HDR hardman resources limited

e.g. of An informative report.

  1. 10 Posts.
    An example of how an exploration company kept its shareholders and the marketfor informed.

    An example for WPL/HDr to follow?

    Here is a bit of history on Triton Oil's discoveries in West Africa (Equatorial Guinea)

    Also an inference that flow rates from "laminated sands" -in this instance, not much different from other areas in the same field and production flow rates of 10K bopd per well per day.

    An interesting read in while we wait for some real info from HDR.

    TRITON was taken over last year at a price of around $US 1.8 billion.


    Triton Energy (ticker: OIL, exchange: New York Stock Exchange) News Release - 6/4/01 Triton Makes Second Oil Discovery Offshore West Africa
    DALLAS, Jun 4, 2001 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL) reports that it has made another significant oil discovery on Block G offshore Equatorial Guinea. The analysis of drilling, wireline logging, downhole pressure measurements and reservoir/fluid samples indicate the Company's G-5 exploration well has gross oil pay of 407 feet, with 200 feet of net oil-bearing pay in one pool.
    The discovery, named Okume, is located nine miles northeast of Triton's Ceiba Field. The Okume-1 well encountered reservoirs similar in quality to those of Ceiba, with an average porosity of 28% and multidarcies of permeability. Okume (pronounced O-koom-may) oil is 37-degree API gravity crude.
    This is Triton's second major oil discovery on Block G in less than two years. "The results of the Okume-1 well confirm our belief that there is a prolific functioning hydrocarbon system in the Rio Muni Basin," said James C. Musselman, Triton President and Chief Executive Officer. "We are extremely pleased that our exploration program in Equatorial Guinea again has unlocked significant shareholder value. "This success demonstrates the highly prospective nature of blocks F and G, as well as our other acreage in West Africa, which provides numerous opportunities for sizable long-term reserves and production growth through the drill bit. "Obviously, we are very early in the process of evaluating the size of the new field, but, prior to drilling the Okume-1, we estimated the prospect size to be 25-250 million barrels of gross recoverable oil," Musselman added. "Importantly, the well was the first test of several similar prospects in the same area that we high-graded based on 3-D seismic attributes calibrated by early exploration drilling and Ceiba Field development.

    The aggregate gross recoverable oil of the greater Okume area could be very significant, potentially more than the Ceiba Field." Triton is planning future appraisal to confirm the discovery and prove minimum economic reserves for project development.
    In addition, the Company is evaluating options for an early production system if warranted. "Since the Ceiba discovery in October 1999, we have pursued a systematic exploration process, leveraging leading-edge technology and the basin learning curve to replicate exploration success," said Brian Maxted, Triton Senior Vice President, Exploration. "We chose not to flow test the well because we believe we can confidently predict Okume-1's deliverability.
    Based on the well results, we estimate Okume-1's flow rate would be between 10,000-15,000 barrels of oil per day (BOPD). Instead of flow testing the well, we will invest the time and money in the appraisal of our find," Maxted added. The Okume-1 well, named after one of the most valuable timbers in Equatorial Guinea, was drilled at an approximate cost of US$5.5 million to a total depth of 7,064 feet in approximately 1,604 feet of water. It is located 18 miles off the continental coast of Equatorial Guinea.
    Brought on production in November 2000 less than 14 months from discovery, the Ceiba project set an industry time record for deepwater development.

    The Ceiba Field is presently producing about 45,000 BOPD. The Company anticipates the rate increasing to 80,000-90,000 BOPD in early 2002 when it expects to have 10 producing wells and four water-injection wells on line and operational. Triton anticipates it will drill two additional exploration wells in Equatorial Guinea, the first on Block G prior to year-end 2001 and the second on Block F in early 2002.
    Triton to Provide Live Webcast of Investor Meeting Triton will provide a live webcast, including PowerPoint slides, about the Okume discovery at 3:00 p.m. Eastern time on Wednesday, June 6. Individuals may view the webcast on the internet at www.tritonenergy.com . However, they are urged to check the web site ahead of time to ensure their computers are configured for the audio stream and slide presentation. Interested parties without access to the internet may also listen to the presentation in a simultaneous teleconference call (audio only) by dialing 1-800-521-5428 prior to 3:00 p.m. Eastern time June 6. For callers outside the United States and Canada, dial (303) 267-1002. The call ID number is 1065827. The webcast will remain accessible for 30 days on the Company's website. A replay of the call will be available through 7:00 p.m. Eastern time on June 13 by dialing (800) 625-5288. Callers outside the United States and Canada dial (303) 804-1855. The call ID number is 1065827.

