Monday, September 17, 2012 2:16:21 PM
FLKOF proved that they do not have a lot of practice writing Press Releases... I feel that they did a very poor job of conveying their thoughts/information to the public. To compound things, this stock price is valued by the British Public [FOGL] who has proven very conservative when pricing Oil & Gas Companies... for example FLKOF has 80 Billion BOE of bookable reserves, yet the market says the company is only worth $250MM...
The British Press was really hoping for oil, and they viewed this discovery as a disappointment. They do not realize that FLKOF just proved that all 6 Horizons of the Loligo Prospect are saturated with Wet Gas. Yes, Wet Gas, the PR stated that C1-C5 was observed while drilling all 6 sands... C1 is dry gas (methane), C2-C4 is Wet Gas, C5 & up is condensate... 99.9% of gas detection equipment does not quantify hydrocarbons above Pentane (C5) because it does not 'break-out' of the drilling fluid as a gas at the surface. Instead it remains dissolved in the drilling fluid because it is at the low end of being condensate & remains a liquid...
We can already infer that the gas is definitely wet, and will produce condensate as well - we just do not know how much condensate will be associated with a given unit of produced gas... It is a shame that they were unable to get a good formation test & sample the reservoir fluids, that would have saved a lot of guess work. However, they will be able to deduce the reservoir's exact contents from the sidewall cores...
Below is an example of a Deepwater well that had c1 through c5 shows throughout an entire interval that was productive for 52 degree API Crude (which is condensate... Really more like straight Jet Fuel)...
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It has been so long, will you please remind me where your Mississippi Land is & estimate how deep thise wells are (if you know)... I am interested, yet feel like an idiot for not remembering...
The British Press was really hoping for oil, and they viewed this discovery as a disappointment. They do not realize that FLKOF just proved that all 6 Horizons of the Loligo Prospect are saturated with Wet Gas. Yes, Wet Gas, the PR stated that C1-C5 was observed while drilling all 6 sands... C1 is dry gas (methane), C2-C4 is Wet Gas, C5 & up is condensate... 99.9% of gas detection equipment does not quantify hydrocarbons above Pentane (C5) because it does not 'break-out' of the drilling fluid as a gas at the surface. Instead it remains dissolved in the drilling fluid because it is at the low end of being condensate & remains a liquid...
We can already infer that the gas is definitely wet, and will produce condensate as well - we just do not know how much condensate will be associated with a given unit of produced gas... It is a shame that they were unable to get a good formation test & sample the reservoir fluids, that would have saved a lot of guess work. However, they will be able to deduce the reservoir's exact contents from the sidewall cores...
Below is an example of a Deepwater well that had c1 through c5 shows throughout an entire interval that was productive for 52 degree API Crude (which is condensate... Really more like straight Jet Fuel)...
--
It has been so long, will you please remind me where your Mississippi Land is & estimate how deep thise wells are (if you know)... I am interested, yet feel like an idiot for not remembering...
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