Yes Wilsde.....Not to forget that in the investor presentation of Oct 2014 they were comparing FAN to Jubilee. The seismic interpretation for it was meant to be released in 2015, but till now it seems to have been put on the back-burner.
My personal thoughts on BEER have always remained consistent....I believe it is a sleeping giant. It may or may not be more difficult to commercialize but it appears to be very big and sits closest to the source rocks.
No oil water contact meant that the net oil could have been anything. But now we have been given something more on BEER.
Aqua has quite correctly picked up the new graphic showing a doubling of the net. Remembering that the new graphics came out with the new Risc assessment based on the seismic interpretation correlated to the drill by FAR (and presumably approved by the JV) up to Dec31 2015.
This is the most up to date news we have on BEER and I can see why Aqua is getting excited! It is deserving and his enthusiasm should be shared by all of us assuming that the new graphic is correct in its portrayal of the oil reservoirs.
I know that the northern FAN is problematic with regards to differing pressures but the oil grades are all excellent. I can fully appreciate that SNE is the first to proceed because it is straight forward compared to BEER and the development costs would be cheaper (and getting cheaper the more they drill). With oil prices as they are it makes perfect sense.
Recovering oil prices will see BEER drift more into the money and hopefully will add more value to FAR as the JV elaborate more on this field.
In any event it will be front and center on the table at any TO event.
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