RE: Thailand Drilling UpdateSober 2nd thought.
The market is giving this news release a thumbs down on relatively light volume but an over reaction I would say. Consider:
NS3-D1ST
- NS3-D1ST is flowing at 1650 bopd. The big question is whether it’s contaminated with groundwater, indeed reason for concern but the well need not be assumed lost. Perhaps the experts can comment on possibilities?
- They found gas in the same well and this is bad?
- They didn’t drill horizontally to optimize flow? If the water proves not to be an issue, perhaps they will redrill the location to optimize production
- I think it’s a bit premature to be writing this one off as the market seems to be doing
- Results within a week or so??
L44H-D2
- This was an exploration well testing the 5 new zones below the main reservoir. Anything found here would a bonus to this field. The highest zone might prove to be the most prospective for additional reserves (amateur guess/hope)
- Results in 10 days
L33-3
- I think this one is a long shot but positive results could open add significantly to POE’s reserves.
- Initial results in 10 days
Mark Monday, June 8th on your calendar as it should be a significant day for news.