It is dissapointing to see the IW2V 2017 campaign conclude without achieving its key objectives
Prove a flow rate
Prove the composition of the hydrocarbons in the HRZ
There remain tantalising positives such as the repressurisation rate, but is offset by the fact sustained kick off has not occoured after two attempts. The implication is the reservoir is not making contact and releasing hydrocarbons over sufficient surface area.
We know there is more than enough pressure in the pores, but it is not releasing in volume
We know perimability is good, but it is not flowing
We know the resource is there, but its currently trapped in the rock
In short we dont know what we dont know, and the question is has 88e learnt enough to give us a realistic assesment of the HRZs prospects. What is the problem and can it be economically fixed, is the question I would hope the detailed update broaches.
The HRZ/Hue remains the largest resource in the play and its hydrocarbons are the ones filling to spill the conventional leads located above.
Normally over time lighter oil will displace water in the trap as it rises, until oil spills out the bottom of the trap when its full, but bear in mind gas will displace oil for the same reasons.
With a weak share price, capital raising/farm out, for the conventional drilling is going to be a difficult negotiation. Realisticaly a current shares slice of the pie is now going to be much smaller and the pie itself is at greater risk.
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