Hi guys,
Announcement was made while we were at the roadshow, so had first hand explanation (albeit briefly) of what it is. AFAIUI, the top section being water-wet was a bit disappointing, but that was only a 10m oil column. The NTG at M1 was said to be around 30% over 250m. The lateral extension of the bottom section to M2 is highly encouraging, although this has to be confirmed by wireline logs. Most importantly, it is becoming clearer (and significantly derisked) that the migration path is from the bottom of the lake where the primary source rock sits. This argues well for Ngassa prospect, but logistical difficulties means that it probably won't be drilled for another 12 months (at least). 3 more exlporation wells along the shorelines (the likes of Nzizi, etc) will now be drilled. It now appears that the single 300MBO structure is unlikely to eventuate.
So, it summary, it is a good result which could have been a lot better, and it could have been a lot worse.
Will post something from my notes later - and will try not to repeat what others have already posted to date.
Cheers,
618
HDR
hardman resources limited
