Net pay numbers will grow with time (more wells, flow tests, etc.) and will vary within the different compartments of Mukuyu. 13.9m net pay at MK-2 in two reservoir intervals over a gross interval of 200m (from 2580m to 2780m) could translate to at least double that figure at the MK-1 location with so many more Upper Angwa reservoir intervals and a much larger gross interval.
Key point for me is that they didn’t actually sample at the equivalent location of approx 2,937m from the original MK-2 well bore where they saw liquids (condensate or oil) passing through the CFA fluid analyser. Not sure why. Maybe they didn’t want to keep running in to the depth as the third sampling station?
We may very well have only sampled some zones with low liquids content / low CGR in the shallower zones?
And they made a specific note in the announcement that rather than to continue sampling in the UA now, they’ve preserved the remaining 11 sample chambers for the Lower Angwa. With a focus on
fluid samples. Screenshot below. Is this because the LA may be actually be more liquids rich than the UA at the MK-2 location?
Coming back to net pay - if the sandstone reservoir intervals are thicker in the LA then it wouldn’t be unreasonable to expect double what we have in the UA. Which would give us at least 42m combined net pay down to 3,400m with significant updside deeper down. This will still end up being a monster discovery IMO.
I would have thought anything under 30c is a good buying opportunity ahead of more significant newsflow from the LA next week.
And really happy that the wireline standoffs seem to have resolved the differential sticking issue.
Looking forward to more snippets of info from Scott in the webinar shortly.
