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Gulfslope Energy Inc (CE)

Gulfslope Energy Inc (CE) (GSPE)

0.0001
0.00
(0.00%)
Closed July 15 4:00PM

Empower your portfolio: Real-time discussions and actionable trading ideas.

Key stats and details

Current Price
0.0001
Bid
0.00
Ask
0.00
Volume
-
0.00 Day's Range 0.00
0.000001 52 Week Range 0.0012
Market Cap
Previous Close
0.0001
Open
-
Last Trade
Last Trade Time
Financial Volume
-
VWAP
-
Average Volume (3m)
440,037
Shares Outstanding
1,360,479,745
Dividend Yield
-
PE Ratio
0.00
Earnings Per Share (EPS)
-0.01
Revenue
-
Net Profit
-8.7M

About Gulfslope Energy Inc (CE)

GulfSlope Energy (ticker GSPE) is an independent oil and natural gas exploration company based in Houston, Texas. The Company's operations are concentrated in the United States, Gulf of Mexico federal waters offshore Louisiana in less than 450 feet of water depth. The Company has leased three federa... GulfSlope Energy (ticker GSPE) is an independent oil and natural gas exploration company based in Houston, Texas. The Company's operations are concentrated in the United States, Gulf of Mexico federal waters offshore Louisiana in less than 450 feet of water depth. The Company has leased three federal OCS blocks and licensed 2.2 million acres of three-dimensional (3-D) seismic data. Show more

Sector
Crude Petroleum & Natural Gs
Industry
Crude Petroleum & Natural Gs
Headquarters
Wilmington, Delaware, USA
Founded
1970
Gulfslope Energy Inc (CE) is listed in the Crude Petroleum & Natural Gs sector of the OTCMarkets with ticker GSPE. The last closing price for Gulfslope Energy (CE) was $0. Over the last year, Gulfslope Energy (CE) shares have traded in a share price range of $ 0.000001 to $ 0.0012.

Gulfslope Energy (CE) currently has 1,360,479,745 shares outstanding. The market capitalization of Gulfslope Energy (CE) is $136,047.97 . Gulfslope Energy (CE) has a price to earnings ratio (PE ratio) of 0.00.
PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1000.00010.00010.0001112500.0001CS
49.9E-599001.0E-60.00011.0E-6654003.945E-5CS
12000.00010.00011.0E-64400379.735E-5CS
26-0.00078-88.63636363640.000880.00121.0E-63277100.00061112CS
52-0.001-90.90909090910.00110.00121.0E-69899480.00077542CS
156-0.0139-99.28571428570.0140.02041.0E-67875320.00515401CS
260-0.03925-99.74587039390.039350.0551.0E-611076960.01141283CS

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GSPE Discussion

View Posts
spec machine spec machine 17 hours ago
Market sector related -

Assassination attempt on Trump as the accelerating train wreck of the cardboard cutout administration hits new lows

I’m praying that we bounce soon and each day is more believable than the previous day

More civilized

More unified

More respectful of each other

THAT is what will make our country the proud, strong, prosperous, leader of the free world again

spec
👍️ 2 🙏 1 ✊️ 1
Tiger01 Tiger01 3 days ago
from Goldman Sachs about 3 weeks ago regarding peak oil demand. More encouraging news for GOM and GSPE. Enjoy and a great weekend to all.

Tiger01

https://www.goldmansachs.com/intelligence/pages/peak-oil-demand-is-still-a-decade-away.html?chl=em&plt=briefings&cid=0712&plc=body


👍️ 3 💯 2
Tbags7 Tbags7 3 days ago
I laughed out loud at your “fossil fuels for EVs” line lol bravo Mrs Smith

Have a friend in Houston and it’s been a nightmare for them this past week
👍️ 2
smith199 smith199 4 days ago
Not all areas are at risk of hurricanes. But all areas are at risk of power failures due to emergency situations.

Everyone is aware that ‘Hurricane Beryl’ has had a big impact on the Houston, Texas area.

Approximately 2.7 Million were without power after the storm passed through on Monday. A big part of the area is still without power today (and will be tomorrow too….).

Reports are of long lines at gasoline stations where people wait to get 5 gallons of gasoline for portable generators. Food, ice, and bottled water are supposed to be in short supply as well.

Much of this is due to the fact that most businesses are closed due to no electrical power. Those businesses that are open are not able to satisfy the increased demand for supplies or services. Rationing is in a voluntary effect.

All of this caused me to think about what will one do if mandated to buy an EV and then one encounters an emergency situation? For example if the EV batteries need charged, but there is no power, how does one get fuel for the portable generator? Or ice, food, and water for the family?

Not an expert here, but my understanding is these small portable generators are not efficient at charging EV batteries.

So for those in the market for an EV, I suggest that one of the criteria should be a residence amenable to the installation of a stand alone generator of the capacity needed to charge an EV (while simultaneously running the household).

This generator needs to use a fuel such as natural gas (!fossil fuels for EVs?) that can be automatically delivered to the site by the gas utility. So one does not need to search for a fuel source in an emergency.

Does all this additional expense ($thousands$) get factored into the calculations for the economics to justify an EV purchase? Must have a significant impact to cost/mile.

The articles I have read which portend that EVs are a toy for the wealthy seem to be proven correct. Single moms raising a family in an apartment setting or anyone with a gross income in 5 digits need not apply. Who will buy the EVs?

Seems to me to be just another aspect of ‘things overlooked’ by those short-sighted politicians thinking that they know what is best for all the rest of us. So they feel OK with taking ‘choice’ away from us. I do not think I could ever vote for any politician willing to take my choice away.

I propose that the supporters of this legislation should take on the role of pathfinders and commit to ‘walking the talk’ for 5 years before they impose any of this on any of us.

As for this mandate for EVs, you do it first, then pass legislation that will work based on what you learned. It is not that much to ask. And it is your job; the one you asked for, and campaigned to get.

In the meantime, it’s is my sincere hope that this nonsense does not result in bankruptcy for us all in the end. It is, after all, OUR standard of living, and, for now, WE have the freedom to waste it however we see fit. Or not….

No matter what occurs in the future, a prudent position is to be a supporter of GOM E&P and companies like Gulfslope Energy, not only for the crude to make gasoline and other products, but also the natural gas for electricity generation.

The USA did not get where it is today because the leaders made stupid decisions. So why start now?

I agree with your vehicle choice and predict that over time you will come to appreciate the ‘U’ in SUV. There are reasons they are so popular.

Gas lines may be real. And possibly even long. But it only takes 10 minutes to fill up. So you will miss out on the time it takes waiting in line at a charging station while each one of those EVs ahead of you needs an hour (or more) to charge.

Then when it is finally your turn, it still takes an hour to charge yours. Who has time for an EV? Certainly no one with a 3 year old…. Glad you did not fall for the Kool-Aid and thankful you still had the choice.

Communists clearly make me see red (states), lol.




Mrs. Smith
👍️ 1
Tbags7 Tbags7 4 days ago
Today I traded in my car that got about 30 mpg for an SUV for more space for my 3 year old’s stuff that gets about 15 mpg so I am doing my part to drive more oil demand.
👍️ 2 🤣 1
spec machine spec machine 4 days ago
Hump day situational awareness PSA

The biggest items related to GSPE’s market space future

Chaos exploded in domestic politics after the debate debacle

Subsequent events/interviews/statements have not resolved the problematic issues, only amplified them

Multiple nations are falling into a gravity well and everyone is wondering what flavor of reality awaits us at the other side of the wormhole

The Chevron decision is a crucial message that our Constitution recognizes the liberties of individuals and correctly asserts that the power resides in the Citizens, not dictators or presidents

The only powers of the government are those limited and defined authorities that are properly delegated to our elected officials

Yes, I believe we’re in a transitional period and hopefully it will result in a reset of our collective desires to be free of tyranny and to be allowed our pursuit of happiness

True and steadfast

spec

PS The Roman Senate was foolishly debating the gender of angels ….

