Drilling at PPL 267 "Panakawa prospect"
Yallis phase 2 seismic confirms structure coincides with surface seep (5 bbl/day) along a 100km trend of oil seeps
PLANNING FOR A DRILL PROGRAM IN LATE 2009 HAS BEGUN
3 rigs have been identified as available in the area and negotiations have begun and field work to prepare a drill site have begun.
Estimated cost of well is $8m
given current cash balance post spp (sub $8m)it would seem there is a very high level of confidence that the HOA will convert to a binding agreement and that NGE will secure sufficient funds to drill ahead at Panakawa
Target estimated to hold pmean 187 million barrels
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