Friday, August 10, 2018

Eight New Permits; WTI Recovers A Bit Today -- August 10, 2018

Active rigs:

$67.638/10/201808/10/201708/10/201608/10/201508/10/2014
Active Rigs60573372193

Eight new permits:
  • Operators: CLR (6): OAS (2)
  • Fields: East Fork (Williams); Elidah (McKenzie);
  • Comments: CLR has permits for a 6-well Putnam pad in NENE 25-156-100; Oasis has permits for a 2-well Mildred Nelson Federal permit in NWNW 30-152-97;
Fifteen permits renewed:
  • EOG (8): eight Riverview permits in McKenzie County
  • Petro-Hunt (5) : five USA permits in McKenzie County
  • Whiting (2): two Zaleskey permits in Stark County 
One producing well (a DUC) reported as completed:
  • 33466, A (n/d), CLR, Ransom 4-30H,
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Her New Bike


Haynesville Natural Gas Monthly Production Hits Five-Year High -- August 10, 2018

In case you missed it. Haynesville monthly natural gas production, reaches five-year high:


Turkey -- Trump's "Cuban Missile Crisis"? -- August 10, 2018

We were stationed at Incirlik Air Base, Turkey, 1994 - 1996. Even under the "best of times," being assigned to this Turkish-American base was dicey. In our two years there, the Turks did what they could to make our lives miserable. At one time, the Turkish base commander tried to stop all packages coming from the US to service members stationed at Incirlik Air Base. When that failed, the Turkish commander tried to shut down all US postal operations on that base based on legal arguments. It was a cat-and-mouse game that lasted for several weeks, if not months, but the issue -- whatever petty issue it was -- was finally resolved. We kept our post office. In fact, made it larger.

The tipping point, apparently, regarding the current Turkish-American spat has to do with the continued imprisonment of an American pastor. [I'm sure there's a lot more to this story.]

The headlines below are very, very troublesome. I would not put it past the Turks to come just short of physically rounding up American military officers and putting them in prison, but Turkey could certainly shut down US operations at the base and put the officers under "house arrest."


It is a joint base, but the Turks provide all perimeter security and control access on / off the base. Turkish security, while we were stationed there, stayed away from American property on the joint base, but I could imagine the Turks rescinding that agreement, and start patrolling US non-military property: military housing, civilian housing, base exchange (the "department store"); and, the commissary (the "grocery store") and all recreational facilities, gas station, etc. If so, they could easily enforce "house arrest": threatening to take into custody any military officer seen in public.

When things get this tense, it is not unusual for the US military to evacuate all non-military members and non-essential personnel, sending them back home (generally to the US) or back to Europe. Family members are generally the first to leave.

I don't know where that stands now.

It will be interesting which happens first:
  • Trump orders all US operations at Incirlik Air Base to cease; or,
  • Erdogan orders all non-NATO operations at Incirlik Air Base to cease.
I can see a lot of different scenarios playing out but if Turkish lawyers are now suggesting that some US officers need to be arrested for "terrorist ties," things have gotten very, very dicey over there. I would assume the officers being targeted are those involved in non-NATO operations -- in other words, pretty much all US operations because there's not much that NATO is doing down there, and Turkey, for its part, is pretty much embracing Russia.

On another note, price of gasoline must be soaring in Turkey:


The Turkey "president" has appealed to his citizens to support the Turkish lira by exchanging all their foreign currency; and, their gold for Turkish lira. Based on what I saw / learned while serving in Turkey those two years, I can guarantee you just the opposite is happening. Turks, from the poorest on the street to the richest oligarchs are dumping their lira as fast as they can, first buying gold which is sold in shops throughout Turkey, just as hamburgers and French fries are sold in every neighborhood in the US. And, for "spending money," if it's not gold, they are trading their lira for EUs and US dollars.

CLR Reports A Huge Vardon Well In Siverston Oil Field; 160K In Four Months -- August 10, 2018

One well coming off the confidential list today (see the CLR Vardon wells at this post).
  • 33232, 2,008, CLR, Vardon 2-14H, Siverston, 61 stages; 20.1 million lbs; 330,000 lbs/stage; 14.9 million gallons water; 84% water, huge well; 45K in first full month; t3/18; cum 161K:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN6-201828338223370322252744394507929032
BAKKEN5-20183142482422652641281251751856066
BAKKEN4-201830381333848228902762945332022974
BAKKEN3-201825455154512943127818675213529732
BAKKEN2-201845424643817117501175
BAKKEN1-20180000000

Active rigs:

$67.638/10/201808/10/201708/10/201608/10/201508/10/2014
Active Rigs61573372193

RBN Energy: lingering threat of major trade war still spooks US oil and gas exports.

CLR Vardon Wells In Siverston Oil Field

Updates

August 30, 2019: updated graphic --


Original Note

The wells:
  • 20354, 1,200, CLR, Vardon 1-14H, Siverston, the parent well; t7/11; cum 360K 10/18; full production at this post; note production when this well came back on line; not re-fracked: off line as of 10/18;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN6-20182720300204431417532135223739433
BAKKEN5-201831327443252521086447381954825190
BAKKEN4-20187489649032319331410362278
BAKKEN3-201867904730828622
BAKKEN2-20180000000

  • 33232, 2,008, CLR, Vardon 2-14H, Siverston, 61 stages; 20.1 million lbs; 330,000 lbs/stage; 14.9 million gallons water; 84% water, huge well; 45K in first full month; t3/18; cum 222K 10/18;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN6-201828338223370322252744394507929032
BAKKEN5-20183142482422652641281251751856066
BAKKEN4-201830381333848228902762945332022974
BAKKEN3-201825455154512943127818675213529732
BAKKEN2-201845424643817117501175
BAKKEN1-20180000000

  • 33231, 1,856, CLR, Vardon 3-14H2, Siverston, Three Forks second bench, TD=21,612'; TVD=10,867'; , 62 stages; 14.8 million lbs: t3/18; cum 120K 6/18;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN6-20181613494135441778129920239875744
BAKKEN5-20183139074394284249778201753082893
BAKKEN4-201830337713345144940680455597912066
BAKKEN3-201825327983264353557573794529112088
BAKKEN2-201846454766164159901599
  • 33230, 1,966, CLR, Vardon 4-14H, Siverston, 61 stages; 20.2 million lbs: t3/18; cum 257K 6/19; just came back on line after being off line since 10/18;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN6-201815954693371039219604149124549
BAKKEN5-20183137042375053463772096702191877
BAKKEN4-201830414154102645928852145639828816
BAKKEN3-201826429414315650585809804406436916
BAKKEN2-201810109068412931366903669
BAKKEN1-20180000000
BAKKEN12-20170000000
BAKKEN11-2017459590000
  • 33229, 1,085, CLR, Vardon 5-14H1, Siverston, t3/18; cum 331K 6/19;

DateOil RunsMCF Sold
6-20181731830554
5-20182508148165
4-20182461341872
3-20182173134839

The graphics:


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From CLR 2Q18 corporate presentation: