Happy for the tech/industry posters to call me on this post.
MEO advised that the GWC depth at Blackwood-1 could not be unambiguously determined from the 2008 well results but is indicated from MDT pressure data at 3,190mSS. As we know Blackwood-1 had a circa 42m plover gas play.
ENI's 3d 2012 seismic allowed MEO to put forward blackwood east as their preferred drilling option with an indicated GWC of 3,220mSS.
ENI as operator went with blackwood-1.
Now if you go to this year's Good Oil ASX slide pack on page 9 (http://www.meoaustralia.com.au/icms_docs/165889_MEO_Investor_Update_Good_Oil_Conference_September_2013.pdf), MEO states that ENI has assessed there is an extra 35m of gas play at Blackwood-1 by assuming a GWC depth of 3225mSS.
btw ENI has never lodged a detailed drill plan for blackwood. didn't have to but all cards are being kept very close.
ENI have successfully cased blackwood-1 to a depth of 3,150m without any reported drilling issues, the weather aside.
At 3,150m the well is perfectly placed at 40m above the anticipated extra gas play of 3,190m to 3,225 (i.e. 35 m deeper GWC).
but now here is the thing......... ENI's current plan is to drill to a TD of 3,360m which is another 135m deeper than the anticipated 35m of extra gas play anticipated by ENI.
It was either Ya or iam (please forgive me) who highlighted that blackwood-1 could be the goose that lays the golden egg and delivers up more than 2tcf.
we all know that eni learned a great deal from ES recently and that the ES GWC was much deeper than anticipated.
So whilst the weather might not be great, ENI is on the cusp of potentially proving up a 200m + plover gas play.
adl
MEO Price at posting:
5.9¢ Sentiment: Buy Disclosure: Held
