Thanks BrighterSpark for picking up on some of my Seruway comments.
Other than the points you make in your comparison with the COE well, I would also add that:
- The COE well firstly reached TD before the Belumail (key oil target/zone/play)
- The well MEO are going to drill is at the crest of the structure, with 600m+ of vertical closure, up dip ok both proven oil and gas and about 5km from the COE well which was poorly cited.
- As for Ibu not being prospective, Japex tested 600bopd back in the day. The sparse COE 2d is hardly worth mentioning. MEO shot some excellent quality 3d over Ibu earlier this year, and they can already see some beautiful carbonate reefs and other structures which upgrades the prospectivity.
In summary, COE got stopped out of Seruway due to poorer PSC conditions, lower equity interest and higher commitments - the poor geoscience also didn't do them any favors.
Half a Tcf of gas here with both DomGas or Arun options would be worth a fortune . . .
MEO Price at posting:
20.0¢ Sentiment: LT Buy Disclosure: Held
