If you’re talking about the significance of a discovery the Pebbly Arkose then it’s meaningless at this location because the Horst block is water bearing and has no recoverable gas resource of any value.
If you’re talking about extrapolating a gas sample from the Pebbly Arkose to classify the Upper Angwa and Lower Angwa as a significant gas discovery without any sample from those formations then I’d be worried about that sounding like they’re clutching at straws. It could even create uncertainty that what we have in the UA and LA is water wet with traces of C1 similar to the Pebbly Arkose. And it doesn’t address liquids content in the UA and LA either.
The only discovery announcement that will really re-rate the share price will have a photo of an oil and/or condensate sample bottle from the UA and LA in it which is where the real value is. I’m comfortable with Scott’s approach today. Happy to wait a bit longer for that.
AIMHO
Ann: Hydrocarbon gas recovered & evaluation program forward plan, page-450
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