I would have liked to have been able to ask Scott this question today, given that it was an absolute imperative we had the discovery on this well, for the sake of existing shareholders. No discovery probably means next one or 2 cap raises at less than 10c, and massive dilution for holders.
Why given the importance of gaining samples, was the hole not terminated in good conditions within the Upper Angwa, logged and sampled?? Why was going into the Lower Angwa even risked as there was always a high probability of higher pressure at depth?
After sampling, then casing for flow test, the hole could have then been drilled into LA.
The company has portrayed as taking the conservative approach, but from a layman's perspective, we have been trying to gain it all on both Mk1 and Mk2, instead of having a set goal and plan with the hole and sticking to it.
The following from the announcement on 24/11/22....
"The existing Mukuyu-1 wellbore was successfully deepened to 3,923mMD and continued to encounter multiple reservoir units with elevated gas shows and fluorescence until total depth (TD), proving up the potential of the Upper Angwa formation over a 900m gross interval. “Our primary Upper Angwa target formation is thicker than anticipated from pre-drill estimates, which bodes well for future prospectivity in the basin. "
We knew last year that the primary target being the Upper Angwa was thicker than expected, had elevated gas shows and fluorescence, so why did the supposedly conservative company gamble on going deeper before gaining samples, when we could have retrieved samples, then gone deeper after lining for flow testing.
From 9/11/23 announcement .... "The delay is considered only minor as the Company takes a conservative approach to minimise the risk of the tools becoming stuck during the sampling operation and subsequent retrieval"
Once again the claim of taking the conservative approach, yet instead of being conservative from the beginning and going for samples from Upper Angwa only, went for the home run risking drilling into higher pressure LA, before trying to retrieve samples.
So Scott, are we going to be conservative with the sidetrack or go to the very edge of where pressure increased?? I would consider going TD 20-50m short of where pressure increased being conservative, not to the very limit of where pressure rose!! All IMHO of course...
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