drilling - price moving up Up 1.5 to 11.5. Notice positive...

drilling - price moving up Up 1.5 to 11.5. Notice positive relsease re Maari appraisal well (see below). Given it's invovled with a few wells any ideas which one is causign the interest? My interest is mroe in WGR/CPC who also have interest in Maari well but haven't moved yet.

Part of ASX announcement
"NEW ZEALAND - PEP 38413; MAARI 2 APPRAISAL WELL

During the week the Ocean Bounty semi-submersible rig was positioned over the well location and Maari-2 spudded on 9 January 2003. The well has been drilled to 1310m with surface and intermediate casing strings set. At 1240m a 10m thick high resistivity sand was detected.

This is thought to be the M2A sand which has been penetrated and found to be oil bearing, in previous wells in the field. Hitherto the maximum thickness of the M2A had been 5m in the Moki-1 and Maari-1 wells. The thicker sand package in Maari-2 may significantly increase the reserves within the M2A and render them a development target alongside the main Moki reservoir. The top of the Moki formation was found at 1303m, some 12m higher than proposed. Currently the rig is preparing to cut a core in the Moki reservoir."

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