My issue with the reports on this well are that while we seem to have found gross gas pay and are planning to test 150m/230m the signs of gas have NOT been that significant!
I read that the earlier sands, while thin, had "strong gas shows". In the Boang sands the say they have "elevated gas shows in the mud", "mud loss due to fracturing", and in the Belumai "mud loss and eventual abandonement of the TD due to influx of gas".
I understand the matrix permeability and high level of fracturing but if this Boang sands are to flow we need the "strong gas shows" here??
Gas shows, fracturing and pressure should make a commercial well, but certainly at this stage not definite. The information provided to date is not enough to assess the well being successful at this point, IMO. I still don't understand why MEO persist in providing minimal deatil on their 100% well when they can and one would think would want to make all eyes on the prize here..that they are eluding to!!
Hopefully with luck and tortoise like speed they will test and find something we can commercialise. I would think anything above 10mmcfg/d would be material.
Jazza
MEO Price at posting:
12.5¢ Sentiment: LT Buy Disclosure: Held
