[TheAntiDoomer]

Rock well to float in London

A report from independent reservoir engineers DeGolyer and MacNaughton estimates proven and probable reserves on Rock Well’s US onshore acreage at just 2m barrels using conventional recovery but 323m using the mining method. That yields a net asset value of $3.7bn for the eight fields where Rock Well’s stake cost $54m to acquire.

I'm surprised I beat Oil Finder to this one. Wow taking a 2 million barrel field and turning it into a 323 million barrel field. The implications are enormous.

[Cashmere]

323 million barrels?

Are you serious?

And this, to you, is an "enormous development"?

Let me help you with a little math . . .

323 million barrels for the whole field divided by U.S. usage of 20.6 million barrels per day is . . .

15.6 days of U.S. usage.

Is your ____________ enormous in this way as well?

[TheAntiDoomer]

Dude, this field is ONE example!!!! In this example a field that would normally yeild 2 million barrels can yield over 200 million barrels. Now apply this tech to the thousand of fields on the planet. Geesh, that wasn't so hard was it?

[TheDude]

It seems to be SAGD applied to conventional reservoirs. This obviously will only be applicable to very shallow fields. Note that they've only identified 250 in the US to apply this technique to. If I read this right that's 323 mb divided amongst the 5 fields in their acreage, too. Why they don't just drill horizontal wells and hydrofrac is another question - probably they're coming from the conventional mining industry and this is what they're good at. Roc or ROCK perhaps know more about this outfit.

Rock Well

[Nicholai]

TAD, you're so right! I mean, the waiting list for offshore oil rigs is only 25 years! It only takes 10 years to get any major oil production out of a well, and by that time oil should only be at $500 a barrel. Man if I were you, I wouldn't be going to any ecovillages any time soon...you're going to be just fine

[KevO]

Dude, this field is ONE example!!!! In this example a field that would normally yeild 2 million barrels can yield over 200 million barrels. Now apply this tech to the thousand of fields on the planet. Geesh, that wasn't so hard was it?

you're new here aren't you?

on Earth that is

[basil_hayden]

Let me get this straight, excuse the imperfect analogy.

Now we're proposing to pick apples by drilling under the tree, through the center of the trunk and branches, so the apples can roll down to the bottom of our trunk hole where we can pump the apples to the store?

Sounds like apple sauce to me, not apples.

[KingM]

Let me get this straight, excuse the imperfect analogy.

Now we're proposing to pick apples by drilling under the tree, through the center of the trunk and branches, so the apples can roll down to the bottom of our trunk hole where we can pump the apples to the store?

Sounds like apple sauce to me, not apples.

Does it burn in my car engine and heat my house in the winter? If so, I don't care if it's pears or kumquats.

[KingM]

Of course, the production by 2020 is supposed to be 20,000 barrels per day. Increase that by 100 fold and then we'll talk.

[eXpat]

...I'm surprised I beat Oil Finder to this one. .

Do you guys work in the same place??

[Plantagenet]

Its a nice idea, but does it actually work?

There isn't much info on the company's website except some curious pictures of mine shafts, none of which show any oil dripping in from the ceiling.

[Zardoz]

Its a nice idea, but does it actually work?

There isn't much info on the company's website except some curious pictures of mine shafts, none of which show any oil dripping in from the ceiling.

I smell an investment scam.

[AlexdeLarge]

Dude, this field is ONE example!!!! In this example a field that would normally yeild 2 million barrels can yield over 200 million barrels. Now apply this tech to the thousand of fields on the planet. Geesh, that wasn't so hard was it?

Hang in there AntiDoomer! Don't let the Doomers get you down. Sometimes it gets depressing shining your AK and hiding rice all day!

[americandream]

Snakeoil, snakeoil for sale!

Cures all known maladies. Money back, guaranteed!

[killJOY]

Nice. Interesting development. I wish them luck.

...



I'm still growing my own food.

[AlexdeLarge]

My PO.com cornucopian list:

A cornucopian?? No.......but maybe a Panglossian ! LOL

[copious.abundance]

This is called the bottom of the barrel or The Dregs.

Except, the bottom of this particular barrel just happens to be 161.5 times the size of the top of the barrel.