"Secondly, it won't be a dry hole,"Dry holes are never good

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MisterC

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15/02/21

14:35

Post #: 50998417
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Originally posted by Profit Prophet: ↑

The first thing to say is that 1 TCF is a large resource (approx 170m BOE) and Borba is going to be (significantly) bigger than 1 TCF. Dempsey was estimated at 1 TCF and Borba has been referred to as 'Dempsey on Steroids' . The seismic is showing that Borba is significantly more 'gassy' than Alvares which has been estimated at 2.4 TCF. GJ has referred to the Borba seismic as the most anomolous he has seen in the Sacramento Basin to date etc etc.

Secondly, it won't be a dry hole, there is going to be significant gas shows through out the drilling program. If you are in doubt refer to the Dempsey drilling announcements from 1/8/17 onwards. Borba is about 5kms from Dempsey if my memory serves me correct. There are 16 stacked target zones.

Thirdly, it is going to be a large resource (greater than 1 TCF) and there is going to be gas shows, the risks will relate to mechanical problems during the drill (i.e drill bit getting stuck etc) and getting a good commercial flow rate during testing (this was the problen with Dempsey in the end - tight gas).

They have realised that they need better quaility reservoirs - porosity and permability. They have refined their depositional model by incorporating the Dempsey drill results with the seismic and identified Borba as the best place as there is potentially better quality reservoirs, better porosity and permability and there is a channel system in place which they hope will provide better quality sands. They have also said the expected high gas pressure at Borba should help with reservoir quality. Of the 16 stacked target zones the shallower targets are proven producers in the basin.

Thats why i am excited because it is going to be a big resource/prize, and there is going to be gas shows in drilling (that is a given in my mind, please DYOR).

They need the final piece of the puzzle to fit and get the commercial flow rate especially from the larger deeper targets - this is the key bit as it will mean they have revenue coming which will cause a further significant rerate to the shareprice. But also it will bring the looklike targets on the 'Borba trend' come into play which could open up a new 'fairway'. XST has increased its interests in the prospects on the 'Borba trend' to 33.33% as well.

These are just my ramblings, thoughts - please DYOR

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"Secondly, it won't be a dry hole,"

Dry holes are never good

XST Price at posting: 1.7¢ Sentiment: Buy Disclosure: Held
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"Secondly, it won't be a dry hole,"Dry holes are never good

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"Secondly, it won't be a dry hole,"Dry holes are never good

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