Galilee is in it’s infancy with regard to calculating a fair valuation – but we have taken a huge leap flowing gas for 24 hours from 13 metres of the sandstone deeps which must be stirring up interest especially amongst those who had written the acreage off.
If all goes well – and we shouldn’t count our chicken before they have hatched - the size of this play could potentially dwarf Mahalo.
Let’s not forget that to reach those sandstone ‘Deeps’ we had to drill through the ‘Shallows’ which are defined as being coal targets that range from approx. 600 metres down to 1,100 metres. We have only farmed out a percentage of the ’Deeps’ - as to the ’Shallows’ we retain 100% ownership.
Here’s a question for someone more technically versed than myself with regard to drilling - I wonder whether it’s possible for the next step out hole to be sunk with a bigger rig to be dual purpose – test the coal targets in the shallows on the way down before reaching the sandstone deeps?
If possible – of course the costs would have to be agreed with Vintage – ‘killing two birds with one stone’ has to be more preferable than sinking two holes – one into the shallows with the other into the deeps.
Technically possible someone?
Just a thought…
COI Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
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