52949NEWS snips from Offshore Data: returning to the age old tridition, Teddy's comments are in italicts
U.S. GULF: Jackup PARKER 25 presently is working for Comstock Resources in South Pelto Block 1. The rig was idle since May.the day rate doesn't matter, better than doing nothing
U.S. GULF: Jackup MARINE 17 is on an ADTI turnkey well for Spirit Energy 76 in Vermilion Block 26. The rig previously was on a completion job for Spirit Energy 76. turn key is better than nothing. keep ‘em turning to the right
U.S. GULF: Coastal Oil & Gas plans to drill a well in Vermilion Block 252. The well will be drilled in 155-foot waters by a jackup. take one more rig off the iddle list
U.S. GULF: Sabco Oil & Gas plans to drill a sidetrack well in Mustang Island Block 889. The well will be drilled in 36-foot waters by a jackup. Seems to be a lot of them li'le rigs finding work
U.S. GULF: Burlington Resources made a gas discover on its Vermilion Block 84 No. 5 well. The well, drilled by jackup CLIFFS 152 to a total depth of 14,100 feet, encountered approximately 100 feet of net
pay in two sands. The well will be completed and tied back to the existing Vermilion 84 production platform facility. Burlington Resources holds a 50 percent interest in the well and is operator; partners include Magnum Hunter (12.5 interest), Spinnaker Exploration Company LLC (18.75 percent), Tana Oil & Gas (12.5 percent) and Continental Land and Fur Co. (6.25 interest). Teddy did not post this with any intention of hyping Slider's latest scam stock <VBG>
U.S./INTERNATIONAL: Schlumberger introduced a downhole logging tool
combination that differentiates between oil, water and gas in real time. The GHOST (Gas Holdup Optical Sensor Tool) detects and counts gas bubbles in a liquid stream (or liquid droplets in a gas stream) providing the data required to calculate the flow rates for each
phase. The device has undergone almost 100 field tests around the world. typical SLoB news: great company, might move 1/32
UK: EDC is expected to select a rig soon for its one-well plus one-option requirement in Block 28/10 off the UK. Work is scheduled between Nov. 1 and Dec. 31 with an anticipated duration of around 20 days plus possible testing. The option well is scheduled for late first quarter or early second quarter 2000. Pick NE, i own the stock !!!!
UK: Conoco is unlikely to proceed with a formal tender following last month's prequalification inquiry into a 10,000-psi jackup for programs in the southern sector of the North Sea. The duration is for up to nine months with an anticipated commencement in January 2000 and is in addition to a program with jackup ENSCO 92. The requirement likely will be fulfilled via direct negotiations with a selected contractor. Select NE, i own the stock !!!
ANGOLA: Elf Angola's Cravo-1 wildcat well offshore Luanda, Angola, is reported to have tested at over 5,000 b/d. The well was drilled by R&B Falcon semi JIM CUNNINGHAM in 4,624-foot waters. maybe they should drill a few more with the same rig, just for luck.
Here's a couple that i did not post just because i think GLM is one of the worst managed companies in the bid-ness:
SOUTH AMERICA: Global Marine continues to market two of its rigs stacked in South America. The company has bid jackup GLOMAR LABRADOR 1, which is stacked off Argentina, for work in the North Sea. There is a small chance the rig could find additional work in Argentina and Global Marine will not move the unit to the North Sea on speculation.
The company is bidding drillship GLOMAR ROBERT F BAUER, which is stacked off Peru, for work off West Africa. Global Marine is keeping its options open for the rig, but feels the best prospects for work will be in the West Africa region.
IRELAND/U.S./WEST AFRICA: Global Marine expects delivery delays on newbuild drillships GLOMAR C R LUIGS and GLOMAR JACK RYAN. The rigs, which are under construction at Harland & Wolff Shipyard in Belfast, Ireland, now are slated for delivery in the first quarter of 2000 and the third quarter of 2000, respectively. The C R LUIGS had been slated for delivery in late November and was to begin its Gulf of Mexico drilling contract with BHP Petroleum in January 2000. The JACK RYAN had been slated for delivery in late March 2000 and was to begin a deepwater drilling contract with Esso offshore West Africa in February 2000. Additionally, Harland & Wolff has advised Global Marine of potential claims for additional costs, primarily involving steel weight content.
Global Marine does not expect the resolution of these claims to have a material impact on its future earnings. sure dude, i believe that. Wanna buy a bridge ?
AUSTRALIA: BHP Petroleum reportedly is considering the sale of its non-core oil and gas assets in Papua New Guinea (including its 9.7% stake in the Kutubu field) and the Timor Sea, as well as its Minerva gas field offshore Victoria, Australia, for $526 million. Potential buyers include Santos, Woodside, Premier Oil and Boral Energy. Teddy can not comment on this.
FRANCE: Stena International increased its holdings in Coflexip Stena Offshore by exchanging its holdings of convertible notes into common stock. The notes, which were part of Coflexip's payment for the acquisition of Stena in 1994, were converted into 2,227,272 shares of stock. The note exchange and the effect of the conversion of redeemable notes also held by Stena, increases the group's ownership of Coflexip Stena from 17.9 percent to 25.2 percent. If you can understand that, you did not finish your wine at lunch.
paul,next time you think about posting something like your last comment about me, ( Reply # )please do something else.
thanks,
Teddy
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