target prices, page-13

Al99 would say 90%... I'm a bit more optimistic, maybe 50-50.

Case for: at least some high perms recorded by poro-perm testing, live oil shows, independent studies suggesting 500-1000bopd, further zones still to be tested.

Case against: known tight basin, fine-grained rock, no major vertical fractures, only oil shows currently in Stairway which is generally the tighter of the two... and some might say, JH's track record.

I think it all comes down the Pacoota now. Notice the last ann said they intersected the HVS just 3m below the end of last year's drilling, which means no more significant potential flow zones in the Stairway, which I was hoping for. So if the Pacoota is dry then the only zones are the 9m core assessed as 500-1000 bopd plus the upper zones which would prob be substantially poorer quality.

So yeah. If we don't get an ann today announcing oil shows the Pacoota I will consider that a bad sign (unless they've had a drilling delay).