From the article below (which has been shared before) regarding Moosehead. The second last sentence "At least two potential source rocks were penetrated, including the well-developed Aptian-age source rock.". Moosehead, primarily tested a Barremian-aged carbonate prospect - which was declared 'dry', for lack or maturity and porosity. Sure their may have been sniffs of hydrocarbons - but not worth pursuing - plugged/abandaned.
10 years on, we now know accross the basin that Aptian/Albian aged source rock is indeed mature, and sitting in the oil-window (venus, mopane, shell, azule, etc) - given a number of confirmed hits. The exciting thing for me, is that we also know 87 has a number of different plays, that are also sitting in the Aptian/Albian source rock. We also know, given the Moosehead results, that they were targetting a completely different prospect (Barremian - as above); but did hit 'well developed Aptian aged source rock'.
The visual below from Pancon in 2023, indicating the saturn target/prospect, verses where Moosehead was positioned (from link below). The primary thing that concerns me more than anything is the potential complexity of our prospects (given the current seismic), to find the best possible location for a high probability drill (but that is obviously what the inversion study is for). https://www.listcorp.com/asx/pcl/pancontinental-energy-nl/news/pel-87-project-update-2945763.html
Anyway - nothing we don't know - but all the little puzzle pieces are certainly falling into place.
PCL Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
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