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hardmano

16,264 Posts.

398

31/07/14

12:40

Post #: 13745244
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Originally posted by Kfann ↑

Agreed.

This is a good sign generally. They would not do a TH for a P&A announcement., nor for a negative comment in the top part of the main target zone. General protocol, if the main target no good is to drill through to TD, undertake final logs, make announcement, and prepare to P&A. It's practically impossible to drill to the additional 600-800m through to TD (3,600m) and obtained final logs within the last 3 or 4 days.

Only 2 reasons for a TH at this stage IMHO: 1) a material problem with the well/operations (ala FAR) or 2) assessing HC results of some kind which can take several days.

Galp Energia has in the past put out announcements regarding exploration drilling results while still in the hole (refer Pitu well December 17, 2013), so I'd expect them not to wait until end of hole. Having said that, I believe this is their first offshore well that they have operated themselves and problems can and do happen...but, hopefully, this is not the case.

For those insomniacs with low cardio expectations, I suggest gluing their retinas to the Galp notices and message boards. Otherwise, there's little to be done except head off to lunch.

Cheers,

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Kfann

Nice post! Only comment is that the TH announcement says pending the RESULTS of Tao-1 exploration well ... not pending an announcement about a delay in drilling. So I think we can rule out the latter.

H

TPT Price at posting: 13.0¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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