Received this Shoal Point update by PM with permission to post:
CIMA,
Regarding a post by raisenkaine on the Pinnacle Oil thread. Raisenkaine said he has heard Shoal point was drilled too far, the hole collapsed, they are cementing the hole, and will drill around the problem area. Anyway, I heard the same thing from one of the companies involved at Shoal Point. The hole did collapse and they are going to be going around the area. So I think your source is jumping the gun. Apparently Hunt and PanCanadian using seismic, and Pinnacle using the airborne SFD, all picked to within 100 yards the same exact location as the optimal location to drill. Unfortunately, that location would cost a lot from a platform, something like $25 million? So instead, Pan Canadian decided to drill down, then sideways at a slant to an area that lies very, very close to a major fault line (?) So it is a tough well to drill exactly, but the costs will be much less, $12 million or so. SFD gave very good hydrocarbon signal on Shoal Point, but I would caution against slam dunk on this high risk well. They may have to drill again to hit the sweet spot. Corresponds with what Encal has said about how complicated the structure was with faults, etc. Cautiously optimistic, but then again... maybe first time is a charm.
|
