Time may prove you correct but it is still too early to determine that.
A few pts
1. The 1 tcf is a bit of a furphy as it was best case scenario. Strike in a recent presentation stated a 200bcf find would be worth net to them of $30-50m. Not sure any of us should get hung up on the 1tcf figure.
2. They were only going to test quality of pressure and do a wireling evaluation. They have done this-found a 47m column-and are considering an appraisal well.
3. The total depth of 2118 is not 500m off planned Td of 2276.Notsure why they did not keep going.
4.I must admit I did assume this was another column of gas along with the 54m from 1743-1797. If it is not then your point is more interesting to me.
Time will tell on this however this well shows again that the majority of largish wells today are not being drilled without 3d seismic. Apache/tap using it in WA,org/arq in hovea and the roc/blo drilling in China next yr the same. The majors are not committing unless the juniors committ to it. Expensive but reduces risk.
PEM Price at posting:
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