Facts? Here's a histogram of publicly disclosed wells via FracFocus. It's a convenient dataset because, while not a comprehensive dataset, it inherently contains only fracked wells. So, what does it say? It says that only 18% of wells in the dataset are fracked with depths below the MAXIMUM depth of the Carpentaria (or Western lands for that matter). If you remove the wells in Arkansas (Fayetteville being a biogenic shale that generates its own pressure unlike the Velkerri) wells, you only have 16% of wells with depths under the 1,800m maximum depth.
It's not a perfect dataset but it makes the point a lot more powerfully than stating that a biogenic shale was drilled at shallow depths, or that a bunch of extremely weak Marcellus wells were drilled in shallow settings. PRODUCTION is generally proportional to pressure. In this basin pressure is a function of depth.
Even a passing glance at the Carpentaria depth map should raise questions about how much land is of adequate depth - I give the company <40,000 acres over 1,400m.
EEG Price at posting:
14.5¢ Sentiment: Sell Disclosure: Not Held
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