Amazing how some people on here can view such an announcement as...

Amazing how some people on here can view such an announcement as "underwhelming." Despite the nearby success at Dorado, the chance of success at this well was on the low side. Finding more hydrocarbons is an outstanding result, especially given the potential to tie into the Dorado development (this also means that the size of the find doesnt need to be huge to be commercial).

Pavo reservoir is over 1000m shallower than Dorado. Its quite possible that the reservoir quality will be significantly improved. If you're wondering why they aren't screaming from the rooftops - you probably cant until you've run the wireline logging. This will give a more definitive result as well as determine whether we're looking at an oil or gas find. Given the unpredictability of the charge type that we've typically seen from Phoenix South to Roc to Dorado, that would be the key risk here. More oil to tie into the Dorado development would be the better result!