TAP & PPP used the same term for the Maitland 3-H well in their announcement on 22/10/07 which was also a positive announcement that many read as failure.
" The well has been plugged and abandonned as planned and two further vertical appraisal wells are in planning to delineate the extremities of the field for development."
Sounds bad but is actually good as the wells in both this and TAP/PPP case have performed as expected. It was designed to prove there is a resource in place, so it's just one small positive step forward. Had the announcement indicated no hydrocarbons were found then I would have seen it as a negative.
What some are unable to get their head around is the term "plug and abandon" yet whatever the outcome of drilling was, this was always going to be part of the process. Forget about the terminology and focus on the actual result.
MEO Price at posting:
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