Hi Werlick,
As I have had no messages to respond to on this thread and since I've nothing "new" to volunteer to the thread, I've chosen to just sit back and watch global economies deflate (and Clinton go down) !!
Seriously Werlick, I've been spending a fair bit of time scouting the Turner Valley area where BEA/STF now have their SECOND MAJOR gas discovery. BEA/STF have just finished deepening a suspended well at 7-25 and they have again hit big time (i.e. greater than 100 BCF recoverable!!!).
Speaking of my scouting activity, you may recall that my "field abilities" were recently attacked and ridiculed over my March 13/98 post to the Bearcat thread
Message 3701435
which related to the Esso/BEA/STF FIRST MAJOR gas discovery in that same area. Well Werlick, I invite you to judge those abilities for yourself. Just visit the Bearcat website at the following URL:
bearcat.ab.ca
to view some photos of testing operations on the 3-21 well. (Keep in mind that the well was making ~1,000 bbls/d of condensate/light oil while it was flaring the ~6 MMCF/d gas shown. Also, the choke was set at only 1/2 inch!) I don't know what you may think Werlick, but I still hold the same opinion that I expressed in my March 13, 1998 post --> This sucker will "RING THE CASH REGISTER"!! And, since Esso has already indicated 150 BCF of recoverable reserves (under ONLY that portion of the pool in which Esso has an interest) while BEA has estimated over 600 BCF of recoverable reserves (for the entire pool), I feel no compelling need to defend my Feb & Mar/98 scouting reports to the Bearcat thread that this first discovery was in fact BIG/HUGE.
Werlick, if you are interested you will likely be able to monitor the "re-birth" of the Turner Valley oil/gas field on the Bearcat thread. It will be a more active thread than the TKE thread for the next little while I think.
But, back to your comments, Werlick. I do expect that "tight lips" will persist through the land sale next week (and quite possibly even through the land sale of Sept 30).
With respect to another Apache earning well, I'm waiting for a news release. Since there are important regional land sales Sept 16 and 30 it would be very silly for either Apache or the sisters to announce any definitive plan to proceed with another earning well in the near term (assuming of course that they are interested in buying more land as a group). On the other hand, there could be some motivation for Apache or the sisters to disperse some deliberate and carefully crafted (perhaps even slightly misleading??) comments such as -- Apache will not be drilling another earning well at this time (where "at this time" is not quantified).
Maybe Apache will soon drill to earn more lands. Maybe they won't. Do they even have to if the deep pool is only about 4 sections (~280 BCF) in size ? (That of course would depend on the productivity of the 3-22 well.) If Apache do not elect to drill the other blocks, will someone else farm in on those blocks ? Or, would the sisters want to drill offset lands themselves if Apache doesn't ? And hell, if Apache just dips into the top couple inches of their little "$500 MM(U.S.) acquisition war chest" and buys out the sisters (after comprehensive News Releases by each of the sisters, of course), then Apache won't even have to "earn" more lands will they !!
Ther are just too many unknowns here for me to predict what will happen, Werlick. But, I do know what I've seen and I continue to believe in the deep play. So, I'll wait for more information. In the meantime natural gas prices are firming again.
To my knowledge the shallow 3-22 twin is not licensed yet but you can certainly bet that it will spud this fall.
Best to you as well.
Later,
grayhairs |
