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Down to 16736 early this morning. Could be all the way down by tomorrow barring any additional delays. http://www.cansup.com/pdf_files/ddu-03-06.pdf
Hey thanks. Knew to this field. This stuff is high tech and pushes the limits of what we can do. I love hard working people who push the edge. The explorers.
IMO the information indicates a substantial high pressure zone. That they are willing to spent the time and $$$ to get this completed is a very good sign. The last section they drilled seems to have penetrated the primary target, and it is IMHO prolific and extremely high pressure. Worth a BOP repair and sidetrack. To me, how many TCF is the only question!
So they had to repair it?? Must of hit the extreme pressures again? Am I seeing this right. So you stack mud on top to stop a blow out. Am I right on that?
Blowout preventer
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Two sets of blowout preventors for a well being drilled in Northern ItalyA blowout preventer (BOP) is a large valve that encases an oil well at surface. During drilling or well interventions, the valve may be closed if overpressure from an oil reservoir causes formation fluids such as oil and natural gas to back up within the wellbore and threaten the rig. By closing this valve (usually operated remotely via hydraulic actuators), the drilling crew can prevent explosive pressure release, thus regaining control of the reservoir pressure. Once this is accomplished, often the drilling mud density within the hole can be increased until enough fluid pressure is being placed on the reservoir, and the BOP can be opened for drilling to resume. The invention and use of BOPs resulted in the end of oil gushers, which were dangerous and costly.
http://en.wikipedia.org/wiki/Blow_Out_Preventer
Funny. Hope all is going well and we get a good month coming up.
Rock on. Drill her till you get it done. LOL Happy new years to all you drillers.
Thanks for update. So it may not be so bad if they can get it done. Just more time??
Sidetrack Drilling
A remedial operation that results in creation of a new section of well bore for purpose of detouring around "junk", redrilling a lost hole or straightening crooked holes.
News is out...kinda sorta good...MC used the word encouraging in the pr. Now if they can just get the sidetrack section all the way down we will be able to know just how much is there. PR indicates 162' to where they stopped. Also repairs to the bop so more time...this last section is sure eating up a lot of time, but it seems what they have seen so far will make it worthwhile.
http://finance.yahoo.com/news/Canadian-Superior-Hits-Main-iw-13928257.html
One hell of a dangerous job. I like this showing the size of some of the rigs. Brings things into perspective.
Thanks. I am new to this field doing some researching today on it. Heres to all the drillers out there. Happy holidays. Rock on.
We are way overdue for some news on what exactly is happening out there. A PR should be coming next week I hope. Wouldn't surprise me a bit if the lower section has to be plugged off and a new sidetrack started again.
There could also be rig problems such as a BOP (blow out preventor) repair job upcoming. This kind of delay and high pressures puts heavy wear on the BOP and makes repairs necessary, imo..... We had BOP downtime on the first well (Victory) I believe also...
Sticky post first time I used it. Makes it easy.
Endeavour-1
Block 5(c)
Drilling Update
http://www.cansup.com/pdf_files/ddu-03-06.pdf
Thanks GreatDane. I will help as I can. Here is something little I will add to message list. To make it easy for others to find and look at daily. It will show at top of messages.
Endeavour-1
Block 5(c)
Drilling Update
http://www.cansup.com/pdf_files/ddu-03-06.pdf
Hello All!
Merry Christmas All!
lightbeam (kool name!), I can't reply thru pm, as I am not a paying member. Yes, I would like some help putting the ibox together! Thanks! (I have added you too, hillzman!)
I have had some down-time, so let me keep it simple with some of my favorite movie quotes:
The Oracle: As soon as you step outside that door,
you'll start feeling better.
You'll remember you don't believe
in any of this fate crap.
You're in control of your own life,
remember?
Here, take a cookie.
I promise, by the time you're done eating it,
you'll feel right as rain.
and
Cool Hand Luke: Yeah, well, sometimes nothing can be a real cool hand
Godspeed, TheGreatDane
I sure hope so. We all need to have a better year than last.
Same to you and may the New Year be more rewarding for all!
Thanks I am looking forward to good news. Have a great Holiday season.
