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COE 43.0¢

could there be more?...

  1. trade4profit

    15,276 Posts.
    43
    Have just done a little follow up reading, seems there may be more to come!

    The pre-drill report indicated the following target formations...

    Target Strata :

    Eromanga Basin:
    "Namur"
    "Poolowanna"

    Cooper Basin:
    "Patchawarra"

    Pre-Permian:
    "Pando"

    The primary targets were stated to be...
    Namur (from 1336m)
    Patchawarra (from 1713m)

    The secondary target was stated as...
    Pando (from 1720m)

    So lets take a look at what has happened so far...

    McKinlay/Namur formation ...1600 bbls/d
    Birkhead formation...400 bbls/d (2000 bbls/d fluid)
    Hutton formation...2880 bbls/d
    Patchawarra formation...7.3 mmcf/d

    O.K....so you knew that right?

    Well here's the juicy bit...todays report indicated that they had stopped drilling at 1719m in order to run DST#4 over the patchawarra formation...and as we know it flowed gas.

    But as I see it, they still haven't actually reached the secondary target...Pando (from 1720)

    So could it be possible that they could find yet another pay zone? What if the gas saturated "Patchawarra" formation is simply the top of yet another oil strike?

    I think I am getting greedy now...but I guess it is a possibility.

    Cheers!

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