1000bpd, page-10

A good result to derisk the area

Neil says
The Gumhole dolomite has evident potential commercial productivity and if we can find better sited well locations up-dip from Backreef-1 with that Gumhole full of oil, it'll be a serious company-maker.

Successful recovery of oil from a future Backreef-1 well test will de-risk the charge and reservoir risk in the Backreef Lead, and reduce these risks in the other identified Leads. It would not de-risk the structural risk, as this would require additional seismic or well penetrations.

As previously stated (pre-Test) on 7 May 2012 interpretation could be that Backreef-1 drilled the reservoirs just below the field oil/water contact, possibly within the transition zone between the oil column and the underlying water.

They now have to find the sweet spot is how I interpret the result - talk of this drill being a gusher was always fanciful. We are on our way methinks.

The shareprice will do what the shareprice will do - in the longterm we know where it is most likely to be.

cheers all