one more sleep , page-44

My thoughts:

First up - very vague announcement, which is always a glaring warning siren IMO.

But breaking it down, it appears it was a moderate success as an exploration well but currently a worrying failure as a production well (which is what it was primarily intended to be).

The two target reservoirs for production were the UC1 and UC3. The UC1 is poorly developed and the UC3 appears to be water-bearing at this location, or else they would have mentioned shows and samples taken in it.

An additional purpose of the well was to convert 2C resources into reserves. This will not happen in this well unless the sidetrack is successful.

There could actually be a significant writedown in the 2C in the UC1 and UC3 because this suggests the field is actually smaller than originally thought, at least on the northern flank.

The only chance for this well is if the poorly-developed UC1 is just a local effect and they can intersect proper reservoir with the sidetrack. If they do decide to ST and that comes in poor too, it carries severe implications for the northern flank of the Gazelle field IMO.