Just thought it's worth a brief summary of what to expect next.
RIA recently stated their intention to do the following:
"The Gazelle-P3 ST2 well will drill the UC-1 reservoir at a location 200m from where good quality sands were encountered in a previously drilled well (IVCO-14). In addition, the Gazelle-P3 ST2 will drill a well-developed UC3 sand which to date has not been included in contingent resource numbers for this area, north of the Gazelle fault. The sand will be targeted by the sidetrack at a location where the IVCO-14 well recovered oil and gas samples from a Formation Interval Tester. Pressures and samples will be taken from the UC-3 sand to assess its potential as a contributor to future field oil and gas production."
The 1977 Esso IVCO-14 well tested at 2283bopd (36 API oil) from the 7m interval 2447 - 2454m (vertical depth). This is the UC-1 reservoir.
A question mark must hang over the deeper UC-3 sand at this stage, but since it will be penetrated it's potential should be a lot clearer in a few days.
RIA Price at posting:
26.5¢ Sentiment: Hold Disclosure: Held
