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ADI - Adelphi Energy

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well it's 3.5c which is 14 odd %

I believe it's worth more than 27c, but when it was trading lower than that yesterday and nothing has changed today I don't think it's worth 27c for this instance in time based on the market conditions.
 
agentm,

re the CoP article that you posted on the other board.

"The temporary pullback in the lower 48 U.S. states and Canada would result only in delays, not cancellations, of projects and would be part of a broader effort by ConocoPhillips to watch costs and prioritize spending, Chairman and Chief Executive James Mulva said in a conference call after release of the company’s third-quarter earnings report....Falling commodity prices have spurred ConocoPhillips to watch oil and gas project costs "very, very closely," Mulva said....But Mulva said the company has begun to notice a "softness" in rental rates for drilling rigs and other service cost reductions that could help improve the economics of projects going forward...."

What's your take in advance of the publishing of the full cap-ex budget in December?

Production from the Austin chalks should be relatively cheap, should it not? Gas, light oil, infrastructure nearby, refineries not too far away, local market, onshore, skilled labour force on tap, equipment and supplies easily accessed, no security problems, certainty of law....just name it and it seems to be optimised.
 
i listened to the presentation and q&A the other day.. the way he spoke was that some more high risk or higher cost projects will be calmed down, but he was saying they would possibly step up in the lower 48 on some new projects, and said in december the details would be announced.

my view is that cote d'or is already being upscaled into full swing, with permits for many completions and COP looking at the deeper plays below the chalks in their lateest marlene olsen well. i look forward to their results as it means a lot for kennedy to be able to get superior connectivity in the shale.

COP cant stop or slow down cote d'or.. its just about to get a whole lot of new rigs arrive to bring the exploration and development of the live oak region into a more meaningful position.

kowalik is imho a lot further ahead of where i thought it was..
 
"...kowalik is imho a lot further ahead of where i thought it was.. "

Now that is a real tease! Clearly not the length of the lateral because that is now revealed. I don't think that you're talking about completion operations either - not taken in the context of your comment on CoP likely activity (thanks for the additional comment on Mr Mulva's comments). We'll just have to wait for the flow results.

TCEI now has 5 permits approved for the remaining 3 of the four well programme (?) Looking at your excellent map, Gonzales and Reckling are up in the north near Kowalik where the 40% additional thickness of the formation is reported. Albert & Weston are further south either side of Kennedy but drilling SE instead of NW and Rudolf is nowhere in particular (NE of Weston but well south of the northern 3). Any guess on which will be spudded next?
 
two ways you can explore i guess..

one is to have a crack at the region and step your wells far apart and try to gauge what the region has to offer, the other is to do wells closer in and take advantage of what you know you have already got and expand on it..

imho a project this size needs bold step out exploration wells throughout the acreages.. so my guess is that we have no real zone 1 connectivity in the south. imho a more southern well may be next.. but in all seriousness i think the decision on the next well would still be up for debate.
 
"...so my guess is that we have no real zone 1 connectivity in the south..."
============================================================

Looking at your map, the most southerly of the drilled wells was Baker 1 and that is supposed to have nearly blown them off the planet (until they blocked it).

Most certainly, it is further west and the formation can change over short distances (the +40% thickness in the north, which is no great distance in reality) but is there any basis to query connectivity in the south at this stage?
 
estseon..

the pressure in sugarloaf 1 was noticed!



i saw somewhere you commented on the amount of proppant used in the petrohawk fracc of the eagleford..

can you recall how much proppant was used in the kennedy fracc?
 
10 July 2008

KENNEDY -1H
Adelphi has been advised by the Operator, Texas Crude (“TCEI”) that the second stage of fracture stimulation took place on Thursday 3rd July. In preparation for the stimulation, an additional three sets of perforations, each 3 ft long, were placed in between those used for the first stimulation in the bottom 600 ft of the well.

