pel-218 update , page-3

Hi sting,

Ok - I'll do my best!

"Cased & Suspended" is not bad in itself. It means that the drill is released to carry out other works elsewhere.

"Electric logging" is like sniffing & tasting for hydrocarbons kinda sorta (lol) and sampling cores from the sidewalls.

The Report said "good hydrocarbon indications", but presumably that is gas and ideally we were looking for oil. Oil is better as it is easier to collect & transport.

It goes on to say "deteriorating hole conditions" which in this case means putting a cement case down the hole because the geological stratum throughout the hole is probably unstable eg; maybe there is fine aggregate that will collapse into the hole.

Adelaide Energy (ADE) seem quite ghung-ho on PEL-218, but you would probably have to discount their bullish sentiment (imo) as they are free carried.

The question is: After running electric logging & wirelines, will the Partners put their hands in their pockets for further works., and will it be commercial??? Unfortunately the market will not know until probably some time next week.

Whilst there is some hope for Wakefield imo, I suspect it is not looking very good atm. This is just my opinion tho, and I hope it has helped you a little in understanding the announcement.

Good luck to all holders & traders in BUY!

Cheers, Pie (: