jack hamar 1-1 flows oil and gas

It’s interesting that OPL’s announcement on June 30 was marked price sensitive, but NEO’s equivalent ann., on the same day was not.

From OPL (price sensitive) .... Jack Hamar 1-1 Flows Oil and Gas.

1) Initial test perforations from four Monterey intervals immediately flowed oil and gas at commercial rates with good reservoir pressures.
2) The well continued to flow until shut-in overnight when pressure built up to 1200 psi.
3) A second attempt was made to test but was unsuccessful due to strong reservoir pressure and oil flow.
4) The initial results of Jack Hamar 1-1 are very exciting and well beyond expectations. Having 1-1 well flow oil to the surface during the first phase of testing and with good reservoir pressure certainly answers the question of oil presence and the ability to produce without stimulation.

From NEO (not price sensitive) .... Jack Hamar Oil & Gas Field Progress Report.

1) We are pleased to announce that the testing program on the deeper Monterey zone of the Jack Hamar 1-1 well is now underway. While we have always thought this would need stimulation through fracing we were encouraged when 1-1 flowed oil and gas naturally from these perforations over 45 feet between 8,200 and 9,340 feet. The oil started to flow when the operator was running in with a casing scraper while the hole was full of KCI water (we estimate about 3000 lb of back pressure). Such results are encouraging bla bla bla.

Seems to me that NEO are trying to keep these results low key for a reason, but between the two announcements there are some quite exciting buzzwords, and a likely SP rerating should this trend keep up.

Some buzzwords ....

1) Flowed oil and gas at commercial rates.
2) Good reservoir pressures.
3) Strong reservoir pressure and oil flow.
4) Very exciting and well beyond expectations.
5) The ability to produce without stimulation.
6) Such results are encouraging.

Mensa.