As i see it whata we do know at this point in time based on recent announcements
The significant mudlosses experienced, coupled with good gas shows is evidence the Belumai sands are fractured and have the potential to be productive. Regretably, these fractures also bring drilling challenges.
Gas shows encountered while drilling indicated no evidence of H2S or CO2, suggesting good gas quality.
Logging results coupled with gas shows while drilling indicates the Baong sands are gas saturated.
Image logs show the Baong sands to be finely laminated with significant fracturing.
A dual packer MDT was run which confirmed the reservoir has matrix permeability. MEO has elected to production test the Baong sands to determine gas composition and reservoir productivity,
MEO secured $10 million to fund this testing program. Interestingly Noonday made their investment decision at the depth where the seven inch liner ended which is where the current testing is occuring.
Yesterday 1.2million traded in the last 15 minutes.
MEO Price at posting:
12.5¢ Sentiment: Hold Disclosure: Held
