Monday, January 11, 2021

Luxury EV Maker Lucid Looks To Go Public Via A Spac -- Bloomberg -- January 11, 2021

On September 10, 2020, I posted a note about a new EV company: Lucid. At the link, scroll to the bottom of the post. 

Now, today, this from a reader: EV firm Lucid Motors in talks to go public via SPAC deal -- Bloomberg. Link here. Data points:

  • could be valued up to $15 billion;
  • the SPAC could be a merger with a blank-check firm backed by Michael Klein, a veteran Wall Street dealmaker;
  • vehicle: Klein's Churchill Capital Corp IV
  • Lucid says it has always been clear about its intent to go public;
  • its first product: a luxury model the Lucid Air
  • hopes to bring into production this spring, 2021

Comment: these SPACs make "Shark Tank" look trivial and amateurish.

Getting Deep Into The Weeds With QEP's Disco Unit In Van Hook Oil Field -- January 11, 2021

Take a look at this post for background. After that post and an earlier post regarding a sister well to that well, a reader wrote me suggesting I take another look at these wells to see if one might be able to learn more about the Bakken.

The reader writes:

Just a quick note on QEP’s Disco Unit. I’ve attached a graphic on this laydown project for future reference. Six wells have been drilled .... The two wells referenced in your blog – MHA 7-27 & 7-29 have different TDs as referenced in the drilling reports. 

This is the reader's attached graphic:

If I'm reading the graphic correctly, there are two Disco units, a pad to the north - 1-28A - and a pad to the south - 8-28A. 

The NDIC maps suggests eight permitted locations for the north unit, 1-28A, of which permits for two locations were canceled, leaving six locations on the north pad.

This post will discuss only the six wells on the north pad. I am ignoring the south pad for now. None of those wells on the south pad have been spud; they are permitted locations only. For the record, the south pad has two rows of six locations each (a total of twelve locations). Permits for two of those locations, leaving ten wells yet to be drilled.

So, back to the north unit.

My handwritten notes regarding those six wells:

Legend:

  • Six wells: I've labeled them #1, #2, #3, #4, #5, and #6, north to south. 
    • The top two are still carried as confidential by the NDIC.
    • The bottom four are all drl/NC.

#1: Three Forks         (#35453)
#2: Three Forks         (#35455)

#3: Middle Bakken   (#35454)
#4: Middle Bakken   (#35456)

#5: Three Forks        (#35449)
#6: Three Forks        (#35451)

    • The odd-numbered horizontals run to the east, arrows pointing to the right.
    • The even-numbered horizontals run to the west, arrows pointing to the left.

I abbreviated the well names to keep it simple:

  • #1: 7-27 (chronologic #7; bottom hole ends in section 27)
  • #2: 7-29
  • #3: 5-27
  • #4: 5-29 (chronologic #5; bottom hole ends in section 29)


  • #5: 4-27
  • #6: 4-29 (chronologic #4; bottom hole ends in section 29)

Now for the total vertical depths, measured:
 

#1:

  • Middle Bakken:    10,219'
  • Three Forks:                             10,278'   

#2:

  • Middle Bakken:    10,218'   
  • Three Forks:                               10,288'

#3:

  • Middle Bakken:    10,213'
  • Three Forks:

#4:

  • Middle Bakken:    10,220'
  • Three Forks:

#5:

  • Middle Bakken:    10,214'
  • Three Forks:                              10,274'              

#6:

  • Middle Bakken:    10,217'
  • Three Forks:                            10,268'

I will leave it here, waiting for more observations and comments from the reader.

Note: in a note like there will be content and typographical errors. In addition, I may be misreading things that the reader can clarify.

