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Ann: Hydrocarbon gas recovered & evaluation program forward plan, page-545

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Mesobust1

233 Posts.

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20/11/23

20:23

Post #: 71005685
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Originally posted by 7seven7: ↑

It's a fair point, to be completely conservative they could have done a fully vertical well, but they tried to balance avoiding faults and targetting the sweet spot on seismic so fair enough I think. It sounds like they are very happy with what they encountered from the logs (can't wait to see a net assessement to see how many m of reservoir we are dealing with here) so hard to say they did a bad job with the well placement. Generally wireline is fine up to maybe 20 or 30 degrees if hole conditions remain fine.
Thanks... but I guess for me I don't have the weight of extra constraints to think about (risks of going in with a lower mud weight, etc). At least with this sidetrack, we'll be getting the sampling tool down there probably within 3 days after we reach TD... quick GR/RES run to calibrate the depths we want to target and then we can re-enter straight away with the sampling tool.
That was hard to read...

I'd go with a 95% chance we get a sample out of the sidetrack. The wireline run we did the first time around showed that the gas/oil is there and we can pull it from the formation... we were probably only a couple of hours away from filling a bottle before we had to abandon it. If we could get that far with the various issues to contend with last time then this time, there won't be the overpressure to deal with, and we sample much earlier so the hole doesnt have time to deteriorate. More vertical well so easier for the tools to get down... addresses all the issues faced to date.
The announcement today made sense to me and I'm happy to wait a few more weeks to get the results we are anticipating. I try not to bug Scott unless it's really needed so I'll leave it to him and the team to deliver. Over-hyping it would have been saying we made a discovery in the headline of the announcement today - I think the wording was quite conservative. Maybe too conservative in not relaying the very high chance of success we will have with the sidetrack to meet the well objectives. It would be a bit too early to further calibrate the logs/seismic with the fluid information we just acquired and see the impact on the Upper/Lower A. below. The key part for me is that it unlocks the Pebbly A. for significant volumes in other parts of the field where there is a more simple closure and no leaky fault. As I mentioned in my earlier post, there is really a lot to like about the well so far - just needs a sample to make everyone happy and the follow-on potential here is huge (Upper A. now firmly confirmed to be oil/gas bearing in more than one compartment in the field, Lower A now confirmed to be oil/gas bearing with more undrilled upside, Pebbly A now confirmed to have gas potential elsewhere in the field).

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Thank you mate. Wish we could just pin this at the top of the annoucement for everyone to read prior to panicking.

Have you spoken to Scott about writing the IVZ annoucements? Ha, I kid.

IVZ Price at posting: 14.5¢ Sentiment: Buy Disclosure: Held
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Ann: Hydrocarbon gas recovered & evaluation program forward plan, page-545

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Ann: Hydrocarbon gas recovered & evaluation program forward plan, page-545

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