Petrobank Energy / PBG (TSX)

@Edel

IPO von Petrominerales Ltd. (PMG.TO) ist gestern gut über die Bühne gegangen. Ausgabepreis war 3,75 CAD$, Schlusskurs Toronto 4 CAD$.

Petrobank besitz nun noch 80,7% an PMG, macht ungefähr 77 Mio. Aktien. Dem Kurs hilfts wie vermutet.

Grüße

http://biz.yahoo.com/ccn/060629/200606290335752001.html?.v=1

Hallo Edel Man,

ich lese seit einiger Zeit in diesen Foren und bin von dem Informationsgehalt sehr angetan!

Mich interessiert Petrobank auch schon seit einiger Zeit und mich würde interessieren, ob die zu dem aktuellen PPS einen Kauf wert sind? Das Whitesands Projekt scheint ja gut voran zu schreiten...allerdings dümpelt die Aktie auch schon seit einiger Zeit rum und es scheint trotz aller Oil Price und ähnlichen News keine Phantasie in der Wert zu kommen.

Danke im Voraus!

FS

Hallo Edel Man,

ich lese seit einiger Zeit in diesen Foren und bin von dem Informationsgehalt sehr angetan!

Mich interessiert Petrobank auch schon seit einiger Zeit und mich würde interessieren, ob die zu dem aktuellen PPS einen Kauf wert sind? Das Whitesands Projekt scheint ja gut voran zu schreiten...allerdings dümpelt die Aktie auch schon seit einiger Zeit rum und es scheint trotz aller Oil Price und ähnlichen News keine Phantasie in der Wert zu kommen.

Danke im Voraus!

FS

Blumen?

Danke für das Chart - bin zwar kein Charttechniker, aber was dort zu sehen ist, deutet tatsächlich auf ein Warten hin...kein Problem - kann dann noch ein wenig Pulver sammeln...

Gruss,
FS

Blumen?

Danke für das Chart - bin zwar kein Charttechniker, aber was dort zu sehen ist, deutet tatsächlich auf ein Warten hin...kein Problem - kann dann noch ein wenig Pulver sammeln...

Gruss,
FS

Habe mal einen befreundeten Petrogeologen nach der THAI Technologio von Petrobank gefragt. Hier ein Ausschnitt des E-Mail Verkehrs - interessant!

Leider auf Englisch und laaang.....

First thing to say is that you need to understand this is a company dealing in what are currently known as “Unconventional Resources” = UR, i.e. either/or heavy oils & CBM (coal-based methane). Not every oil & gas company is involved with this sector, I’ll get on to why in a sec. However, strangely, (my company) are actually one of the major players, certainly in the States, & just improved their position by making two significant purchases. Next thing to bear in mind is that these investments (er, read: “gambles”) are huge & long-term, & from what I understand UR is particularly so. The good news is that the Recovery Rates (how much you get out for how much you find) are very high by industry standards; most conventional fields are lucky to get half out, while heavy oil might get 70%+ out. Now, the bad news….energetically, they are less clever. You sometimes need to put nearly as much in to get as much out. There are also some serious technical challenges, like excessive surplus water for CBM. And this is the real clincher – this makes them bloody expensive to extract.

Which leads me on to the two key parameters for any oil company:

Finding Cost (how much per barrel)
Reserve Replacement Ratio (how quickly do they find new barrels)

Finding Cost for UR is something around $30-$35/barrel. Today’s Brent is $76. In 1998, when I was at IFP it was $8. You get the picture.
This will undoubtedly come down though & this is potentially where this THAI Technology is interesting.

Am including the dialogue I set off among a couple of the very interllectual petroleum engineers I work with here & who have used this crazy technology before….. should give you a laugh if nothing else:

>Anyone else seen this?
>
>http://www.petrobank.com/ops/html/cnt_white_thai.html
>
>Am I mistaken here or are they setting the reservoir alight?!?
>

RE: Strange, but might be very clever...
>
>
>Yep, that's what they're doing. But you have to call it "exothermic viscosity reduction" or something equally jargonistic to get your SPE merit badge.
>
>I once worked (fortuantely briefly) on a West of Shetlands heavy oil which wouldn't move. The project manager had read his 'Ladybird book of reservoir engineering' and wanted us to look at building an offshore oxygen extraction platform and setting fire to the reservoir with the O2. Absolutely not an accident waiting to happen, at all.
>

>Subject: RE: Strange, but might be very clever...
>
>Yes, they simply mention injection of “air” here. Now, again if I’m not too mistaken, ¾’s of “air” is inert nitrogen+nobles, a couple of % is water vapour & the rest is, well, ……O2.
>
>We’re still talking setting the reservoir alight if my GCSE Chemistry serves me correctly.
>

>As J/C says, really it's just a modification of the old "fireflood" technology and yes you really don't need to inject pure O2.
>In fact I understand that injecting air under pressure is enough to light up the reservoir quite nicely even without an ignition source.

