RE:RE:RE:Sad open so far...The JV calls for a 1000% of costs to back in .... i.e about $70-80M x 50% w.i. Same JV as when TLM was the operator of Los Ocarros. PXT would not likely back in.
Logically, LG-1 probably was inside the P50 boundary. I'm guessing that since it hit only small net pay and watered out, that IF the reservoir is filled, it is only to somewhere between the P10 and P50, meaning likely 4-5MM bbl range. This is still huge at 100%, particularly since any tie-in would be quick. No one is giving it any value, and the wording was a little strange in the latest NR ... BUT I still think the COS is relatively high as long as the well was properly placed. It is logging now, so should her in the nest 7-10 days I would think.