I for one suggested on Friday afternoon that the fact that we had not had an announcement was reasonable evidence that the crew of the E109 were simply drilling to target, TD.
If we are to believe blindmonkey, 4,454 MDRT would be very close to the depth of the flatspot at ~4,480 MDRT in the southern fault block.
MEO describe the importance of this phenomena as "Possible paleo-contact due to porosity preservation".
This additional 94m of potential reservoir appears to have a higher likelihood of reservoir preservation, as well as liquids (due to late charge).
Now the volumes.
sb1 - to correct your comment. the + or - 25% for the rock volumes refers to the assumption used as the basis to derive P90 and P10 estimates from the mean. It would be very safe to assume that the additional 94m extends the volumes by at least 25%. Looking at the shape of the structure, potentially up to 40%. If you take the now (interpreted to be connected structures in the) Greater Heron structure, a 50%+ increase in volumes is quite possible.
Putting the upside scenarios aside, using MEO's own seemingly accurate numbers, the P10 scenario for recoverable gas suggests that there may be 6.64 Tcf of recoverable gas at Heron.
I've been saying since well before spud that "according to plan" is all we need, and the E109, and eni are delivering MEO just what we need.
MEO Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Held