    About Triton Triton has an 85% working interest in and is the operator of Block G and the adjacent Block F offshore Equatorial Guinea, which together encompass an area of approximately one million acres. Triton's Ceiba Field is located in Block G of the Rio Muni Basin, about 22 miles offshore and 150 miles south of the country's capital, Malabo, and off the shore of the city of Bata. Triton's partner in the blocks, Energy Africa Ltd. of South Africa, has the remaining 15% working interest. The government of Equatorial Guinea has a 5% carried participating interest in Ceiba Field production and will have a 5% carried participating interest in production from the Okume discovery if it is confirmed to be commercial. Triton Energy Limited is a Dallas-based international oil and gas exploration and production company with major oil and gas assets in West Africa, Latin America and Southeast Asia. More information about Triton may be found at the Company's web site, www.tritonenergy.com
    Triton Energy (ticker: OIL, exchange: New York Stock Exchange) News Release - 6/4/01


    Triton Energy (ticker: OIL, exchange: New York Stock Exchange) News Release - 4/9/01

    Triton's Ceiba Field Development Wells Find New Oil Accumulation; Increase Field Size and Reserves
    DALLAS, April 9 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL) reports that its recently drilled development wells in the Ceiba Field offshore Equatorial Guinea have extended the field size to the northwest, encountered a new, deeper oil pool and increased estimated field reserves. "We are extremely pleased with the progress we are making on our Ceiba Field development program," said James C. Musselman, Triton President and Chief Executive Officer. "The Ceiba-8 and Ceiba-9 wells indicate this field has significant growth potential. Both Ceiba-8 and Ceiba-9 have shown us that our acreage on Blocks F and G clearly holds sizable upside surprises, so we are reevaluating it based on the very encouraging results of these wells."

    Ceiba-8 Well Encounters Thickest Sands to Date; Finds New Oil Accumulation Triton's Ceiba-8 production well, the best well drilled in the field so far, encountered the thickest net pay to date in the Ceiba Field. Ceiba-8 penetrated a new, deeper pool in a reservoir not seen in any previous Ceiba wells.

    Located on Block G in the Gulf of Guinea, Ceiba-8 penetrated 413 feet of net oil-bearing pay, including 98 feet in the new pool, based on the analysis of drilling, wireline logging, downhole pressure measurements and reservoir/fluid samples.

    Additional analysis and appraisal drilling will be required for the Company to determine the significance and potential of the new oil pool, which has a pressure that is 400 psi higher than the pressure of the primary Ceiba oil pool.

    The Ceiba-8 well was drilled in the central portion of the Ceiba structure in an area previously thought to have uncertain reservoir potential. Pressure measurements in the Ceiba-8 well confirm reservoir connectivity with current producing wells and that the field is performing as expected.

    Based on the well's results, the Company is refining its Ceiba Field geologic model to redetermine reservoir thickness, quality and extent in the main pool.

    Ceiba-9 Well Encounters Oil, Increases Field Size In addition, Triton's Ceiba-9 well, planned as a water-injection well, found 174 feet of net oil-bearing pay and an interpreted oil-water contact on the Ceiba Field's north and west flank that is 374 feet deeper than the oil- water contact found on the south flank of the Ceiba Field. The Company believes that the results of the Ceiba-9 well will extend the known limits of the field to the west and northwest, which will significantly increase field reserves from year-end 2000 estimates.

    The Company plans to determine the size of the extension and reserves increase with a future appraisal drilling program. (A map of the Ceiba Field is available on Triton's web site, www.tritonenergy.com. Click on News Releases.) Ceiba-7 Well Confirms Productivity of Laminated Sands Triton's Ceiba-7 production well was the first well to be completed and tested in the laminated-sand facies.

    Test results confirm that the laminated sands have good deliverability and reservoir continuity and connectivity. At year-end 2000, the Company had booked no reserves attributable to the laminated sands in the Ceiba Field. "Thanks to the findings of the Ceiba-7 well, it is very likely that the field's laminated sands will make an important contribution to future Ceiba Field oil reserves," said Musselman. "Ceiba-7 is the first well in the field to be completed using an open-hole gravel pack technique, which will enhance the oil deliverability in these laminated-sand reservoirs. We also anticipate using this method to complete future wells." The Global Marine R. F. Bauer drillship, which is batch drilling the Ceiba-9 and -10 wells, will resume drilling the Ceiba-10 as a producer during the next two to three weeks.

    After drilling Ceiba-8, the Sedco 700 semisubmersible drilling rig has moved to the eastern portion of the field to drill a second water injector, Ceiba-11. Triton's current development plan calls for 14 wells to be drilled and completed in the Ceiba Field -- 10 producers and four water injectors -- by early 2002. "Our immediate focus is on Ceiba development and generating substantial cash flow," said Musselman, "so we will sidetrack the Ceiba-9 well downdip as a water injector to maintain reservoir pressure and enhance oil recovery as planned."
    Block G Exploration Well Scheduled in May The discovery of a deeper oil-water contact in the Ceiba-9 well and revised seismic calibration data provide Triton with the technical basis for a new geologic model for the Ceiba Field, which has positive implications for nearby exploration prospects scheduled to be drilled later this year.

    After reviewing exploration prospects and reassessing its exploration strategy on Blocks F and G, Triton plans to resume its exploration drilling program by spudding a wildcat well on Block G, the G-5 well, which is scheduled for May. The G-5 well location is being finalized.

