Vali-2 possibly has more Patchawarra net pay than Vali-1
Vali-2Toolachee pre-drill gas resource numbers = 1-5 BCF
Vali-1 Toolachee did not have the same porosity and permeability as seen in Vali-2 (better in Vali-2).
Vali-2 had a better mud system Vali-1 which gave them a better hole. JVP applied lessons learned from Vali-1 to improve the Vali-2 mud system. Confident of reserves add in the Toolachee Formation at Vali-2.
The JVP did not have the reserves certifier assess potential Toolachee volumes Vali-1 because the JVP were unsure from the resistivity logs if it was gas or water.
Vali-2 Toolachee Formation MDT sampling suggests it could be a conventional reservoir and may not need to frac. simulated
Odin-1drilling on SA side of border with results expected 1-2 week of June
Vali hub targeting 10-15 mmcf/d gas from 3 wells. Fracced wells come off production fairly quickly.
MEL fullyfunded through Vali-2 and Odin-1 well.
Kind regards OldGeo
MEL Price at posting:
2.5¢ Sentiment: Hold Disclosure: Held
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