Some of your points are correct, but I tend to find they all seem glass half empty. Is this because you are a non holder.
You could have written:
Appraisal of the Gazelle 3 has been a success. They have appraised all objectives that they intended.
UC-1 appraisal success at it's western flank: and will be sidetracted at a location 200m from where good quality sands were encountered in a previously drilled well (IVCO-14). In addition, the Gazelle-P3 ST2 will drill a well developed UC3 sand which to date has not been included in contingent resource numbers for this area,
LC-2 appraisal success: and the result should have a positive bearing on the interpreted areal extent of the LC-2 reservoir by extending the assumed GWC some ways down-dip relative to the predrill assumptions.
Condor appraisal success: A follow up well to fully evaluate the prospect(estimated 750 bcf Gross Mean Prospective Resource) at a better location where the Lower Cenomanian is greatly expanded is anticipated to form part of the next drilling campaign in early-mid 2013.
The sidetrack will take 12-15 days. That's better than starting the whole well again. Bonus I say, after all that appraisal they can drill a production sidetrack.
Cheap I say.....in a very expensive business. The data they have collected by letting all those birds away will be worth many birds in the hand for future wells when they come home to roost.
RIA Price at posting:
22.5¢ Sentiment: LT Buy Disclosure: Held
