Ann: Brazil regulatory approvals received for Neon drilling, page-21

These r just appraisal wells not developmnt wells. They've modelled Neon at 14k BOPD each, from 2 wells. The flowrates with an acquifer drive is high initially, b4 natural decline sets in. Whatever gas they get with the oil can b reinjected to boost flowrates & recovery factor.

At Neon, the OWC was moved up from a depth of 1915m to 1890mSS due to the high res 3Dseis data, which also lead to the 2C revised from 75 to 55 mmbbls. IMO production is still a few years away, as they need to narrow down a 2C figure first after the control wells, as that will dictate the field life & overall economics.

With sand porosity above 20%, they were talking about 2 horizntal's back in 2019. So whichever scenario they go with (leased FPSO or tie-back to Bauna), 2C numbers will b the key. Not sure if they'll revisit the FPSO Piranema, as that was used by Petrobras for a smaller field with a relatively short field life (this FPSO is now anchored at the docks at Angra Dos Reis for over 2yrs).