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Treasure Island Royalty Trust Message Board

  • sponge_bob_is_no_square sponge_bob_is_no_square Jan 30, 2013 8:35 AM Flag

    SS188: more info, please

    We know that SS188 (aka BBW#2) is at total depth of 25,584, that a production liner has been set, that MMR was preparing to release the rig as of 1/18/13, and that the progress status is "Middle Miocene Completion Being Evaluated" (all from the 1/18 conference call, slide 9).

    What we don't know is whether MMR is really going to put SS188 into production. Jim Bob was strangely silent about SS188 when he answered Leon Cooperman's question about the future royalties on the new MMR.RT.

    So, is MMR just delaying some bad news, or are they really going to produce revenues (subject to royalties to both TISDZ and the new royalty trust) from the "cupola"?

    More info, please.

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    • Understand how significant SS188 is to MMR/FCX : production enables the Company to maintain the BBW lease. Otherwise , it reverts back to the Bureau.

    • Judging by the continual sell off of TISDZ, the answer is probably not what you want to hear. I got into this thing at $1.99 and thought about averaging down at $1.20. Glad I didn't

      • 2 Replies to jbeard28
      • Somehow it seems like events (most significantly DJ1) are waiting on Lineham Creek to go first. I don't understand the sequence since SS188 has been to total depth for awhile and Lineham Creek is still drilling. Maybe it's just that much easier/faster to get an on-shore well into production?

        If SS188 is not to be completed right away, it's hard to see any TISDZ royalties for at least another year depending on approvals for the production plans at both BBE and Lafitte. My sense is also that the "cupola" prospects are not so exciting to MMR as they were when introduced by Jim Bob last year.

      • Jim Bob moffett ...the last twist of the knife.

    • Looks like we got an answer A production liner has been set to enable completion of the well. Logs and core data have identified potential hydrocarbon-bearing sands between 20,800 and 24,000 feet. Initial completion efforts are expected to focus on approximately 50 net feet of laminated sands located at approximately 24,000 feet. Additionally, 80 feet of potential low-resistivity pay at approximately 22,400 feet and an approximate 75-foot gross section at 20,900 feet have been identified. Data acquired to date indicate that a completion at these depths could utilize conventional equipment.

 
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