…. as the Roman Empire was collapsing
👍️ 2
Byurwherevergirl Byurwherevergirl 1 week ago
Payin’ tribute to freedom, fireworks, friends, family, fun and GSPE 🇺🇸









today’s playlist









and tomorrows 😊









happy 4th!









b safe out there everyone 🧨











a hui hou

WG
👍️ 1
spec machine spec machine 1 week ago
USA!


spec
👍️ 2
spec machine spec machine 2 weeks ago
Excellent post and I agree that the Chevron ruling is a huge pivotal moment in our republic

It’s going to be a wobbly road to unwind decades of unconstitutional regulatory overreach in nearly every sector

No doubt that domestic energy will have priority status under the next administration and that bodes well for GulfSlope and other E&P companies

My biggest concern with the developments of this past week, including the debate, is that our country’s weaknesses have been laid bare to the whole world

Anyone who was still in denial of the state of our leadership and the ongoing charade of pretending we are led by elected representatives, has been presented with undeniable evidence that the commander in chief is incapacitated

The absurd notion that this is shocking news to the entire Democrat party and nearly every news organization is extremely disturbing

Equally troubling is the impotence of congress to act swiftly on behalf of our nation to preserve our constitutional republic in this continuing crisis

I do retain my core confidence and optimism but I do believe that the road to the upcoming election will be marred by desperate, destructive, evil deeds from those who fear losing power (or fear being held accountable for their actions)

Laws don’t matter to criminals and we’re far from “out of the woods” on a number of critical issues

If we can get through a fair and legal election, I am confident in a huge surge of national pride and productivity

The entirety of the free world is cheering for us

To a great future, cheers!

To the hard recovery ahead, count me in!

spec
👍️ 3 💯 1
smith199 smith199 2 weeks ago
Yes, that is the way I see it.

The power is back in the hands of the people via their elected representatives.

Obviously “the end of democracy”, just as predicted. LOL.



Mrs Smith
👍️0
Tbags7 Tbags7 2 weeks ago
Nice write up Mrs Smith

Is that the pendulum ever so slightly shifting directions?!
👍️0
smith199 smith199 2 weeks ago
With a closely divided Congress, presidential administrations have increasingly turned to federal regulation to implement policy changes.

As I understand it, the Chevron v. Natural Resources Defense Council decision that was overturned by the Supreme Court today means that federal agencies can NO LONGER dictate the regulations that will become law of the land.

I like it.

Beyond the normal teething problems, perhaps not that much will change at first. Except now an administration cannot just appoint a group of Secretaries of This and That and begin legislating.

Tough Luck, Secretary of Energy. Now all your political pals cannot just cozy up, kiss your ring, and shut-down GOM drilling. If you want to stop drilling, pass legislation through Congress that the President will sign.

And this will go for all the rest of ‘The Swamp’ as well. Lots of complaining about losing power and ‘cussing the court’ in back rooms tonight.

The power is back in the hands of the people via their elected representatives. Everything will need to pass in the Congress, both the House and the Senate, and then be signed into law by the President. So if we can get those right, everything should go better.

And the representatives will now be accountable to the voters for these actions. Maybe we can get more of their attention, particularly if they intend to be career politicians.

One thing I am not sure of is how this will affect the special interests. Surely they will be scheming about how to continue moving their agendas forward. It is one thing to influence a few individuals, a board, or a commission, but a totally other thing to influence the voters of a county, a state, or the country.

The one big caveat seems to be that federal judges will end up wielding a lot of power. So it will become even more important to have the right people (non-partisans) in those positions.

Seems like governing is never going to be easy or comfortable. Maybe that is why it can be interesting (or frustrating).


Good Job, Supremes….

https://apnews.com/article/supreme-court-chevron-regulations-environment-4ae73d5a79cabadff4da8f7e16669929



Mrs. Smith
👍️ 1
spec machine spec machine 3 weeks ago
Quite a while back I stated that I thought we were in the early stages of a commodities super cycle unlike anything in my lifetime

I’m amazed at how myopic that seemingly grandiose prediction appears to me now

- this is relevant to the future of GulfSlope as it directly affects the financial markets in their sector

Now I see that in a bigger picture, both geographically and spanning centuries, that the underlying dynamics are much stronger fundamental forces of civilization itself

“WW3” as a term for a global conflict has numbed our sense of disdain for combat and destruction

Yet here we are with every major world power engaged either militarily or through trade/sanction warfare

Bigger than the USA

Bigger than geopolitical differences

It appears to me that the underlying conflict has been brewing for decades

Democracy is not at stake

Civilization is at stake for future generations

I am confident that I am as prepared as I can be and that I am pushing forward in the right direction

Cheers to a grand future

spec
👍️0
Tbags7 Tbags7 3 weeks ago
Going off memory from some other posts in here buying got a lot more difficult with the current status “expert.” Only accounts with balances in the millions are afforded the opportunity to place buys with certain brokers. These traders are only able to do this because they are considered “experts” unlike us Joe public dumb money who they perceive as the equivalent of a dog chasing a car trying to catch a hot stock.

Please correct me if I’m wrong, you won’t hurt my feelings.
👍️0
spec machine spec machine 3 weeks ago
That’s a good question and I was wondering if anyone here had made any buy or sell transactions after the grace period ended

There have been a few ticks on the tape but nothing significant

If anyone has made a transaction, please chime in

And bossi, if you are able to get a buy, please let us know how it went

WTI finished just over $80 without any conviction on the short trend

A fine Strawberry Moon and Summer Solstice to all and hoping everyone is able to acquire their favorite tan pattern at this stage of the year

I have accomplished a great “boat bum” tan

Just a Hawaiian shirt, shorts, and shades

Everything else is a uniform tan with sun-bleached hair

No flip flop or wristwatch tan lines (that would be a Key West tan)

Gotta have priorities, like staying hydrated

Cheers

spec
👍️ 1
bossi bossi 3 weeks ago
I meant BUY
👍️0
bossi bossi 3 weeks ago
May sound crazy...but when or how do I add more shares.....My broker in Canada is clueless..TD..............I cant put in a nuy order
👍️0
Tbags7 Tbags7 4 weeks ago
Thanks Spec, loved reading this… seems Mr Seitz is still engaged and ready for action
👍️ 1 🛢️ 1
spec machine spec machine 4 weeks ago
Hmmmmmm, I missed this article

V-ger must have been offline

— Published April 2024 —

https://www.hgs.org/conversation-hgs-legend-john-seitz

A Conversation with HGS Legend John Seitz

John Seitz was named to the inaugural class of “HGS Legends in Wildcatting” in 2000, along with George Mitchell, Joe Foster, Marlan Downey and Gene Van Dyke. At that time, Seitz was nearly 25 years into his career and in senior leadership roles with Anadarko Petroleum, where he led successful exploration campaigns in Algeria and Nigeria, among others.

Seitz hasn’t slowed down in the twenty-four years since being named a Legend. He rose to the role of President and CEO of Anadarko before departing in 2003. Seitz then co-founded North Sea New Ventures that became Endeavor International, where he led key discoveries in the North Sea. In 2014, he co-founded GulfSlope Energy, where he is currently the President, CEO and COO.

Over his nearly 50-year career Seitz has learned key lessons about being a successful geologist: learning from mistakes, valuing commercial skills, and staying close to the technical work. These lessons, along with a passion for exploration, keep him going even when the commercial landscape for exploration is challenging.

Be willing to learn from mistakes
Seitz says one of the core lessons he learned at Anadarko was to make data-driven decisions and be willing to learn from mistakes. He describes that it is critical to document the basis for a decision and then to “thoroughly post-appraise” the outcome of the decision. Seitz stresses that the post-appraisal process is not intended to find a guilty party, but instead to understand whether decision-makers took unnecessary risk.

Good technical decisions are based good data. “You have to invest in science—the data, the people and tools. Not to invest is a mistake,” Seitz says. Once the data is gathered, the next step is to build a portfolio of opportunities. The third step is to balance the portfolio with a mix of risk v. reward probabilities. “Balance your gut feel with confidence from data,” he says. Seitz explains that with each success at Anadarko he was given more room “to run faster, run harder.”

