Ann: Balqis-1 Drilling Update , page-28

Had a quick look at the lundin site exploration program the other day and from what I can recall they have so far drilled two wells. One was dry one was successfull. Balqis 1 is ongoing as you can guess. I really hate the uncertainty of deep drills. 2.3 kilometres down is a heck of a distance to drill. I can't even run 2k's. How good is the siesmic testing nowadays. Lundin have so many drills planned they can afford failures. I see that most investors appear to be hanging on. Friday afternoon I think will test a few nerves. In the interim I keep reading the below extract, even if the geologist phrases lose me.

The Balqis-1 exploration well plus Boni-1 sidetrack is located along a prominent NW-SE trending wrench fault system located in the central part of the PSC. The structural trend is located immediately west of a deep graben interpreted to contain mature oil prone syn-rift source rocks. The play concept being tested by the two wells is analogous to the producing fields in the adjacent Kakap PSC.
The Balqis-1 exploration well will test the oil potential of the primary Upper and Lower Gabus Formation sandstones in a 3D defined structural closure. Estimated prospective resource potential for the Gabus Formation reservoir objectives are 47 mmbbls (best case, gross, unrisked).
The Boni-1 Prospect will be drilled as an exploration side-track from the Balqis-1 wellbore. The objective of the Boni-1 well is to test the oil potential of the Lower Gabus Formation where it onlaps the Balqis Basement high and forms a large stratigraphic trap. Estimated prospective resource potential for the Lower Gabus Formation reservoir objective is 55 mmbbls (best case, gross, unrisked).