In terms of exploration there was 3 wells. Obviously this could all change when the 3d gets done. It was sent back by Greg as he wasn;t happy with it. All that 3d and only 3 exploartion wells. WOW how much upside have we got ther folks.
The Growler development seems excessive for such a sized field so that tells me they are looking at a rather large upgrade with the 3D. Would be great if the field has a better than 50% increase in size.
If S3 comes in and they indeed go to S4 then we will be close at getting reserve certification. At Growler they wanted 5 wells. I am not sure on the standard here. Snatcher is an interesting field as I don;t believe we are dealing with one big accumulation rather smaller isolated sand bodies that host the oil, especially at S2. S1 seems to be part of Charo. S2 was described to me as a single bright spot on the 3d and Bingo.
Personally if all these development wells come in we will be way beyond 3000 bopd by the end of the 1stQ. We haven;t got the facility to handle that therefore I see a pipeline being built for Growler. Even if of the 4 G wells proposed by VPE - 1 comes in like G5 at 4-500bopd natural flow and then 1 big one like G3 we will blow the 3000 bopd away.
I also note they mention Snatcher production as late November.
ITC Price at posting:
5.6¢ Sentiment: Buy Disclosure: Held
