Well you certainly have to say the macro effects are smashing MELs outlook. If it continues, there will be some obvious value in adding more MEL to my portfolio.
As far as how much flow they are going to get, I think it might be better to concentrate in the near term on the net pay figure they have described. I get the impression from the announcement that they are only going to focus on production from that 100ft interval. However, the other rocks they have intersected, they might be ameniable to considering applying some production enhancement to get them to flow more freely.
For my own sake, I went back over the announcement and it says a "total of 30.3 metres of estimated net pay and in a total gas bearing interval of 138.3 metres. which I take now that the 30m is only an estimate and is the target of the testing. The other rock, while it contains gas, it might not flow, so would naturally be sub.
Does that sound right?
Cheers,
SF
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