DLS/BPT have plugged and abandoned Marino 1 after poor oil recovery. Looks like they're drilling on 2D seismic, can anyone confirm that ? Mentions VPEs successes, all good positive reinforcement of the western margin fairway. Only a matter of time before interest shifts to ITC. GL holders,
From the DLS release..... A drillstem test (DST-1) was conducted late Sunday 30 August over a six metre interval (1649-1655m) within the Birkhead Formation that had exhibited oil shows during drilling. Approximately 3.5 barrels of oil (48.2° API at 60°F) were recovered from the drillpipe after a 3 hour flow period. Extrapolation of this recovery volume and independent measurement of inflow rates from the DST pressures both indicate that the zone is not capable of producing oil at a commercial rate. Since the success of Victoria Petroleum in the Birkhead ‘channel-sand’ play in PEL 104 and PEL 111 to the north of us, we have been extremely interested in pursuing this significant trend in PEL 91. The joint venture will need to make some significant decisions on how and where to follow-up this Birkhead oil discovery over the remainder of PEL 91. This does give us even more encouragement to expand the 3D seismic coverage and intensify our exploration efforts in PEL 91, focussing on both the Namur and Birkhead objectives.”
ITC Price at posting:
5.1¢ Sentiment: Buy Disclosure: Held