Exxon has drilled 3 wells north of 120 while ORG/PPP have drilled one south.
The result is a 50% success rate on 4 wells adjacent to Neons Block 120.
Whats very important to note is that Exxon committed to its drill programme purely on the back of 2D seismic. They got a 66% success rate on 2D alone.Evidently they are now doing 3D.
The ORG/PPP seismic included 3D but from what has been made available to shareholders appears significantly inferior to what Neon has made available to shareholders. If this also holds inhouse then it appears the PPP jv has not optimised its drill location.
NEN Price at posting:
31.0¢ Sentiment: LT Buy Disclosure: Held
