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PSA, PETSEC ENERGY LIMITED
misterious
post Posted: Oct 31 2006, 03:04 PM
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In reply to: annaliese on Tuesday 31/10/06 08:23am

Slide rule, protractor and test tube packed---arrive China tomorrow night, will report exact reserves in Beibu Gulf---line up Rothschild '73 (north end yard) lunch Friday fortnight.
biggrin.gif

 
annaliese
post Posted: Oct 31 2006, 08:23 AM
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In reply to: brett68 on Tuesday 31/10/06 10:15am



I hope Mosaic does not mind but I borrowed this post of his from the Horizon thread and modified it to reflect Petsec's JV interest:

"Inside cover of HZN annual report indicates for BEIBU GULF

A) Appraised for development (consistent with PSA/ROC/FAR song as you would expect)
a) 40 mmbo recoverable in WEI 6-12-1 and WEI 6-12 South discoveries [PSA 5 mmbo].
b) 20 mmbo recoverable in WEI 12-8 area discoveries [PSA 2.5 mmbo].

So total Appraised at Beibu Gulf is 60 mmbo reccoverable [PSA 7.5 mmbo]

B) Exploration Potential
a) 66 to 120 mmbo in WEI 6-12 area [PSA 8.25 to 15 mmbo]


Conservative estimates? (Mosaic continued)

Estimating recoverable reserves for an oil field is not an exact science, and there are a lot of risks involved. Based on past experience (I have followed Doran from Command Petroleum days), rightly or wrongly I have drawn the conclusion that John Doran (ROC CEO) naturally prefers to have upside surprises rather than disappoint the market. For this reason, I believe that WEI 6-12 reserve estimates will be conservative."


 
brett68
post Posted: Oct 31 2006, 08:15 AM
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In reply to: annaliese on Monday 30/10/06 01:30pm

- a bit of googling on the ORRI stuff but a bit light on figures:

Main Pass 89
Petsec: 4% overriding royalty interest
Operator: Coldren Oil and Gas
Coldren made a gas discovery in the June quarter and is currently evaluating development
options for the well.

http://www.eandpnet.com/acthighlights/ah.gulf.html

12. Coldren Oil & Gas LP, New Orleans , La. , registered a dual completion in 45 ft of water in the southwest corner of Main Pass 89 in the Gulf of Mexico . According to the company's exploration plan, it could drill up to four wells in the block. The company did not report test results for the 7,309-ft 1 OCS-G-22790 well. The only previous producers in the block are more than 2 miles (3.2 km) to the northeast, IHS Energy said. At that location the 1 OCS-G-06804 Main Pass Block 89 field well tested for 6.69 MMcf of gas with 5 bbl of condensate from Miocene perforations between 5,212 and 5,320 ft (1,590 and 1,623 m). The well produced a cumulative 4.86 Bcf. of gas, 2,569 bbl of condensate and 103,236 bbl of water



West Cameron 462
Petsec: 4% overriding royalty interest
Operator: ATP Oil and Gas
ATP Oil and Gas drilled a gas well on this lease during the third quarter. The well is suspended
for future production.

http://phx.corporate-ir.net/phoenix.zhtml?...ular&id=889914&

At West Cameron 462, ATP has both a proved undeveloped location and an exploratory opportunity. The first well, the exploratory target, was drilled to total depth and encountered new natural gas pay. The second well, the development well which has already been drilled, is scheduled to be completed early 2007. The platform and pipeline installation should be completed during the first quarter 2007. The first well along with the second well will be tied back to a nearby sales pipeline with first production scheduled for the first half of 2007. There were no reserves included in the year-end 2005 reserve report for the exploratory well. ATP is the operator of West Cameron 462 with a 100% working interest.



 
annaliese
post Posted: Oct 30 2006, 02:04 PM
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In reply to: will_smith on Monday 30/10/06 03:38pm

Yes the previous drilling programme stated 2-3 shallow wells at Moonshine for 6-10 BCF so thats a significant step up. Targets of 5-15BCF are very respectable for shallow targets.

I guess that reflects the relatively unexplored nature of the Moonshine leases.

Its also good to see further diversification of their income locations. By June next year we should be producing from up to 4 GOM locations not including the ORRI contributions or West Cameron(all but depleted).

I suspect part of the programme slippage is brought about by integrating the new GOM leases for prioritising and the 6-12 discovery implications for producton and further exploration.

 
will_smith
post Posted: Oct 30 2006, 01:38 PM
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In reply to: annaliese on Monday 30/10/06 01:30pm

Yeah ,I do like them going for a better target range with moonshine than previously advised & so they should.

They have got a lot of propects there & Ill bet they have found something
of very low risk ,have no problems with drilling 01/07



 
annaliese
post Posted: Oct 30 2006, 01:31 PM
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In reply to: annaliese on Monday 30/10/06 03:30pm

Oops, that should have read MP-89 for the ORRI.

 


annaliese
post Posted: Oct 30 2006, 01:30 PM
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Pretty much as expected but there were a couple of surprises.

Interesting to see that discoveries were made at MP 19 (ORRI 4%) and also at WC462 ( ORRI 4%).

There was no mention of discovery size but it appears there should be some income from these sources.

Also good to see that the Moonshine programme while pushed back is now larger. Targetting shallow targets they intend drilling up to 7 wells for a rough average of 70BCFe.

The 6.12 discovery looks to about 4.25MB to Petsec to go with the 1.25MB at 12.8 and the inherited discoveries estimated at 45.6 MB recoverable to the JV.

 
miningnut
post Posted: Oct 30 2006, 01:26 PM
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In reply to: will_smith on Monday 30/10/06 01:22pm

Funny how HZN has gone from 34c to 36.5c since release of PSA's quarterly - did someone let the cat out of the bag before time?

 
will_smith
post Posted: Oct 30 2006, 01:22 PM
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In reply to: miningnut on Monday 30/10/06 01:16pm

stocks gonna rally & thats good

production shut down in Sept that was good

day trade the junk ADI,GDN ,invest in PSA that good

 
miningnut
post Posted: Oct 30 2006, 01:16 PM
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70 to 100mil brls oil in Wei 6.12 discoveries with recovery of 30 to 50% - I must have missed Roc's guidance of that previously.
Moonshine drilling back to next year - not good.
Bank balance - not good.
Increased cost of Verm257 duster - not good.
Production/EBITDAX as expected but not good.
No resolution with Triangle re MP18 gas well or buyout of MP19 - not good.
Hedging prices for next year look good.

 
 


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