Ok, I have just seen the report. As we all know good news would be shouted very loudly, and there does not seem to be too much going on here.
So we knew drilling would slow down due to hard and abrasive rock in the Pre-permian which was expected at 1593m. No doubt they have had a few bit changes through this section, along with the slow drilling. Nice to see they mention the officer basin. I believe it is the first time they have mentioned it in their announcements.
This pre-permian/officer basin section is suppose to hold 80% of those massive resources, so it is very important they find good shale. The Pre-Cambrian they are heading to, is the suspected source on the oil found in Maglia #1, so very important they get this confirmed. but we are not there yet.
The stratigraphy log that is supplied, is made up of what has been found in the Officer basin over 200km away, not what they have drilled in Eba#1, so we need to wait and see what if they have been able to replicate this or maybe even improve??
As for news in this report. Not much, no mention of gas shows or oil shows, not even any mention of background gas or good resource rock shale? Also this was suppose to be the "flowing barrels" well. I feel there has been a back track on this one. Also no news of where the formation tops were, so we have no idea if they were anywhere near prognosis. We do know the Stuart Range was at least 200m deeper than expected. How much deeper we do not know. The good news is, they are actually drilling deep pre-Permian, which is a first, so it is a learning experience. I am not sure they are finding what they wanted to find?
12 days, to completion, so we should/will get an other update then. I am sure the Singapore stock exchange will make sure of it. Hey Hornet, lol
LNC Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held