Commercial skills are as essential as technical skills
“Early in my career, I was frustrated that my prospects weren’t getting funded,” says Seitz. He entered an MBA program at University of Houston in 1976 where he learned foundational economic and commercial skills. Although he didn’t complete the program, he says the skills he learned allowed him to view opportunities differently and bring forward prospects that had both technical and commercial potential. “The ability to speak the language of returns helped me to get into management,” he says.
In the past two decades, Seitz has been trying to get prospects funded by capital markets or private equity. He says the ability to raise risked capital is just as important has having good technical opportunities, but the skill sets are very different. Seitz notes that engineers have an advantage because they typically are involved more than geologists on economic evaluations.

Raising capital has a been challenge. “You earn your stripes well to well,” he says. While at Endeavor, Seitz had a 61% success rate of exploration and appraisal wells. Endeavor’s discoveries and appraisals included the 30 MBO Rochelle field. Another Endeavor appraisal well confirmed that the Cygnus discovery was one of the largest North Sea discoveries in recent history (AMEX_END_2008.pdf (annualreports.com). These successes, however, were not enough to keep investors motivated through the development phase and the company was closed in 2014.

When Seitz co-founded GulfSlope, he intended to raise capital for drilling prospects. However, GulfSlope’s launch was coincident with the 2014-15 shale boom and subsequent industry downturn. Seitz laments that today’s investors want to put their capital towards unconventionals or Energy Transition projects rather than exploration. “Sometimes it feels like butting my head against the wall,” says Seitz, “But we are still going.”

Stay close to the technical work
Seitz says that his last role at Anadarko was too far away from the people conducting the technical work. Similarly, he finds board roles weren’t sufficiently satisfying because he was too far removed from technical decisions. Seitz jokes that he prefers to be no more than “three offices away” from the landman and the geologist because it allows for efficient decision-making. “It’s all about the people, their creativity, and the small role I can play of having my ideas contribute to the process,” he says.

Similarly, it is critical to have a strong technical team whose skills complement one another. The days of the “sole contributor” are over, says Seitz. Specialized skills are needed to understand each aspect of the risk profile to make good decisions. While it is easier to learn those skills at a big company, it’s most important to work for a company that values learning, he says.

Going forward
Reflecting on the current push for renewables, Seitz says that the Energy Transition is not likely to happen quickly, and hydrocarbons will continue to play an important role going forward. He also reflects on the positive impact of hydrocarbons to economies around the world. “Oil means jobs and jobs mean stability,” explains Seitz.

Throughout his nearly fifty years in the Oil and Gas business, Seitz says he has learned to “stick to your guns.” Although he is currently looking for the right producing property to acquire, he plans to continue working to convince investors in the value of exploration and production and to seek like minded partners.

All the smoke points in a positive direction

Keep the faith

spec
👍️ 3 😺 1 🛢️ 1
gold80302 gold80302 4 weeks ago
Maybe they should just the entity off with its tax losses.
👍️0
spec machine spec machine 4 weeks ago
Some recent info on the stonewalling to cripple domestic energy production

https://naturalresources.house.gov/news/documentsingle.aspx?DocumentID=416075

Just barely back on the grid, what a week that was!

Doing it in style

spec
👍️0
Tbags7 Tbags7 1 month ago
Oh wow, good to know! I was nervous it was over when I saw all zeroes and my account down literally 100% not even 99.99999% with a tiny bit of value lol

Agreed on the political piece too. Our government is well thought out with many checks and balances. There are many who want to change that so one side perpetually wins from here on out. Hopefully the pendulum will swing and balance will be restored.
👍️ 2
PuzzleNomad47 PuzzleNomad47 1 month ago
Yes. But I clicked on GSPE symbol and looked deeper. (on E*Trade) There still is an amount: .000001. But there isn't (and hasn't been) any activity.
I'm still an invested believer.

I do want to point out a political issue that everyone seems to have forgotten: We have a system of government which is made of Three Branches: Legislative, Judicial and Executive. The Legislative folks make laws. Legislative is two groups: Representatives and Senate. Anyway, these folks make laws. The Executive dude, called "The President", approves the law or vetoes it. That's his (or her) job. That's all. He/she does NOT MAKE LAWS. If he wants to Executively Order pizza, he can get all he wants. (He has his own kitchen with government employed chef.)
I'm just bringing this up as we are letting someone stop things, when he does not actually have the right nor authority to do it. If CONGRESS says "No GOM drilling" and the Executive Dude agrees, then there's no drilling. Provided the Judicial Brance finds the order does not violate the Constitution.
There must be a legal group somewhere who understands and will bring suit to abolish the Executive Order concept, which came about during WWII, so the President and military didn't have to wait for Congress approval to take actions necessary during that extremely threatening time. The only threatening thing now seems to be the Executive Dude and his non-elected friends.
I'm sorry for getting off the subject of oil and stock prices. To make amends, visit the nearby Tesla showroom, and read their promo materials. (Printed with ink made from petrol-chemicals.)
RH
💯 1
Tbags7 Tbags7 1 month ago
I’m seeing 0.00 price listed in my apps? Anyone else seeing this? Ughhhhh
👍️0
spec machine spec machine 1 month ago
Exactly, they have the data and samples to know what they found at the point where the drilling fluids were no longer controlled as planned

If it had been unfavorable data, there wouldn’t have been any talk of redrilling

Nor would GulfSlope have kept up payments to retain the lease (and other financial obligations for abandonment)

I’m pretty certain that they have a good chance of getting the resources to conduct another drilling operation when political obstruction is removed

Lots of unknowns with Delek due to the ongoing war but history shows that fossil fuels will play an important part of global GDP for decades ahead

Delek has clearly demonstrated success in E&P as well as their interests in diversifying their operations geographically

No better place than the GOM at this time (imminent shift in policy) for Delek to pursue another big stated goal, IMO

No better place than the Big Rock for me today and Starlink mobile version is awesome

We’re not on the leader board yet but fishing is hot and we’re having a blast

Break time over, gotta get back to “work”, LOL

Cheers

spec

WTI climbing back toward $80, currently $79
👍️ 1 😀 1
Ebenezer3 Ebenezer3 1 month ago
Well to think that they were literally feet away from making a substantial discovery is hard to take, and the size of Tau is big enough to get some attention. The articles weren't meant to discourage. My question is what would a deal look like if someone anted up, would Delek still be in the picture and how much would Gulfslope end up with?? Good luck on the tournament.
👍️ 1
spec machine spec machine 1 month ago
Interesting info, thanks

I get the general drift of most of it and subsalt is a highly technical task

Not for the weak hearted bean counters, victory is just not in their genes

If GulfSlope gets a chance at bat again, the prize is still there

A change in policy is all that is needed to make GOM E&P bloom like desert flowers when a long drought ening shower arrives

Public perception (and market sentiment on energy issues) is bending in a favorable direction

Cheers

spec

WTI sideways generally ~ $75
Gas at the pump -refreshingly low prices for the early summer driving season

The Big Rock Blue Marlin Tournament kicks off tomorrow so I will be personally responsible for some diesel consumption this week
👍️0
Ebenezer3 Ebenezer3 1 month ago
This is what it looks like, logs and seismic.

https://www.searchanddiscovery.com/documents/2009/09004moore02/index.htm

Scroll down to:
Ship Shoal 349 #1 (1993) (Figures 18, 19, 20, and 21)


https://www.searchanddiscovery.com/documents/2009/09004moore02/figures/19.htm

https://www.searchanddiscovery.com/documents/2009/09004moore02/figures/f20lg.jpg

https://www.searchanddiscovery.com/documents/2009/09004moore02/figures/20.htm

https://www.searchanddiscovery.com/documents/2009/09004moore02/figures/f21lg.jpg
👍️ 2
Ebenezer3 Ebenezer3 1 month ago
Just so you know what you're dealing with, Tau-2 not Deepwater, but dealing with the same issues. What happened to Tau-1 wasn't a surprise, just the reality of oil exploration. Enjoy.

https://www.worldoil.com/magazine/2008/september-2008/special-focus/subsalt-exploration-risk-in-deep-water/

Subsalt exploration risk in deep water

September 2008
Subsalt exploration risk in deep water

The high rewards of finding hydrocarbon in subsalt plays make them very attractive for exploration. However, it is a challenging mission. Subsurface pressure uncertainty causes recurrent failure to reach the drilling targets. After the discovery of Mahogany Field in the GOM 15 years ago, special attention was directed to subsalt plays. That attention gradually shifted from the shelf to deep water (>1000-ft water depth), Fig. 1. Deepwater yearly production increased from 21 million bbl of oil and 33 Bcfg in 1985 to 339 million bbl of oil and 1.1 Tcfg in 2006, according to the US Minerals Management Service. Consequently, the cost of acquiring and testing prospects has increased due to the prospects’ location in deepwater salt mini-basins. The prospect’s risk results from intricate geopressure compartmentalization in a salt environment accompanied by a deep mud line, deep target depth and shallow sediment hazards.

