It would seem I am going to be spoil sport.OGG, while I agree...

It would seem I am going to be spoil sport.

OGG, while I agree SXY is a well run company I think you need to be realistic about their acreage. A large section of it is to the north west, and for now, basically worth 0.
Not saying they do not have very impressive acreage, but I think it important to realise that when SXY touts it has XXXX sq kms, it has to be taken with a grain of salt.

I think you need to check your figures in regards to the 90% success rate for wells. As the way I read what you believe, is that SXY have a 90% success at finding new fields. i.e you are trying to say that SXY will succeed in finding net pay in 90% of the 288 targets identified.

Sorry, but many of the wells drilled over the last 8 months have been appraisal/development wells (only a few were pure exploration wells), which obviously have a much higher chance of hitting hydrocarbons than an exploration well.

I also have to take issue with how SXY categorizes some of the wells. Burruna-2 was drilled into a semi-existing field, albeit one with weak shows. Pirraminta-2 found water... so not a success (but I think SXY are counting it as such). Growler-13 on an existing field etc etc.

3D does not ensure hydrocarbons are found, although with the ever improving modelling it is making it easier.

Anyway, keep up the great posts. I am just trying to keep things realistic.