re: Cue Energy - geo's comment Latest shows reported in Bilip-1...

re: Cue Energy - geo's comment Latest shows reported in Bilip-1 are very encouraging. What this mean is that HC (hydrocarbons) definitively have gone through (migrated) the structure. It is still too early to know their significance unless they are more specific with the description (they won't say as usual), but people in the know should have a good idea if we are talking about residual HC that migrated through the structure, breached structure, or most importantly live oil (meaning that HC can be recovered). The fact that have reported HC shows (almost certainly meaning oil) over a long interval would probably mean that we are dealing with either residual column (unlikely) or proper HC column. Looking at the crappy the top Igafu depth map (can't read the values can someone help?) it looks like they have intersected top reservoir deeper than predicted (not uncommon in PNG as seismic is notoriously of poor quality)

When they log the hole, they should be able to identify HC interval, HC saturations, what phase (oil vs gas). Running RFT (repeated formation test) or other pressure logs like MDT and older FIT they will measure pressures at various depths and determine pressure gradient that will help them to confirm HC phase (like gas cap, density of oil ) and log interpretation. Then they will attempt to take some samples for visual confirmation. When they have recovered a sample to the surface then the well will become officially a discovery. Log interpretation combined with pressure logs will quickly give HC column, HC phase. Ultimately HC would have to be tested after the well has reached TD to confirm production rates.

BY then hopefully the price will be above 10c and rising
Anxious