It won’t take long to drill, from memory SM said at some point they set the production string at 3000m, not 3400m, which will be why the Net pay has decreased to two lots of sands. Possibly just the Upper Angwa.
Im assuming they either had trouble setting the production string, maybe because of the coal layer that gave us grief in M2 original borehole, or decided to drill the whole Lower Angwa in 6 inch.
I think the LA is the key here even if the other two sands in the Upper Angwa flow. M2 obviously wasn’t position A compared to the Upper Angwa hits in M1. It only has to flow enough for a Year or two before 3D seismic is interpreted and M3 position can be chosen. Personally I would like to see M3 to the South, possibly the original M2 position or there abouts and get a read on the condensates on that side of the field, but, for pure gas to power the Nothern side is possibly going to be favoured.
Waiting to see who is coming onboard, a share price re-rate was suggested by SM going on what an outside party viewed the worth of the full field aka Perth Basin players.
2 hits from 2 wildcat wells is unheard of, we have had to endure some waiting with grinding patience, things should unleash soon.
IVZ Price at posting:
8.8¢ Sentiment: Buy Disclosure: Held
