i find it fascinating (lol) that ANY correlation can still now be made between the very positive and high quality MEO's Gurame Baong results relative to COE's 2008 drill (when comparing both drills' Baong sands results).
COE's ASX related release states "Further to ASX release COE180408a (Drilled to 2865m), the rig has subsequently drilled through the Baong sandstones to a total depth of 2,915 metres. Wireline logs have been run which indicate hydrocarbons in low permeability Baong B and C sands. The RDT formation evaluation tool was unable to recover the formation fluid or measure formation pressures, another indication that the formation was tight. A magnetic resonance tool was also run in order to further evaluate hydrocarbon saturations and permeability confirming the tight nature of the reservoirs".
MEO's ASX release states "Logging results coupled with gas shows while drilling indicates the Baong sands are gas saturated. Image logs show the Baong sands to be finely laminated with significant fracturing. A dual packer MDT was run which confirmed the reservoir has matrix permeability. MEO has elected to production test the Baong sands to determine gas composition and reservoir productivity and has secured $10 million to fund this testing program (refer separate ASX release)".
Like I posted before, the VC are stumping up $10m because MEO's drill has been de-risked by a number of litmus tests including the dual packer MDT which is the closest thing to a 'flare'....
MEO Price at posting:
16.5¢ Sentiment: LT Buy Disclosure: Held
