An interesting point is that the total contingent resource is 37.7 Bcf but they are saying they can drill 9 wells and get around 5 Bcf per well which means around 45 Bcf in total So may be an upgrade is coming.
They are still working on converting 2C to 2P but do they need to drill more wells to get the 2P? I hope not but I wouldn't be surprised if we get the 2P reserve next year. I think the first gas production has already been delayed from early 2021 to mid 2021.
'A type well production profile has been developed based on the well tests at Vali-1 ST1, and with reference to the decline characteristics of nearby fields. The current base case development concept for the Vali Field is for initial raw gas production of approximately 5 MMscfd (gross) per well for total production of around 5 Bcf per well (on an average well outcome basis). The process of converting the Vali Field 2C Contingent Resources to 2P Reserves is currently underway'.
MEL Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
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So may be an upgrade is coming.
(20min delay)