Hi All,Just my thoughts on today's release (all IMO but have an...

Hi All,

Just my thoughts on today's release (all IMO but have an oil & gas exploration background so hope my thoughts may assist others). MAY's focus on an Upper Sheet (Amistad) appraisal well is of key importance - discussed below.

Cheers
VOGC

In Summary:
(Slide following shows summary.)

Strong potential for definition of a further 50m of hydrocarbon pay:
"At 1,885 metres mud pressure was adjusted to accommodate influx of gas..."
"At 1,892 metres mud weight was further increased..."
"Logs were taken of the newly drilled section before shut in."
IMO strong potential for definition of a further 50m of hydrocarbon pay based on ASX 12/10/21 which described -
"Over the past week, drilling of the Alameda-1 well continued to a depth of 1,842 metres with the well encountering increasingly strong influx of gas with some oil."

Upper Sheet (Amistad) Appraisal Well:
"As a result of the extent of the net pay identified in the Upper Sheet (Amistad), planning work has commenced for the drilling of an additional well there to better understand and test this zone."
IMO resource's potential size warrants an immediate appraisal well to analyse discovery and production test ASAP
"It is expected that drilling would be conducted from the same pad..."
IMO:
- comfortable with current location - would imply high on structure - thus potential for well to be used for production on successful production test
- as not locating well some kilometres away, to assist in defining structure's area, then would imply that current seismic mapping is adequate to define an economically viable structure - otherwise you would wait on updated mapping prior to starting work (spending money) on an appraisal well