re: what the hell happened, more details
keithallen
WPL I think way back had an interest in Block 7, then let it lapse, then recently took up an option to have 10% of that block as their reward for drilling Pelican. But yes it is encouraging that they have held Block 2 all along. They seem to expect from the seismics that they will encounter similar geology and Miocene sand channels (see WPL presentation). My gut feel is that like Chinguetti they are drilling a relatively small prospect because its either the best defined or because it will tell them a lot about the rest of the Block (or both). There are plenty more targets in the Block if the model is proved at Dorade.
Its all good and I'm relaxed about success or "failure" at Dorade because they will derive valuable information regardless. Its all part of the game and not a crucial result if you take a long-term view.
On another topic - what do people think about the possibility of a takeover play if significant new reserves are found this year?
H
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