estimate of the Geological Chance of Success (GCoS, Kingia gas) for NED-1 is 74% 2 . Both Lockyer-2 and NED-1 in the success case will be cored within the primary Kingia reservoir section and will be production-tested and completed for production. NED-1 will also test for oil potential within the Arranoo/Dongara/Wagina formations as a secondary objective, given that the North Erregulla-1 well (1967) recovered 38°API oil on test from low poro-perm sandstones.
Reasonable risk, considering all the other info around.
NWE Price at posting:
6.9¢ Sentiment: Hold Disclosure: Held