The announcement looked pretty positive to me, and imho if it had been a year ago the phrase "oil discovery" would have been written all over it. However imo they were right just to present the facts and not state a conclusion. ATM the market not only wants a discovery, but commerciality.
Net pay is obviously one of the key unknowns to us at this stage, but I am assuming that the JV will have a fairly good idea of this already from what they have seen.
I think we have a very encouraging announcement, albeit rightly understated atm given the challenges of PS1 and given the challenges to immediate commerciality that the current poo gives to any discovery.
We were never likely to have got success at all targeted levels, but a long long way from the usual duster announcement.
Wishing all the good posters here a good Xmass and a troll free new year.
EL
Ann: Roc-1 Well Update, page-8
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