I don;t think there is any sugar coating this. I think this is pretty much it for this well for a long time the way the announcement reads.
"At this stage the Company is unsure whether this is due to formation damage related to the formation of an emulsion, i.e. an oil-drill mud reaction, or a rock-drill mud reaction."
"and build an optimum remediation plan based upon all new data, previous drilling experience, and international and local expert knowledge"
They need to do studies to why this has happened from the available data as the announcement really does look like they are unsure. The sherritt rig needs to also go somewhere else for gas wells and who knows whether Sonangol want to throw more money at this until they are really sure on what has gone wrong as remediation could mean anything from fixing existing to entire new sidetrack with different mud composition.
MAY Price at posting:
3.7¢ Sentiment: None Disclosure: Not Held
