But MEO remained optimistic of the Plover's potential, which it planned to appraise further with a new well.
"Contrary to the joint venture's pre-drill expectation that the Plover sands of Heron North would most likely contain low quality, high CO2 gas, Heron-2 has provided sufficient log data to indicate that in fact a higher quality and more valuable hydrocarbon resource may be present warranting further production testing," it said.
For now, the company is turning its attention back to the Darwin formation, which was the pre-drill primary objective.
Results from drilling, electric logs and core sample interpretation in the Darwin formation confirm "strong indications of a significant gas accumulation," which will be production tested later in the week, MEO said.
So basically went down 40% today cause it will probably take a few months for the new plover well to be drilled and the production testing and a couple of weeks to a month for production testing darwin formation results. Just giving a rough guess of times.
In this fragile market any delays, setbacks or slightly negative news is getting hammered and not just with the spec stocks but several bluechips which have had profit downgrades.
Good to see most of you guys staying cool while the price is plummeting. Most seem to be remembering the reasons they purchased the stock and the potential it still has. It is very hard not to get too emotional when share price is going down rapidly.
MEO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
