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Ann: Charlie-1 Confirms Large Condensate Discovery, page-121

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discovery4

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07/04/20

21:48

Post #: 43937881
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Originally posted by alexei ii ↑

We can't be too harsh on these guys for this one. Winx was an unnecessary diversion, so heap the criticism on mgt for that one. Trying to hit all 7 targets with this one was trying to give everyone (including PO) the best bang for their buck. It was a pretty ambitious plan, but I take my hat off to them for having a go. Check out the presso and look at the plan view of superimposed "pool" outlines and you will see what I mean.

Anyway, we now know the reservoirs we hit in the Torok are not full of oil...they have gas instead and it flows and they do have condensate. We may have intersected above the gas oil contact. If you look at the Malguk-1 seismic section, we hit the Lower and Middle Stellar in the guts, the Upper stellar was at the edge. (Then look at the superimposed plan to see what they look like from above and you will see that the Upper Stellar was a long shot in this drill [it does not mean it is not there, just not hit with this drill] and we did well to hit the Lower and Middle Stellar targets which appear to be narrow elongated blobs).

Theres more info to come out of this...and it aint over yet. @Proselenes is pretty spot on with the pros and cons - and yes a bit optimistic, but so what. One other bit of good news is the company may retain its original holding (PO said they intend to pull out) - which will give 88 something more lucrative to farm out in future - although, after spending 20 odd mill, one wonders why PO will just walk away...maybe they have other pressures and just want to make a clean break.

The real news will come after they've completed all the analysis and testing. Hopefully something comes out of that.

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Can't be to harsh.What a joke.Look at the share price.

Last edited by discovery4: 07/04/20

88E Price at posting: 0.9¢ Sentiment: Sell Disclosure: Not Held
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Ann: Charlie-1 Confirms Large Condensate Discovery, page-121

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Ann: Charlie-1 Confirms Large Condensate Discovery, page-121

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