Y sorry about that, I am a little eager to see the result of Khefren for STO coming up so jumped to conclusions this arvo.
Nabrajah testing coming along well, but will take a fair while to get the full picture imo...moving on to Nabrajah-4 once this is done.
Last weeks Nabrajah report is at bottom of this post for those who haven't read it...
Otherwise, OSH is still consolidating nicely below the resistance at $1.72. The indicators are still showing lots of accumulation, which is good, given that the POO has come right off.
However, on pure technicals there is a risk of a fall to confirm the $1.52 level. It is only a risk, by no means expected. It would probably happen if there was a break below $1.64.
This doesn't alter the fact that - long-term - everything chartwise is still pointing to a target in the vicinity of $2.49. Next resistance is $1.90. It's all good.
-------------------- Drilling Report 11 November
Nabrajah-3
Oil Search reports that as at 0600 hrs Yemen time (+4 hrs GMT) on 10th November 2004, the Nabrajah-3 well in Block 43, Yemen, had commenced the planned testing programme. The testing programme has been modified from the Company’s previous report to include a third test as follows: • Test 1 over the upper Qishn S2 Sandstone between 1,696 to 1702 metres. • Test 2 over the Qishn S2 Sandstone between 1,696 to 1,702 metres and 1702 to 1709 metres. • Test 3 over the Qishn S1 Sandstone between 1670 to 1676 metres. Preliminary results from Test 1 indicate that the well is flowing 1,278 bopd (25 deg API), 1,054 bwpd and 174 Mscf/d. The forward program is to complete Test 1 and commence Test 2. Following the completion of the Nabrajah-3 test programme the well will be suspended and the rig moved to the Nabrajah-4 location, which is located approximately 800 metres east of the Nabrajah-1 surface location. Nabrajah-3 is the second well in an appraisal drilling programme to determine the size and commercial viability of the Nabrajah discovery. The Nabrajah-3 well is being drilled from the same surface location as Nabrajah-1, with a planned bottom-hole location approximately 1.1 kilometres northeast of the Nabrajah-1 bottom-hole location. The participants in the Nabrajah-3 well are: DNO ASA 56.67%, operator Oil Search (Yemen) Limited 28.33% The Yemen Company 15%, carried Total 100% PETER BOTTEN Managing Director For further information please contact: ANN DIAMANT Investor Relations Manager Tel: 02 8207 8440 Mob: 0407 483 128
OSH Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
