The field area is 3.5km2 as confirmed by John Weston and Phil Gallaway at the meeting. Its not massive, its not small, about average. Therefore if you think this find is in the 100's of millions of barrels of recoverable oil, you are kidding yourself.
I thought before the test that the flow rate would be above 300 for each well, which the middle interval has indicated would be around the mark. The only disappointing aspect of the well so far is the bottom interval (which in next door fields only produces at best 15% of total oil has not flowed yet, different procedures may make this flow)
330 is 2.5km2 and has 14 wells, and so from 3.5km2 for 430 you would think that around 20 wells in time could be built.
430B has the same geological structure as 430, as it is a downward trend, and should therefore produce the same about of barrels per day, and have about the same recoverable barrels as 430, as it it slightly bigger than 3.5km2.
Good news with the well flowing now, and a true refection of what the well will pump out, will only be determined once it is on an extended flow test, as what was done with 330.
Hang in there some exciting drilling coming up. Remember that only 10% of wells that are drilled have oil shows, and of them only 6% are commercial finds. Compared to some of our big oil and gas players, erh strike rate of 100% success in two wells is pretty good.
Please people also don't also misquote Phil and John, about the Angluim flow rates. They don't know what they are, they where only guessing what they would be, or should be. The angluim field is not big enough to be mentioned by Petrobras. So its size is extremely hard to find. It is definitely in decline.. Read the three reports the company has issued to you, and you will find the Flow rate of Angluim. Its in there.
ERH Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Not Held