The interaction between salt and sediment changes the geopressure relationships below salt, increasing drilling risk.
Selim Shaker, Geopressure Analysis Services, Inc.

The high rewards of finding hydrocarbon in subsalt plays make them very attractive for exploration. However, it is a challenging mission. Subsurface pressure uncertainty causes recurrent failure to reach the drilling targets.

After the discovery of Mahogany Field in the GOM 15 years ago, special attention was directed to subsalt plays. That attention gradually shifted from the shelf to deep water (>1000-ft water depth), Fig. 1. Deepwater yearly production increased from 21 million bbl of oil and 33 Bcfg in 1985 to 339 million bbl of oil and 1.1 Tcfg in 2006, according to the US Minerals Management Service. Consequently, the cost of acquiring and testing prospects has increased due to the prospects’ location in deepwater salt mini-basins. The prospect’s risk results from intricate geopressure compartmentalization in a salt environment accompanied by a deep mud line, deep target depth and shallow sediment hazards.

Fig. 1

Fig. 1. Deepwater GOM prospect risk results from intricate geopressure compartmentalization in a salt environment.

In the GOM’s Tertiary-Quaternary, geopressured sediments are caused by compaction disequilibrium. Lithology and maximum principal stress control this process. Salt’s unique petrophysical properties contribute to substantial changes in pore pressure gradients in the host sediments above and below the salt layer. Salt’s low density retards the overburden gradient below the salt, and enhances it above the salt. Its negligible permeability creates a perfect seal. Moreover, salt’s ductile nature generates a variety of structural styles that affect stress orientation and magnitude. Subsurface geopressure dictates sealing and retention capacities, and therefore affects oil- and gas-trapping capability in a specific structural closure. This article addresses salt-related risk assessment from a geopressure standpoint.

CONCEPTS DEFINITIONS

In extensional salt basins, the magnitude and direction of the principal stresses are controlled by sediment load, salt thickness and salt emplacement/displacement history. Therefore, the maximum Principal Stress (PS) is not necessarily represented by the vertical weight of the overburden. Salt buoyancy usually acts upward and has a tendency to accelerate and decelerate PS above and below the salt, respectively.

In several subsalt wells drilled in the mini-basins of the Mississippi Canyon, Green Canyon and Garden Banks areas (MC 211, 292, 619, 627, 674 and 714; GC 153 and 699; and GB 217), a distinctive shift of the Pore Pressure (PP) envelopes and normal compaction trends takes place across the salt body. A lower PP gradient has been observed below the salt and a higher gradient above the salt barrier. On a salt-rooted mini-basin scale, a higher gradient was also observed in areas where the salt was emplaced and a lower gradient where the salt withdrew.1

On the other hand, in a compressional system, the lateral stress generated by salt movement acts as the maximum PS, whereas overburden sediment load represents the minimum stress, i.e. Fracture Pressure (FP).

At the Sigsbee Escarpment, the salt mass’s toe is creeping down-dip near the mud line, creating thrust folds and faults out of the older underlying sediments. This has produced a potential new deepwater frontier, Fig. 2. Several Wilcox-equivalent (Lower Tertiary) discoveries have been announced recently in the Perdido Foldbelt and Walker Ridge.2 Chevron’s large discovery in Block WR 758, Jack No. 2, is along this trend. The well cost Chevron about $100 million and took three months to drill, according to a press release.

Fig. 2

Fig. 2. The Sigsbee Escarpment salt mass’s thrust folds and faults have produced a potential new deepwater frontier. Modified after Chowdhury and Lopez-Mora 2004.

Stress fields, in particular the maximum PS and FP, determine the pressure envelopes in the subsurface sedimentary column. PS dictates the progress (transgression and regression) of the PP, and FP represents the breaching limit, Fig. 3.

Fig. 3

Fig. 3. Stress fields determine pressure envelopes in the sedimentary column.

Terzaghi3 established the relationship between the PS and PP as:

PP = PS - ES (effective stress)

Therefore, PS is the driving mechanism of PP buildup. Sealing capacity is expressed by the transgression of the excess pressure in a specific compartment, whereas retention capacity represents the maximum capability of trapping a specific hydrocarbon column in a structural closure.4 The difference between FP and PP plays an essential role in dictating the retention capacity.

MODELS AND CASE HISTORY

The dynamic and emplacement history of allochthonous salt bodies is a complex issue to evaluate in this short article. Therefore, density difference between the salt and host sediments will be considered the main driving mechanism for PP development. The sediment above salt is subjected to a PS greater than the overburden stress as a result of salt buoyancy and consequently has a higher PP gradient.

This leads to a large reduction of the drilling tolerance window (FP to PP). These conditions require higher mud weight and multiple casing points to drill this upper section.

On the other hand, the PS on the rock column below the salt is reduced due to salt buoyancy effect. This leads to a higher retention capacity and the possibility of a thicker hydrocarbon section being trapped below salt. This also might reduce the sealing capacity (weaker seals) below the salt. The conceptual model in Fig. 4 exhibits this relationship. Moreover, it clearly shows the substantial drop of the PP and FP below the salt due to PS reduction. This leads to widespread, known drilling problems at the salt-sediment interface.

Fig. 4

Fig. 4. This conceptual geopressure model shows how the principal stress below the salt is reduced by salt’s buoyancy effect.

Crosby Field. This field was an exploration success and presently produces from a subsalt trap. It covers four blocks (Mississippi Canyon Blocks 898, 899, 941 and 942). MC 899 production peaked at 14.4 million bbl of oil and 19.1 Bcfg in 2002. In this block, Well No. 6 represents a key example of multiple pay zones below and above the salt. A thick gross oil and gas pay zone was trapped due to the large retention capacity, resulting from the subsalt PP regression. The measured PP at the ~18,000-ft pay zone was about 12,000 psi (pressure gradient of 0.66 psi/ft). The lower Pressure Gradient (PG) may be responsible for the relatively rapid production decline of this block. The well’s reported production in 2006 was 2.18 million bbl of oil and 3.16 Bcfg. High PS/PG in the suprasalt resulted in several kicks and water flow incidents and, therefore, seven casing points were needed to drill above the salt. Conversely, in the subsalt section, two casing strings from the base of the salt to TD (18,250-ft TVD) were set.

Several sidetracks were performed to reach the lower objectives below the salt due to several losses of circulation (low PS and low PG). Eventually, production will resume from the suprasalt pay zones.

Mackerel prospect. Wildcat Well 1 in Mississippi Canyon 619 was a disappointing subsalt exploration endeavor. The relationship between PS, overburden, PP and FP in the geopressure model applies. The pressure plot in pounds per gallon (ppg) vs. depth of MC 619-1 shows a steep increase of mud weight to drill the section above the salt, which led to setting five casing strings, Fig. 5. Moreover, the extrapolated FP trend from the Leak-Off Tests (LOT) and Formation Integrity Tests (FIT) exceeded the calculated overburden. This confirms the assumption that PS is higher than the overburden in the suprasalt section.

Fig. 5

Fig. 5. The pressure plot of MC 619-1 shows a steep mud weight increase above the salt which led to the operator setting five casing strings. Modified after Shaker and Smith 2002.

Below the salt’s PS and FP retreat, mud weight shows a minor increase of 0.5 ppg from the base of salt (12,000 ft) to the well’s 21,000-ft TD. This indicates a weak transgressive pressure envelope and, consequently, failed seal compartments, i.e. absence of sealing capacity.

