Yep, going slowly, but at least we got an update, that counts for something right!
Have a good weekend all, only another 400m to go.
I have put a buy order in for KIS today, since it seems Linc is going to need lots of tungsten drill bits to get through it's Ark program...
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Linc Energy Ltd (SGX:TI6) (OTCQX: LNCGY) is pleased to provide an update on the drilling operations in the Arckaringa Basin. The Eba 1 vertical exploration well (PEL121) is the second of the three well program and is planned to be drilled to a total depth of 2,500 metres, with the possibility of a deeper target pending further data. As at 06:00hrs on 30 January 2015, the main hole rig is drilling ahead in the Ouldburra Formation at a depth of 2,142 metres. Since the previous update, the rate of penetration as forecasted has slowed due to the abundance of Anhydrite and indurated Sandstone throughout the sequence. Minor carbonaceous siltstone bands intersected from 1,590 metres onwards recorded increases in background gas on the mud log. This suggests that in terms of thermal maturity, any underlying carbonate or carbonaceous source rocks may be in an environment suitable for hydrocarbon generation. No oil fluorescence has been recorded to date in the Eba 1 well.
LNC Price at posting:
99.5¢ Sentiment: Buy Disclosure: Held
