j-59, page-2

Wish I had looked at the oil barrel presentation sooner.
:( :(

Just looked at it and found a couple of key clues in Geoff's presentation.

He talks about the well reaching TD this week then running casing and wireline logs.

He also talks about the T2A zone possibly being as good if not better in the Southern section as the T2B zone. Your not going to say that unless you have several reference points to go by.

J-59 must have been somewhere between the T2A and T2B zones, when he did the presentation. As you wouldn't say your going to run casing on reaching TD unless you had found something interesting!!!!!!!!!!!!!!!! as its expensive to do

:) :)

They have also taken sidewall cores while drilling other wells and I'm sure they will have taken some in J-59 as well. It seems to be a slow process so will have slowed down the drilling process, hence it taking until late this week to reach TD.

So we should get the announcement next week declaring J-59 successful, we just need to find out how many zones of interest were found and there thickness etc :) :)

The other major point of the presentation, I picked up on was about funding etc. They want to drill another 4 wells this year plus put in the export topside for the existing wells. So they are planning on raising well over $20M I'd say. I think most of this will be via a debt issue of some kind.

I also noted the trading on AIM today over 400,000 shares traded including one block before market opening of 240,000. With several 30,000+ buys ahead of the weekend close.

Testing of the existing wells seems to be taking much longer than anticipated :(

Really looking forward to next weeks J-59 announcement now.

LOTM