gurame - meo's first development project?

pre-spud, MEO indicated that:

"The well is being drilled approximately 375m updip of the highest known oil recovery from the Baong Sandstone and as such is expected to intersect the gas cap within a 235m thick gross reservoir interval."

Yesterday, DM provided an overview of Gurame in the technical supplement.

Initial observations of results
• Well results are consistent with pre-drill model for Baong
• Well has encountered gas in Baong sands over a gross 237m interval
• Cut 13.4m of core, recovered 12.36m
• Model predicted likelihood of natural fractures at well location
• Well experienced mud losses while drilling, consistent with fractures
• Image logs show significant amount of fracturing elsewhere
• Image logs also show finely laminated sand section in Baong

Given Baong sands at Gurame have effectively been found to be pretty much exactly what MEO expected (235m prognosed vs 237m actual), the resource estimate for GIP must be more or less the same, at 321 bcf of gas. Assuming the CGR is even across Gurame, then the Baong should also hold ~ 4mmboe of condensate (if we assume no oil is present).

Then there is still the Belumai to be drilled next week.

I have a sneaking suspicion MEO want to production test Gurame, possibly before drilling to TD.

When MEO post the video, you will hear JH suggest that prices of $10 are achievable for the gas, making this project very valuable to MEO.