Below gives a definition of different types of wells as defined by wikipedia. Meo clearly states that this ia an appraisal well. They know there is gas there. But need to assess quality and quantity before moving to the next step.
Another way to classify oil wells is by their purpose in contributing to the development of a resource. They can be characterized as:
wildcat wells are those drilled outside of and not in the vicinity of known oil or gas fields. exploration wells are drilled purely for exploratory (information gathering) purposes in a new area. appraisal wells are used to assess characteristics (such as flow rate) of a proven hydrocarbon accumulation. production wells are drilled primarily for producing oil or gas, once the producing structure and characteristics are determined.
MEO Price at posting:
21.0¢ Sentiment: Hold Disclosure: Held
