re: 65 metres of oil
For what its worth...my mate did not shed to much light on things.
Flouresence - presumably oil shows in the mud is a sign there is oil down their. Whether or not it is significant will depend on solely on the logs. Just an announcement of flouresence, and nothing else does not mean it is a duster.
However small companies like BKP in such regions are not in the habit of underestimating or playing down potential finds, so they would be getting any good news they could out to market.
Flouresence aside - would they know if they went through an Oil column? Yes - pressure change on the drill bit would be fairly obvious.
Flouresence aside and pressure aside, would there be visible shows in the bore and mud. Yes - but if resevoir is low pressure and not great permiability, and the hydrostatic pressure of mud much greater than pressure in suspected reseviour, may not be that obvious.
Even if it were the case large fields (this one I think 27km sqr) can by quite productive without porisity and permiability. Particularly if on-shore. Off shore is different story.
Once again logs are the answer. He mentioned thats why some companies run logs behind the drill bit, but is expensive and Halliburton and Schlumberge are the guys that do this, not CNOC and sister company.
So on balance - it is not time to write off but there should be enough circumstantial evidence to hazard a guesse if they went through a zone of significance and report as such. It has not happened - but logs will tell all.
As far as price action. Speculators bailled out big time, but some punters snapped this bucket load. I personally think the smart money is staying put or topping up - but thats just me. There is main game at 3200-3600 still to come.
good luck to holders, Im still in and might pinch a few more if under 24c.
BKP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
