Quite a story with Dad Joiner and Doc Lloyd. Hunt basically gambled on Joiner and Lloyd, but waited until after the well was in. Joiner whether he knew it or not, said there was an ocean of oil beneath his feet, and that it was at 3500 where Lloyd said it was. He was an expert at getting widows and others to put up loot, shoe-stringing it along, while Lloyd phonied up the geology reports. The Majors believed the Woodbine would be at 3500 feet too, but they held it would be full of salt water, as there was no structure at all to it, no synclines or salt domes. It was at 3500 too, and it was full of salt water, but it also pushed ahead of it more oil than anyone had ever seen before. Joiner and Lloyd were right. They didn't need no stinking structure. A recession of the sea, an overlying chalk and a fault stop was all they needed. Old beaches and overthrusts, will do 'er every time. CSAMT would have seen that :)
After they found 'er, the majors walked in and Joiner and Lloyd never made a thin dime. Hunt had waited like a hawk, and when they flushed the rabbit, he dove for the leases. Barney Skipper, Lou Della Crim, Malcolm Crim and the farmers gambled long too. Skipper won, and so did Lathrop who drilled the 3rd well. All the majors and Hunt had to do was wait.
Money will do 'er every time. Drill, drill, drill. Shoulda put a statue of Joiner and Lloyd in Liecester Square, because they did more to help Britain win the second world war than anyone.
Interestingly, London, Longview and Palestine is about where the Space Shuttle went down. Another long gamble.
The majors still do not gamble on geology and no seismics. They still need to be told where the fish is found. I once beheld the source of the tar sands. 100 feet of solid hydrocarbon pay in sandstone overlain by clay. No structure at all. Now that has to be large. Still I cannot claim it. People have it who do not even know it is there.
EC<:-} |
