Spoke to the director moments ago in regards to Yellowbank Creek-4 and Nulla Nulla-1. They have just finished changing drill bit and are about to start drilling again and hope to get through about 100m or more a day.
They are still getting Oil shows while drilling and realise a lot on emphasis was placed on the Hutton Sandstone and has disappoint some. However, he nows feels the key areas will be with Poolawanna formation and Triassic levels. As a joke I said, So is it a Duster? After a good laugh, He replied, No - not by a long shot anything possible in this game. I asked how much experience do you have? He said, 41 Years, started in the sixty's..
I asked if he still felt confident at this stage? He mentioned about the Kiwi Well not far from there and how they almost gave up until they got in the Namur formation and struck it big. He still believes their not too far from the main reservoir with indication of possible migration into section. He also said either way, they will continue right down to total depth regardless and then do electric logs, etc, for full analysis.
I asked him about Yellowbank Creek-4 and said, he was happy with progress as it was going along nicely and getting about 100 BOPD but still had a lot water with this at the moment. He expressed strong confidence by saying Yellowbank has given good results previously in the past with 400,000 BOPD and strongly believes there is still about 5 - 8 Million BOPD from Yellowbank Creek.
He also believes it wont long before for we see some results. I'm curious to know if anyone else has spoken to him on his mobile, I noticed at times its difficult to hear with all the background noise going on.
Conclusion, He said, he's still smiling and very optimistic :) I think have to be optimistic in the oil game otherwise you be drinking yourself under the table.
Cheers, Ace.
EPE Price at posting:
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