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18/10/14
10:35
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Originally posted by paulharris
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My thoughts precisely twoeasy.
SEE:
Posted on ASX 11 April 2011: - Arthur Creek Unconventional Resource Estimate Confidential Report by DSWPET For Central Petroleum Limited 8/04/2011 Unconventional Reservoir Resource Assessment The Arthur Creek Formation Georgina Basin Australia in Central Petroleum Limited's Acreage.
Page 5 Executive Summary:
The individual plays and their mean prospective resource estimates are:
1. Upper Arthur Creek Shale Gas - 15 TCF
2. Lower Arthur Creek Shale Gas - 18 TCF
3. Lower Arthur Creek Shale Oil - 5 Billion BBLS
Page 19:
The best source rocks in the Southern Georgina Basin occur in the Lower Arthur Creek Formation especially in the lower "hot shale" facies. This shale has total organic content readings of up to 16% and type I/II microbial organic matter with high initial hydrogen indices.
NOW CONSIDER
Announcement 14 Sep 2014
"Currently the rig is drilling ahead with 12 ¼” Top hole at a measured depth of below 400 m. - .... - The primary objective is the Lower Arthur Creek Formation, which will be fully cored and sampled for gas desorption and reservoir properties, in addition to an extensive logging program to evaluate the hydrocarbon resource potential. Gaudi is expected to be drilled to a total depth of approximately 2,900 metres, and will be extensively cored, logged, and cased upon completion."
[MY COMMENT underline "to a total depth of approximately 2,900 metres"]
Announcement 7 Oct 2014
"As at 06:00hrs on 7 October 2014 Gaudi-1 was drilling ahead in 8½" hole at a depth of 2,095m. Once drilling reaches 2,102m wireline logs will be run to confirm stratigraphy. After logging it is planned to run intermediate casing and then commence coring operations through the Arthur Creek Formation."
[MY COMMENT: note the reference to 2102 m and note per the next announcement that that was reached later on the same day. Make an interpretation of the next announcement in the light of the above words "it is planned to run intermediate casing. It can be seen that for the next 10 days – see following announcement – the well remained at the intermediate depth for wireline logs and casing.]
Announcement 17 Oct 2014
"As at 06:00hrs on 17 October 2014 Gaudi-1 well was cutting its first core which has now been completed. Drilling reached 2,102m on 7 October 2014 and wireline logs were run to confirm stratigraphy. After logging, intermediate casing was run and cemented in preparation for the coring operations through the Arthur Creek Formation......
"Gaudi-1 is the second well in a program of unconventional gas exploration wells operated by Central (via subsidiary Merlin Energy Pty Ltd in partnership with Total) and is being drilled using Enerdrill Rig 2. The primary objective is the Lower Arthur Creek Formation. Gaudi is expected to be drilled to a depth just below the Arthur Creek Formation, and will be extensively cored, logged, and cased upon completion. "
[MY COMMENT: the previous 10 days were spent casing and cementing to facilitate coring which began on 17 October (AT THE INTERMEDIATE LEVEL OF 2102 m). When the coring is completed, drilling will be resumed for the additional 800 m necessary to take the hole to the target depth of 2900 m of (see announcement of 14 September). This interpretation is confirmed by the second paragraph of the 17 October announcement which says that the primary objective is the Lower Arthur Creek Formation and Goudie is expected to be drilled to a depth just below that. If we must complain, a legitimate complaint would be to point out that the person who chose the wording of the 17 October announcement was clumsy in that after specifying the primary objective as being the Lower Arthur Creek Formation he or she then proceeded to speak of something different, that is the Arthur Creek Formation (neither Upper nor Lower). This is a minor error and indeed could actually be defended on the basis that the upper and lower formations when considered together can legitimately be described as the Arthur Creek Formation even if that might be confusing.]
So to my mind, there is not a lot to worry about here. The well is at an intermediate target – The Upper Arthur Creek Formation – and has been wirelined and will soon be cored. When that is completed, the drill will move ahead a further 800 m at least.
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Paul H.
That is one of the most logical, factual, unemotional blogs I have read on CTP's blog. Thank you for taking the time and effort to do so. It sure is hard to push against the lemmings at the cliff face!