IVZ

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IVZ - General Discussion, page-1056

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butcherano

1,673 Posts.

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30/12/23

21:14

Post #: 71671130
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Originally posted by charlesn: ↑

A worthy post Butch, no doubt. However Scott could have gone to Boabab, or one of the margin plays after Mk1. String of Pearls setups have yielded 100% success rate in Africa over the last decade or 2 and we know that these prospects are much shallower, with possibly higher porosity and permeability than the deeper Mukuyu Angwa zones.
These targets were labelled 'low hanging fruit' by Scott and are available for the company to pursue anytime the deeper, more challenging, Mukuyu fails or becomes too difficult.

Yet here we are Mk2 and Mk2 ST pursued and now talking Mk3 as the next target and an early production well from Mukuyu. As well as 3D, again in Mukuyu.
If your fears were all true, Scott would just grab a piece, or 13, of low hanging fruit. Especially if, as you say, he doesn't even have enough gas for his MOUs.

There are 14 targets in the basin, all a different play type to Mukuyu. What sort of fool spends all the money, goodwill and their credibility on a single play if they secretly know it's a failure?!

Scott has declared the net play as conservative and compared it to other basin opening discoveries - Lokichar and Perth Basin. He has stated clearly that big discoveries get bigger with further drilling.

He has also stated that "it will flow". His delivery sounded pretty confident to me. He has indicated previously that porosity was in the 10 to 20% and stated that he won't release the numbers from the cores and samples until the lab has analysed them.
You say he builds expectations then doesn't meet them. He says he is doing the opposite, not releasing overly bullish numbers but instead announcing a low net pay number which he'll then expand.

He also said, after the ASX announcement disappointment and his frustration at the obsession with liquids, that they have condensate. Clearly stating they have samples of condensate

Expand

Our alleged “string of pearls” aren’t low hanging fruit. They’re high risk. This is the reason we haven’t drilled Baobab-1 yet with a drill pad already constructed and ready to go. SM is doing everything he can to avoid drilling this prior to a farm-in for a reason.

IVZ Price at posting: 11.5¢ Sentiment: None Disclosure: Held
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IVZ - General Discussion, page-1056

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IVZ - General Discussion, page-1056

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