Alameda 1 is a fairly complicated deviated multi structural target with estimated time of 60-70 days., the well will look to intersect commercial HCs in the U1, N and Alameda targets.
Drilling here can be problematic with mud losses prone for the formations present.
Zapato should be easier , slightly shallower main target...however it will still be a 40+ day well
$10 mm a well has not been stated I think, what has been stated as far as I can see is $20-25mm for a 2 well campaign., I envisage 60% of the total cost would be on the more complicated deviated multi zone Alameda well.
All costs however should be covered by farminee
I still envisage Melbana will only hold @ 30 % equity when drilling commences..
They will be looking for a fully funded and carried solution for drilling block 9.
MAY Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
