Released TODAY:Full text below.In summary- current test has...

Released TODAY:

Full text below.

In summary
- current test has communicated with reservoir, unlike last time.
- well has met objectives
- potential development . . .

This announcement (with previous ann) negate the "inconclusive" statement.

Bought back quite a few today as I see value, again.

During October 2009, the Poseidon-2 exploration well was spudded with the objective to test the extent, presence and quality of reservoirs down-dip from Poseidon-1 where the Plover Formation is interpreted to thicken. The well planned to intersect the upper sand intervals in the gas column and then the gas-water contact within the lower sand interval. Current interpretation indicates that the well has met these objectives.
As such, with these objectives and the well position located on the flank of the structure, the well was not expected to intersect a gross gas column as large as that penetrated in Poseidon-1 although the gross sand column was expected to be larger than that seen in Poseidon-1. The well is currently working through these objectives providing additional data that will be used in the
planning of future wells and the potential development of the Poseidon field. Prior to intersecting the Plover Formation the well penetrated a 20 metre gross hydrocarbon bearing sand in the Montara Formation. This interval is planned to be tested during the current testing program in the Poseidon-2 well.
An initial Plover formation level drill stem test failed due to technical difficulties, resulting in the test not achieving a connection of the reservoir with the well bore. The drill stem test is currently being re-run.