t4p, page-19

As I read it the water cut makes things uneconomical.
I am still assuming updip they will have a good chance of finding worthwhile quantities above the oil/water interface.

The following is some reading related to oil extraction and recovery rates and the control of this water cut for interest. My interpretation is that in oil+water situations dewatering at rates which exceed the water inflow based on permeability promotes formation of an oil layer which is extracted at a controlled rate higher in the hole with minimal water content.

http://www.pttc.org/case_studies/casestudy1.htm