tip of iceberg discovery, page-16

"I am not too concerned with current flow rate but more interested in what could be potentially underneath.:

Actually I WOULD be concerned with what is above. There resource estimates were based on the primary oil target (presumed to be between 7000- 8000 feet) and the primary gas target (presumed to be beween 8000-9000 feet). 2000ft total.

They fact that they have a new deep target is good.....BUT where does that leave the original resource estimates. The initial targets are now both between 7000-8000 feet. 50% reduction. It seems unreasonable to be the assume that all the non pay has been squeezed out and the payzones are just as thick as ever. More likely that the original targets are thinner also.

So yes, FP has a new substantial target zone but it may be at the cost of their original zones. They haven't said how big these zones are - why not? They don't seem ver keen on testing these zones yet.

Their "discovery" is very much a two edged sword if you ask me.

Low flow rates
Resource estimates unreliable (may surprise substantially on the upside or downside)
Longer time to go to production.

On balance I think the project will do well in the long term but there seems less clarity now than a month ago.