CC is right. This is great news indeed.
Firstly, I would like to give kudos to IOC. Rarely does a company offer this level of detail to the public at this stage in their game. They are clearly proud of what they have so far at T2.
They tell us that they are beneath the Orbulina Marl, so I know the carbonate reservoir is of Miocene age.
I am sure they picked the best samples to present in photographs, but the fluorescence looks good to me and I do this for a living.
On page 10, the lower picture shows the Dolomite sample from 1830m depth under a black light.
On the left, you can see that fluorescence is evenly distributed throughout the sample and bright white. Very nice!
On the right, they are showing you the sample after being cut with solvent. It shows a bloom which is indicative of very good porosity. If porosity was low, it would show up like a comet tail, streaming out of the individual grains. This is a key indicator for me that permeability is high (at least for that depth).
IOC indicate fluorescence for the entire limestone/dolomite sequence so far. That tells me that the entire column is "wet gas" - gas with high condensate levels.
The upper picture shows the fresh cuttings in water. Water helps us to see structure in the grains. Wet a limestone table slab and see the fossils "pop out". Same thing here. Note that this sample is from 1413m. If you look at the log on page 8, it is in the limestone above what they are calling reef. I would have preferred to see a dolomitic sample...
The log on page 8 shows quite erratic drilling rate on the left from about 1750m to 2000m. Losses are also high across this interval. Both of these indicate porosity throughout that section.
The gas ratio plot on page 9 is very interesting to me, but likely quite boring to most folk here.
The upshot of it is that we have a lovely zone of gas and condensate, just as they tell you in their comments.
I would like to know what system they are using. GC Tracer, Flair, etc...
I think they are being generous in their mapping of gas laterally across that entire East-West 7km structure on page 6. It is a possible scenario but not likely in the real world. It is probably a lot more complex than that.
Note that they map a thrust fault to the South of Triceratops in slide 5. Regardless, T2 is showing a lot of gas in that East hump.
This all proves their aerial geophysical mapping techniques, which allowed them to cover A LOT of ground quickly and high-grade areas for further ground-based seismic. This makes all of their properties that much more prospective and should raise both the buy-in price and the interest level in becoming an IOC partner.
Just my $0.02.
S&P |