The fracture operation successfully placed approximately 100,000 lbs of high strength proppant into the fractures before high pumping pressures prevented the full program being completed, this represents 90% of the planned fluids and 50% of the planned proppant.

Flow back has recovered about 1,200 barrels of the 6,540 barrels of fluids pumped during fracture operations. Trace amounts of gas and condensate were also recovered towards the end of this period.
Operations are now in progress to clean out any fracture proppant that was left in the well bore as a result of the early termination of fracture operations. After that, flow-back and testing operations will resume. Further announcements will be made as the results become available.

a 600 foot section getting a planned 200,000 pounds of proppant, which means 2,000,000 pounds would be used in a 6000 foot completion.. thats some staggering amounts of proppant ..

i shale remind you of what they used in the eagleford again


HOUSTON, Oct. 21 /PRNewswire-FirstCall/ -- Petrohawk Energy Corporation ("Petrohawk" or the "Company") (NYSE: HK) announced a significant new natural gas field discovery in the Eagle Ford Shale in South Texas. This new field in La Salle County, Texas, was discovered after extensive regional subsurface and seismic mapping, geochemical analysis and petrophysical study. The Company has leased over 100,000 net acres in what it believes to be the most prospective areas for commercial production from the Eagle Ford Shale. The field is located immediately south of the Stuart City Field, which is on the Edwards Reef Trend that extends across South Texas.

"This discovery folds perfectly into our portfolio of unconventional resource assets," said Dick Stoneburner, Chief Operating Officer. "Petrohawk's staff has extensive experience in the acquisition and development of horizontal plays as exhibited by our results in the Haynesville Shale and Fayetteville Shale plays. Leveraging that expertise to uncover new opportunities like the Eagle Ford Shale adds significantly to our playbook."

The discovery well, the STS #241-1H, was drilled to an approximate true vertical depth of 11,300 feet during which extensive coring and open hole logging was performed. An approximate 3,200-foot lateral was drilled and subsequently fracture stimulated with over two million pounds of sand in ten stages. The well was placed on production at a rate of 9.1 million cubic feet of natural gas equivalent per day (7.6 million cubic feet of natural gas per day and 250 barrels of condensate per day). A confirmation well, the second well drilled on the project, the Dora Martin #1H, which is approximately 15 miles from the discovery well, has been drilled, cored and logged. The quality of the Eagle Ford Shale in this well appears to be superior to that found in the STS #241-1H. The Company is currently drilling the lateral on this second well. A third well is expected to spud by mid-November.

imho the kennedy is not in the chalks at all, and the fracture was done in the deepest part of the kennedy well which is more in the shaley eagleford regions which was equally overpressurised and it was hardly able to get half the proppant in because of pressure issues..

those pressure issues and fracc techniques will be resolved also in the near future imho, conoco did immediately go for the deeper regions in marlene olsen after seeing what the kennedy well did..

all imho and dyor..
 
Agentm

what downhole pressures are we expecting to see with Kowalik-1H , I see AUT have noted 0.76 psi/ft in their annual for the adjacent sugarkane field. Are COP reporting similar pressures.
 
i know estseon did some downhole pressure calculations based on the reported mudweights, 8300 psi was his figure i believe..

imho it is hard to be accurate but those sort of psi figures are commonly talked in all the wells..
 
Agentm said:
i know estseon did some downhole pressure calculations based on the reported mudweights, 8300 psi was his figure i believe..

imho it is hard to be accurate but those sort of psi figures are commonly talked in all the wells..
Click to expand...

Thanks , I wasn't sure if I was doing my calculation right after seeing 8000+ psi.

I got about the same figure using a 10 degree inclination and assuming a perfect triangle with a 4500ft lateral gave a vertical depth of about 11,000
and 11,000 ft X 0.76 psi/ft = 8360 psi . I am not sure what the correct inclination was but 10 degrees kept popping into my head for some reason.

That would explain a 50ft flare don't you think.
 
