summary of projects - part 1 sd & ld

Thought I would try to summarise where I think all the projects are at (I might do it in parts as there are lots of projects). I kinda do this for myself in shares I invest in to reinforce why I'm in (or not) ...

SD
-30m oil column discovered
-Waiting to see if its commercial
-Well now suspended
-Production testing pending to determine “oil quality and reservoir productivity”
-We don’t know how long it will take to source appropriate equipment (days, weeks, months)
-Original estimate was 44mmbls oil and 175 bcf from 5 targets, we now have 1 target?? but they did mention they had several zones of interest. Not sure if this is above and beyond the 30m oil column
- Still high risk (but lower than a couple of weeks ago)and still requires funds to develop
-The last placement VIL did was to fund the overrun charges and pay for the suspension of the well and the testing so we are at least funded until we find out what we've got. If commercial I expect Gulfsand to take up operatorship and most partners (ADX, XST, VIL)to raise captial to fund production (tankers pipelines etc.) Good problem to have if its commercial!!



LP
-Last update was 3 Oct and they were at 11,587 feet (about to set casing string at 12,000 feet)
-They seem to be drilling around 2,000 feet a week
-First primary objective is 15,800 feet (which given above drilling rate they possibly reached in the weekend)
-Target depth is 16,300 feet
-They are targeting 3 sand zones which are collectively 700 feet thick!
-The operator seems to report fortnightly on Mondays – so announcement tomorrow (hopefully talking about gas and/or oil shows?)


Part 2 coming (Bongo 1 & 2 and FP)also Part 3 (Bullseye & Bowtie)

Cheers

Maddoc