"For example: You cannot drill a well without drilling bit. But you can make a discovery without downhole sample"
I agree in essence and we have clearly already made a discovery, even tested some fluid through the analyser to know what is there... but unfortunatly this is not enough according to ASX or SEC listing rules and we need to flow some hydrocarbons to surface. Needs either a down hole sample brought up or a well test where we fill a tank and/or light a flare.
Currently, IVZ plan for sampling so we can short term tick the box and formally declare a discovery... with a plan B to test this well in late Q1 / early Q2 2024 in order to have some dynamic data (potential flow rates, permeability, reservoir continuity, etc.) which will be essential information to plan a development (or even to then use MK-2 as a production pilot well and monetise it).
It was floated during the planning for MK-2 to have this well test straight after drilling (it would have been my preference as I mentioned a couple of times here on HC) but it represents a large additional cost and also squeezes the window to plan the well test after drilling and logging the well... so in the end IVZ decided to have the well testing contingent to well results... which they now see as being good so the liner will be run, the well will be suspended, and it will be flowed next year.
IVZ Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
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