Some posters have indicated that no oil has been found yet. However announcement of 29 December from GGP states:
"The electric logs have identified some hydrocarbons in the Cris 47 unit at around 7,000 feet which is consistent with the mudlog shows reported previously. Oil indications are present in several of the sidewall cores taken over the interval. Further analysis is required before providing estimates of net reservoir-quality and sandstone thicknesses along with separate interpretations of possible net pay and resource potential."
VIL's announcement of the same day states:
"The electric logs have identified some hydrocarbons in the Cris 47 unit at around 7,000 feet which is consistent with the mudlog shows reported previously. Oil indications are present in several of the sidewall cores taken over the interval. Further analysis is required before providing estimates of net reservoir-quality and sandstone thicknesses along with separate interpretations of possible net pay and resource potential.
So, have we hit oil already or not?
VIL Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held
