Hi KojasperI would love news on Monday too, but if they keep...

Hi Kojasper

I would love news on Monday too, but if they keep encounting oil I'm sure they will continue drilling deeper and deeper and save the good news to the end.

The drill rig costs more than a workover rig. But in this case you would think the joint venture would not use the work over rig because testing wont be be long because its a production well. Interesting to see which approach the joint venture adopts.

With the description of the oil column so far with the company announcements, and the old well drilled by Petrobras described as vuggy. This well is going to flow very well compared to the original 1960's well.

My feelings is the old paca1 well was a reentry well drilled in 1960's. They encountered oil over 104m. We only production tested 15m. So what this tells me is the joint venture most probably could not test much of Petrobras's 104m column because the well was damaged further down because of scale, rust, cave in etc etc. Mercury report suggested that a new well be drilled, because the 1960's well would be difficult to re enter. Just slows us the capabilities of our partners, and our geologist to get oil flowing. This has intern saved the joint venture money on a new well and give us production, at a limited rate.