exxon and bhpp in sulu tap , page-5

Just taking a peek at what is going on here - is it the emergence of a new oil province from a so far dry and cold basin, or is it major's drilling the last structure of note before they walk away.

Please correct me if I am wrong with the facts so far.

***Exxon/BHP drill 2 wells, the first Banduria 1 encounters some gas and the second most recent well Dabakan 1 found hydrocarbons (gas again?) (one would assume in non-commercial quantities since they are not following it up). Some reports say hydrocarbons - was there any oil? Was it tested - I assume MDTs to know it was gas? Will it be followed up?

Then the Philipino Energy Secretary Reyes says the same well could yield 750 mmbls but he is surely talking about the predrill potential of Dabakan. I think a true discovery of 750 mmbls would have got a whole different set of press.

I cannot find an official release from Exxon so I summize the well was not material (maybe interesting but nowhere near commercial).

Now they are drilling a 3rd well - same structure or another wildcat? If it was a follow up of Dabakan you think they would have said so.

At $US100MM a well in a basin that has so far yielded only gas (what volume is commercial and how many decades before it is produced - has any sample of the gas been recovered for liquids content) of unknown volumes.***

My take, if the above is correct (not a whole lot of information out there), is that Exxon/BHP will take their best last shot at a different structure (turbide fan? - again not clear) and Tap will wait another year on the sidelines. If Exxon hits they will drill if not they will as they say in the business 'focus on other areas'. All in all not much sizzle from an explorationist point of view.