A bit of promotion going on at present, should support the capital raise shares.
Back to basics though
In the next drill, Merlin 2 is targeting 652 million barrels of mean prospective resources, over 3 target zones N 18, 19, 20. EEENF has given the odds of geological success for each zone, so share owners already know the odds of simple geological success.
N20 = 24%
N19 = 19%
N18 = 28%
Geological success is first base, from there commercial success is the next hurdle.
Mean prospective of 652 million barrels is an odd choice, when best of 329 million barrels is the most likely quantity (if all three zones are discoveries).
Best is the quantity, EEENF calculates, has a 50% chance of being within the rock, if the rock has oil.
Page 18
http://research.iress.com.au/IDS/ol...0000A702B37858B6E540093D250091850000&ppv=
Ann: Investor Presentation, page-25
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