A lot seem to think that this ANN is negative... which I beg to...

A lot seem to think that this ANN is negative... which I beg to differ.

As Scott states in the ANN, the Pebbly Arkose and Upper Angwa have always been the main targets of the drilling campaign. Though it is interesting to see that in the ANN post the recent Trading halt there was no mention of primary targets. Could be Scott's attempt to reassure shareholders? Whilst the 10-15m interval section is not that significant over the 200 Horizon zone, it clearly shows that the basin has a working petroleum system. Massive tick in my eyes. Would be interested to hear about the seal quality above the 200 Horizon though

The 200 Horizon was only further added post-seismic work and it has always seemed the deeper targets were the goal. Obviously, it would be hard to efficiently target all 7 stacked targets with just a single well. The 200 Horizon probably had a greater risk of failure than the deeper sections so Scott & Co would had planned the well based on how to best hit the lower targets. The targets in the 200 Horizon was just an added bonus. Obviously, they tried to plan an effective drilling campaign for the 200 horizon with the deviated well however it didn't pay off as expected. All assumptions here

As stated, they will assess the results, seismic and may try for another well in the future. I'm sure Scott & Co were expecting greater intervals encountered in the 200 Horizon and have worded the ANN in a certain way to give reasoning. This drilling campaign will be providing a wealth of information that the team can now use to plan an additional well for the 200 Horizon. Will be interesting to see whether the 3rd exploration well is for the 200 Horizon or they want to target the other oil targets. Will have to wait for Baobab's results to decide.

Fantastic to hear that there is a significant seal above the primary targets, something which was continually questioned. Given that we had shows in the 200 Horizon, from source rocks less mature than the deeper sections, IMO there is bound to be greater gas shows lower.

Admittedly the tight reservoir properties aren't the best but we will see what Scott has to say in the presentation. Seems like they cut their losses on further appraisal of the 200 Horizon, wanting to ensure that the main target underneath doesn't have any added risk.