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Wednesday, January 5, 2022

XOM, Guyana, "A New Find" -- The Snarky Edition -- January 5, 2022

I know I'm wrong looking at this in this way, but perhaps not all that wrong. 

Here's another note from social media regarding XOM and Guyana.

We all know there is oil off-shore Guyana, but every time XOM has a successful well off-shore Guyana, XOM and/or the analysts call it "a new find."

In my mind that would be like EOG releasing a presser every time they completed another Permian well or Bakken well, saying they had "a new find." 

In my mind, a successful well off-shore Guyana is not "a new find," but another successful well. 

MIRITE?

4 comments:

  1. too use to repeaatable resource plays. back in the day...drilling a successful wildcat on a new prospect, even within an area of known bogies, is a new discovery.

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    1. How interesting. I remember seeing examples of that early in the Bakken when I saw wells drilled within the Bakken "bowl" and yet because there was no producing well within six miles or whatever the "limit" was, the new well was called a wildcat. Yeah, pretty funny. Thank you for taking time to write.

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    2. yes, I think I understood a NFW to be 1 mile from an existing producer. Concept doesnt work with repeatable and 1280 DSU spacing but still the case in places like KS i believe.

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    3. Yes, no doubt there are specific administrative definitions and I probably knew them at one time .... long forgotten ...

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