    Ceiba Field's Current Gross Production at 45,000 Barrels of Oil per Day; Colombian Fields Produce at Steady Rate Gross production from the first four Ceiba Field wells is currently at about 45,000 barrels of oil per day (BOPD), or about 32,000 BOPD net to Triton.

    In March, field production averaged about 42,000 BOPD, or about 29,000 BOPD net to Triton, due to well testing and planned shut-in periods. Triton's Cusiana and Cupiagua oil fields in Colombia are currently producing at a gross rate of about 313,000 BOPD, or about 30,000 BOPD net to Triton. In March, the fields produced at a better-than-expected average gross rate of about 318,000 BOPD, or about 31,000 BOPD net to Triton.

    About Triton Triton has an 85% working interest in and is the operator of Block G and the adjacent Block F offshore Equatorial Guinea, which together encompass an area of approximately one million acres. Triton's Ceiba Field is located in Block G of the Rio Muni Basin, about 22 miles offshore and 150 miles south of the country's capital, Malabo, and off the shore of the city of Bata. Triton's partner in the blocks, Energy Africa Ltd. of South Africa, has the remaining 15% working interest.

    CONTEMPORANEOUS NOTES TAKEN DURING PUBLIC WEBCAST
    Sedco 700 $US 85k/ day 1 year hire
    share price Triton US$37.00
    Drive mechanism G5 (Okume) same as Cieba- water drive then secondary recovery
    source rock? no test but believe same as Cieba
    oil/water contact 200 metres further down dip.
    Cieba 5 to 7 years life

    appraisal programme 1 well 50% size proven
    Original scenario Cieba seen as large.
    Okume difficult
    Okume 1 well in every segment
    sev segments
    confident extrapolate to limit of segment with siesmic
    4 or 5 well to get to upside of volume estimates ( 250mmb)

    commercial minimum?
    40 to 50 mmbbl

    budget
    no revision
    have capital to develop Ceiba and explore okume
    more seismic northern toe thrust
    Seismic coverage is good reprocessed orig data.

    G5 & g4 COMPARISON AND PRO37


    using water recov ceiba . 30-35% recovery 17% primary (without secondary recovery water injection)

    Seismic pre stack (not post stack).

    TRITON
    Fundamentals Snapshot Security: OIL (Common Stock) Exchange: New York Stock Exchange Currency: US Dollar

    Trading Statistics | Ratios | Snapshot | Balance Sheet Highlights | Cash Flow Highlights | Income Statement Highlights
    LTM = Latest Twelve Months, MRQ = Most Recent Quarter
    Revenue & Earnings [ Definitions ] Ratios [ Definitions ]

    Revenue (LTM) (millions) $398 Price to Earnings 23.5
    Income from Continuing Operations (LTM) (millions) $86 Price to Revenue 2.94
    Income from Total Operations (LTM) (millions) $86 Price to Cash Flow 9.6
    Diluted EPS from Continuing Operations (LTM) $1.33 Price to Book 5.80
    Diluted EPS from Total Operations (LTM) $1.33 Debt to Equity Ratio (MRQ) 2.48
    EPS Change (LTM) 37.8% Current Ratio 1.5
    ROE from Total Operations 42.6%
    Dividends [ Definitions ]
    Growth Rates [ Definitions ]
    Ex-Dividend Date 12/18/00 5-Year Annual Revenue Growth Rate 23.22%
    Dividend Rate $2.80
    Yield 9.0%
    Yield - 5 Year Average 2.7%

    Fundamentals Trading Statistics Security: OIL (Common Stock) Exchange: New York Stock Exchange Currency: US Dollar

    Trading Statistics | Ratios | Snapshot | Balance Sheet Highlights | Cash Flow Highlights | Income Statement Highlights

    Price & Volume [ Definitions ] Short Interest [ Definitions ]
    Recent Price $31.25 As of 5/10/01
    Trade Date 6/7/01 Short Interest 1,250,324
    52-Week High $50.88 Short Interest Ratio 2.8
    52-Week Low $16.75
    52-Week Change -3.7% Insider Transactions [ Definitions ]
    YTD High $32.26 As of 4/30/01
    YTD Low $16.75
    YTD Change 4.2% Institutional Holdings [ Definitions ]
    Volume (10-Day Average) 573,000 As of 5/31/01
    Beta (5-Year) 1.31 Shares Held by Institutions 16,241,000
    Percent of Shares Outstanding Held by Institutions 43.3%
    Share Related [ Definitions ] Institutions Holding Shares 140
    Market Cap. (This Class, Common) (000) $1,170,906
    Market Cap. (Total, All Common Classes) (000) $1,170,906
    Shares Outstanding (This Class, Common) (000) 37,469
    Shares Outstanding (Total, All Common Classes) (000) 37,469
    Shares Outstanding Date 5/31/01




    DKS37 ( previously Orezrules)

 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.