Well the good is that there is gas in the limestone.
The bad is that there is no reservoir quality rock yet.
The ugly is that we are told that this was expected from the seismic and nearby wells - but it is easy to confidently predict that which has already happened... I'd be more confident if we were told a month ago that Nido expect to drill up to 150m of non porous limestone before seeing reservoir.
So, if Nido are correct and there is some good quality reservoir in the next 100m to 150m then we are in business... if not we are out of luck. 70-80% gas saturation sounds good though...
Given that they claim to see the porosity/permeability variations on the 3D seismic and that they say that this part was anticipated to be tight it could be Ok - it is just how much you trust them... in all honesty, I don't really know...
p1000
announcement, page-19
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