Just want to clarify a point which is very very important and I think a lot of people here have become confused myself included until i investigated further.
The company announced 4 out of 5 zones contained hydrocarbons.
The well announced today which is 17 foot of a 69 foot section includes the gas and the 331 bopd. These zones are zones 1 and 2 out of the 4 and were encountered at around 3100 feet. Note the remaining 52 foot section still needs to be drilled from my understanding and could add significantly to the bopd announced today. This will be drilled in June as announced.
The 3rd zone, encountered at about 4300 feet produced a huge kickback. We have all mentioned this as the last level. This is in fact incorrect. This level is the 3rd zone out of 4. Titan will drill this in June as announced.
The biggest kicker out of all this and the thing that most of us have missed, is the fact there is also a 4th level which was the primary target. This is actually the 4th zone of 4 which is at a target of 5200 feet. The reason this hasnt been mentioned much is due to the fact they couldnt drill that far due to kickback in zone 3. This primary target zone will also be drilled in June as announced.
Therefore, in summarising all of this :
There is now a great possibility we have similar or substantially more amount of oil in the remaining 52 feet of zone 2.
The large kickback and pressure encountered in zone 3 could also mean there is significant amount of oil in that zone, probably much more than zone 2.
Most importantly however, is how much oill there will be in zone 4. Seeing that this was management's primary target, I am reasonably sure the data pointed to this zone as having the most oil.
Now I know there are a lot of ifs/coulds in the above statements but they are entirely plausible after today's announcement.
GEV Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
