Arcan Resources Ltd ARNBF

Arcan slowly gaining traction

[hardeehar]

It will be the turn-around story of the year (or next) if they can pull themselves out of the muck.

Those prolific 4 wells they drilled over winter  surely can't be attributed to geology..I mean they were infill wells.  No they had to have found a better formula in their completions program, but didn't want to admit it because then they would also be admitting that they had it wrong from the beginning.

I wonder if they can re-complete the low-prod existing HZ wells with this new improved method to revitalize the entire field?  Good question to ask at the AGM.

[hardeehar]

Just checking their presentation.  Still a ton of potential here. Arcan is only being credited for 20% of the OOIP in PDP reserves and only 29% in PP at Deer Mtn. Ethel is valued even worse at 6.9% of PDP OOIP and 17% of PP OOIP.  Adjacent, more mature fields under Waterflood are well over 30% recovered and still producing profitably.  So Arcan has a lot of upside in recoverable

[hardeehar]

Oops - Sorry.  DM2 has recovered 5.4 million barrels, or 10% of Original Oil in Place. Ethel still has yet to recover 3% of its OOIP of 77 million barrels.  With an easy doable 35% EUR that's 25 million barrels still to be pumped out of the ground there - even more under waterflood - for $2.5 BILLION worth of LSC @ $100 oil over Ethel's lifetime, and like I said will likely go on

[mombasa1]

They say those high-performance wells at Ethel were offset wells not that it makes much difference. I too find it hard to believe they had just found a sweet-spot given the fact they have drilled upwards of 100 wells and are only now seeing these kinds of results.  I agree that they must have changed their completions method.  If I was Arcan I would move up the drilling program to prove