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Gold/Mining/Energy : ATPG Shareholders
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To: petro1 who wrote (2866)3/20/2013 4:28:18 PM
From: Kramer382 Recommendations  Read Replies (1) of 3620
 
Several things need to be understood about the announcement. First, the Shenandoah discovery is in Walker Ridge, block 51, not Garden Banks. No reserve estimates have been given so I wouldn’t jump to the conclusion that it is anywhere near a Billion barrels, which would be the largest field ever found in the GOM.



Second, the other discovery Cobalt previously announced was the North Platte discovery. This field is in Garden Banks, but at the very southern extent of Garden Banks. Here is a map you can use to zoom in on the areas.



offshore-mag.com



The names you see on each block represent the Operator of that lease. Do you see the name ATP anywhere near either of these discoveries? No, you don’t.





In both cases, the discoveries have been in the lower Tertiary trend. This is in ultra deep water and ultra deep wells are required, in excess of 30,000’. The play is entirely sub-salt and invisible to anything but the most sophisticated and expensive seismic data. ATP doesn’t have any acreage in this trend and they never drilled a subsalt or an ultra deep-water prospect. The closest acreage that ATP owns to either of these discoveries is Entrada in Garden Banks 782, which was never a lower Tertiary prospect and is over 10 miles distant from North Platte and more than 40 miles away from Shenandoah.



These wells cost over $180 million to drill and are very risky. ATP wouldn’t touch this trend with a mile long pole. This trend is for those with very deep pockets and lots of patience.
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