Month: October 2017

 

 

 

Microseismic: Announces release of Real-Time Completions evaluation

MicroSeismic, Inc. (MicroSeismic), the inventor and leading provider of surface microseismic monitoring, today announced the release of Real-Time Completions Evaluation – on-the-spot fracture modeling, dynamic SRV estimation, end of stage EUR and drainage estimation, and rapid stress analysis.

These new real-time advances in microseismic monitoring will now give operators the opportunity to increase production rates and recovery factors.
“MicroSeismic’s Completions Evaluation workflow is rapidly gaining traction in the industry as our clients realize the benefits of this analysis. Bringing this analysis into the realm of real-time allows a more comprehensive picture of the frac and expected well performance while the treatment is underway. This kind of insight at the time of completion means better decisions, earlier, and that goes to our client’s bottom line.” said Dr. Michael Thornton, Chief Technology Officer, MicroSeismic, Inc.

Using Automatic Moment Tensor Inversion (Auto-MTI), the dynamics of the rock failure are captured in real-time as the fracture events are detected. The moment tensors provide a rich source of information about the geometry of fractures and the stresses that produced them. Combining the microseismic information with the real-time pump information enables a number of analyses:

• Real-Time Fracture Modeling helps determine fracture size and orientation as data are acquired, allowing for a realistic real-time visualization of the fracture treatment.
• Real-Time Dynamic SRV Estimation models fracture intensity and induced permeability to allow for real-time analysis of SRV and Productive-SRV.
• Real-Time End-of-stage EUR and Drainage Estimation generates permeability models and type curves for rapid assessment of induced drainage area and overall productivity.
• Real-Time Rapid Stress Analysis allows for more detailed moment tensor data for rapid analysis of the interaction of the stress regime and the treatment.

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SeaBird Exploration: New share capital

With reference to the EGM held on 2 October 2017 and previous announcements regarding the private placement of class A shares, the share capital increase reflecting the issue of 1 billion new Class A shares in the private placement has now been registered with the Cyprus Registrar of Companies. The shares will be delivered to the subscribers in the private placement shortly. The new issued share capital is US$6,745,514.50, consisting of 57,455,145 ordinary shares with par value of US$ 0.1 and 1,000,000,000 Class A shares with par value of US$ 0.001.

The Class A shares will be delivered on a separate ISIN, and will not be tradeable on Oslo Stock Exchange until approval of a listing prospectus and the effective completion of the reduction of the Company’s share capital through the reduction of the nominal value of its ordinary shares from USD 0.1 to USD 0.001, as proposed resolved by the extraordinary general meeting to be held on 23 October 2017. The ordinary shares and the Class A shares have the same rights related to voting and dividends, and will be sought merged based on a 1 to 1 ratio following the share capital reduction.

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Boskalis: Share Buyback Update

In the period from 2 October up to and including 6 October, Royal Boskalis Westminster N.V. (Boskalis) repurchased own shares. The repurchases took place within the framework of the share buyback program announced on 3 July 2017.

Click here for a complete overview of all individual transactions.

Boskalis will publish a press release every Monday for the duration of the buyback program, provided shares were repurchased in the preceding week. Interested parties can subscribe to these press releases at ir@boskalis.com.  An overview of the progress of the program can be found on www.boskalis.com/sharebuyback2017.

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BGP: Clive Palmer ordered to pay BGP bill

Clive Palmer’s Mineralogy has been ordered to pay a $22 million bill owed to a Singapore-based exploration company.

BGP Geoexplorer carried out survey work in the Gulf of Papua for Palmer Petroleum, which went into liquidation in July 2016.

Mineralogy last month claimed in a Brisbane Supreme Court trial it was not obliged to pay BGP Geoexplorer the debt because it had breached its contract with Palmer Petroleum relating to scope of the work.

Justice David Jackson on Monday dismissed the claim and ordered Mr Palmer’s company to pay the US$17.6 million bill.

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Zambezi Delta seismic study launched

Work to collect 3D seismic data in the Zambezi Delta, in central Mozambique, will start in mid-October, under an agreement between the National Petroleum Institute (INP) and the French Compagnie Generale de Geophysique (CGG).

The two sides formally launched the seismic study at a ceremony in Maputo on Thursday. It will cover an area of 40,000 square kilometres, and CGG has already mobilised a ship which is expected to start registering the seismic data in the next few days.

The data will allow greater knowledge of the hydrocarbon potential of the Zambezi Delta, providing oil and gas companies with the information they need to pursue their activities.

This work arises from the second public tender for the acquisition of geophysical and geological data, launched by the INP in 2016. It will provide the INP with a better geological view of the region which will be used in future licensing of oil and gas operators. It will also guarantee the transfer of technical knowledge to the INP and other Mozambican institutions.

The Minister of Mineral Resources and Energy, Leticia Klemens, told the ceremony that the acquisition of seismic data reflects the government’s commitment to promote geological knowledge of the country, in order to allow better management and use of mineral resources and to attract investment to the sector.

“We believe that the inclusion of the national business class in the value chain of the exploration of mineral resources is fundamental or the development of our economy”, she added.

