Blastoff, the industry average COS for a typical wildcat is 10%. So we have had gas shows and the wirelogs have indicated sufficient pressure anomalies for them to complete the wells (at decent cost - so not a decision taken lightly), and you believe the COS is 5%? I think you're insulting the quality of STX's board if you think they would sink millions completing a well with 5% of being commercial.
As far as I am concerned, this is GOOD NEWS! This brings up one step closer to a commercial discovery. Timelines - I had already answered someone here before. No special equipment required. They could test the well now by flaring (which is a waste), or they could do what they have always done - which is to test into sale pipe. So the time till we test is about 2-3 months depending on how fast they can get their hands on pipes to connect to sales pipe, and all the other necessary production equipments. When STX says they are testing the well, it is effectively being put into production. While there is still a risk the reservoir will not flow (eg. reservoir did not respond to fraccing), I am very happy with the outcome. There are a million and one reasons why the wirelogs analysis too so long, but to simply attribute that to the reservoir being borderline is a simplistic IMHO.
Bought a bit more this morning on the muted share price response, so am happy! Good luck to all :o)
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STX Price at posting:
17.4¢ Sentiment: Buy Disclosure: Held
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