Therefore, the targeted subsalt reservoirs are deemed water wet. Moreover, the timing of the salt emplacement in relation to the hydrocarbon migration to the prospect might explain the failure to find hydrocarbons in this well.5 In spite of high sealing capacity in the thin sediments (6,000 ft) above the salt, the prospective section is not economical to pursue.

SALT TOES AND FOLD BELTS

The new, deeper exploration fairway is associated with the creeping salt toe at the Segsbee Escarpment.6 As a result, the lateral stress has generated compressional fold/fault structural plays in the Wilcox-equivalent sediment below the salt. The fault plane in this structural setting usually yields high sealing capacity. Perdido, Walker Ridge and the Mississippi fold belts are the new exciting and promising exploration plays. Based on the released data from these frontier wells, a geopressure model has been proposed to explain some of the trapping mechanism and drilling challenges facing the industry, Fig. 6.

Fig. 6

Fig. 6. This proposed geopressure model explains some of the trapping mechanism and drilling challenges facing the industry in the new frontier exploration play.

In addition to the salt buoyancy effect on the sediment, below and above the salt, rafted sediment blocks embedded in the salt mass and gouges (furrows filled with transported and crumbled sediments) at the base of the salt impact the subsurface geopressure profile. If these older rafted blocks are cased with impermeable layers, PP will show a high gradient. In the case of older sediment plowed underneath the salt toe, the shear stress will substantially reduce the PP in this thin rubble layer underneath the moving salt. Subsalt gouges represent a drilling difficulty and hazard in frontier exploration plays. In addition, the salt buoyancy will accelerate and decelerate PP above and below the salt, respectively.

Atlantis Field. This field was an exploration success that tested a prospect below the salt toe. This probably will not be the general case in the frontier Lower Tertiary fairway, where the targeted traps are located down-dip from the tip of the toe.

The geopressure plot of the discovery well Green Canyon Block 699-1 ST2 shows the relationship between PS, overburden and FP, Fig. 7. Note that the FP is close to the calculated overburden above the salt, whereas PS far exceeds the overburden and FP in the subsalt. This leads to a wide retention capacity window and the presence of a thick column of oil, especially between 17,800 ft and 18,500 ft. On the other hand, the reduction of PS in the subsalt section led to a moderate PG of about 0.61 psi/ft at about 18,400-ft depth (MDT measurements). This can be attributed to the thick salt layer above (about 7,000 ft) and the water depth of the mud line (4,495 ft). Mud weight was increased to 10.5 ppg, and an extra casing point was set in the middle of the salt due to the presence of rafted sediments within the salt body. Moreover, the possible presence of the interface salt-sediment gouge, causing a sharp drop in the PP, was responsible for the sidetrack of the original hole.

Fig. 7

Fig. 7. The geopressure plot of the Green Canyon Block 699-1 ST2 discovery well shows that fracture pressure is close to the calculated overburden above the salt. Modified after Shaker and Smith 2002.

Several wet, sand-rich sections below the pay zone, which started at 18,500 ft to TD (19,500-ft TVD) and concurred with a mud weight increase to 12.4 ppg (overbalanced), led to thick mud cake, stuck pipe, plugback and sidetrack. BP plans to put Atlantis Field on line in 2009. Projected daily production is estimated at 250,000 bopd and 180 MMcfd.

Jack prospect. The Jack prospect is a part of the emerging Wilcox-equivalent salt toe belt at the Sigsbee Escarpment in the Gulf of Mexico deep water. It is located in the Walker Ridge Blocks 758, 759 and 678. Applying the same geopressured model to the salt toe can explain the drilling hurdles of Walker Ridge 759-1 ST 00BP00 (OCS-G-17016), which increased drilling cost to over $100 million. These challenges were:

Lost return at the base of the salt (19,653 ft)
Pump LCM sweep of 13.5 ppg
Inability to stop losses
Sidetrack
Set casing at the salt mass (13,507 ft), possibly due to a rafted sediment block.
CONCLUSION

Exploration in deepwater mini-salt basins and frontier fold belts has yielded and is expected to produce substantial reserves, but it is also very challenging.

Subsalt prospects have many positive qualities. Salt enhances the retention capacity of the reservoirs beneath the salt and the sealing capacity in suprasalt formations. Large reserves are trapped by less-faulted structural closures as a result of salt swells in a mini-basin’s area. There is high sealing capacity of the thrust-faulted system in the fold belt fairways. Reservoirs generate high flowrates due to the high permeability of the younger sediments (Plio-Pleistocene), particularly above the salt. In addition, drilling does not require high mud density to reach objective targets.

These positive attributes can only yield substatial reserves when salt’s challenges are met. While drilling, it is common to encounter problems (kicks, shallow water flows) above the salt due the high principal stress and the pressure gradient. Several casing points may be needed to drill through this zone. Drilling hurdles, especially lost circulation, are common at the salt-sediment interface at the base of the salt, especially in the gouge zone. Drilling bypasses and sidetracks to divert borehole trajectory, to overcome troubles in this zone, sharply increase drilling costs. The moderate to weak pressure gradient and sealing capacity below the salt can be a substantial cause of seal failure and weak water drive in the production phase. There are low-permeability reservoirs in the older Wilcox-equivalent sediments (Eocene-Paleocene). Finally, there is a need to improve subsalt seismic imaging quality and accuracy. WO
ACKNOWEDGEMENTS

The author is greatly indebted to Dr. Colin Sayers for his review of this manuscript and valuable technical advice.

LITERATURE CITED

1 Shaker, S. and M. Smith, “Pore pressure prediction in the challenging supra/subsalt exploration plays in deep water, GOM,” Extended abstract, AAPG Convention, 2002.
2 Berman, A. and J. Rosenfeld, “A new depositional model for the deep water Wilcox-equivalent whopper sand-Changing the paradigm,” World Oil, June, 2007.
3 Terzaghi, K., Theoretical Soil Mechanics, John Wiley and Sons, Inc., New York, 1943.
4 Shaker, S. “Geopressure compartmentalization in Keathley Canyon, deepwater of GOM,” GCAGS Transactions, 2001
5 Shaker, S. “Trapping vs. breaching seals in salt basins: A case history of Macaroni and Mt. Massive, Aluger Basin, GOM,” presented at the GCAGS Annual Convention, San Antonio, Texas, 2004.
6 Chowdhury, A. and S. Lopez-Mora, “Regional geology of deep water salt architecture, offshore GOM,” GCAGS and GCSSEPM, 2004.

THE AUTHOR
Shaker
Dr. Selim S. Shaker has over 30 years of oil industry experience in Egypt, northwest Australia, Algeria, Libya, the North Sea and China. His specialty is prospect risk assessment from an exploration and drilling standpoint. Shaker’s recent work has been in the GOM’s deepwater salt mini-basins and the high-pressure/high-temperature environment of the GOM shelf. He is an active member of AAPG, AADE, SEG, HGS, GSH and GMSH. Shaker is Director and Consulting Geologist for Geopressure Analysis Services, Inc. He may be reached at email: geopressureinc@verizon.net.

©2024 World Oil, © 2024
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Ebenezer3 Ebenezer3 1 month ago
Just something to wet your appetite:
In honor of Dwight "Clint " Moore

https://www.offshore-mag.com/geosciences/article/16760671/subsalt-exploration-us-gulf-subsalt-evolves-into-successful-play

GEOSCIENCES
SUBSALT EXPLORATION US Gulf subsalt evolves into successful play
Jan. 1, 1997
Dwight "Clint" Moore Anadarko Petroleum Corporation Robert O. Brooks (retired) TGS/Calibre Geophysical Company Significant discoveries in Gulf of Mexico subsalt exploration trend. The Mahogany platform being set. Offshore explorers will continue to pursue the US Gulf of Mexico subsalt exploration play because of the enormous profit potential, given the size of discovered and potential oil and gas reserves, the presence of existing infrastructure, advancing geoscientific technology, and
5701salt
Over 40 subsalt wells allow detailed geoscience integration; multiple commercial discoveries now under development
Dwight "Clint" Moore
Anadarko Petroleum Corporation
Robert O. Brooks (retired)
TGS/Calibre Geophysical Company
Significant discoveries in Gulf of Mexico subsalt exploration trend.
5701salt
The Mahogany platform being set.
Offshore explorers will continue to pursue the US Gulf of Mexico subsalt exploration play because of the enormous profit potential, given the size of discovered and potential oil and gas reserves, the presence of existing infrastructure, advancing geoscientific technology, and economically attractive water depths.
Subsalt sandstone reservoir quality has been repeatedly found to be of high porosity, high permeability, and high pressure. These reservoir components set the stage for tremendous production capacity from future discoveries. Thick sequences of primarily Pliocene, Miocene, and even Pleistocene, clastic sandstone sections have revealed subsalt deepwater paleoenvironments, and continue to confirm deepwater depositional models.

