For those interested just Posting my summary notes on today's ASX.
IMO, all very positive news and particularly with respect to: "Multiple additional zones with elevated mud gas and fluorescence were also encountered..." Would imply to me a degree of masking of potential reservoir zones in the M-1 well bore due to its drilling parameters - mud weight etc.
"...including the presence of asphaltene and bitumen in some cuttings samples which indicates the presence of liquid hydrocarbons in the Mukuyu structure..." I interpret this as reducing the risk of oil being found - particularly when taken with the other Basin & prospect information and comments by SM. From brief literature searches, I view this information in a fairly broad brush manner with respect to asphaltene and bitumen being associated with crude oil and not natural gas accumulations.
From the information available and released by IVZ, I'm personally positive for the discovery of oil columns. Obviously, if this is established it could potentially not just materially / significantly (depending on volumes) increase the accumulation's value but also change any future development's direction i.e. an initial oil development followed by a later gas development.
GLTAH Cheers VOGC
IVZ Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
