Key notes: The well will drill to a target depth of 2,150 metres, which is likely to take 45 days (the upstreamonline article adds - to drill and evaluate. complete.)
If spudded by the end of the first week of feb then should be completed and evaluated by the week of 22nd of March. Heres hoping shes a gusher!!
ADX the operator was up 12% on the news today.
ADX and Gulfsands have worked on some successful projects together in the past, eg Lambouka -1 Which resulted in the?mean?recoverable?gas resource estimated?to?be?309?BCF for that well.
They are also 60/30% partners in the Dougga well which is located near Lambouka, turns out they have highly sophisticated 3D seismic device - wish theyd lend it to us for FP2 :)
They are both pretty big projects. Much bigger in scope than Silverwood and Bongo. And the ability to hook up a producing well to infrustructure is relatively quick, and thats what we villians are all about. Quick money.
Also from - http://www.oilvoice.com/n/ADX_Energy_Provides_Tunisia_Drilling_Update/1497a7ee3.aspx
Sidi Dahar - In a conservative scenario where the reservoir is a 'gas only' accumulation within the bounds of the DHI and ADX estimates that the structure at this level potentially contains 150 Bcf of recoverable gas resource (probabilistic mean case). This is 3 times more than bongo and a more conservative estimate.
Gulsands Petroleum - Has oil and gas assets in Syria, Iraq, Italy and the US. This is a good sign as if it has assests in Iraq and Syria they are used to dealing with tough political climates so Tunisia shouldnt pose too much of an issue. - Currently produces 18 - 20,000BOPD from Syria alone. Shows they are a big time player, meaning we Villians are really moving up in the world (as far as drilling partners are concerned).
Exerpt from http://www.proactiveinvestors.co.uk/companies/news/21381/arbuthnot-bullish-on-top-pick-gulfsands-petroleum--21381.html
Gulfsands Petroleum (LON:GPX) is one of the top picks on London?s AIM market, according to Arbuthnot Securities oil & gas expert Dougie Youngson.
Youngson has upgraded his core valuation to 344p per share in the wake of yesterday?s update on the potential gas discovery in Tunisia and the company?s recent interims.
?[Gulfsands] successfully combines an excellent management team with a strong portfolio of growth assets." The analyst also emphasised the Gulfsands? growth potential in Tunisia.
?There is a rapidly growing gas market in Tunisia with demand coming from the power, industrial and domestic sectors ... Gulfsands would be ideally placed to quickly develop its assets should they prove to be of commercial size.?
I wish we had an update on stabilised flow rates from Bongo, im assuming they have dropped off somewhat as generally speaking no news from VIL is always bad news.
Judging by this i might take a stab in the dark and change my 5k buy order from 1.4c to 1.3c and hope they announce such in the next 2 weeks before Sidi spuds and pushes the SP up higher temporarily.
Hopefully this will help me average down a tad bit further, aiming for 2.4c at the moment.
Overall i am still optimistic that those of us in the 3-4c region will be seeing us back in the money come June.
Please note, this is just my uneducated opinion please do your own research before making a decision on anything. Event taking out the trash
VIL Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