Additionally, industry is discovering there is an important stratigraphic interval just below salt. The first 500-1,000 ft below salt is a less competent, shaley section referred to by some drillers as a "gumbo zone", or more accurately, a "non-competent" zone. As a result, over a dozen of the historical subsalt penetrations did not drill deep enough to see beneath this section.

Explorers should remember that future subsalt wells ought to be drilled roughly 4,000-5,000 ft below the base of this zone, so that adequate reservoir sandstone opportunities can be encountered through the predictive cycles of sequence stratigraphy.

It seems clear, that as advanced seismic acquisition and processing techniques provide improvements in seismic image resolution, and subsalt well control continues to refine geologic concepts, geoscientific integration should lead to giant discoveries in multiple style traps beneath the horizontal salt sheets.

Plio-Pleistocene leads to play
As is the case with many new plays, the geotechnical leads for today's subsalt play were hidden in the wells of the 1970-80 Plio-Pleistocene Play, in the same offshore Louisiana and southeast Texas region.
For many years, explorers had drilled to depths from 5,000-10,000 ft looking for oil and gas sands above salt, as the Plio-Pleistocene Play exploded across these south additions of the Outer Continental Shelf. In more than one hundred of these wellbores, drilling was stopped when salt was encountered at the bottom of the hole. Explorers also drilled around the flanks of these prominent salt structures targeting bright spots, or hydrocarbon indicators (HCI), that sometimes also proved to be salt.

Although these occurrences were economically disappointing, they provided geoscientists with many useful data points to better seismically image the depths and geometries of these underlying salt structures.

Beginning of play
Beginning in 1983, and extending throughout the 1980s, nearly one well a year was drilled through salt sheets in the US Gulf of Mexico. Between 1985 and the present, over 40 wells were drilled through or into varying thicknesses of salt, and a significant number of the early wells were unintentional subsalt tests.
Interestingly, Gulf Oil, in 1983, appears to have been the first operator to actively implement an organized effort to pursue subsalt and subweld reserves in the Gulf of Mexico. Two wells, both spudded in late 1983, were drilled without success, and after the company was acquired by another operator, the remaining prospect acreage was allowed to expire without further exploration. Other operators have actually leased some of this acreage in the lease sales of the 1990's, and have since drilled several wells with at least one reported discovery at South Timbalier 260/259.

As early as 1985, some of the subsalt wells were beginning to reveal some significant rock properties. Diamond Shamrock's well on South Marsh Island 200 hit a 990-ft thick salt sheet while in pursuit of a bright spot target. After deciding to drill through the unexpected salt sheet, high pressure shales were encountered directly beneath the salt base. Additional casing had to be run, and the operator even drilled ahead toward the original 13,500-ft intended depth, as they quickly evolved their play concept.

Nearly 2,000-ft below the salt base, a 1,000-ft thick, highly porous and permeable, wet Pleistocene-aged sand was encountered, and thus the significant reservoir potential of subsalt sand was confirmed beneath the salt sheets of the Gulf.

For the next four years, only limited drilling occurred, with no success. Some operators found high permeability and porosity in subsalt sands while others, disappointed at encountering salt sections unintentionally, did not drill deep enough below the salt base to evaluate subsalt sediments at all. Not surprisingly, the absence of a commercial strike pushed the subsalt play into later years.

Decade of discovery
1990 truly proved to be the beginning of the decade of discovery for the subsalt play. Exxon's Mississippi Canyon 211 Mickey prospect, which was drilled that spring, was announced as a 100-200 million bbl discovery, and became the first significant subsalt discovery. Although to date, a decision on its commerciality has not been announced.
The drilling pace began to pick up soon thereafter, and several operators, armed with 3D seismic depth images and better depositional models of the subsalt and suprasalt sediments, began to drill their prospects.

Drilling thick, salt sections was no longer considered a difficult task, as proven in late 1991. Chevron drilled through a 6,950-ft thick salt sheet and then 5,200-ft of subsalt sediments in 724 ft of water at Garden Banks 165, proving that very thick salt sheets could be easily penetrated and even drilled to substantial depths below the salt base.

However, the presence of non-competent shales immediately beneath the salt have presented a far greater challenge to drillers than the salt sheets themselves. The differential between frac gradient and pore pressure can be fairly narrow in this zone, thus complicating drillers decisions involving optimal mudweight selection to control pore pressures and prevent lost circulation.

Play hits commerciality
These efforts all set the stage for the first major strike on the continental shelf in subsalt sediments. Operator Phillips Petroleum Co., and its partners Anadarko Petroleum Corp. and Amoco Production Co., drilled the Mahogany #1 well on Ship Shoal 349 in 1993, testing flows up to 7,256 b/d oil and 9.9 MMcf/d gas on a 32/64-in choke at 7,063# FTP, from its 180-ft thick "P" oil sand. The Mahogany # 2 well was announced as a successful appraisal well in late 1994 with flows from another sand at 4,366 b/d oil and 5.315 MMcf/d gas on a 20/64-in. choke at 6,287# FTP.
In April of 1995, encouraged by a third successful well at Mahogany, Phillips announced the commerciality of the Mahogany Field. A fourth well has also been announced as a successful test appraisal, and a fifth well has been partially drilled to the top of salt, but suspended for installation of the platform this past summer.

First production from this significant new field was expected by yearend 1996, and is projected to reach 22,000 b/d oil and 30 MMcf/d gas in 1997. The platform production is expected to rise as more wells are drilled, and it has the capacity to produce 45,000 b/d oil and 100 MMcf/d gas from up to 20 wells. A new chapter in the prolific history of offshore Gulf of Mexico production is about to begin.

During the drilling of the second Mahogany well, Phillips and Anadarko announced their Teak discovery on South Timbalier 260. Although not indicated as commercial, this second discovery on the shelf, with its combined flow tests of 4,431 b/d oil and 7.7 MMcf/d gas from three zones, flowed from the third zone at 3,743 b/d oil and 5.988 MMcf/d gas on a 22/64-in. choke at 7,220# FTP. Encouraged by the news, other operators spudded several of their subsalt prospects toward the latter part of 1994.

Soon thereafter, 1995 saw the announcement of the second commercial subsalt discovery. Shell Oil, with partners Pennzoil and Amerada Hess, announced the commerciality of their Enchilada prospect, which includes Garden Banks blocks 128, 127, & 172.

When combined with supra-salt discoveries that they had made on adjoining blocks in blocks 83 & 84, reserve estimates of 400 bcf gas and 25 million barrels oil/condensate were indicated. Anticipated flow rates could ultimately reach 300 MMcf/d gas and 40,000 b/d oil & condensate, Shell reported.

1996 yields discoveries

1996 yielded three more announced discoveries, with the most significant perhaps being the Texaco/Chevron Gemini discovery. Located in Mississippi Canyon 292 in 3,393-ft of water, Texaco announced in June that the discovery, actually drilled in 1995, was now considered commercial, after conducting testing operations in the spring of 1996.

The well reportedly flowed from two intervals at a combined rate of 54 MMcf/d gas and 4,405 b/d condensate, from below a salt sheet reported to be 2,908-ft thick. The first interval flowed at 22 MMcf/d gas and 3,778 b/d condensate on a 36/64-in. choke at 3,892# FTP, but is estimated to be producible at rates up to 50 MMcf/d gas and 7,700 b/d condensate, and was restricted by test capacity limitations.

