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The zone tested over 48m was the Kingia sandstone. the primary...

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Feral54

3,527 Posts.

1064

24/03/21

13:31

Post #: 52003801
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Originally posted by Famoustoledo: ↑

Well if you think that 90ft of pay may not qualify as commercial, please refer to below quick comparison from STX, and excuse me for mentioning another stock here but I feel the reference must be qualified.

STX West Erregulla-2 well found Net pay of 10m, from 4,918m and porosity up to 16%.SGC/XST have found net pay of 28m at 3,795ft, and porosity of 14% to 27%.STX flow testing of this zone is further below. This individual zone was the only one tested I believe, and flowed 69 million cubic feet per day.

69mmscf/d = 71,760 MMBtu @ $3.20 aud = ~$230k gross revenue per day. I didn't do too much research on current prices, this is calculated at $2.52USD per MMBtu, please correct me if this is wrong.

Noting that this is only the first and also shallowest pay zone that XST/SGC have discovered, with already more substantial zones found lower with more to come.
Ladies and gentlemen, we could have a monster producer here.

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The zone tested over 48m was the Kingia sandstone. the primary target. The secondary High Cliff and Wagina reservoirs were not tested. I see no comparison between the Kingia and this well as yet.

SGC Price at posting: 8.2¢ Sentiment: Hold Disclosure: Not Held
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