Of all the results, to completely miss the formation was not one of them I had planned.
The Tikorangi limestones was not a reservoir , it is a geological formation , purported to be hydro
carbon charged.... thus making it a reservoir.
If it had been water wet, no reservoir, high water..
So, contrary to the alleged inside information leaked this morning by a poster that has been reported ,
I very much doubt waterflow was seen, there is no mention of it on any reports and as we did not actually drill in to any faulted limestone ( Oil or water charged) , I suggest no water was seen from a curtain overhang and the poster who quite clearly should be reported has provided not only alleged inside information before release to the market , but Has also misinterpreted it due to his clear very limited understanding . No other reason he is here then for attention, his own.
So I am at a slight loss to understand how dated 2 seismic intersected downdip Tikorangi limestones Which were water and hydro carbon charged in Douglas 1 and why on $4.5mm 3D seismic interpretation the Tikorangi limestones was not even encountered updip in the supposed central structure.
I am naturally disappointed, but equally this is not a total loss, if we can see a decent flow rate from the secondary, we have a chance of something from this well.
This play was never the reason I am a major investor in May.
Risk is always a factor..
Beehive news today was a fluff release hoping to limit downside and nothing more.
Company has to deliver now on key news fronts and soon.
I hope any posts during the drill were seen as balanced , optimistic and informative, I don’t believe I have hyped or ramped anything , I always advocated the risk here although I did not expect not to even have drilled through the primary formation as one of them.
Sone will sell now, some will buy what they see as an opportunity, however none should be here unless they want to, believe me owning and keeping a stock you absolutely hate is unhealthy and far better to leave it behind on a loss and move on and forget, which surprisingly does come ...
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