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WTF are you guys doing? These guys are broke! Multiple liens in Wilson County, Texas for failure to pay bills. Not including the >$2MM owed to GPSE for the TAU well.
The PR was basically an attempt to save the stock from absolute destruction.
If they found anything of commercial value they would've run completion pipe and starting the process of getting the hydrocarbons to sales. Releasing the rig is a tale sign of a "dry hole".
Operating costs in the GOM are beyond comprehension. Why would they release the rig only to get it back at a later date for completion? Such a plan doesn't make sense to me.
Rig Mobilization/Demobilization costs for such a task would be in the 7 figures.
Glad I got out when I did! The optimism some of you have regarding this company is mind blowing. The press release is selling optimism,and I'm not sold. I have a hard time believing GSPE has the financial horsepower to drill any more wells. Its safe to say TXSO is done.
10K posting isn't good for this company.
Richter 1H didn't work.
They are likely to default on what they owe on TAU.
They will still need to log the hole. That can take some time to get the necessary equipment on location. I have absolutely no idea how that will get accomplished in the gulf. We drilled wells in the bay and the logging truck was ferried out on a barge.
I don't know boys.
I read yesterday's press release. Im that not optimistic; yet. They are in a high pressure environment, which has no bearing on the success of the well. Sounds like the well-bore has significant "wash-out", requiring LCM. A cement job is going to be a major mechanical issue given both 1) high pressure and 2) washout from the salt section.
This well has gone WAY OVER AFE! If it doesn't come in (and when I mean "come in, as in front page of Oil and Gas Investor") Gulfslope is going to be on life support.
I had a small position in TXSO; the smallest WI partner in this project, but got gunshy and sold my position.
I'm worried that if the Richter well (Willinda) and the TAU are both dusters, this company is going on life support.
Word on the street is the Richter well was frac'd. I'm worried the lack of news on its completion is an indicator of it not working as planned.
Just noticed that James Askew of TXSO disposed of 18M shares, day before yesterday.
Word travels fast. I haven't heard so much as a peep from some friends that live in Stockdale. I knew about the pads being built before they filed a permit. TXSO was supposed to frac the well in November and announce results in December.
I have noticed that they increased the Unit size and finally recorded the leases with the county clerk. Neither of which have any bearing on the success of the frac completion.
If they well didn't work, it highly unlikely that they will announce anything. The stock is already on life support.
Yes, those are the same clowns purported to have an advanced Roke Neutron logging tool. They issued a press release reported to found a new Anachacho discovery around Stockdale, Texas.
All they did was perforate the sand above the Austin Chalk.
Its likely that they are currently fracking the Richter 1H. One thing for sure is if its a "stinker", they wont release any information other than some excuse about "waiting or further testing".
Its quite possible that we will never know if it worked or not.
Again my money is on the TAU project.
The stuff they have in the water is a legitimate pipe setter. They appear to be a small WI% owner on the TAU project.
Delek is a legit group; having a majority stake in those monster gas fields in the Mediterranean. I have a good feeling about TAU prospect, however the Wilinda prospect is too wild of a deal for me to get behind.I would be shocked if Delek US is a partner on the Chalk deal. I wouldn't be surprised if they sold the other 75% of the deal to a phonebank.
At a TVD of 4600', the Chalk is updip where this well was drilled. To answer your question.
The well isn't leaking, however when they were drilling the lateral they encountered a series of depleted fractures. The depleted zone is likely why TXSO was losing returns. It is a void in the formation that once contained oil,water, gas, or all of the above.
However the legacy wells drilled prior the this one have drained the fracture. This tells me that the fracture matrix goes out way further than than a couple hundred feet. If you cant isolate the thief zones, your entire frac is going into those areas.
Furthermore in the latest press release they mentioned how they were losing returns while drilling.
This is going to be a major problem if they are unable to isolate the thief zones when they go to frac.
I pulled a log in the area. The zone I would assume they are targeting is the "C" section of the Austin Chalk. The "C" zone is around 20' thick.
That zone was the target when United, Ampak, and PSN drilled vertical wells in the area in the 80's and 90s. They actually had a geological understanding of how and where the Chalk would be productive. You need a porosity matrix for the AC to work. Sweet spots are still necessary in the Chalk/Shale.
They are tying to pad drill and fracture complete a zone that is only 4,500 deep. From an engineering stand point there doesn't exist enough energy to bring up the hydrocarbons from that depth. Furthermore the zone of interest is only 20' thick. Even if they somehow avoid bringing in the ocean this well will never be economic.
I would be surprised if the Richter 1H actually works.