Interesting to see several relatively large trades take place in the last half hour this afternoon, pushing the share price up to 30c at the close (+22.5%). Today was the third biggest volume traded in the last 3 months.

Maybe there's some extra positive news in the next announcement, likely due tomorrow.

Fingers crossed! :D
 
something is about to give out there..

something is brewing...

i agree on the announcements side of things also, well sensed!!
 
this hand book is very useful if your into maths.. estseon!!

I've bookmarked it for future reference!

Seriously though, it's not worth putting guesswork into sophisticated equations. Logic would suggest that the pressure in the Eagle Ford will not be much different from the chalks - they've had a lot of time to balance out.

The fraccing does make sense (Kennedy) but the choice of proppant doesn't. The expensive bauxite based proppant (wasn't it?) was chosen because it was thought that the marble hard chalk would crush the cheaper sand (used by Petrohawk) - I haven't checked back but I thought that was the story at the time. If it's shale, it will be a lot softer than chalk. And it's not brittle like marble hard chalk.

So, what happened? Did they really not know what they had drilled through? Was the fracc only partly successful because it was designed for chalk rather than shale. Was the problem the liquid/proppant mix?

And how much of the lateral is actually in the shale?

Lots of questions - let's hope that they have the answers. Perhaps the JV will wait to see what answers CoP comes up with
 
I was way off the beaten track as far as inclination of the horizontal goes , the actual inclination was 60 degrees(ann 27 Aug 08). Wow that is one impressive piece kit they are using . You're right , leave the calculations to the professionals , there are too many variables to consider . Here is website about directional drilling if anyone is interested.

www.pathfinderlwd.com/services/directional_drilling.asp


Looking forward to results within next few days.
 
seasprite..

they came in high @ 60degrees.. they did not want to miss the formation,, so the first part of the lateral section of the well is finding the chalks.. hence the first report indicating gas reading that were increasing.. when they found the extremely hot and overpressurised chalks they would have gone straight and level so to speak.... my view is that well was in the zone all the way.. it got a lot of connectivity..
 
More strong buying activity this morning, following on from some spirited late buying yesterday arvo. Someone is quite happy to be picking up a heap of shares at 30c.

Do they know of something in the upcoming announcement that we don't?
 
29 October 2008

UPDATE ON OPERATIONS AT SUGARLOAF JOINT VENTURE

Adelphi Energy (Adelphi) is pleased to provide the market with an update on operations within the Sugarloaf AMI.

Kowalik -1H

Adelphi has been advised by the operator, Texas Crude Energy Inc (TCEI), that at 10:30pm Texas time on 25 October 2008 the Kowalik -1H well had been completed and the Patterson #130 rig was released and commenced demobilisation to the next drilling location.

Once the well site has been cleared, preparations will begin for the production test of Kowalik – 1H, which is anticipated to commence within the next 3 days. Results will be announced as soon as possible thereafter. The location has been tied into production and export facilities so that when the test is complete the production can be immediately switched to sales.

Weston -1H

Adelphi has also been advised by TCEI that the next well to be drilled within the Sugarloaf AMI will be the Weston -1H well. The well site is located approximately 1.5km to the east of the Kennedy -1H well and it is designed with a 6,000 feet horizontal section drilled to the south east. The well is targeting the upper chalk interval that produced flares while drilling the Kowalik -1H well and which has been reported to have successfully produced gas and condensate in three wells in the adjacent acreage. The well design continues to build upon the knowledge gained from recent operations and offset data.

The well is planned to take 65 days from spud date which is anticipated within the next week.


so weston is about to spud and production within a week..
 
Rig released and commenced demobilisation to next site

Preparations for production testing on Kowalik - 1H

Location has been tied into production and export facilities so that when testing completed production can be immediately switched to sales.

Sounds like they know what they have before testing and it is positive.

Been a holder for a long time and might get something back soon.
 

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