30
May

Wrap – Week Ende 05/28/10

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7 Responses to “Wrap – Week Ende 05/28/10”

  1. 1
    mimster90 Says:

    trolling for recent info on some of our faboraite names…

    EXXI
    Under the radar UBS presentation
    This one was a little under the radar but higly informative. The conference was on May 24 so things are a little more advanced than what was mentioned on the call.

    -DJ was at 7,800′ and are drilling a 26 1/2″ hole. They want huge flow rates. They will hit 4th Wilcox sand and hopefully Tuscaloosa.

    -BBE depth was 16,500′ finished running casing and doing a shoe test then back to drilling

    -Laffite- Rowan has delvered the EXL rig and MMR will drill two sidetrack and should be on location at Laffite so spud in September.

    -Since permitting is on hold they will go and do some sidetracks, move up hole to produce on a salt water disposal well and recompete another well. This will be quite a bit less expensive than the deferred drilling.

    -M&A. Exxon, Chevron, Priavate companies and Helx all have asstes for sale. EXXI has been in a data room last week but won’t buy anything until after the BP crisis is over (Schiller thinks pretty much all deals are on hold until then).

    – EXXI bought additional working interest in South pass 49 for $19,000,000.

    -2 1/2 to 3 years of drilling inventory (ready to drill) for flat to some growth.

    -East Cam 334 has 2 recompletions but they don’t want to recomplete when gas prices are crap.

    -EXXI has a 25% working interest in an Apache well drilled in the Golden Meadow area that found 200′ of Big Hum gas pay.

    – EXXI has a lot of gas work to do but they will only participate as partners- for the moment.

    – The pipeline EXXI is looping from MP 73 to MP 61 will be done in mid June.

    PVA – zman mentioned this a friday, here are some numbers…
    Penn Virginia Corporation PVA today announced that it has acquired approximately 10,000 net Marcellus Shale acres primarily in Potter, Somerset and Tioga Counties, Pennsylvania in two transactions for approximately $19.5 million in cash and overriding royalty interests on a portion of the acquired acreage.

  2. 2
    zman Says:

    Have a fun and safe Memorial Day. Thanks go out to all those who serve or have served. Couldn’t do this without you.

  3. 3
    apbd Says:

    Echo 2.
    Bless those that gave that last full measure of devotion and bless those still in uniform, especially Italy.
    apbd

  4. 4
    milepost_43 Says:

    TGA report….C$10 target price..

    http://macq.wir.jp/l.ut?t=1BW9NK9tR

    We recently had the opportunity to join TransGlobe’s management
    on a field tour of the company’s Egyptian assets.
    Arta set to witness Egypt’s first ever multistage frac completion.

    Recommendation and conclusion
    TransGlobe is a well-run company that has generated stable production and reserve growth over
    the past five years, providing investors with reliable exposure to rising oil prices. Major catalysts
    over the coming months include the results of fracture completions on the company’s first
    horizontal well at Arta, and an ongoing exploration program with the potential to generate material
    reserve additions over and above a successful development drilling program. East Arta
    exploration, expected to commence this summer, is worth C$2.69/sh (unrisked) in our RENAV,
    while horizontal drilling success at Arta is worth C$1.35/sh (unrisked). Neither of these drilling
    activities are included in our core NAV of C$6.22/sh.
    Initiating coverage with C$10.00 target, Outperform rating. We are initiating coverage of
    TransGlobe Energy with a target price of C$10.00, which is the average of our RENAV (PV10 AT)
    on flat US$83.00/bbl Brent crude oil pricing, and a cashflow multiple of 4.4x 2011 EV/DACF.

  5. 5
    milepost_43 Says:

    Oil spill WILL go criminal……………….. —

    No doubt in my mind that accident will go criminal. Following is what resulted from a deadly pipeline accident in WA in 1999. Knew Frank for several years when he was with Shell Pipe Line in joint interest pipelines before he went to Olympic. Still can’t believe he “willfully” put his employees and the public in danger. Actually this “scenario” is one of the reasons I retired early from pipeline management work and elected not to do any consulting afterwards.

    http://www.lpgasmagazine.com/lp-gas-content/your-risk-criminal-liability

    That was the fate of Frank Hopf. Hopf was the former manager for Olympic Pipe Line Co. at the time of a 1999 pipeline rupture that spilled about 236,000 gallons of gasoline into two creeks in Bellingham, Wash. When the gasoline ignited, it created a fireball that killed two 10-year-old children playing on the riverbank. Gas fumes overcame a nearby fisherman, causing him to drown. The subsequent investigation uncovered numerous statutory violations.

    Hopf pled guilty and was sentenced to six months in prison,

    200 hours of community service and three years of probation for willfully failing to train employees as required by the Hazardous Liquid Pipeline Safety Act (HLPSA).

    You can go to this link

    http://www.piersystem.com/go/site/3043/

    to see the Coast Guard hearings being held in LA. As an engineer found them quite interesting BUT seeing the lawyers “operate” reminds me of the times I have been involved in lawsuits. Don’t envy these people having transcripts of what they said in the hearings and the night of the incident brought up 5 years from now!!!!!!

    Can understand why the BP manager took the 5th—-

    http://www.nola.com/news/gulf-oil-spill/index.ssf/2010/05/oil_spill_hearings_bp_man&#
    95;on_d.html

  6. 6
    BirdsofpreyRcool Says:

    Maybe we should let BP cap the well first… before going after them in court on criminal charges. This seems like it is misplaced effort/focus at this point.
    —————————————–

    BP – the co’s “top kill” plan ended in failure on Sat the company announced; a new solution is being considered, which would involve sawing through a pipe protruding from the well and capping it w/a funnel-like device; there is some risk that this method could wind up making the spill worse; a second relief well being drilled won’t be ready until Aug; AG Holder is meeting w/authorities in New Orleans today to discuss potential criminal investigations into the BP spill. AP/CNBC

  7. 7
    b Says:

    size of king size bedspread

    Zman

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