and barely a trace of hydrocarbon. Not surprisingly, well cost was now beginning to get a little out of hand and operations were suspended. Later, advice spoke of residual or isolated hydrocarbon pockets, and seemed to indicate no likelihood of well production - in its current configuration. So what to make of it all? Recall how the well drilled to some 4500m TD, with strong hydrocarbon shows through the lower Murihiku basement overthrust and into the Kapuni all the way to TD, some 300+m. Free hydrocarbons were appearing at surface, and strong shows were expected to continue with depth. Additionally, the hole was unstable at depth and collapsing, and a lot of drilling mud had been lost.. An initial DST recovered maybe 30 bbl of oil. Attempts to case the lower hole were unsuccessful; deepening the hole went off the agenda. Next, lots of effort went into preparing the hole for testing an upper interval of the Kapuni sand and a lower interval of Murihiku fractures. Finally, the testing started and all we got was a small gas flare, then after several days of swabbing the JV advised formation water was being recovered - but no hydrocarbon. Now what can we deduce? Looking at seismic and various local well logs etc, there is good evidence for a nicely producing kitchen down dip from the Kapuni intercept at Huinga, say several km to the west. Also, it seems highly reasonable that the Kapuni sands should be comparitively loose and unconsolidated in the vicinity of our well bore. That is, they will be broken and disturbed by the advancing thrust of the Murihiku basement wedge, and vertical consolidation might have been minimised by protective action from the overthrusting wedge. So there is good rationale why our hole should be collapsing at depth and also be full of hydrocarbon. As a further support, the Waihapa/Ngaere oil field some 5km to the west, and higher in the basin at some 3000m depth, has not to date had an identifiable charge path or source kitchen. The Huinga intercept is consistent with our down-dip kitchen being the source for Waihapa/Ngaere, and a migration path following up the underside of the Murihiku wedge back out into the Waihapa/Ngaere structure. Also, Waihapa/Ngaere is approx 30mm bbl accumulation [and a lot of gas] so that gives an idea of the quantity of hydrocarbon that must have passed along any migration path. [As an aside, the Waihapa discovery well was drilled into the Kapuni at about 5000m where some gas etc was found. However at about 3000m they had lost a lot of drilling mud into a limestone interval A few years later they came back with the intention of side tracking at depth and drilling a more optimal Kapuni intercept, but on reentering the hole they first decided to perforate the casing and check out the mud loss. 5000 bopd came roaring out, and the sidetrack has never been drilled to this day.] So, how to summarize? From theory only there is a good case for Huinga, from drilling there was plenty of evidence to support this case, but from testing we got nothing. That's two for, and one against, so I've got to go with the majority, and conclude that something has gone wrong with the testing. I'm not buying the "isolated hydrocarbon pocket" interpretation. A few months back I took a look at the site; just some sheep wandering about. I'd been there before and saw that tiny little flame start up [the photo on the web sites looked far, far larger than in actuality], yet seen the oil apparently thick on the lower hole assembly as it was recovered from the hole. Yes, it's all just too inconsistent. I'll not at all be surprised if one of these days the JV returns, opens it all up again and, in a repeat of the Waihapa experience, this time it just all comes belting out. S.
  13. IN REPLY TO A POST BY fraz2, Fri 09/01/04 10:17am [READ POST] enjoying a nice little push today what's behind this? Cheers Fraz2 H This has been bugging me for some time now. My system crashed and I've taken a good year to come back on line so have never had a chance to comment on Huinga. Yes, it really has been a difficult one to call. Since, Bligh/HZN has walked away but PCL has stayed and Indo Pacific/Austral Pacific/APX has held the faith by increasing its share with the Bligh stake. Right now, HZN is holding strong ahead of the China drilling, but both PCL and APX seem to have a more silent agenda driving price. Newly listed on NZX this week, APX has seen somewhat surprising demand on the warrant, yet nothing on the head share. Maybe just some sharp thinking, because there is an absence of company news, even intuitive maybe, but I see that yesterday Austral surged on both the NY and Toronto exchanges - 40% on the OTCB. Also PCL has come back later in the week finishing very strong. Well, all this may have nothing whatsoever to do with Huinga but it makes for some good prompting for getting those thoughts away. I'll take a break for breakfast and then see what there is to say. S.
  14. It must be getting close to spud time. CNOOC look to be a top partner for HZN. CNOOC Makes Discoveries Offshore China & Indonesia HONG KONG, Dec. 26 /PRNewswire-FirstCall/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 883) today announced that it has made two oil and gas geological discoveries in the Western South China Sea, offshore China and three discoveries in West Madura Production Sharing Contract ("PSC") area, offshore East Java, Indonesia. Wildcat Weizhou ("WZ") 11-1N-1 was drilled on WZ 11-1N structure, in the vicinity of existing Weizhou fields. Well logging data revealed an approximately 164 feet ("50 meters") of oil zone.................. CNOOC to Delay Drilling in East China Sea Due to Weather Thursday, December 18, 2003 - CNOOC predicts that it will have to delay the launch of drilling at five oil wells in the East China Sea by a week. CNOOC to Begin Drilling in East China Sea in December Thursday, November 20, 2003 - CNOOC plans to drill one exploration well in the East China Sea in mid-December. CNOOC Makes Discovery in Beibu Gulf Wednesday, October 15, 2003 - CNOOC Limited has made a commercial discovery with appraisal well, Weizhou ("WZ") 11-1-2, in the Western South China Sea. PS - fortune cookie this morning says "A good time to increase your horizons" S
  15. On further investigation, it appears the action began in previous session,31 dec and continued over into today's open.
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