Cosmo,
The middle east is a big place, and it’s not all massive fields like Ghawar. I think we should be careful not to read too much into what Fred Wehr said without the context of being there. We all know the media like to extract a bold soundbite out of a perhaps nuanced story.
How can we be sure that he wasn’t primarily commenting on the quality of the reservoir, or the combination of light fluid, reservoir quality, and the net pay?
We need to be careful too that the first volumetrics estimate might be quite conservative. The 3C might be very impressive yet the 2C might be quite modest.
I’m not selling anytime soon, so I am not too concerned about the initial volumetrics, except that I would like us to have a good sp for the E&A CR. Mostly I am more interested in the volumetrics we have after the appraisal drilling.
Seems like a very good discovery, but seen too many good oilmen get overconfident and excited upon initial discovery only to have to walk back later. The forward program will be indicative of how impressed his bosses are after the dust has settled.
EL
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