My uneducated summation is that the pressure buildup is much greater in this well compared to #6 (much higher background gas readings), therefore the flow rate is much greater so that as acreage has stated the back pressure buildup does not exceed a point that formation damage may occur and ultimately have an effect on optimum flow rates once the well is cleaned up.
From memory they allude to this in one of their previous announcements in relation to formation damage from overpressurising the wellbore.
Whatever the flow rate in oil is it's likely that it will be a very good producer of nat gas.
Bear in mind that every hole drilled not only adds valuable info for the hole itself but more importantly the overall sand and shale geology of the entire acreage and will be adding valuable info to the field block model in planning for the next well's location.
We've yet to hit the sweet spot (well) I suspect..
That's just me being optimistic too btw...GGP is a definite hold atm irrespective of the broader market uncertainty though.
GGP Price at posting:
2.0¢ Sentiment: LT Buy Disclosure: Held
