ED1 reached 4593m to find out the Dongara and Wagina sandstones required futher testing to prove they are new recoverable resources when the drill rig get to the Kingia formation.
The company could run production quality casting over the Wagina zone to book it out as a secondary resource as the poor borehole log data was not enough to prove to the joint venture that It is a new secondary gas resource.
The Kingia formation was proved to be a major producer in the success well WE3. The Kingia sandstone was at 4595m to 4733m. It was perforated 4 ways across 40m within 7 days. The resource update was up 41%
How long does it take to reach 4733m,( 140m to go) is everyone 's guess as the driller took 11 days to fix its drill stuffs and hopefully things are slowly and carefully as they approach. Nobody interest to know about the drill bits but things are excited with the ones who live on hopes.
STX Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
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