I do love this statement of fact In terms of the basin’s...

I do love this statement of fact

In terms of the basin’s maturity, its highly promising that a new basin with low relative exploration maturity,
has had the success it has delivered to date. The basin is now ‘proven’ ie hydrocarbons have been discovered
and flow-tested. Nine exploration wells have been drilled in the acreage. The five wells drilled in the
1970’s/80’s 2D-seismic era resulted in one discovery (Phoenix gas field), equating to a 20% success rate. The
four exploration wells drilled in the modern 3D seismic era have resulted in three discoveries, equating to a
75% success rate. The four discoveries have collectively delivered ~200mmbbl of recoverable liquids and
1.1Tcf recoverable gas (Gross, 2C)

2 wells at 75% success rate mean 1.5 successes..