Reference "cryptic" oil saturation value of 20%+ an issue could be drilling fluid infiltration in the Red Bluff interval described as "oil bearing sand".
The well had an estimated production of 100+ bopd after swab so with lift seems capable of production - actual water cut not noted.
A positive as no historical production on Jackson formation and validation of seismic work identifying targets.
Directors had hopes of beating 1 in 10 historical wildcat results - not every well a winner so a good start.
FDM Price at posting:
64.0¢ Sentiment: Hold Disclosure: Held
