Although I am sympathetic with the view that the release lacked the hard numbers to enable any estimate of monetary value, I refer you to the MD's comments...
“The results of the Ungani-2 well confirm that we have a very significant oil discovery. We set out to prove with this well that the reservoir was continuous and of good quality and that the structure had lateral extent.
We have achieved all these objectives and in fact, came in high to prognosis, and with a reservoir that looks as good, if not better, than Ungani-1. This is a terrific result and a great Christmas present for our shareholders.
We will be working hard to get the production test of the field underway early in the New Year and then getting the 3D seismic acquired and additional wells drilled next year. We are also finalising the planning for our drilling program for the first half of next year and will be giving shareholders an update on that in the next little while.”
BRU Price at posting:
$1.39 Sentiment: Buy Disclosure: Held
