Ann: Completion of PEL 87 3D Seismic Program, page-364

The drilling of Moosehead and from the icon both oil and Gas were discovered ... what was the reason for no more work in that area ???
It does show that there is hydrocarbons in the area .... did whomever just pick the wrong spot ???? or did they not drill deep enough ???
I did a google search which found this .....

HRT Participações em Petróleo S.A. announces that the Moosehead-1 well (2713/16-1) (“Moosehead-1”), the third offshore well in their exploratory drilling campaign, is a dry hole. This well targeted the Moosehead Prospect, located in Petroleum Exploration License 24 (“PEL-24”), in the Orange Basin, offshore the Republic of Namibia.

The main objective of the Moosehead-1 well was to test the resource potential of Barremian-aged carbonate reservoirs, expected to be equivalent to the Brazil and Angola “pre-salt” reservoirs, within a 546 km2 4-way dip closure, mapped on 3D seismic. Extensive formation evaluation was performed to confirm the nature and quality of the carbonate reservoir and source rock intervals, including wireline logs and sidewall core samples.

The Moosehead-1 well encountered approximately 100m of carbonates at the primary target. The nature of the reservoir, though further analysis of data collected will be necessary, appears similar to the “pre-salt” reservoirs as predicted. However, porosity was less developed than expected in this location, and is being considered a dry-hole. Wet gas shows were encountered in the section that increased in wetness with depth. At least two potential source rocks were penetrated, including the well-developed Aptian-age source rock. Indications of source rocks in the deeper rift section were also apparent, though not penetrated. Further analysis of the well sampling will greatly help with continuing exploration on the HRT blocks in Namibia.

The Moosehead-1 well was located in 1,716m of water depth and was drilled to 4,170m of measured total depth. The well was drilled, wireline logged and P&A, in a total of 47 days, by the Transocean Marianas (NYSE:RIG) semi-submersible rig. Operational and safety performance was excellent. This completes HRT’s Namibian drilling campaign and the Transocean Marianas is available for sublease.

HRT is the operator of 10 blocks offshore Namibia, which are contained in 4 Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP), with 14% participating interest, is HRT’s partner to drill the first 3 wells of the current exploration campaign.

“The Moosehead well concludes HRT’s first drilling campaign in Namibia with very important geological information even though no pay zones were found in this well. The time has come for a thorough analysis of our three well results and assets in Namibia to develop new plans for 2014 and 2015. We conclude this campaign with the understanding that both the Orange and Walvis basins, tested with drilling, are oil and gas prone basins, new exploration efforts will bring commercial hydrocarbon discoveries and that HRT will be part of the future of Namibian exploration,” highlighted Milton Franke, the CEO of HRT.

I assume that the WDS engineers are well aware of this situation and have still been excited enough by the 2D seismic to recommend to management to have ago.
It was drilled by HRT after doing 3D seismic too which could be a concern ... but the recent discoveries by Shell and Total have shown that there are flowable structures.
Barry Rushworth is very bullish about the structure of the Saturn Super Fan and the manner that the reservoir was formed ... he believes that it is a river fan deposit which rivals the other superfan structures in the middle east.
I remember his presentations to the AGM some 4 years ago where I spoke to him and he was very positive about what is there and it's historical formation.
As Tui always says " the drill bit will do the talking"