bas, page-14

re: bas and 3-d modelling Mixmaster,

You obviously missed the irony in Badfish's post. It is really really important if it's condensate-rich gas or oil.

From my reading, I think we need to pay careful attention to what BAS have actually said this morning "As reported yesterday, wet gas shows and trace fluorescence were recorded at this level".

If it was mostly gas with some oil, that makes perfect sense.

If it was mostly oil, I'd have been expecting to see more fluorescing from oil, rather than colourless gas.

Therefore, while it does appear to be a hydrocarbon discovery, I am not at all confident that it's an oil discovery.

Yes, wireline logs will give us a better idea, but at the end of the day, the well would need to be completed for a DST to be done, and BAS doesnt have the money for this (it will cost on this side of ten mill, but not by that much).

Therefore, there will continue to be doubt as to whether it's gas or oil.

And I dont think it's oil, because if they had better than trace fluorescence, they would tell us.

And the valuations being tossed around, by Pattersons among others, are based on it being an oil discovery, rather than a gas discovery.

Ian Whitchurch