Hi Samscout, it means that the layers at the location where the drill has intersected are below the water/oil boundary and as they state, they calculate that there is oil in those layers further up-dip.
Good result for the 3rd well imo, although 10m of net pay not quite as impressive as the 1st and 2nd wells, nevertheless the result is very important in helping to define the field extension and therefore reserves.
That resistance of around 2M shares at 47c looked pretty formiddable, but I see EOD that was reduced to < 1M, so hopefully not too long before it breaks through - the sell queue above 47c doesnt look too bad.
Cheers, Sharks.
ROC Price at posting:
47.0¢ Sentiment: Buy Disclosure: Held
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