To be honest, I thought there was less attention to detail in the report compared to the M-1 reports. For example, they have just drilled through what was expected to be the richest hydrocarbon zones and there was no mention of cuttings fluorescence. In addition, the M-1 reports included comments on "oil resistivity" rather than gas resistivity, but today all we read is elevated resistivity. I thought they had special sampling for helium? I realise the shale shaker gas trap configuration may be different but if background gas is higher than in M-1, then we would expect peak gas levels to exceed 65 or even exceed 135. Could it be a definite indication of more oil prone rather than rich gas condensate in M-2?
IVZ Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
