EL Developing an oil reserve can be a very hit/miss affair. Even...

EL
Developing an oil reserve can be a very hit/miss affair. Even using the latest 3D seismic and having the best brains in the business its not easy to land a good result. You can see the hit-miss by the fact that this well "really has them surprised", mainly because it was not ideally placed yet its oil column is approximately 86 meters, its flowing 1,220 barrels of oil per day with a water cut of less than 0.5% and all that is on a RESTRICTED flow rate.

L33 might be bluesky today, but so was POE9 when Ted told us at the AGM they where about to do a high risk wildcat well based on their 3D seismic.

Also dont forget that L44-W was bluesky, yet here we are flowing oil. Remember 1/3 of the structural is in L33 and 2/3 in L44. I rather like the chances of far more oil being found north of L44-W. Indications are the chance of more oil is far better than average.

I would have thought even your very sedate enthusiasm would have been showing far more with this well. Mainly because the whole SRB and royalty tax starts from back at "0" for any oil found within this concession. Looks like Ted might get his $1b MC a bit sooner than even I thought.