p2 - the story so far, page-6

Interesting summary. The key will be flow rate. Wells this far offshore in in such deep water need rates over 20MMscf/d. The big risk is the reservoir quality. It is well known that Plover sands have very low porosities and perms below 3800m, so at 5000+m, the well may not flow. If this is the case, Karoon & Conoco have a big discovery of non-producable tight gas. It is basically not worth the cost of the 2 exploration wells. However, if they do get a good flow, then we will get the all important gas quality, including the CGR (liquid ratio), and then as they have recovered gas to surface, the JV can actually declare a discovery. Additionally, the correlation of the DST to the logs and then to the 3D will provide a good indication of reserves, and the shares will maintain their current strength. A fear moving around the traps given the depth of reservoir is the test will suffer "mechanical" problems and no flow rates will be released. This will be a sound indication that the well is a duster. One needs strong resolve at this point!