PCL has just reported
"At 5.05hrs, while coring at this depth a gas kick occurred and the well was shut in. The gas was flared at the surface, and although flow rates could not be determined, for the first 5 minutes, the flame was reported as over 5.0 m long. This
subsequently declined as kill mud was circulated and the well stabilised."
The well is a redrill of a 1800's well that discovered oil and burnt the rig dowm. Signs so far are encouraging but it is not a discovery yet.
What might it be worth if it comes in as predicted
(which is still a risk)?
120m on issue
10mb recoverable
33%
say A$12/bbl
=33cps
Check it yourself
Waingaromia 2 Drilling - Worth ?
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