the fact that undertaking a drill stem in the fractered rock basement [I think] is a huge plus for the permit.
PPP's announcement today adds more substance to the full logging of initial target sands that have been tied back to the discovery well - one can assume have found an extended hydrocarbon zone, otherwise would not have deepened the hole to the basement.
mid point of 60m barrels may turn out to be on the low side
thus for ppp they have most probably added 3m+ barrels to their reserves - in effect doubling it.
ppp price 15.5c when announcement came out after asx closed - now what is double that?
monday should see ppp open above 20c.
"development" was the key word my stockbroker used after reading the announcement.
the permit has also had new 3d in the central part last year so premier oil will be going gangbusters to do more exploration drilling.
Friday march 25 = 25c has a nice ring to it
BTW Premier Oil now up 2.93% and when you compare their chart for last month to the FTSE 250 index and oil & gas index then they are creaming it yesterday and today.
NZO's 15% of ppp should see their sp jump a few cents
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