Hope so. I'm assuming that they were successful and will resume drilling. It appears that the down time due to the travelling block repair may have been the culprit...but who knows? I'm just hoping they are at or very near the target formation and this thing gets done before anything else causes more delays. If you read the pr's that dealt with "problems" experienced on Victory and Bounty, you will note that this problem was specific to Endeavour. Victory had delays due to a faulty blow out preventer. It was also noted that pressures on these wells has come close to exceeding rig capabilities. Time now to just watch for the hopefully great next pr with words like "completed drilling", "encountered primary target", and "will commence testing"!
A Holiday gift maybe???
As of Wednesday December 24, 2008, having drilled the
8-1/2” hole section to a depth of 17,073 feet subsea, have
now completed well control operations.
http://www.cansup.com/pdf_files/ddu-03-06.pdf
I am working with a man that spent his life in vibration testing and helping companies fix problems with failures of equipment. He worked on some of the biggest turbines to balance them, all sorts of testing till stuff breaks. He gave me a little prospective on the challenges these guys are doing. Interesting stuff. How long did it take to get under control last time?
Welcome and GLTY. There is also an active SNG board at Investors Village with some knowlegeable posters.
Thanks for the reply! Reading on what is going on!
Lots of "ifs", but if they are dealing with an extremely high pressure gas zone and are able to not only control the pressure, but actually test the well, it could be very good for investors buying at current sp. Given the market and current weakness in O&G, can't even speculate on how much of a boost thiswould provide short-term.
Is that good for us investors?? I am new to this tech. Thanks for your answer.
The Bounty well experienced pressures that tested the limits of equipment, so it is quite possible they have encountered the target zone and are trying to deal with extremely high pressures. Other possibilities, but too much high pressure gas would be my preference!
Does that mean they hit gas already???
http://www.cuddwellcontrol.com/otherPages/overview.html
Bought some today. Does anyone know what this means from the updates?
we
are continuing to work on well control operations
http://www.cansup.com/pdf_files/ddu-03-06.pdf
We have about a 1000 some feet to go!As of 06:00 ET, Friday December 12, 2008, have completed
travelling block repair, resumed drilling, and have drilled
in the 8-1/2” hole section to a depth of 17,014 feet subsea.
http://www.cansup.com/pdf_files/ddu-03-06.pdf
Won't be long now.
As of 06:00 ET, Friday December 12, 2008, have completed
travelling block repair, resumed drilling, and have drilled
in the 8-1/2” hole section to a depth of 17,014 feet subsea.
http://www.cansup.com/pdf_files/ddu-03-06.pdf
Just noticed if all goes well with the drilling. They could be done in 20 days or less. If they fix the problem. I like that the site is updated. http://www.cansup.com/pdf_files/ddu-03-06.pdf
As of Monday December 8, 2008, are continuing to repair
drilling rig derrick equipment (i.e. traveling block assembly)
which has had a mechanical failure. Expect to be back to
drilling prior to the weekend.
http://www.cansup.com/pdf_files/ddu-03-06.pdf
Drilling the last section. Shouldn't be long now. Current market stinks, but the multi tcf found so far plus whatever Endeavour comes up with aren't going anywhere. GLTA and to success at Endeavour. http://www.cansup.com/pdf_files/ddu-03-06.pdf
We are going to see one hell of a bull market in 1-2 months. I know how long the average bear market lasts, and I know about favorable upcoming market seasonality, in combination with the media making the next puppet president a hero. We are going to see the media embrace proper regulation of derivatives.
We are close to the bottom. The media is currently creating way too much fear, buy into fear. The dow will find strong support at 10,000 or higher.
Godspeed, The Great Dane
Hello, and Greetings!
Perhaps you are here because of the horrible quality management at IV, as their 'service' has been down for several hours.
Let me start out my saying that the Canadian Superior Business Plan has been proceeding exactly as planned. The company is busily drilling the 3rd well at a fast pace, and I would think we can all assume that commercial amounts of gas will be found at Endeavour, as it is only a couple of miles away from the 2.6 TCF Bounty well.
In this environment where Cash is King, Canadian Superior is quite fortunate to be able to get 45% interest and only pay 26.67% of the cost on the Intrepid block.
