Funding issue aside, MEL are steadily building a solid gas foundation project in ATP2021; pending Vali-2 frac. and production results. And a nice outcome in the shallower Toolachee Formation at Vali-2; incremental resource here. Remember, Vali-1 had 80m of interpreted gas pay in the Patchawarra Formation at a 6% porosity cut-off. Pertaining to the Patchawarra, I especially like this bit of todays announcement "based on the log response, the Patchawarra Formation appears to have a greater amount of sand throughout"i.e. higher net-to-gross sand ratio over a 300m interval (Vali-1), so net gas pay count in Vali-2 over the Patchawarra should be around 80m or perhaps higher when compared with Vali-1. No mention of net gas pay numbers in Vali-2 though......
As pre-drill Odin is structurally higher than the Vali Field, if we have a discovery there, reservoir quality (flow rate impact) should be equal to or better than Vali-1 and Vali-2.
Kind regards OldGeo
MEL Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
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