Ann: Thailand Drilling Update, page-3

Im not overly enthused with a prospective 5 wells rather than 7 but I do like what Towngas is doing and the apparent strategy continuing of employing the expensive Elite rig for about 6 months of the year on the very best prospects and hiring it out for the other 6.This strategy promises the best overall result for both Thailand and Phoenix,conserving our cash while almost guaranteeing good results in Thailand(see below).
The first well is an" Exploration" well,using 3D,not 2D.That tells you that they haven't drilled in that spot before but they are very confident of a good result. Its a complex belt and braces drill going for the known V target,then on to multiple S targets at greater depths (3 weeks to drill pretty much tells you that)
This type of well sees the expensive Elite rig at its best."3D" tells you that it aint really an "Exploration "well in the more usual sense of that word.
After the 1st well the rig moves South to L44 for 1 or 2 "Development" wells (using 3D) in the "Production" area.
Expect good results here also.
Then its back North to L33 for more Development wells using 3D.
Expect more good results here also.
Whats not to like ??!! Except ,maybe,5 wells,not 7but Im sure Towngas know what they are doing as far as well targets and use of the rig.
The things that are standing out are the very selective use of the rig,the protection of our cash on behalf of Phoenix, and the high prospectivity of 4000 bopd increasing from new drilling. A small prayer here for nil watering out of the recent L44 wells and ditto for the new wells when they are done and dusted.