>
>Firefloods do have a bad habit of lighting up the production wells occasionally so we never considered them

Habe mal einen befreundeten Petrogeologen nach der THAI Technologio von Petrobank gefragt. Hier ein Ausschnitt des E-Mail Verkehrs - interessant!

Leider auf Englisch und laaang.....

First thing to say is that you need to understand this is a company dealing in what are currently known as “Unconventional Resources” = UR, i.e. either/or heavy oils & CBM (coal-based methane). Not every oil & gas company is involved with this sector, I’ll get on to why in a sec. However, strangely, (my company) are actually one of the major players, certainly in the States, & just improved their position by making two significant purchases. Next thing to bear in mind is that these investments (er, read: “gambles”) are huge & long-term, & from what I understand UR is particularly so. The good news is that the Recovery Rates (how much you get out for how much you find) are very high by industry standards; most conventional fields are lucky to get half out, while heavy oil might get 70%+ out. Now, the bad news….energetically, they are less clever. You sometimes need to put nearly as much in to get as much out. There are also some serious technical challenges, like excessive surplus water for CBM. And this is the real clincher – this makes them bloody expensive to extract.

Which leads me on to the two key parameters for any oil company:

Finding Cost (how much per barrel)
Reserve Replacement Ratio (how quickly do they find new barrels)

Finding Cost for UR is something around $30-$35/barrel. Today’s Brent is $76. In 1998, when I was at IFP it was $8. You get the picture.
This will undoubtedly come down though & this is potentially where this THAI Technology is interesting.

Am including the dialogue I set off among a couple of the very interllectual petroleum engineers I work with here & who have used this crazy technology before….. should give you a laugh if nothing else:

>Anyone else seen this?
>
>http://www.petrobank.com/ops/html/cnt_white_thai.html
>
>Am I mistaken here or are they setting the reservoir alight?!?
>

RE: Strange, but might be very clever...
>
>
>Yep, that's what they're doing. But you have to call it "exothermic viscosity reduction" or something equally jargonistic to get your SPE merit badge.
>
>I once worked (fortuantely briefly) on a West of Shetlands heavy oil which wouldn't move. The project manager had read his 'Ladybird book of reservoir engineering' and wanted us to look at building an offshore oxygen extraction platform and setting fire to the reservoir with the O2. Absolutely not an accident waiting to happen, at all.
>

>Subject: RE: Strange, but might be very clever...
>
>Yes, they simply mention injection of “air” here. Now, again if I’m not too mistaken, ¾’s of “air” is inert nitrogen+nobles, a couple of % is water vapour & the rest is, well, ……O2.
>
>We’re still talking setting the reservoir alight if my GCSE Chemistry serves me correctly.
>

>As J/C says, really it's just a modification of the old "fireflood" technology and yes you really don't need to inject pure O2.
>In fact I understand that injecting air under pressure is enough to light up the reservoir quite nicely even without an ignition source.

>
>Firefloods do have a bad habit of lighting up the production wells occasionally so we never considered them

Das Whitesands Projekt läuft gut an - die vermuteten Reserven werden nach oben Korrigiert. Ein Kauf zu den Preisen????

C$ 11,70

Petrobank News

Das Whitesands Projekt läuft gut an - die vermuteten Reserven werden nach oben Korrigiert. Ein Kauf zu den Preisen????

C$ 11,70

Petrobank News

Hi Edel,

OK, meine Frage war wohl ein wenig "von Emotionen" beeinflusst

Bodenbildung abwarten sehe ich auch so - wenn ich mir die Chart so ansehe, würde ich denken, dass eine Bodenbildung so um die C$8 - C$9 passieren könnte.

Was denkste?

p.s. wie kann ich hier so ein chart einstellen?

Hi Edel,

OK, meine Frage war wohl ein wenig "von Emotionen" beeinflusst

Bodenbildung abwarten sehe ich auch so - wenn ich mir die Chart so ansehe, würde ich denken, dass eine Bodenbildung so um die C$8 - C$9 passieren könnte.

Was denkste?

p.s. wie kann ich hier so ein chart einstellen?

