Hi Rod This is another example of the rampathon. It appears...

Hi Rod
This is another example of the rampathon. It appears helpful, but is error ridden in the areas that matter.
Resulting in a much much rosier picture than the truth. Net effect is to gain credibility then mislead

I have copied a section with some of the best examples, then included the numbers from 88e announcements, and my comments in italics

What are the chances of them finding oil?
According to their independent estimation prior to drilling, 37% chance of success. They are targeting a total of 1.6 billion barrels of recoverable oil on the high end, 645 million on the mean, and 280 million on the low end.
He is referencing Merlin here with 37% COS
High end is 1463, 270 m is the best estimate and low is 41m
Doesn't mention 88e only own half of the above as they sold half of the entire Perigrine project for $10 million, so in reality the numbers are , 731 high, 322 mean, 135 best, and 20,5 low
How's the progress going so far?
All indications shared by the company are good to date. Notable among them:

• Logging while drilling encountered a petroleum odor
• Florescence tests had characteristics that point to oil
• They discovered that one of the formations is 500 feet thicker than anticipated

There is only one targeted formation that exists, all of the targets are within it. The extra 500 ft is meaningless if traps with effective seals are not there. This implies an extra 500 ft formation has been found,
Reservoir depth is what counts, not formation