To be honest... I'm more interested in what's going on with Reid's Dome. IMO this is what will kick off MRK. When the oil and gas results were being proven up for WSP there was strong support and s/p movement.... whooska toot toot until the financial side of things fell apart for the beloved WSP.
The question is...... can MRK pull off what WSP failed to do?
Reid's dome:
The Reid’s Dome Tenement covers an area of 181 square kilometres on the western flank of the Bowen Basin in Queensland. The Reid’s Dome Gas Field is situated within Reid’s Dome Tenement and based on initial reservoir studies, a reserve of up to 1 billion cubic feet of gas is indicated for the three wells drilled on the Reid’s Dome Gas Field prior to November 1994. The 1993 appraisal well in the Reids Dome Gas Field, drilled by Victoria Petroleum N.L (“Victoria Petroleum”), Aldinga North-1, flowed gas at a rate of 1.2 million cubic feet per day. Drilling of the Primero -1 well to 1,565 metres in the northern part of the Reid’s Dome Tenement twinning the original shallow gas discovery well, AOE-1 commenced in late June 2006. Early success was encountered in July 2006 with Primero-1 testing a gas flow of 2.8 million cubic feet per day from the field’s shallow gas sand at 150 metres. Drilling of the deeper target which encountered numerous oil and gas shows in the original heavily mud invaded AOE-1 was carried out. Additional gas zones have been intersected in the Reids Dome Beds around 1,500 metres. Following the completion of drilling at Primero -1, an extensive testing program was commenced to determine the reserves of the Reids Dome Gas Field at the shallow horizon with a view to the potential commercialisation of the gas field, subject to sufficient gas reserves being proved.
I'm starting to remember why I invested into this mug oiler energy stock now. Might pay to double my holdings at current levels...... peanuts at current s/p lol. Good luck to all.
MRK Price at posting:
1.1¢ Sentiment: LT Buy Disclosure: Held
