Stated aim for current drilling program was to prove up the Mailisu area as a producing field. Last drill results appears to confirm this. Waiting for flow results from this well and the last should give a better indication
Deeper wells, being part of the Santos farm-in, should see confirmation of probable recoverable reserves - 6 million barrels as based on USGS estimate.
Five other areas are yet to be drilled and are prospective for oil.
Gas is another item still to be considered. A minor show has already been made.
Santos are conducting a 3D survey and results are due next quarter I think.
CIG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held