We will soon drill for oil on the MG block which will give us large immediate sums of cash to help us take on larger cash intensive projects, such as the 550 million Liberty project, where Canadian Superior will acquire complete Vertical Integration regarding the production->marketing of the gas, cash might also be used for a 550 million production platform on the Intrepid block (or just use LNG tankers?). That cash can and has been used for NPV analyses which will allow the company to execute their business plan in a serendipitous fashion.
Canadian Superior will soon be drilling for MASSIVE amounts of oil and gas in the Mediterranean sea with Joint Oil (govt. owned), as they recently have agreed to drill on the November 7 block which is partly owned by Libya & Tunisia. This is a text book example of sustained competitive alliance due to hard-to-imitate strategic alliance with counties that have TONS of oil & gas. The strategic alliance with BG is also wonderful.
I can tell you beyond a shadow of a doubt that there will soon be a floor set on the price of SNG, as reserve amounts do have a VALUE, e.g. 4TCF, 45% -> 1.8TCF, less 50% to govt. = .9TCF net to SNG times .50mcf!? lol, whatever!!!! = 450 million market cap + easily 200 million market cap for W.C., MG, L/T = 650 million market cap at the VERY, VERY bottom...however we are as of today at 467 million market cap, LOL......here are some calculations Mr. ValueSleuth has performed:
“3.7 TCF (~3P?)
per TCF SNG CHQ
$ .50: $3.33 $3.41
$ .75 $4.44 $5.11
$1.00: $5.56 $6.81
$1.50: $7.79 $10.22
$2.00: $10.03 $13.63
$2.50: $12.26 $17.04
$3.00: $14.50 $20.44
Comments:
Under the most conservative of assumptions that I've used, the share prices do not reflect the most likely in-place reserve values -- i.e. the stocks are CHEAP, CHEAP, CHEAP, if the reserves are there and are worth anything close to what BG is bidding for Origin Energy's reserves in Australia and other alleged pending deals for in-place reserves -- or the $1.65/mcf mentioned by CEO Phil Mulacek in the 2Q08 IOC CC for 3P reserves."
When it’s all said and done, I think under the worst case scenario, a la the ‘sky is falling’, Canadian Superior is worth easily $10 per share for everything, as we have seen how much the T’n’T reserves that EOG has are going for. Also, the intangible assets of management (C. McK. former leader of T'n'T managment for BG) that cansup has, has not been accounted for on the balance sheet. I could go on……if you have any questions, feel free to ask.
Godspeed, The Great Dane
Welcome copeleybmt. Currently drilling third well after finding multi tcf total on the first two. Partnered with CHQ and BG. See the SNG website for updated information and drilling progress. This one is way oversold like most others. Check out the SNG board on IV for daily discussion. Very good upside potential from these levels. GL
Newbie here - please give me a quick update good and bad as the last posts are a month old. Thanks
From IV board. Looks like Libya/Tunisia is a done deal. The link doesn't seem to want to open "as is" so copy/paste the entire link to get the actual article.
http://english.alarabonline.org/display.asp?fname=2008\08\08-29\zbusinessz\988.htm&dismode=x&ts=29/08/2008%2010:36:42%20Õ
ibox calculations will have to be updated, SNG/CHQ are closing in on around $100.00 per share based on Intrinsic Value - I'm completley serious.
They hit the motherlode and I'm pretty sure what they have reported is conservative!
http://biz.yahoo.com/iw/080813/0424612.html
Bounty well flow test video posted on the SNG website. Will be up early tomorrow for possible pr and later Denver presentation.
Can't see any reason for the video if results aren't imminent. IMO this is not only commercial, its big...we shall see soon enough!
industry p/e is 12.5, but this is obviously a rapid growth company, so let's conservatively put the p/e at 25, and w/a mere 600 million cubic feet per day, 270 net to SNG (and assuming WCScenario of only selling locally at $4.00/mcf), we would arrive at $1.00EPS*25 = $25.00 per share easily.
The Great Dane says:!
The Victory wells combined can flow at a rate of 150 million cubic feet a day. The Bounty wells combined will probably flow at 300 million cubic feet a day. Then the Endeavour well will probably flow at 150 million cubic feet a day. This will be about 270 million cubic feet a day for Canadian Superior. In 365 days, that would be about 100 billion cubic feet a year. That would be about $800,000,000 a year in revenues if it was sold at $8.00/mcf.
