LON:FPM | Lagavulin - Will History Repeat Itself?

5th Feb '11 by father_paul

6 comments 5370 reads

In 2004 Chevron's Rosebank oil and gas discovery well (213/27-1) was drilled by the Stena Carron and then sidetracked (213/27-1Z) into the large Rosebank structure.

http://energy.pressandjournal.co.uk/Article.aspx/960430

Forward to 2011 ..

Again drilling at a new site on Lagavulin, Chevron is now sidetracking at Lagavulin with the Stena Carron drillship in a sidetrack well (217/15-1Z) which commenced on 22nd January.

Unlock with Email

Unlock with Google

Already have an account?
Login here

About the Author

Father_paul

Premium Member

6 comments

cranbrook

5th Feb '11

Hi Father Paul

Thanks for the information.

Presumably a sidetrack is considered a positive as there has been no negative drilling news (lost tool down the hole ).

I guess there will be an additional time requirement to drill the sidetrack. We are now a few days over the four months originally envisaged.

father_paul

6th Feb '11

Chevron aren't going to announce anything until the drilling is over.

This Lagavulin prospectus produced by Chevron shows the location of the initial well:

http://www.ezdataroom.com/pdf.php?id=153

On page 7 there is a geoseismic section of the area.

Guessing here, but a sidetrack to the north of the main Lagavulin well, which is into the crest of the structure, intersects the Jurassic at a down dip location.

father_paul

6th Feb '11

Faroe Petroleum's Lagavulin prospectus also shows the trap:

http://www.ezdataroom.com/pdf.php?id=129

Cuthbert C

8th Feb '11

FP

I don;t understand what you are drving at in the thread header.

Sidetracks are not exactly uncommon - they are simply a second bite at the cherry - sometimes they are drilled because the first one missed the cherry, sometimes because the first one hit the cherry, sometimes because they are aimed at a different cherry altogether.

You have to look at their signifiance on a case by case basis, rather than presume that sidetracking implies X where X is a constant.

Are you implying a special relationship between Rosebank and Lagavulin?

Please clarify.

thanks in advance

T

Could you enlighten me please?

RedTedsRoadshow

29th Mar '11

Results out today...

http://www.investegate.co.uk/Article.aspx?id=20110329070000H1026

Lagavulin still drilling...very vague comment...

Lagavulin, UK well still drilling, with results expected in coming weeks

On the rescent tax rises, FPM have this to say...

With the Group's carried forward UK losses and the ongoing capital
expenditure we do not forecast that the Company will pay tax on production from
its current UK portfolio, which includes Blane, and the increase in SCT is
therefore unlikely to have any near-term impact.

thegreatgeraldo

29th Mar '11

Sidetracks are not exactly uncommon - they are simply a second bite at the cherry - sometimes they are drilled because the first one missed the cherry, sometimes because the first one hit the cherry, sometimes because they are aimed at a different cherry altogether.

Or sometimes you've climbed the cherry tree & are edging along a branch to grab a bunch of cherries when the branch snaps! Or maybe more appropriately in this case, Lagavulin, you fall out of the tree ;-#)) Possibly they hit a tough or crumbly patch of basalt? Whatever, it's a very expensive well, given that FPM's share, despite being partly carried, has gone c £6 million over budget

Unlock the metrics for all these stocks and more...

Take a free trial

Facebook Twitter Youtube Instagram RSS

This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.

Unlock the metrics for all these stocks and more...

Take a free trial

Lagavulin - Will history repeat itself?

Unlock the rest of this article with a 14 day trial

About the Author

Father_paul

6 comments

Unlock the metrics for all these stocks and more...

Unlock the metrics for all these stocks and more...