stokes bay : update, page-10

EP 104/R1 CANNING BASIN,
STOKES BAY-1 WELL UPDATE
Please find below an update on testing of the Nullara Formation from the Stokes Bay-1
well.
The EP104/R1 Joint Venture has agreed to release CDL Rig 18 and the rig was
subsequently released from Stokes Bay 1 at 0900 Hrs on 6th November, 2007.
Testing operations to determine reservoir fluid composition will continue once the rig has
been moved from the location and the testing crew obtains access to the well site. It is
expected to take from one to two weeks for testing operations to recommence.
Fluids recovered to date still appear from salinity and density measurements to be
drilling mud and associated fluids. Some 24% of the 12,000 barrels of drilling fluids lost
during drilling and completion operations has so far been recovered.
Participants in the Permit
(post earning):
ARC Energy Limited 38.95% (Operator)
Empire Oil and Gas NL 14.80%
Emerald Oil & Gas NL 12.75%
Pancontinental Oil & Gas NL 10.00%
Phoenix Resources PLC 10.00%
First Australian Resources Limited 8.00%
Indigo Oil Pty Ltd 5.50%
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For my view , The Rig is now finalised and is no longer required on site and is now being moved on to its next project, for it is an expensive exercise to keep it there if its not required. Now if mud is being pushed up toward the surface ...what is pushing it up ? Could it be Water ? or could it be gas ? ,or maybe Oil ? ....... that , is the million Dollar Question , we must all think about and not just jump to conclusions . This is not a time to sell or in fact start a panic sell for this is all speculation at this stage and time is needed to find out the effects relating to the Liquids down below. When the operators have completed their work in removing the drilling fluids then we can see what the situation is all about ... we are all hoping that all is , as we think .