"The Moosehead-1 well encountered approximately 100m of carbonates at the top of the primary target. However, porosity was less developed than expected in this location, and is being considered a dry-hole. Wet gas shows were encountered in the section that increased in wetness with depth. At least two potential source rocks were penetrated, including the well-developed Aptian-age source rock. Indications of source rocks in the deeper rift section were also apparent, though not penetrated. Further analysis of the well sampling will greatly help with continuing exploration in Namibia."
So from my understanding Moosehead encountered gas and condensate/Oil but because it didn't flow, it was declared dry. That IMHO puts a whole different perspective on this well and the balance of PEL87. Because the carbonate had not decomposed enough to be porous in this area doesn't mean that the balance of the area, which we are surmising is composed of a sandstone material, will not flow copiously .... a la Mopane. The establishment of two potential source rocks is IMHO exciting.
PCL Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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