very encouraging news from crd-2x, page-8

there are differences between ppp announcement and premiers - premiers as below.

11 April - Drilling Update ? C? Rong ?o appraisal
11 April - Drilling Update ? C? Rống ?o
Premier is pleased to announce that the CRD-2X appraisal well in block 07/03 Vietnam has been drilled to a TD of 3785 metres MDRT, appraising the Miocene sands discovered in 2009 with the CRD-1X well.

The well was deepened from the preliminary TD of 3109 metres MDRT to evaluate the Oligocene which was not tested by the CRD-1X well. Two drill stem tests of the hydrocarbon bearing sands in the Oligocene section have been conducted. The first zone tested flowed gas and condensate at rates of 9.7 mmscfd and 870 bopd respectively through a 40/64 inch choke. The second zone tested flowed gas and condensate at rates of 17 mmscfd and 1730 bopd respectively through a 56/64 inch choke.

The well will now be sidetracked to further evaluate the distribution of hydrocarbons in the Miocene sands.

Simon Lockett, Chief Executive Officer, commented:

?We are encouraged by the hydrocarbon flow rates from the Oligocene section in C? Rống ?o, which in addition to the previously proven Miocene reservoirs, provide further exploration upside across the area. We look forward to the result of the sidetrack well which will provide additional data to determine the hydrocarbon distribution in this part of the C? Rống ?o structure.?


Where has it said before that the Miocene reservoirs for CRD-2X were proven? all ppp said was that they had been logged and mapped back to CRD-1X and now Premier are saying they are proven [implying it could successfully flow tested] This is a huge step up.
Imagine if they had said that a month ago when they were logged = what would the perception be re the drill? would sp stay tracking sideways?


The Oligocene section provides exploration upside - is that code for more than the 80m barrels top estimate or is it included in the estimates?
my take on it is thats its extra otherwise no need to say "upside"

ppp sp has to jump now