She mentioned that Mozambique has known reserves estimated at 200 trillion cubic feet of natural gas in the Rovuma Basin, off the coast of the northern province of Cabo Delgado. These discoveries are attracting foreign investment to explore in other parts of the country. The hydrocarbon potential of the Zambezi Delta is so far largely unknown.

“In order to define the general lines of development of the extractive industries, a mineral resources policy and strategy have been established, which include the objectives of improving knowledge of the petroleum potential of Mozambique’s sedimentary basins and promoting the participation of the national private sector”, said Klemens.

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Raised to $80.00 at Citigroup Inc.

Schlumberger N.V. (NYSE:SLB) had its price target boosted by research analysts at Citigroup Inc. from $77.00 to $80.00 in a research note issued on Thursday. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Citigroup Inc.’s price target would suggest a potential upside of 17.06% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on SLB. UBS AG set a $90.00 price target on shares of Schlumberger N.V. and gave the stock a “buy” rating in a research note on Friday, June 16th. Seaport Global Securities reiterated a “buy” rating on shares of Schlumberger N.V. in a research note on Friday, July 21st. BidaskClub downgraded shares of Schlumberger N.V. from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 16th. Jefferies Group LLC reiterated a “buy” rating and set a $80.00 price target on shares of Schlumberger N.V. in a research note on Friday, September 29th. Finally, Instinet reiterated a “buy” rating and set a $78.00 price target (down previously from $85.00) on shares of Schlumberger N.V. in a research note on Monday, July 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. Schlumberger N.V. has an average rating of “Buy” and a consensus price target of $84.52.

Schlumberger N.V. (SLB) opened at 68.34 on Thursday. Schlumberger N.V. has a 52-week low of $62.56 and a 52-week high of $87.84. The company has a market capitalization of $94.62 billion, a P/E ratio of 538.11 and a beta of 1.05. The stock has a 50 day moving average of $66.39 and a 200-day moving average of $69.47.

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Significant Update to Nigeria MegaSurvey 3D Database

PGS MultiClient Africa MegaSurveys span large parts of West Africa offshore. The Nigeria MegaSurvey is by far the largest survey and continues to grow, with the addition of another 23 000 sq. km of 3D data, which results in a total of over 95 000 sq. km across the offshore and onshore basin.

The increased volume of data allows for even greater insight into this proven petroleum basin. With the PIB [Petroleum Industry Bill] closer to being approved and talk of a possible licence round, Nigeria is once again becoming a place of real interest as companies look to expand their exploration activities and find new plays on the fringes of known petroleum systems.

Integrated with the MegaSurvey, the interpretation by PGS Reservoir of four key horizons across the whole of the Nigeria MegaSurvey gives new entrants, and existing license holders, a broader understanding of the geology in this hydrocarbon rich area of the West Africa.

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Shares of Petroleum Geo-Services last traded at 16.21 and below, representing a move of -5.87%, or -1.01 per share, on volume of shares. After opening the trading day at 17.28, shares of Petroleum Geo-Services traded in a close range.

Petroleum Geo-Services currently has a total float of 338.58M shares and on average sees 4.10M shares exchange hands each day. The stock now has a 52-week low of 13.24 and high of 31.93.

 

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Polarcus: Plunged -3.67% on Oct 8

Shares of Polarcus Ltd (STO:PLCSO) last traded at 1.05, representing a move of -3.67%, or -0.04 per share, on volume of 10,000 shares. After opening the trading day at 1.05, shares of Polarcus Ltd traded in a close range.

Polarcus Ltd currently has a total float of 153.44 million shares and on average sees 1.05 million shares exchange hands each day. The stock now has a 52-week low of 1.05 and high of 5.6.

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Common Sense – Fire!

Working in an industry and environment that has many high risks any opportunity to mitigate those risks to a level that is as low as reasonably practicable should be taken.

The two incidents referred to below occurred over the past weekend and with the appropriate care and attention (risk assessment) they could both have been avoided.

Nigeria

5 killed as kerosene-laden tanker explodes along Abuja-Kaduna expressway

It is well known that the roads in Nigeria are not the best in the world, that the drivers do take some great risks and inevitably incidents and accidents do occur, especially if there has been a ‘fuel scarcity’. A recent scarcity is being overcome by the delivery of fuel recommencing however some drivers, in their haste to make deliveries, are taking major risks and issues do happen.

 

India

Massive fire at Jawahar Dweep, situation critical after high speed diesel caught fire at Oil Terminal

Stored fuel does need to moved around from storage tank to storage tank and ways to minimise the risk should be taken. Transferring fuel when there is an electric storm in the area should be avoided. Various shut off valves and barriers for incident prevention should be in place.  This particular incident in India could have been avoided with the correct intervention and with people assessing, realising and mitigating risks.

The takeaways from this are to Step back, Take 5, Assess a situation, Reassess the situation, Continue to monitor, ensure all people and equipment who are not needed around the operational area are removed to a point of safety.

A lot of this is common sense, but if Common Sense is that common then hopefully more people would have it.

Take care out there.

India     Nigeria