If it was sold at lower prices and they only received $400,000,000 for all of it, they would
then receive about 40% for earnings which is equal to about $1.00/share from block 5c. They will have drilling on Mayaro, Nova Scotia, Tunisia, and Libya also. They still have Western Canada.
From recent BG report (that was posted on IV) mentions the Bounty well on pages 2, 18, and 19. Words used to describe are "discovery" and "material". Based on previous pr's from SNG/CHQ flow tests should be completed by mid August (at the latest). Recent drop below $4 IMO gives one last good buying opportunity.
http://www.bg-group.com/InvestorRelations/Results/Documents/2008/BG-Q208results_transcript.pdf
News...Bounty as deep as its going to get. Casing and flow testing over the next 30 days. Good time to pick up shares if needed on this dip. GLTA
I picked up some "lucky" shares today! Them there shares are based on Geology.
With the utmost respect Mr. Bounty Hunter, luck had 'nothing' to do with it. It is all about LOGIC & SCIENCE.
failure is 'not' an option
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Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Website: http://www.cansup.com
Canadian Superior Energy Inc.
Suite 2700, 605 - 5th Avenue S.W.
Calgary, Alberta
Canada T2P 3H5
Reknown oilpatch veteran Clay Riddell is making a big investment in Canadian Superior Energy Inc. (TSX:SNG), a Calgary-based natural gas producer that has seen a great deal of upheaval in the past year.
"I´m excited about their project in Trinidad," said Riddell in an interview, referring to an offshore block believed to contain between three and five trillion cubic feet of natural gas.
When asked what about the offshore Trinidad natural gas field piqued his interest, Riddell said bluntly: "It´s big."
A long-time investor in Canadian Superior, Riddell had been following the evolution of exploration Block 5 (c), in which Canadian Superior used to have a controlling stake.
After a series of developments over the past year _ including a dispute with one joint venture partner and the takeover of another _Canadian Superior now has a 25 per cent interest in the field, which is believed to contain between three and five trillion cubic feet of natural gas.
Canadian Superior said Friday it plans to raise up to $50 million through a non-brokered private placement issue of up to 96.2 million common shares. The company said it will issue the stock at 52 cents each.
Shares in the company soared 15.7 per cent to 59 cents on the Toronto Stock Exchange on Friday.
The financing is slated to close Jan. 14, and the money raised will be used for exploration and development and for general corporate purposes.
Treherne Resources Ltd., a private company controlled by Riddell, has subscribed for $20 million of that private placement.
Riddell, or someone else from Treherne, was offered a spot on Canadian Superior´s board, which was overhauled at the behest of a major shareholder in September.
"I´ll have such a large interest in the company and I´d like to participate in how it goes forward," Riddell said.
The Riddell name is well known in Alberta´s oil and gas industry.
A geologist by trade, Riddell founded Paramount Resources Ltd. in 1974, which has since been spun off into different firms.
His daughter Sue Riddell Rose runs Paramount Energy Trust (TSX:PET.UN) and his son Jim Riddell is chief utive of Trilogy Energy Trust (TSX:TET.UN).
He is also the chairman and chief utive of another company he founded, Arctic natural gas explorer MGM Energy Corp. (TSX:MGX).
In February, a partner in the Trinidad block, U.K.-based BG Group, persuaded an Alberta judge to put Canadian Superior´s stake under the control of a receiver.
BG had feared final testing and completion of a well would not be completed, given the financial problems of Canadian Superior and a third partner in the project, Challenger Energy Corp.
A month later, Canadian Superior and Challenger both filed for protection from creditors under the Companies´ Creditors Arrangement Act.
In May, Canadian Superior sold its 45 per cent stake in the Trinidad field for US$142.5 million to BG Group.
And then in June, Canadian Superior agreed to merge with Challenger in a friendly deal worth $77.8 million.
Canadian Superior explores for and produces oil and natural gas and is developing a liquefied natural gas project.
In addition to its venture in Trinidad and Tobago, Canadian Superior is also active in Western Canada, North Africa, off Eastern Canada and the United States.
Read more: http://www.oilweek.com/news.asp?ID=25666#ixzz0aCZmzsQU
Link - http://www.docstoc.com/docs/document-preview.aspx?doc_id=19896609
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