cobra is a condensate discovery, page-3

Yet another Hydrocarbon dicovery. An Epic long drill but shows the advantage of being in with a huge and professional Operator such as OSH. Well done team.
SP solid at these levels and now only heading one way. The BUY on BAD News buying opportunity doesnt exist any more so front up and buy CUE before it flies ;)


Oil Search reports that at 0600 on 11 September, preparations were
underway to suspend Cobra 1A ST3 as a gas condensate discovery.
Since the last drilling report a closed chamber Drill Stem Test (DST) has
been successfully completed and gas recovered from the upper Hedinia
sandstone. Analysis of the gas indicates it is associated with condensate
and confirms the previously reported elevated gas readings observed
while drilling and the presence of light oil/condensate within formation
fluid samples.
Petrophysical evaluation indicates a 34 metre thick zone of hydrocarbons
is developed within the upper Hedinia sandstone. Up dip potential is
confirmed to the NNE by dip meter data and stratigraphic variations
observed between Cobra 1A, ST1, ST2 and ST3 indicate the Hedinia
sandstone has significant potential to improve both in quality and
thickness in the same direction.
Further technical evaluation will be undertaken to determine the optimum
strategy for the Cobra 1A ST3 gas discovery. Importantly, this discovery
represents the first successful test of the sub-thrust, foot wall, play in PNG
and as such has significant implications for further prospectivity within
PPL190 and elsewhere in the Fold Belt.