"What todays announcement has done is unrisked the Roosvelt project.
"Commercial well" is what most of us were striving to hear and that's what we got"
That is rubbish buc, don't get me wrong I think todays announcement was very good. It was definately a step in the right direction, with no bad news and steady progress, even though long overdue. However that statement is totally unsubstantiated.
Yes we know there is oil and they are installing production facilities which is very positive, however, this announcement does not confirm that either well is commercial. What the announcement conveys is they think that they may be commercial, thus installing the production facilities.
In regards to Roosevelt now being risk free, thats an even more rediculous statement. There are no wells completed in the north of our acreage and as positive as todays announcement may be, we still do not know the fate of these two wells.
Yes this announcement was a well overdue relief, and gets us going in the positive direction. It also looks very promising with production facilities installed, but we cannot get ahead of ourselves (as we do). We need some flow rates and cumulative flow rates for these wells to know what this lease may hold.
Regarding Defender, I'm fairly hopeful this will be OK, it did produce a high of 288BOPD and if the pumping problems are sorted I can't see why this won't be achieved again. SOA II, we may be confident but it still is an educated punt.
Regardless of all this positivity towards the projects and todays announcement, still a big fat NO from me regarding the rediculous cash grab our board is trying on us.
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