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Glossary

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NET PROFIT SHARE LEASE
An OCS lease that provides for payment to the U.S. of a percentage share of the net profits for production of oil and gas from the tract. The percentage share may be fixed in the notice of the lease sale or may be a variable of the bid, depending on the bidding system used for the lease sale.

NODDING DONKEY
The colloquial name for conventional onshore wellhead production beam pumps.


OFFSET WELL
Well location adjoining another well site.
 
OIL IN PLACE (OIP)
See In Place

OIL COLUMN/GAS COLUMN
The vertical distance between points of highest and lowest known oil or gas in a reservoir.
 
OIL/WATER CONTACT
The lower end of the oil column in a reservoir with underlying water. This may be graduated or occur in formations where it is hard to detect.

ON STREAM
When production is flowing, or plant is in operation.

OPEN FLOW
Producing a well without chokes or beans. Unrestricted production normally for testing or maintenance purposes.

OPEN HOLE
An uncased section of well borehole.

OPERATOR
Person, whether proprietor or lessee, who actually operates the well. Generally, the oil company by whom the drilling contractor is engaged.


P10
The value for which there is at least a 10% probability that
the quantities actually recovered will equal or exceed that
value.

P50
The value for which there is at least a 50% probability that
the quantities actually recovered will equal or exceed that
value.

P90
The value for which there is at least a 90% probability that
the quantities actually recovered will equal or exceed that value.

PACKER
A seal used to isolate a section of a well, eg for testing or production from one of several formations. Packers are also used in operations such a cementing and acidising.

PAY, PAY SAND, OR PAY SECTION 
Producing formation, or that formation which represents the objective of drilling.
  
PAY ZONE/HORIZON
A formation containing producible hydrocarbons.

PERFORATE
To pierce holes through well casing within an oil or gas-bearing formation by means of a perforating gun lowered down the hole and fired electrically from the surface. The perforations permit production from a formation which has been cased off.

PERFORATION/PERFORATING GUN
Holes punched in the casing of a well at the pay zone to be produced, to allow oil or gas to enter the well.  A Perforating Gun is a cylindrical tool loaded with explosive charges which are triggered opposite the pay zone, perforating the casing in many places.

PERMEABILITY
The degree to which a body of rock will permit a fluid to flow through it. It is a function of the shape of the capillary pore spaces and the degree to which pores are connected.

PETROLOGY
The study of rocks, their origin, chemical and physical properties and distribution.

PINCH OUT
The thinning out and disappearance over a distance of a formation, eg an oil bearing sandstone between layers of impermeable rock.

PIPE    
Oilfield tubular goods such as casing, drill pipe, tubing, or pipeline.

PIPE RACK
Where stands of drill pipe are stacked vertically in a derrick ready for use. Racks or frames are also sometimes used to store tubulars horizontally in yards and or offshore decks, and when transporting them offshore.

PIPE RAMS
Hydraulic rams in a blowout preventer which are shaped to fit around the drill-stem and seal the annulus. Blind Rams are designed in extreme emergency to shear through the drill pipe and seal the well completely.

PLUG/PLUG AND ABANDON
To seal a well, or part of a well with cement, e.g. before producing from a higher formation, sidetracking, or leaving the well permanently sealed and abandoned.

POOL
An Oil Pool is a reservoir or group of reservoirs sharing a common pressure system.

POROSITY
The volume of free space between the grains of a rock capable of holding fluid, (gas or liquid). It is expressed as a percentage of total gross rock volume.

PRESSURE BOMB
A down hole pressure recording capsule used in well monitoring.

PROBABLE RESERVES
Those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are
used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated Proved plus Probable Reserves. When probabilistic methods are used this corresponds to P50 value.

PRODUCIBLE LEASE
A lease where one well or several wells have discovered hydrocarbons in paying quantities, but for which there is no production during the reporting period.

PRODUCIBLE ZONE COMPLETION
The interval in a wellbore that has been mechanically prepared to produce oil, gas, or sulphur. There can be more than one zone completed for production in a wellbore.

PRODUCING LEASE
A lease that is producing oil, gas, or sulphur in quantities sufficient to generate royalties.

PRODUCTION
The operation of bringing the well fluids to the surface and separating them, and storing, gauging, and otherwise preparing product for the pipeline. Also refers to the amount of oil or gas produced over a given period

PRODUCTION CASING STRING
The innermost steel lining of a well cemented in place and perforated for production in the pay zone. Note that production tubing is inserted inside this casing.

PRODUCTION TESTING
A production test concerns the capability to produce (productivity) of a well and its effects on the reservoir produced. A production test may continue for several months where extensive data is necessary prior to final commitment to development expenditures etc.

PRODUCTION TUBING STRING
The string of pipe installed inside the casing of a production well, to a point just above the reservoir through which the fluids are produced. It may be 2" to 5" diameter or more, depending on the production flow and pressures anticipated.

PRODUCTION WELL/PRODUCER
A development well specifically for the extraction of reservoir fluids.

PRODUCTION WELLHEAD AND TREE
The assembly of casing head, tubing head, connections and well-control valves fitted to a producing well. The "Christmas Tree" is the name given the complete assembly of valves, connecting flanges etc.

PRODUCTIVITY/PRODUCTIVITY INDEX
The continuous productive capacity of a well. The Index is measured as volume produced (e.g. barrels per day) divided by the drop in pressure (p.s.i.) to achieve that flow rate starting with a "shut in" pressure.

PROSPECTIVE RESOURCES
Those quantities of petroleum which are estimated on a given date, to be potentially recoverable from undiscovered accumulations.

PROVED RESERVES
Those quantities of oil and gas which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods and government regulations. When probabilistic methods are used this corresponds to the P90 value.

PULLING OUT
Retrieving and stacking the drill-string on reaching target depth.

PUP JOINT
A joint of pipe of non-standard length, to make up a string of tubulars to an exact required total length.



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Contact Details

Principal Place of Business
Suite 5, 6 Richardson Street
West Perth WA  6005

P: +618 9476 9000
F: +618 9476 9099
US Office
1900 St James Place, Suite 425
Houston, Texas, 77056
United States of America

P: +1 713 275 9800
F: +1 713 275 0999
Email To: admin@targetenergy.com.au
ABN: 73 119 160 360
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