The point with logs is in "normal" circumstances they are a precursor to testing of the zones of interest by identifying within a hydrocarbon column , the levels where moveable hydrocarbons are most likely.
Logs were run for 88e , MAY and IVZ.
Problem for those companies were :
88e.. found water as you mentioned.
MAY ..couldn't perform production testing due to well pressure issues /lack of rig capability. BRK solved their similar issue within a couple of months.
IVZ.. wireline logs found something but couldn't get a fluid sample to "confirm "a discovery which IMO is an interesting statement. Usually in a new basin, you need to run flow tests, not just a fluid sample to confirm a " commercial " discovery. A discovery well in the middle of nowhere flowing oil a 100BOPD, may be uneconomic so at this stage IVZ have a "technical" discovery. If anyone can make any money out of it is yet to be seen.
The only real testing performed by either of those 3 was done by 88e.
The main point of difference between those companies and BRK is they are high risk, high reward exploration . SWISH is low risk , high reward development and Janita is hi ROI ( low spend), moderate risk exploration ( Mc Lish) and low risk exploration, appraisal ( Bromide, etc, etc) ....essentially, proven zones in highly faulted location.
389 feet of net pay held within 1119 feet of gross pay! When was the last time anyone on the ASX reported pay of this magnitude in an onshore well costing less than US$2.5 million ? Sure the reserves that will be proven will most be fairly modest, as will the flow rates due to the expected small lateral extent of the zones held within the 40 acre DSU. I have no idea if BRK expect any lateral spread of the zones outside the DSU area. The well itself is not significant, but the significance of the well in terms of the play it will open up if successful, it's impact on BRK production and reserves going forward as a result is potentially very material.
And, as is the case with pretty well all BRK drilling..... production be it for HBP or development purposes will come online within weeks, months, rather than in years or at all , like for the others mentioned earlier.
Will be a fascinating few months as BRK move up through the hydrocarbon column, testing and reporting as they go. The earlier, deeper tests will be the most " important" but with stacked pays, pretty sure we will get a surprise or 2.
And then there is Wolf Pack.
This BAU is really boring stuff
Cheers
Dan
BRK Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
(20min delay)