Ahhh, it all makes sense now. In September 2008, the joint venture was provided with all information from the surrounding area from Petrobras and discovered that Petrobras drilled a mineral hole, and encountered oil in this hole. With this new information and PTA -3 the joint venture announced an upgraded oil reserve of 90+oip. The new paca 2 well is not that far away from the mineral hole, so I'm sure these wonderful oil columns are expected. Who knows the oil column may be an improvement. The surprise is the flow rates I'm sure will be a vast improvement on PTA - 3
ERH Price at posting:
23.0¢ Sentiment: LT Buy Disclosure: Held
