I don't think this is a do-or-die effort on Mukuyu-2. There are too many leads in the prospect and Mukuyu-1 has demonstrated hydrocarbons in all intervals. As SM has previously stated you can't disprove there are hydrocarbons present. (But hard to prove a negative)
The other thing to consider is that the 2D seismic in the east will add to the "prospective resource". For any up-and-coming farm-in this will add further value to the prospect. A lot of junior oil companies only do seismic and evaluation and farmout. IVZ will have drilled at least 2 wells before farmout. And not cheap wells.
In Mukuyu-1 SM has stated there are hydrocarbons and as such the OWC/GWC is deeper. The leads in the east are at shallower depths and as SM has stated in the latest presentation and earlier there is 4/way closure in the leads to the east.
IVZ Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
