IONA keeping busy as OPERATOR of Orlando and Kells (with thanks to OJ)
while we wait for Huntington production news IONA is moving the ball downfield...
CNQ / CNR Ninian Platform upgrade for Kells oil field development....
* It shows that the Ninian South portion of the platform will be shutting down in a few weeks to complete the top side work for the eventual hook-up of the Kells oil field. It is assumed that all of the Orlando top side work was completed on the platform last year.
* this is a very important project for CNQ and INA. CNQ is going to be able to run up to 5 Brent oil fields through its platform and extend the life of said platform for a consideral amount of time. Those 5 oil fields will have reserves of 45 mmbo/e to pick a number....75 mmbo/e to possibly even 100 mmbo/e....on a 3P and a contingent resources basis. More appraisal drilling and actual reservoir performance will be needed to finalize the reserve / resource numbers but the amount of satellite oil field potential here is very considerable.
* so as we await more news on Huntington oil performance we can expect work to continue to advance the Orlando and Kells oil fields towards their production dates.
* looks like we get 2 wells in 2014 and another 2 wells in 2015. Re-entry of existing vertical and turn it into a 10,000 bpd horizontal in 2014 and production wells number 1 for Kells also in 2014. Then add one more well into each field in 2015 if reservoir performance meets or beats expectations.
* kick in 1-2 Tyne production wells and you have enough activity to keep Mr. Market happy all the way through 2014.
P.S. Have you ever noticed the word "IONA" is contained in the word "MILLIONARE"?