Ann: Mukuyu 1 & Sidetrack Well Results Amendment, page-294

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orion83

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04/01/23

22:21

Post #: 65534533
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Originally posted by huaneng: ↑

My impression is, that Scott Macmillan needs some time now because he is not 100% sure what to do next. (it was Scott Macmillan who gave us the hints about the different options)

1)
My preferred option is to ream the first sidetrack or do a second sidetrack to get the downhole samples and to do production tests with the most promising reservoir sections at Mukuyu 1 (with or without SBM) . You do not give up a well just because tools break, or because of difficulties or because it becomes more expensive. It is like sitting at a dentist. The pain level is high, the costs are high but the dentist won`t stop drilling. The only reason you give up a well like Mukuyu 1 should be that there are no formations, good enough for a production test. And this is the big question and critical answer for me as shareholder, which is missing IMHO.

2)
shooting a 3D seismic
In this case the costs are: 3D seismic plus stand by costs for the drilling rig - do you think that this is a clever strategy?
The waiting time will be long. The 3D seismic will show a more complex Mukuyu anticline but the 3D seismic is no gurantee that Mukuyu 2 will hit commercial oil/gas.

3)
drilling Mukuyu 2
Why do you drill Mukuyu 2 when you got already a well with a casing down to about 2.000 m?. I understand arguments like: Mukuy 2 should become a vertical well, with a higher chance to drill through the "Lower Angwa" as well, which should be done with an exploration well. And IVZ needs a good concept, arguments why Mukuyu 2 will deliver commercial oil/gas when Mukuyu 1 did not deliver. When you have as only excuse the broken downhole formation testing tool at Mukuyu 1 you should not drill Mukuyu 2 and go to option one, i.e. Mukuyu 1 has to deliver.

4)
drill Boabab 1 or another lead/prospect
If you think that Mukuyu 1, Mukuyu 2 cannot deliver commercial oil/gas, than drill Baobab or another prospect. If you think that Mukuyu can deliver commercial hydrocarbons you should do the commercial discovery at Mukuyu first

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Hi huaneng, you are also very welcomed to reply to the "max 15% porosity questions" I raised recently if you want to...not restricted to KG at all in the end

IVZ Price at posting: 14.5¢ Sentiment: Hold Disclosure: Held
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Ann: Mukuyu 1 & Sidetrack Well Results Amendment, page-294

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Ann: Mukuyu 1 & Sidetrack Well Results Amendment, page-294

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