GREY:ROAOF - Post by User
Comment by
zagorskeon Jan 23, 2015 1:58pm
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Post# 23356858
RE:RE: Interesting
RE:RE: Interesting NLR2 Why they did not complete it has always been a question in the back of my mind since they announced the drilling of it. Could it have been the desire to delay the fincial cost of a horz. leg? No production facilities nearby? It does sound strange.
In their Mar 18th news release they described the 10-15 well as having encountered 13 metres of gross pay with good porosity and permeability. It also showed good oil saturation and high TOC.
I would also note that in their MAY presentation they made no reference to reserve values for either the 14-2 well nor the 10-15 well.
SLIDE 8 of the AUGUST presentation clearly states the reserve values were 370,000 BOE per well. ( referring to the 14-2 and 10-15 wlls )
From their Mar 18th description the 10-15 well sounds good and 370,000 in reserves would be a very successful well since reserve depictions are presumably stated on the conservative side.
Good communication has always been a problem with this management team. We will know more when they give the reserve report in March but in the meantime TORC has no problem stating that the MONARCH play is likely going to be a STEP-CHANGE in value for the company.