good point. And that is a possibility. And this reasoning could
be what tipped it over the line and made them to decide to suspend, and spend the money on Alameda.
Some more info. Once they decided to call TD, they tripped the rods and ran logs. That takes time and costs money. And you don't do that if its a duster. You run the logs to get info that allows you to correlate seismic with whats in the ground. And to do this data analysis takes time. They have to add it to all the data in their current model and then play with it. Its an iterative process with myriad variables to play with. And its best done when you don't have a $50,000/day rig and its crew waiting for you. I now have no problem with what they did (called TD, ran logs and suspend), it makes sense.
Personally, I still dont believe Zapato will be a duster. Go over
@VOGC excellent analysis. He has nailed it.
All of what he said should be read carefully as theres a lot of good stuff in there. Some key/standout points for me are rehashed below:
- the well did not test the known reservoir rocks - Placetas;
- the Placetas are still present beneath the Ophiolites (this association is present other drilled sections, updip of the Zapato target)
- the seismic reflector they were interpreting as the top of the Placetas either lies deeper than the current drilling depth, or that reflector is not the one we are looking for. Have a good look at the section VOGC posted - around the small yellow line drawn by VOGC. Including VOGCs yellow line, theres up to 3 reflectors forming broad anticlines (humps) sitting under the interpreted pre drill top Placetas. Hence my comment (VOGC said the same) about extending the drill another 300m.
- The oil aint going anywhere, and MAY is about to start adding to the $45M cash balance.
LTH, there are a few #$%^heads posting rubbish here, some with lots of light bulbs, but they are FOS. Dont listen to rubbish. Make your own decision, but Im hanging on, to see what the highly pressured Amistad/Marti/Alameda oil shows will give us in terms of BOPD. And in due course, we go back to Zapato and finish the job.
(20min delay)