Summary, page-2

It's like a 'mystery box' challenge in the Bedout Basin Oil kitchen.

JV were looking for 545 bcf gas & instead found a thick column of Light oil !! Such is life.

At some point in the future they will need to drill an appraisal well preferably downdip to suss out the cut-off for the OWC, as Oil tends to migrate/accumulate updip at a sweetspot.

Looking at their X-section, I think oil in the Caley at Dorado-1 was meant 2b at Roc (ASX release 30th April), but instead appears 2 have migrated updip & stayed trapped & sealed off till now, which perhaps explains the high net to gross ratio just for the Caley (80m net/96m gross).

Also the depth is still shallow for the Caley 2b in the 'Oil Window' as per the fluid samples collected with a density of 49.6 deg API which is light oil. A photo would b nice (cherry red or dark brown color crude oil??).

Pressure readings at D-1 should also establish the oil gradient (for example: 0.96 psi/m or 1 psi/m).

Even more surprising is the Oil in the Baxter.

Gross/net thickness of this is not known, as they were really drilling to deepen the well for the logging tool rat-hole below the Caley & instead had shows !!

It has been a long time since such a high gross/net pay in one section was reported on the West Coast.
Just chk'd my notes. Laminaria wells in the mid-late 90's hold the record for thicker gross column.
Lam-1 had 102m gross, Lam-2 109m gross, Lam-4 had 99m gross, Corallina-1 had 77m gross, Lam5-ST1 had 150m gross from 2 formations. Field has produced over 200 mmbbls since 1999. These wells had decent flow rates as well during flowtesting.

Since Lam/Cor, there have been many discoveries in the West at Stybarrow, Enfield, Vincent, VanGogh, Coniston-Novara and at Stag Wandoo, Montara, Skua, Buffalo etc etc. All are commercial with different field life, varying net to gross reservoir properties & Oil density ranging from 19 to 60 API.

Hopefully they should have the data from the logs for the Caley to quantify the volumetrics, ie OIIP, area, net, gross thickness, porosity, Oil Saturation, recovery factor, Gas-Oil Ratio etc etc.

Quadrant had 2P reserves of 226 mmboe end of December 2017, so Dorado will be an interesting addition to the 2C resource base for now.

They'll need the same set of info for the deeper intervals before updating the market on the size & scale.

Would like to see a presentation slide with the Gamma, Res, neutron/density curves for the Caley section.

Next we need a progress report from Phoenix South-3.