The second interval flowed at 32 MMcf/d gas and 627 b/d condensate on a 48/64-in. choke at 2,225# FTP, but is also estimated to be producible at higher rates, up to 80 MMcf/d gas and 1,500 b/d condensate. An appraisal drilling program is underway, and Texaco has stated that first production might be anticipated in the 1999-2000 time frame.

Meanwhile, Phillips and its partner Anadarko announced another new discovery in the play at the Ship Shoal 361 # 1 Agate well. Tested from two separate zones in the same sand, the well yielded a combined flow of 4,125 b/d oil and 24 MMcf/d gas. The first zone tested at 2,738 b/d oil and 14.4 million cf/d gas on a 17/64-in. choke at 6,773#FTP, and the second zone flowed at 1,388 b/d oil and 9.67 MMcf/d gas on a 18/64-in. choke at 7,038# FTP. Plans for development have not been announced to date.

At the end of 1996, Anadarko, and its partners Phillips and BHP Petroleum, announced another subsalt discovery in Vermilion 375. The Monazite #1 well encountered multiple hydrocarbon bearing sands which were confirmed by well logs, core analyses, and production testing. All tested intervals flowed oil, but data obtained were largely inconclusive due to various problems encountered during test operations, including extensive sand production. Due to wellbore conditions, this well has been plugged and abandoned. Future appraisal drilling will be necessary to determine commerciality of the Monazite discovery.

Again and again, subsalt wells are turning up good reservoir properties, especially high permeability, porosity, and pressures, and strong oil/gas producing zones. While the prospectivity of the play has gained momentum in the months following the Mahogany platform announcement, much less information is available from recent subsalt/subweld wells drilled by other operators, because the US Minerals Management Service maintains confidentiality of results for a period of two full years.

Four wells underway
As this article went to press at the end of 1996, at least four subsalt wildcat wells were underway, two of which were being drilled in water depths over 600 ft. This demonstrates the very large projected reserve potential of the subsalt play as it appears capable of justifying the significantly higher costs of deepwater development.
This is reflective of a fundamental fact of the geology: that the play will be pursued both on and seaward of the outer continental shelf, since the large horizontal salt sheets extend off the shelf into the deepwater areas of the slope, as well.'

Authors' Note:
This article summarizes and updates a technical paper entitled "The Evolving Exploration of the Subsalt Play in the Offshore Gulf of Mexico", by Dwight "Clint" Moore and Robert O. Brooks, presented as a keynote address to the Gulf Coast Association of Geological Societies in Baton Rouge, Louisiana, in October, 1995.
AUTHORS
Dwight "Clint" Moore is Offshore Exploration Geological Supervisor for Anadarko Petroleum. He is a recent past President of the Houston Geological Society, current Chairman of the AAPG Government Affairs Committee, and is chief editor of the text entitled "Productive Low Resistivity Well Logs of the Offshore Gulf of Mexico." He holds degrees with honors in geology and business administration from Southern Methodist University.
Robert O. Brooks recently retired from TGS-Calibre Geophysical, after 37 years of geophysical interpretation experience. He has recently been involved in regional interpretation of stratigraphy, salt style, and salt distribution. He holds a degree in geology from Southern Methodist University.
Copyright 1997 Offshore. All Rights Reserved.
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elcheepo elcheepo 1 month ago
Why don’t you at least try to pump the price so I can get out of here?
0.0001 is not a great job pumping
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smith199 smith199 1 month ago
The last time I asked, you stated that GSPE stock was not worth the time to analyze. I was just curious about how you arrived at that conclusion and why you purchased shares in the first place, second place, third place, fourth place, etc. for sooo many years?

So if not analyzing, how was this conclusion reached? Surely not divine intervention. Must be a WAG?

Makes me wonder why take the time. Curious what is behind the curtain? Same wizard as before?

The thing about avenues that are not considered is they go both ways. 

That is ‘in you window…’

And as is said “a broken clock is right twice a day” and for “sooo many months”. And consecutively as well.

You are almost that good too. Maybe.  Because if you ARE, why then do shareholders still hold more than a billion shares?  

It is because I asked them to, right?  For a moment I forgot how powerful and persuasive my personality is.

Quit clowning around. Even if it is hard for a clown to do. Consider that no one has ever heard of anyone being accused of moroning around.

Sophomoronic posts are rarely read and that is why we put so much effort to have quality posts on this IHub board. And those lacking in quality are given the appropriate amount of respect.



Mrs. Smith
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spec machine spec machine 1 month ago
Thank you
And thank me for calling this a terrible speculation for sooo many months

Did you trade any of the bumps?

Sounds a bit bitter if you ask me

It’s pretty flat now though, so like a broken clock, you’re correct sometimes

GLTY

spec
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spec machine spec machine 1 month ago
Waiting to drill Tau2 is easy for Delek, they’re besieged on all sides by hostile fire, both figuratively and literally

GOM E&P is secondary to more pressing management issues for them

A fresh round of attacks on oil majors is making headlines with house representatives accusing “Big Oil” of price gouging and the UN Secretary General’s call for a windfall profit tax on oil companies

So on one hand, Big Oil is criticized for high prices while others are planning to levy additional taxes (which inevitably pass through as higher cost to consumers)

So much diversity …..

Rocket scientists are in their glory years while world leaders fail basic economics and arithmetic

WTI back to mid $70s as faltering economies portend softening demand

GulfSlope has been in detailed discussions related to purchasing producing properties and Delek most likely has too

Thursday throwback - can you even remember what life was like before Covid?

Cheers

spec
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elcheepo elcheepo 1 month ago
And thank me for calling this a terrible speculation for sooo many months … for if they believed in Mrs smith ther may be certain avenues to correct your losses from the impetuous lies and innuendo .
Nevertheless , I’ve monitored the loses and will continue to remain on the side until someone isn’t happy with certain surities on this board. Lest we forget how they assured us .
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spec machine spec machine 1 month ago
Thank you, I do have more than a fair share of luck, hopefully that continues unabated

And my use of “yacht” as a label is an old habit and a considerable deviation from the classic definition

My definition is a tongue in cheek nod to any vessel primarily for pleasure use

My current “yacht” is a simple center console (with a few excellent details)

So there’s military, workboats, yachts, and everything else that floats

The first three live on fossil fuels (as does most of the last group) and I need a few more decades of stable oil prices to fully enjoy my planned retirement activities

So I am counting on small independent E&P companies (like GulfSlope) be part of the surge to meet the projected demands

Confident in my vision and my luck

Confidence in DC? Not so much … (at this time)

WTI swoops below $75 and too many other global instabilities to even try to summarize, just hang on tight, turbulence expected!

I have the specs covered (no surprise) but always accepting lessons on redfish

Cheers

spec
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smith199 smith199 1 month ago
You Lucky “several days on my yacht” Guy!

I do not look that good in Green, so no envy. I will just stick with the Red from that other post.

My personal yacht is a kayak stored atop two sawhorses with a tarp over it, lol. And ‘No Way’ do I wish to spend several days on it, or ever go out in the deeper water.

Every so often we use our kayaks for searching out specks and reds in the shallow grass flats where the river meets the bay. We have a center console for fishing around the oyster reefs or the open water. Fresh mesquite grilled redfish is a favorite fish meal.

The kayaks beat wading, especially when using the trolling motors, and alligators make me nervous, even if they are smallish. Because where there are small ones, there must also be bigger ones. I do not care for the snakes either, but a swat with the paddle or a 6’ rod chases them off.

By far, the worst pests are the coastal mosquitoes. No escaping them once you get in the grass. And some are the size of a newborn hummingbird.

Also, I do not get a scent of any coconut oil, mostly it is only insect repellant and sunscreen.

Although these remarks make it seem that I do not like fishing, that is not the case. I do really enjoy fishing with the family, especially with a 25” redfish on the line.

But there is something about that great yacht weekend that is appealing to me. I just cannot put it out of my mind. Lucky Guy indeed.

I want Gulfslope to hook some of that luck too.…



Mrs. Smith
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spec machine spec machine 1 month ago
Just another week of instability across the globe

I would bet large that there isn’t a single leader of a country who ..

