So why did they stop drilling?
Now we can all have our own conspiracy theories!
But it pretty simple and is the whole reason why I have brought so many shares in FAR!!
So Let re-cap over the last three wells
SNE 3 came in 11m high that prognosis.
The JV and CNE could cope with that as it only the third well drilled into the field and although a step out 5 to 6 km to the S is with in understanding of the current depth conversion, although they did say it indicates further extension of the SNE field south.
A nice surprise to the upside.
Bel 1 was meant to come in towards the North edge of SNE oil leg, the 3D depth conversion most likely indicate maybe a 20 to 30 m gross oil column.
Well dam the intersection was massively above prior predictions, 100m gross oil column. The JV comments was
|
Column 1 |
| 1 |
The BEL-1 appraisal results have provided definitive information confirming the northern extent of the high quality reservoirs seen in the other wells and demonstrated an increased oil column in this area of the field. |
That is an understatement!
Oh whoa there partners what going on here!!
Not to worry we will be back on track with
SME 4 our mapping can't be that nicely wrong...can it?
Again
SME 4 was designed to be towards of the edge of the field, the Eastern edge maybe 20m of oil.
Well double dam, blow me down with a feather they got the same result as BEL 1 another 100m of gross oil.
Can you imagine what CNE exploration/drilling guys thought, what the f... is going on here, we drill three wells to test and appraised the extent of the SNE field, confirm sandstone distribution set pressure gauges etc etc.
But we failed completely to do this,
We have no idea where to drill next.
We have no idea how big the SNE field is!
Our understanding of the possible structure size is totally completely wrong.
Only result was we proved that some of the reservoirs have huge lateral extend as we penetrated some of them in all last three wells. Good result as reservoir distribution important too.
These three wells have blown our current depth conversion of the 3D seismic data out of the water.
So they left standing there scratching heads. How big is this wonderful field, are all the prospects connected as per the interp in 2010, here it is again.
View attachment 187140
So the correct decision was taken to stop drilling.
You don't expend USD 60 million on a well based upon incorrect depth maps.
Now you could finger point at the geophysicist and say they done a bad job, easy to say in hindsight but that is unfair they drilling into the unknown here.
So that comes to me and my investment in FAR.
Well I have know Cathy well (over 22 years on and off), have met Ben and they are good honest capable managers/Directors of the FAR.
Then these three last wells are so amazing and as I believe I have a good understanding why the depth conversion is wrong and why that means all three structures could be one mega field.
The 3S oil field.
In oil exploration it doesn't get much better than this.
The JV is sitting on an oil discovery that is truly phenomenal!
Then we have the Australian investors not understanding what it means with oil on the nose.
So I been buying at around 8.6 cents for the last week or so and I will be on the bid on Monday.
(20min delay)