NZ Oil & Gas (NZO)

[Lion]

BP Website:

Well spotted, mistaTea and very interesting. I'm sure it is quite a recent update there.

"After all this time, we might only be three months away from when we spud for the drill of a lifetime!" Woohoo!

Were you thinking of posting this on the CUE thread here or on Hot Copper? I will if you don't - won't hurt to spread the news to the Aussies.
Exciting times coming up - can't wait!

Disclosure: excitable, mature bloke.

[mistaTea]

BP Website:

Well spotted, mistaTea and very interesting. I'm sure it is quite a recent update there.

"After all this time, we might only be three months away from when we spud for the drill of a lifetime!" Woohoo!

Were you thinking of posting this on the CUE thread here or on Hot Copper? I will if you don't - won't hurt to spread the news to the Aussies.
Exciting times coming up - can't wait!

Disclosure: excitable, mature bloke.

Hey Lion, you can go ahead and share the link 😀

[mistaTea]

http://nzx-prod-s7fsd7f98s.s3-websit...475/326606.pdf

Confirmation of October target - not long to go now at all!

[Lion]

Mr Market seems to like the latest announcement, especially in Australia where CUE is up 18% - so far.

mistaTea - drill results could just be out by Christmas, if things go well. Spud early October and then the shorter drill time estimate of 70 days takes us to some time in December.

WPL announced yesterday that they should release the Ocean Apex this quarter, ​which ends in September.

[mistaTea]

Mr Market seems to like the latest announcement, especially in Australia where CUE is up 18% - so far.

mistaTea - drill results could just be out by Christmas, if things go well. Spud early October and then the shorter drill time estimate of 70 days takes us to some time in December.

WPL announced yesterday that they should release the Ocean Apex this quarter, ​which ends in September.

Yes it is possible that Santa may have a Xmas pressie for us this year. But even if they start on 1 October and it only takes 70 days...by the time they process and analyse the data I think it would be a while before they confirm if a discovery has been made or not. I would bank on finding out if we succeeded or not early next year - but I hope to be wrong on that!

Awesome that WPL have confirmed their release of the OA. I’ve never participated in a drill before so this is a new experience for me.

Hopefully digger chimes in soon. He REALLY loved this stuff.

[Getty]

Yeah, and while we're in the mood, also that dude Shrewd Crude

[digger]

[QUOTE=mistaTea;

Hopefully digger chimes in soon. He REALLY loved this stuff.[/QUOTE]

Hi Mista tea and other NZO holders.
I am certainly watching and reading all I can about what is happening. My nerve state is in conflict with covid19. By that i mean just as covid 19 potential members of the public buy toilet paper I will soon have to compete against them to stock up for the ironbark drill.
I have bought a few more NZO and CUE since the failed takeover days so my interest,concern, and payers are all hoping for a successful conclusion--well > 5% anyways.

I have taken part in many of theses drills before. NZO last success was TUI many many years ago,so just keep it in mind that more often than not the well comes up dry. If it is a fail,holders always say they are kicking themselves for not selling some or all in the predrill hype. Just a little warning to keep things in balance.
I will not be selling so in the end --so for richer or poorers we go forward.
Nothing to do now but wait and watch out for news clips.
Thanks for all your posting mista Tea. I read them with interest

[mistaTea]

https://www.google.co.nz/amp/s/www.o...ll-at-ironbark

Drilling needs to be done by mid Jan 2021 as the rig then goes back to Woodside.

Do any of the long term holders who have participated in drills before have an idea of how long it usually takes for them to process the data for a drill like this and confirm whether it has been a success or not?

We should know by February or March 2021?

[fish]

https://www.google.co.nz/amp/s/www.o...ll-at-ironbark

Drilling needs to be done by mid Jan 2021 as the rig then goes back to Woodside.

Do any of the long term holders who have participated in drills before have an idea of how long it usually takes for them to process the data for a drill like this and confirm whether it has been a success or not?

We should know by February or March 2021?

Hi MistaTea,

We may Know by Xmas .
They announce when it spuds,progress announcements,wire logging ,problems encountered,detection of hydrocarbons and a few days later how significant.
This is deep water gas and I have not researched recently but if I recall correctly its likely to be a complete hit or a complete fail.

Hope someone who Knows more than me posts about this topic

[Waikaka]

Might wade in here.

First off due to the cost in having kit out there decision are made quick. Less than a week to run flow tests to the surface once the well is completed.

They will have a decision tree set out before they drill. Which will look something like this:

Mudlog has shows/LWD positive/gas kicks - Yes then run wireline, no then abandon.

If wire line is not conclusive. P&A and work up the well with what data you have. If it shows good response then they put down a MDT (formation tester) to take a sample if there is not much or run DST (drill string test) which packs off and tests a reservoir unit if it can flow sufficent to the surface.

If it gets to DST test and flows well they know straight away if it amazing. Sometimes it is again inconclusive and needs further work.

If amazing they will often have follow up exploration wells already consented.

If it is exciting results stuff happens real quick. Think about Pohokura-1 which was completed in March 2000, found 130m gas, flowed at respectable ~17MMscf/d. Pohokura-2 was completed by June 2000 they were getting ready to run multiple DST in Pohokura-2 which ended up flowing at 35MMscf/d.

All I would say about knowing conclusive results early is that often they will drill frontier prospects a bit over balance until they understand which units are draining mud or producing fluids. This will often suppress the shows seen by the mud loggers. Hence the importance of LWD (logging while drilling). A positive DST doesn't guarantee a commercial success just read into Kora discovery in North Taranaki by Amoco.