Sieht ja alles gut aus - soweit

PETROBANK ANNOUNCES THIRD QUARTER RESULTS AND
CONTINUED SUCCESS AT WHITESANDS
Calgary, Alberta – November 13, 2006 – (TSX: PBG, OSLO: PBG) Petrobank Energy and Resources Ltd.
(“Petrobank” or the “Company”) is pleased to announce third quarter financial and operating results. The
Company’s third quarter 2006 interim report, including financial statements and management’s discussion
and analysis, is available on the Company’s website at http://www.petrobank.com, filed on SEDAR at
http://www.sedar.com, and filed on the Oslo Børs website at http://www.oslobors.no.
HIGHLIGHTS
The third quarter results are highlighted as follows:
• At our WHITESANDS project we began combustion operations and produced first
oil from the world’s first THAI™ well pair, initiated the Pre-Ignition Heating
Cycle (“PIHC”) on the second of three well pair and drilled five successful
exploration wells on our oil sands leases.
• The Company drilled 46 (40.5 net) conventional oil and gas wells in Canada.
• Conventional production averaged 4,939 boepd in the third quarter of 2006, a 40
percent increase over the comparative 2005 period.
• Funds flow from operations increased 67 percent to $14.8 million.
• Net income increased by 63 percent to $5.2 million.
• In July 2006, the Company closed a new $120 million credit facility and used a portion of the
proceeds to repay the remaining $50 million of 9% subordinated notes that were outstanding.

THAI™ combustion operations at WHITESANDS during the third quarter of 2006 continued to confirm
the effectiveness of the THAI™ technology in our first well pair. Two additional key operational
milestones were achieved in the third quarter with the initiation of the Pre-Ignition Heating Cycle
(“PIHC”) on the second well pair and the shipment of the first produced oil from the project.
Air injection and combustion was initiated on the first of the three project wells on July 20, 2006, and we
have been continually injecting air into the vertical well of this center well pair. During the first three
weeks of air injection, in-situ combustion ignition was confirmed as we measured various indicators of
the combustion reaction, including significantly rising temperatures in the reservoir zone, production of
combustion gases and rising horizontal well bore temperatures. This trend continued through the third
quarter with recorded reservoir temperatures reaching as high as 800 degrees Centigrade. Combustion gas
analysis consistently demonstrated a high ratio of carbon dioxide to carbon monoxide, indicating a very
high level of conversion of oxygen, hydrocarbon gases indicative of thermocracking of oil in-situ, and
free hydrogen generated from high temperature reactions, all indicators of efficient high temperature
combustion. These data also suggest that we are upgrading the oil in-situ. We are very early in the process
of building out the combustion front in the first THAI™ well pair and estimate that only approximately
7,000 m3 of the reservoir has been affected by combustion at the toe of the horizontal well, which is less
than one percent to total reservoir volume expected to be affected by combustion over the life of each
THAI™ well pair.
Since initiating THAI™ production operations, the gross production capability from the first horizontal
well has consistently exceeded 1,000 barrels of fluid per day with the potential production capability
double our initial forecast rate. High productive capacity has meant that we have had to manage
operations to match well flow with current plant capability. The composition of produced fluids
continues to be variable, consisting of a combination of condensed steam from the Pre-Ignition Heating
Cycle (“PIHC”), reservoir water, bitumen, and sand. Bitumen production rates, while variable, increased
over the quarter. During October we saw a significant rise in bitumen production and we produced
approximately 4,000 barrels of bitumen. This production was not rateable on a daily basis since the plant
facilities were not on stream for the entire period. However, during this period, when producing at high
gross fluid rates, we experienced an average 30 percent bitumen cut. While facility bottlenecks and well
and plant maintenance operations during the quarter reduced the ability to produce continuously and at
the higher rates, air injection operations were not curtailed and have increased over the quarter, indicating
an expanding area of combustion.
Surface facilities have been able to handle a wide range of fluid rates and temperatures, however we have
experienced facilities downtime and reduced production due to equipment commissioning issues,
adjustments to manage higher than design well production capability, and sand production. These
facilities issues necessitate ongoing operational adjustments and sand clean-out procedures in the surface
facilities and the horizontal well. As reported previously, the produced sand is very fine-grained,
indicating that a sand-bridging structure within the reservoir has yet to be fully established. This is most
likely a result of our transition from the earlier steam injection operations to combustion operations, and
may have been impacted by earlier horizontal well procedures at the beginning of the THAI™ production
phase. While we expect the produced sand to be minimized as the combustion front expands and a
consistent rateable flow regime is established, we are also enhancing our sand handling capability to
minimize plant down time. These facilities modifications are underway and are expected to be in place by
the end of November.