Its not a story anymore, its getting close to being a fact & we can all thank the magic no. 149m for it.
Note that ERH have quoted "Gross thickness". Post wireline logging, they will announce the "NET" thickness of the column & other properties that are deciphered from the logs like porosity, oil-water saturation etc. Success like this can go a long way for small scale companies & its not a co-incidence that they r drilling in an are known for its production.
When u get a chance chk out the 53 page report on their website. Tells the complete story. Cost of drilling per well is apprx $1.2 million.
ERH's estimate were 0.65MM bbl from PTA-3 (which is understood b'coz most of the oil in that field has been sucked out from earlier wells PTA1, 2 & 4.)
Their estimate from 1NSE1 was 1.7 MMbbls!! This was b4 they found 149m.
Looking at the prevalent data on AGP Round 7 link, this number will b revised by month end & of course ERH will quote their 40% share in days to come.
Oh by the way the next prospect Silver Marlin should b good too. I like this SA basin b'coz most wells drilled here are shallow onshore ones.
A success story indeed, cant actually think of other parallels here, i.e. Oz companies eyeing such small fields in Brazil, they are all looking at Deeper & Ultra-deep finds.
cheers
ERH Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
