CONSOL's Pickle Picture

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NTE4MzUw...


Consol has a new presentation on its investor relations site. From a Barclays presentation dated 9/12/13.

Page 20 has an interesting take on the "sweet spot".

The graphic is enclosed in case my link doesn't work.

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Permalink Reply by farmgas on September 18, 2013 at 12:08pm

Very interesting report, JR!  What can we expect from Consol CNX Gas next year with ramping up drilling & production in Pennsylvania?   Will the Southwest vs.Central Operations locatons see an increase?   The map showing the airport project shows nearly 100% coverage of the property with wells.   Will this gas be wet or dry?  Any thoughts...?

Permalink Reply by JR on September 19, 2013 at 4:03am
Interesting indeed. I think it's still early, and (given the location of our land) hopefully better techniques and technology will see excellent results for everyone in the green and beyond. My guess is 2 more years might show the pickle changing shape.
Permalink Reply by JR on September 19, 2013 at 11:01am
US, I agree with you in some aspects. I'm thinking more for the light green areas, which will take time to prove up for various reasons. Perhaps the quarterly reporting will help this map evolve at a faster pace as well.
Permalink Reply by Tim Tarr on September 19, 2013 at 4:14am

Page 18 Burket Shale

Great impact on underlying Marcellus wells that tested 10.0 MMcfd and 9.0 MMcfd

Wonder what that means?

Permalink Reply by The Hiker on September 19, 2013 at 4:44am

Nice map.  Thanks for posting.   Consol needs to redraw the map after Antero published the real results for the Rubel, Yontz, Wayne and Norman wells.   At a BOE/D per lateral foot between 1.73 for the Yontz, 1.21 for one of the Rubels, and 1.12 for the Norman, the pickle grows a big wart on the lower right side into eastern Noble and western Monroe.  

Someone recently posted a similar figure drawn by Wunderlich Securities and called it the "string of pearls" from the Buell in Mid-eastern Harrison down through the Shugart in mid western Belmont and into extreme western Monroe with the collection of Antero wells (Yontz, etc...) and hopefully (not proven) into Washington County with the  Flat Rock Beardmore and the Farley wells (now resting).  Best of luck to Washington.

Permalink Reply by The Hiker on September 19, 2013 at 12:03pm

Good idea.  It'll take some time to redraw.  My guess is that it will shift a bit, but not radically.  Like a lot of these presentations, the map might have been drawn this way to emphasize Consol's holdings in the pickle.   How about gross $ per frac stage?

015334grltd9mPermalink Reply by 015334grltd9m on September 19, 2013 at 12:18pm

Consol! I have your pickle right here.

Interesting how every stock company has the best self-proclaimed  wells.

Permalink Reply by The Hiker on September 19, 2013 at 12:27pm

Or every wannabe stock company......

Permalink Reply by JR on September 19, 2013 at 12:33pm
And, consol is quoted in other articles that things should be good in mahoning, stark and Tyscarawas counties...but their pickle doesn't reflect that much promise right now...
Permalink Reply by Robin Hood on September 19, 2013 at 1:06pm

What's with the very limited data in Columbiana and Mahoning counties. Chesapeake is no fun. I wish gulfport were up here, we wouldn't be shrouded in mystery. Are they holding Aces or bluffing? My guess is they have the golden goose and all the eggs.The pickle is just a mushroom stem.

Permalink Reply by Debra Lynn Pennell on September 20, 2013 at 12:47pm
AmI in the pickle?Couldnt read map very well, wasnt clear. I am signing a lease will Consol in Greene county, pa. Debbie
Permalink Reply by The Hiker on October 5, 2013 at 2:32am

The pickle is a contour map of BOE/day per foot of lateral for published well yields.....Take the published IP for a particular well....divide that number by the lateral length....and connect all the values that are roughly the same.  Large numbers indicate better wells.  Consol tried to do this (incomplete and generalized) and drew the pickle in an attempt to show that their holdings are in the best part of the play by BOED/ft of lateral.  The Shale "experts" map appears to be a map of the "accepted" limits of the dry gas, wet gas, condensate and oil windows with company lease holdings overlaid.   Apples and oranges.

 

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