Water in the reservoir is a bad thing = end of your luck....

Water in the reservoir is a bad thing = end of your luck. However, we need a few pressure samples (MDT) in a water saturated reservoir so that we can confirm the GWC. Unless you intersect the GWC in a well, a plot of gas gradient and water gradient will tell you where the GWC is (in simple terms). No water is good but without it you can't pin down the bottom of your gas column. Very few wells in the Perth Basin have aquifer support (listen up greenies - we're not messing your water supply) so even fields like Waitsia rely on water gradients in other wells which adds some uncertainty on the final volumes in the reservoir.

Good to see plenty of gas in the Wagina - this is after all what Warrego were chasing when they picked up the block originally - Kudos to WGO for having vision to pick up the block even if they did stumble on a gas play that wasn't even discovered at the time. Despite being smart scientists we still need a lot of luck in this game.

The "Conventional gas" story is very ambiguous. 6% porosity is usually considered "tight" even in the Perth Basin. The rock holds a lot of gas but won't give it up easily. We will rely on the better "streaks" to act as a conduit (how many,, how connected are they ??). Wireline and MDT will give us some answers in a week or so.

Decision to run interim wireline is a good call to ensure they get logs over the top section which they failed to do at WE-2, however, the need for a bit change after ~350m drilling is not normal. Bank some 2C gas just in case? Let's hope they make it to Kingia for the real prize.

So is the WE-5 well a re-drill of WE-3? No mention in the Euroz preso of what plans for WE-3. If it was me, I'd P&A and start again after I've banked some reserves to keep the shareholders happy. Just sayin'