A Closer Look At The MRO DUC Reported As Completed -- January 11, 2021

The well:

  • 33947, drl/A-->4,632, MRO, Prior USA 42-8TFH-2B, 33-061-04125, Reunion Bay, first production, 9/20; t--; cum 95K over 49 days; fracked 8/26/20 - 9/13/20; 9.7 million gallons of water; 75.8% water by mass; 6.7% produced water by mass; production; 65K extrapolates to 73K over 30 days; cum 281K 8/21; was off line for the month of 7/21;
    PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
    BAKKEN11-20202029395294563050839884380540
    BAKKEN10-20202765439649347716871581645073211
    BAKKEN9-202021591499425170508
From the file report:
  • drilling unit, 1620 acres;
Neighboring wells:
  • neighboring wells remain off line;

CLR's Lundberg Federal Wells In Rattlesnake Point

New permits (August 8, 2023):

  • 40109, conf, CLR, Lundberg Federal 3-8H1, Rattlesnake Point,
  • 40110, conf, CLR, Lundberg Federal 4-8H, Rattlesnake Point,
  • 40111, conf, CLR, Lundberg Federal 5-8H1, Rattlesnake Point,
  • 40112, conf, CLR, Lundberg Federal 6-8H, Rattlesnake Point,
  • 40113, conf, CLR, Lundberg Federal 7-8H, Rattlesnake Point,
  • 40114, conf, CLR, Lundberg Federal 8-8HSL1, Jim Creek,

The wells (permits):

  • 38065, PNC, CLR, Lundberg Federal 3-8HSL1, Jim Creek, NWNW 8-146-96, 358 FNL 1189 FWL, 
  • 38066, PNC, CLR, Lundberg Federal 4-8H, Rattlesnake Point, NWNW 8-146-96, 358 FNL 1234 FWL,
  • 38067, PNC, CLR, Lundberg Federal 5-8H1, Rattlesnake Point, NWNW 8-146-96, 358 FNL 1279 FWL,
  • 38068, PNC, CLR, Lundberg Federal 6-8H, Rattlesnake Point, NWNW 8-146-96, 358 FNL 1324 FWL,
  • 38069, PNC, CLR, Lundberg Federal 7-8H1, Rattlesnake Point, NENW 8-146-96, 358 FNL 1369 FWL,
  • 38070, PNC, CLR, Lundberg Federal 8-8H, Rattlesnake Point, NENW 8-146-96, 358 FNL 1414 FWL,
  • 38071, PNC, CLR, Lundberg Federal 9-8H1, Rattlesnake Point, NENW 8-146-96, 358 FNL 1459 FWL,
  • 38072, conf, CLR, Lundberg Federal 10-8H, Rattlesnake Point, NWNE 8-146-96, 550 FNL 1630 FEL,
  • 38073, conf, CLR, Lundberg Federal 11-8H1, Rattlesnake Point, NWNE 8-146-96, 518 FNL 1661 FEL,
  • 38074, conf, CLR, Lundberg Federal 12-8HSL, Jim Creek, NWNE 8-146-96, 486 FNL 1693 FWL,

Comments:

  • All pretty much in a straight line, running west to east
  • Seven 358 FNL and from 1234 FWL to 1459 FWL
  • The remaining three are about an additional 200 FWL

The graphic:

CLR With Three More Permits; Five DUCs Reported As Completed -- January 11, 2021

Active rigs:

  • NDIC active rigs site is down;
  • WTI: $52.14

Three new permits, #38072 - #38075, inclusive

  • Operator: CLR
  • Fields: Rattlesnake Point
  • Comments: CLR has permits for three more Lundberg Federal well in Rattlesnake Point; 
    • 38072, conf, CLR, Lundberg Federal 10-8H, Rattlesnake Point, 550 FNL 1630 FEL;
    • 38073, conf, CLR, Lundberg Federal 11-8H1, Rattlesnake Point, 518 FNL 1661 FEL;
    • 38074, conf, CLR, Lundberg Federal 12-8HSL, Rattlesnake Point, 486FNL 1693 FEL;

Five producing wells (DUCs) reported as completed:

  • 34255, drl/A, Crescent Point Energy, CPEUSC Tami 8-8-5-157N-99W, Lone Tree Lake, no production data,
  • 34257, drl/A, Crescent Point Energy, CPEUSC Tami 7-8-5-157N-99W, Lone Tree Lake, no production data,
  • 33947, drl/A, MRO, Prior USA 42-8TFH, 33-061-04125, Reunion Bay, first production, 9/20; t--; cum 95K over 49 days;
  • 37457, loc/A, Petro-Hunt, USA 153-95-13D-12-7H, Phelps Bay, no production data,
  • 37458, loc/A, Petro-Hunt, USA153-95-13D-12-6H, Phelps Bay, no production data,