Found the release a little confusing to start off with. The D&M...

Found the release a little confusing to start off with. The D&M report is based on information as at 31/12/15. This includes the increased acreage and (I think) the final drilling update dated 29/12/15. Still to be done at that date was "Forward Plan Evaluation of the core, cuttings, logs, isotubes and mud samples is now underway and we expect to be able to release details related to these analyses over the coming weeks as they become available." Later we had news on rock mechanics. Maybe this stuff was needed?

It is just prospective resource ATM. The size is about same as FAR at Senegal. Their share price was about 3c prior to drilling but only 15% interest. They have since proven up about 500mill barrels of contingent resource at SNE with exploration and appraisal drilling - a total of 3 wells with one in progress. Different plays but at the end of the day it about resource size, flow rates, costs and POO.

I doubt that Ice 2 will be enough to get a contingent resource but will depend on results and how confident they are. Long way to go yet but early signs are positive.


IMO DYOR etc