Seems there were a lot of punters looking to make a quick buck within a couple of days who are now disappointed because SGC can't put a figure on the size of the resource yet. To point out things that have been previously published by SGC for those get rich quick punters:
1. SGC has stated "The drilling of the Dempsey well supports our views on the exciting gas potential of the under-explored strata underlying the prolific Sacramento gas basin,"
2. The testing will begin in the deepest sands, and work up the zones towards the surface, and as soon as any commercial flows are achieved the well testing program will be suspended and Dempsey-1 will be placed in production, so it can start generating income.
3. The deepest zones have been under-explored and under-evaluated in the Sacramento Basin, and Sacgasco has said that in the absence of nearby analogue producing reservoirs, flow testing is vital to determining the porosity, permeability and access to volumes of reservoir rocks of sufficient quality to flow gas at commercial rates for an extended period.
4. A more complete understanding of the potential gas available for future production will likely require several months of flow testing and production, combined with integration of data from the Dempsey-1 well with the 3D seismic data.
Read between the lines. There is no GRQS here, this is O&G, but there is a potentially large reward for those investors who are willing to hold for the eventual results.
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