…. has had a face to face conversation longer than 5 minutes with the current president and still thinks he’s capable of making any decisions on his own regarding any major topic

It’s beyond humiliating to Americans

It is most likely terrifying to our allies

Our IRS and DOJ were weaponized more than a decade ago

Now our justice system has devolved from the recent 2-tier system, it’s not even a shell of what used to be the single most essential defining feature of the nation that defended the freedoms of its people

I’m plenty pissed off about it too

The bogus conviction last night of the leading candidate for the presidential election is certainly a shining example of absurdity

The investment climate in the fossil fuel sector is still dismal but just as the pendulum has swung very far to one said, it will swing back with great force

The waiting is the hard part now

If there’s a deal in the works in draft form, it’ll get jumping quickly if our next election swings to the right

Yeah, it could be a big letdown too if no partner steps up

I think it will be a crazy road to 2025 but it’ll be great if it goes as I expect it to

WTI slips a little bit to high $70’s

China wraps its “loving arms” around Taiwan, is it a prelude to aggression (yeah, most likely, dang!)

Cheers

spec

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Tiger01 Tiger01 1 month ago
Another article from Goldman Sachs on their perspective of the immediate future of the oil and gas industry. One would think that Gulfslope's Tau project would fit nicely in the context of GS conclusion. Some of you might find this interesting.

Have a great weekend!

Tiger01

https://www.goldmansachs.com/intelligence/pages/gas-market-to-grow-50-percent-amid-transformation.html?chl=em&plt=briefings&cid=0531&plc=body
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spec machine spec machine 2 months ago
WTI pushes upward to $80

No relief from the global chaos, 2 hot wars, skyrocketing debts undermining geopolitics, several recent “political” assassinations

“But the market still rises to record highs” they say

It’s all relative

Currently, there are far better opportunities and conditions for investment in the US and US based companies than in most other countries

Not just my opinion, it’s being put forth by several analysts

So, global market sentiment is bringing capital into the US markets and keeping the bubble inflated

Sentiment is a fickle thing, it can go bad very quickly

Stay safe and diversified

Well refreshed from several days on my yacht and the scent of coconut oil still lingers in my olfactory bulb

I hope everyone has been mindful of the fallen soldiers who have defended our liberty from the earliest days of the United States to present day

We can’t imagine the pain and suffering that will come if we let those liberties be taken away

Not on my watch

GLTA

spec

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smith199 smith199 2 months ago
Thank you both (Tiger01 and spec). My face and neck are getting all ‘splotchy’ from the blushing. But that is fine because red is one of my favorite colors.

Did you hear that Joe is dipping back into the till once again. But this time it is not the Federal Reserve, it is the Petroleum Reserve. And right before peak driving season. Yes, the election is the reason.

Gasoline will need to be getting much, much more expensive before Joe could buy my vote with cheaper gallons. The one thing about this abomination of an administration is how predictable they are in their manipulation.

And recall, we would have a 35 day supply of crude if the SPR were completely full. Except, as things now stand, we have less than an 18 day supply and dwindling. This a vulnerable position to be in when coping with real world circumstances. Just wondering how low Joe is willing to take us in his quest for a second term.



Mrs. Smith
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spec machine spec machine 2 months ago
I think I have a solution for a big part of the problem

I nominate smith199 to be the next Secretary of Energy

Seriously, she’s got 10X the brain power of the current cabinet combined

Good post Mrs Smith



spec
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Tiger01 Tiger01 2 months ago
Good post Smith. Bain & Company is a blue blood firm. Their opinions count for something. The link below just continues to drive the theme we've discussed the last week or so: that the growth in the demand for power for data center development will continue to require substantial amounts of fossil fuels. The link below from Goldman Sachs, another blue blood firm, further confirms this reality (or inconvenient truth for some).

https://www.goldmansachs.com/intelligence/pages/AI-poised-to-drive-160-increase-in-power-demand.html?chl=em&plt=briefings&cid=0517&plc=body

Tiger01
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smith199 smith199 2 months ago
The plot thickens when is comes to providing the electricity for everything our world requires. The attached link provides some insight into the challenges that this country (and the rest of the world as well) will be facing to meet these demands.

My brief synopsis of the article is that power generating utilities have experienced very low or no growth in demand for 20 years. But very soon they will be asked to provide 20-30% more electrical power. The questions that result are can it be done, how, where, and what will it cost?

The consensus of experts have identified several ‘truths’ that will drive the answers to these questions. Among them are the fact that these facilities can take between 3-6 years to build.

Lacking a viable nuclear power industry, fossil fuels is the only choice to consider for generating power on this scale. Renewables are not considered to be a reliable choice and the amount of land needed in the right locations is a serious challenge. And what about recharging millions of EV batteries?

And even fossil fuels face challenges like is there adequate supply available where the plants are needed? It takes longer to build a pipeline than it takes to build a plant. Will there be gas turbines available? Transformers?

As these plans to expand our generating capacity begin to materialize, we should expect to find critical elements to be unavailable in the quantities required. And if the desire to decarbonize remains a priority, then the likely scenario will be natural gas utilization for the first 10 years while the nuclear plants are being built.

As far as costs go, look for the costs of electrical power to significantly increase. That will be for every consumer and every product. So efficiencies of usage will become a critical part of this expansion if affordable energy is to be a feature for the future.

Elsewhere, competing countries such as India and China are going with coal because it is the easiest, fastest, and cheapest solution. They, particularly China, have begun building for their future in earnest. Here our political agendas and regulatory environment promise to stifle any chance the USA has of competing.

The implications of failing are to find ourselves becoming a second-tier world power. So, if we do not want this outcome, it is time to change how we do our business.

Our political leadership must stop being primarily focused on checking off all the right social engineering boxes. Rather, to remain a respected power in the world, we will need a government led by competent, capable, and committed individuals with a desire to prevail. I see it as a modern day ‘race to the moon’ for the USA.

How does this translate to Gulfslope Energy? The scenario envisioned will require more and continuing amounts of oil and gas. Solar and wind renewables will assume supporting roles. So there must be an increased focus on finding and producing fossil fuel raw materials (crude oil and Ngas). Gulfslope Energy (GSPE) can easily become an integral part of this energy pursuit and a valuable contributor towards it’s success.

If we do not attain these accomplishments, citizens will not only need to generate their own electricity, but they will need to become auto-mechanics in order to keep their used gasoline power vehicles on the road after new models are no longer available. We must vote for our best interests in November.

https://www.bain.com/insights/how-to-feed-ais-hunger-for-power/




Mrs. Smith
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londontexas londontexas 2 months ago
John seitz is my neighbor… great guy….. but after 4 years I’ve sold my shares…. Taken a lump… and will move on.. I wish you all well
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spec machine spec machine 2 months ago
Monday mayhem SITREP

Crude markets fairly stable with WTI at $80 despite the continued hot wars

One notable individual event over the weekend was the death on the Iranian president and several high level officials in a helicopter crash

Rumors immediately following the crash had fingers pointed at various conspiracy theories regarding it being a possible assassination

Understandable, considering the rash of assassinations in several countries over the last couple years

Probably just an accident in fog

One more late filing notification was filed recently by GulfSlope

Again, there is no reason to file anything unless the path forward is positive and includes the public trading of GSPE shares

I think it is very likely that GulfSlope will be reignited in conjunction with the policy changes anticipated in the next administration

Israel (the home country of GSPE’s partner Delek), is continuing the assault on its enemies Hamas and Hezbollah with determination

Yes, I am an optimistic person and I’m good with holding onto my shares pending the likely shift toward favorable domestic energy production policies

For now, I will wait for the next chance to slap that ASK hard

Cheers

spec

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Byurwherevergirl Byurwherevergirl 2 months ago
GSPE aloha kakahiaka









e malama pono kind hoaaloha :-}









a hui hou





WG
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NorOilGuy1 NorOilGuy1 2 months ago
Thanks Smith
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smith199 smith199 2 months ago
The Tau lease remains active and does not expire until November 1, 2025 or about 18 months from now.



Mrs. Smith
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NorOilGuy1 NorOilGuy1 2 months ago
Does someone off of the top of their head remember when the Tau lease expires?
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