SXY 0.00% $4.60 senex energy limited

Ann: Monthly Drilling Report - February 2017, page-4

  1. 832 Posts.
    lightbulb Created with Sketch. 74
    I gather the geologists theory is that the western flank oil in the Snatcher/Growler fields collected there from source rocks to the north east, or that conditions that lead to the Snatcher/Growler fields were similar in that area.
    They are drilling other locations along this path where the rock underground forms pockets under impermeable layers, hoping to find other spots where the oil has accumulated.
    The Sparta well found evidence that oil had been present, but not accumulated.
    The Hoplite well shows some accumulations, since there was no 'net' pay figure I think they are still assessing whether there is enough productivity to make it a producer, hence the drill stem test that will measure whether oil flows from the gross pay zone.

    If it is good, they will likely make a further announcement in the next few days. If not much oil flows it isn't entirely bad, as it confirms the theory is worth pursuing to look for other pockets, but they would have targeted the most likely formations identified from the seismic survey.

    I'm not a geologist, so this is just my layman interpretation.
 
watchlist Created with Sketch. Add SXY (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.