pre open?, page-15

Interesting theory, havent heard that one b4 chief, the operator was looking for a reefal play & found a stacked sand then.

I know Malampaya has a OR & Chevy r leaving that behind for Burgundy to produce in years to come once the gas runs out of that field, hence the rationale behind drilling 2 wells last year with the Falcon.

Flashback time ........

AX#1 was a bit of a on-the-go discovery back in '81 for Phillips (given that Galoc was disc just a year ago & left in limbo, am not surprised how many others were moth balled back in the day!!).

The operator then, had AX#1's TD at 6500 ft & had gas stack'd sands, one of which flw'd at 50 mmcfd. So while they were at it, they decided to drill deeper for the reefal play & at 12500' they stopped drilling & tested the top sands which flw'd quite well. However, no follow up drilling was done till now.

Its funny though, that operators in the Bass Straits & Gorgon these days flow wells & declare it a commercial discovery, at these flwrates, wasnt the case back in '81.

And here's the good bit....AX1 was discovered by good old 2D seismics, just like all old discoveries frm that time.

So 30 yrs later, NDO-PNOC have shot their 3D seismics, scratched around the drawing board & decided to drill a well with a 17% CoS for a unrisked resource of 1289 bcf GIIP (or 221 MMBoe unrisked resource in place) from 2 targets, the upper sands & the omnipresent Nido Lst.

My only concern r the faults on the way to the Lst. Anyway, the JV will cross that bridge when they get past 3000m, when they drill A#1, later in the year.

For now, the show is about G#1. 4 more weeks to go for a mid-May spud.

cheers