In the last 24 hours the well has fully penetrated the target section which in comparison with nearby Flax and Juniper wells, appears hydrocarbon saturated.
From the Flax East 1 ST1 mudlog, good gas shows and oil flouresence were associated with potential reservoir sandstones in the Patchawarra Formation and Tirrawarra Sandstone interval.
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Does this mean that we have now have a much bigger reservoir joining up Flax and Junpier in PEL103? Already cash flow positive with oil sale contracts, this junior oiler is looking great.
Cheers, Richard.
INP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held